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New trends have changed the homebuying process

Posted on Monday, May 5, 2014 at 10:16:57 AM

The real estate industry is constantly changing, with fluctuating residential financing rates, improving home equity, increasing number of listings and other conditions. As a result, buyers who are about to enter the market will have to be prepared.

According to Zillow, new technology has decreased the amount of time it takes to buy a home. Thanks to the Internet, much of the process is a second away. However, this doesn't mean buyers should rush through everything. The decision is important, from choosing the right mortgage to finding the perfect home. Even though it can all be done quickly, taking the time to think can avoid any problems.

In addition, Zillow advised a close analysis of all types of residential financing. There are many options available today that weren't around a decade ago, and these new products can be beneficial to some. Working with experienced professionals can also make the process easier. 

Moreover, Bankrate.com recommended that all buyers get their credit in order prior to starting the homebuying process. In some cases, acquiring a loan may be difficult with a poor credit report. Instead, buyers should get a prequalification letter, or acquire preapproval if possible. This can put the seller at ease and make sure everything goes off without a hitch.