People who come to us looking for ijara financing to buy their first home don’t understand all of the jargon involved. It’s not their fault. There’s a lot to learn and that’s why we are here to help. One of the first things we like to teach our clients is the difference between a buyer’s market and a seller’s market.
A Buyer’s Market
This situation occurs when there are more homes for sale on the market than buyers. That means people looking to buy a home can spend more time looking for them. As a result, home prices drop to stabilize the situation. Buyers are in the driver’s seat here, not the people selling the house.
Here’s what you need to watch out for. At first, there’s a period of about six months where prices start to drop and inventory starts to increase. That also means interest rates will go down slowly. That’s another bonus when you’re buying your first home. You’ll need to exercise a little patience to make this work for you.
We encourage you to do your homework when you’re looking for ijarah financing. If you take a few minutes to look over the structure we offer, you’ll see why we are an industry leader. We have tried our best to make the whole application process as easy as possible. Click on the link to get to our application page so you can get started.
Purchasing property in a buyer’s market has some real advantages for first-time homebuyers. Obviously, you’re more likely to get a good deal on any purchase you make. If you’ve got the money and financial stability, this is a great time to invest in a new home.
A Seller’s Market
As you might have already guessed, a seller’s market occurs when there are more buyers on the market than homes for sale. Home prices in this situation go up. In fact, there’s likely to be multiple offers on any property. In a seller’s market, first-time homebuyers might have a conditional offer rejected.
Here’s a few things you’ll need to know if you’re buying your first home in a seller’s market.
Get started right away. Remember, homes for sale in almost any neighborhood don’t last very long in a seller’s market. You might need to shorten your list of must-haves and be ready to act quickly. It’s also a really good idea to keep your offer simple. Keep in mind, sellers are looking for offers that don’t have the potential to fall apart.
Offers are generally fairly competitive in a seller’s market. That’s why you want to submit an offer that’s as clean and straightforward as possible.
When it comes to getting sharia compliant financing, remember that we can handle your needs in the United States and Canada. Whether you decide to purchase a home in a buyer’s or seller’s market, we can help with ijara financing.