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Billy OBrien, REALTOR®, Calif.
Century 21 Award, Calif.
562-726-4183
DRE 01952648
hello@iambillyobrien.realtor
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  • THE POWER OF THE BRAND
  • ABOUT US
    • ABOUT BILLY
    • CONTACT BILLY
    • CERTIFICATIONS
    • OUR COMPANY
    • OUR BLOG
  • SUCCESS STORIES
  • WHAT’S MY HOME WORTH?
  • BUY WITH CONFIDENCE
  • GET YOUR LOCAL MARKET DATA REPORT
  • SCHEDULE A BUYER OR SELLER CONSULTATION
  • SCHEDULE A HOME TOUR
  • HOMES FOR SALE
    • MORE ABOUT THE 18 HISTORIC DISTRICTS
    • LONG BEACH HISTORIC HOMES
    • ◊ BELMONT HEIGHTS ◊ EST 7 MAY 2002
    • ◊ BLUFF HEIGHTS ◊ EST 13 JULY 2004
    • ◊ BLUFF PARK ◊ EST 29 JULY 1982
    • ◊ BRENNER PLACE ◊ EST 1 JAN 1994
    • ◊ CALIFORNIA HEIGHTS ◊ EST 29 AUG 2000
    • ◊ CARROLL PARK ◊ EST 24 JULY 1990
    • ◊ CRAFTSMAN VILLAGE ◊ EST 27 OCT 1992
    • ◊ DRAKE PARK / WILLMORE CITY ◊ EST 28 APR 1998
    • ◊ ELIOT LANE ◊ EST 9 SEP 2003
    • ◊ ROSE PARK SOUTH ◊ EST 7 AUG 2001
    • ◊ SUNRISE BOULEVARD ◊ EST 20 DEC 1990
    • ◊ WILTON STREET ◊ EST 1 AUG 1995
    • ◊ WRIGLEY ◊ EST 12 DEC 1989
    • LONG BEACH HISTORIC DISTRICT VIDEOS
    • CLIFF MAY HOMES
    • LEISURE WORLD SEAL BEACH
    • POMONA, CALIFORNIA HISTORIC DISTRICTS
    • HISTORIC HOME TOURS & RESTORATION VIDEOS
    • ◊ LINDEN AVENUE ◊ EST 5 APRIL 1994
    • ◊ LOWENA DRIVE ◊ EST 11 FEB 1992
    • ◊ NEHYAM NEIGHBORHOOD ◊ EST ?15 OCT 2019?
    • ◊ MINERVA PARK PLACE ◊ EST 7 NOV 1989
    • ◊ ROSE PARK ◊ EST 9 SEP 1997
  • OLD HOMES RESOURCE GUIDE
    • ANTIQUE METAL REFINISHING
    • APPLIANCES
    • ARCHITECTS
    • ARTWORK
    • BLOGS
    • CLOCKS
    • CONSERVATORIES
    • COPPER WARE
    • ELECTRICAL
    • FABRICS AND TEXTILES
    • FIREPLACE TOOLS
    • FURNITURE
    • FURNITURE REFINISHING
    • GARAGE DOORS
    • GATES
    • GENERAL CONTRACTOR
    • GLASS
    • HARDWOOD FLOORING
    • HISTORIC HOME RESTORATION
    • HISTORIC PAINT COLORS
    • INTERIOR DESIGN
    • KITCHEN CABINETRY
    • LANDSCAPING
    • LOCKSMITH
    • NATIVE PLANTS
    • LIGHTING & HARDWARE-PERIOD & REPRODUCTION
    • SALVAGE
    • STYLE
    • TILE ◊ REPRODUCTION, VINTAGE, SALVAGE, COLLECTIONS, REPAIRS, HANDMADE, BRAND NAME
    • WALLPAPER
    • WINDOWS AND DOORS
    • WOODWORKING
    • PAINTER
    • PLASTER/STUCCO
    • PLUMBING
    • POTTERY
    • PRINTING
    • ROOFING
  • PREFFERED LENDER
    • LENDER PAPER WORK 101
    • Mortgage Calculator
  • LONG BEACH UNIFIED SCHOOL DISTRICT
    • SEARCH LONG BEACH UNIFIED SCHOOLS BY ZIP CODE OR HISTORIC DISTRICT
  • COMMUNITY WATCH STARTER KIT
  • LONG BEACH RESTAURANTS, PUBS & BARS
  • LONG BEACH TRAFIC SIGNAL BOX ART
  • CITY OF LONG BEACH HISTORIC LANDMARKS
  • LONG BEACH HISTORY | 1784 to 1988
    • IMPORTANT DATES IN THE HISTORY OF RANCHO LOS CERRITOS
    • VIDEOS ON LONG BEACH HISTORY
  • THE ARTS AND CRAFTS MOVEMENT AROUND THE WORLD
    • ARTS AND CRAFTS MOVEMENT DESIGN
    • ERNEST A BATCHELDER
  • GREENE&GREENE
    • ADELAIDE TICHENOR HOUSE
    • JENNIE A REEVE – TOWNSEND HOUSE
  • GUIDE TO RESIDENTIAL ARCHITECTURAL STYLES
  • TED WELLS
  • PRESERVATION
    • MOST HOMES HAVE A PAST …
    • LEVELS OF HISTORIC DESIGNATION
    • MILLS ACT
    • HISTORICAL SOCIETY OF LONG BEACH
  • LONG BEACH MEDIA
  • STAGING 1,2,3
  • Home
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BuyersFor Buyers

Why Is It so Important to Be Pre-Approved in the Homebuying Process?

inception-app-prod/M2M5Y2M0ODMtM2YxZC00NzY1LThmY2YtNzhhNjhhOTgwYmFj/content/2020/09/img6133-2.jpg
Billy OBrien, REALTOR®, Calif.,08/31/2020
You may have heard that pre-approval is a great first step in the home buying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this.

According to a recent survey from realtor.com, many buyers are making the mistake of skipping the pre-approval step in the homebuying process:

“Of over 2,000 active home shoppers who plan to purchase a home in the next 12 months, only 52% obtained a pre-approval letter before beginning their home search, which means nearly half of home buyers are missing this crucial piece of paperwork.”

 

This paperwork (the pre-approval letter) shows sellers you’re a qualified buyer, something that can really help you stand out from the crowd in the current ultra-competitive market.

 

How competitive is today’s market? Extremely – especially among buyers.

 

With limited inventory, there are many more buyers than sellers right now, and that’s fueling the competition. According to the National Association of Realtors (NAR), homes are receiving an average of 2.9 offers for sellers to negotiate, so bidding wars are heating up.

 

Pre-approval shows homeowners you’re a serious buyer. It helps you stand out from the crowd if you get into a multiple-offer scenario, and these days, it’s likely. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war and land the home of your dreams.

 

Danielle Hale, Chief Economist for realtor.com notes:

 

“For ‘a buyer in a competitive market, it’s typically essential to have pre-approval done in order to submit an offer, so getting it done before you even look at homes is a smart move that will enable a buyer to move fast to put an offer in on the right home.’”

 

In addition, today’s housing market is also changing from moment to moment. Interest rates are low, prices are going up, and lending institutions are regularly updating their standards. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals (a loan officer and a real estate agent) making sure you take the right steps along the way and can show your qualifications as a buyer at the time you find a home to purchase.

 

Bottom Line

In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the home buying process.

 

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SPECIALIZING IN HISTORIC HOMES
6187 Atlantic Ave #2136Long Beach
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