When the number of buyers in the housing market outnumbers
the number of homes for sale
, it’s called a “seller’s market.” The advantage tips toward the seller as low inventory heats up the competition among those searching for a place to call their own. This can create multiple offer scenarios and bidding wars, making it tough for buyers to land their dream homes – unless they stand out from the crowd
. Here are three reasons why pre-approval should be your first step in the home buying process.