AgentIndustry News

Markets where mortgage preapproval matters most

When it comes to buying a home, having all your client's ducks in a row could be the separating factor
  • Mortgage preapproval could land your client their next home on the first offer.
  • NerdWallet determined San Jose, California the best place where preapproval can help secure the purchase.
  • The states with the most cities on the full list were California, Florida, North Carolina, Michigan, Texas and Tennessee.

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South San Jose If you've ever experienced a rejected offer, it could be because your client didn't get preapproved for a mortgage. And in some places, getting preapproved could be the difference between getting the keys to a new house or grabbing the keys to your car to go see another one. NerdWallet, a San Francisco-based financial advisory company, just revealed the top 10 markets in America where preapproval plays an important factor in securing a property. The company used data from Zillow regarding 175 cities across the country, which centered around how long properties were listed for sale and the inventory age, to figure out what markets offered the fastest-selling homes. To start, NerdWallet looked at the median number of days homes sold were on the market for every month during 2015, including foreclosure resales. This determined the annual average. Next, the age of inventory was taken into consideration. This is the median number of days all active listings w...