Today’s housing market is great for sellers, but challenging for buyers. With the limited amount of housing inventory many buyers are stuck in limbo trying to navigate a fast paced offering period in hopes they are the first to the table.

When you find yourself in this situation there are a few things you should consider

If this is your first home, have you been pre-approved and positioned yourself to act quickly? With the wide array of home lending options the more prepared you are the faster you can act. Meet with your loan officer as soon as you feel you are ready to purchase. This will ensure you have all the information you need to confidently take on the journey. Your loan officer will advise you on the different loan programs available and what options you have, as well as the amount that you can comfortably borrow.

If this is not your first home and you are looking to purchase a different home, have you prepared your current home to sell? A great way to know if your home is ready to list is to have a real estate professional assess it. They will give you an idea of what your home sale range could be, and also what you can do to increase the curb appeal.

If you feel you’re not seeing the home you are hoping for, don’t forget to look at improving your home to your wanting. Adding square footage and amenities can be done by using a home equity loan or line of credit. With a loan, you receive the funds all at once, and the payment is amortized over a set period of time. With a line of credit, they typically have what’s called a draw period. The draw period allows you to borrow what you need, when you need it and payback over a set period of time. It also allows you to borrow, payback and re-borrow. Most home equity loans will offer a very competitive interest rate. This will keep your improvements affordable because it is using your home which is your most powerful asset as collateral.