In today’s housing market, buyers are gaining an edge. According to a recent Redfin report, as of April 2025, there are nearly 500,000 more sellers than buyers in the U.S., marking the largest seller surplus since 2013. This shift has created a buyer’s market in many areas, with 31 of the top 50 U.S. metros now favoring buyers. Home prices are projected to drop 1% by year-end, giving buyers more opportunities to find a deal. But even in a buyer’s market, preparation is key. At Joint Path Mortgage, we believe getting preapproved for a mortgage is one of the smartest moves you can make. Here’s why preapproval is essential, even when the market tilts in your favor.
Secure Your Rate in an Uncertain Market
Mortgage rates are unpredictable, and economic uncertainty can cause fluctuations. Redfin notes that mortgage rates are expected to hover around 6.8% through the end of 2025, higher than earlier forecasts of 6%. Getting preapproved locks in your rate for a set period, typically 60 to 90 days, protecting you from potential rate hikes while you shop for your dream home. This stability allows you to focus on finding the right property without worrying about rising borrowing costs. By securing your rate early, you gain peace of mind and a clear budget, ensuring you’re ready to act when the perfect home comes along.
Stand Out in a Competitive Offer Process
While a buyer’s market means more inventory—Redfin reports the highest number of homes for sale since March 2020—it doesn’t guarantee you’ll secure the home you love without competition. A preapproval letter signals to sellers that you’re a serious, qualified buyer, giving you an edge over others who haven’t taken this step. In a market where sellers are increasingly offering concessions (44.4% of home sales in Q1 2025 included compromises like covering closing costs), a preapproved buyer is more likely to have their offer accepted. With preapproval, you’re positioned to move quickly and confidently, ensuring you don’t miss out on the home that checks all your boxes.
Boost Your Negotiation Power
Preapproval doesn’t just help you get your foot in the door—it strengthens your bargaining position. In a buyer’s market, where sellers outnumber buyers by 34%, according to Redfin, buyers have more leverage to negotiate price, repairs, or concessions. A preapproval letter shows sellers you’re financially vetted, making them more likely to entertain your requests. Whether it’s asking for a lower price or requesting the seller cover closing costs, preapproval gives you the credibility to negotiate effectively. This can lead to significant savings, especially in markets like Miami, where sellers outnumber buyers 3 to 1.
Additional Benefits of Preapproval
Beyond these key advantages, preapproval offers other benefits that can streamline your homebuying journey:
- Clarity on Your Budget: Preapproval provides a clear picture of how much you can afford, helping you avoid falling in love with homes outside your price range. This is especially important in a buyer’s market, where more inventory can tempt you to stretch your budget.
- Faster Closing Process: Since much of the financial paperwork is completed upfront, preapproved buyers often close faster, which is appealing to sellers eager to move on.
- Confidence in Your Search: Knowing you’re preapproved boosts your confidence, allowing you to shop with assurance and make decisions without second-guessing your financing.
Why Preapproval Matters Now
Even in a buyer’s market, the homebuying process can be complex. High home prices, elevated mortgage rates, and economic uncertainty continue to challenge buyers, as noted by Redfin. Preapproval is your ticket to navigating these hurdles with ease. It positions you as a strong contender, protects you from rate volatility, and empowers you to negotiate the best deal possible.
At Joint Path Mortgage, we’re here to guide you through the preapproval process and help you take advantage of today’s buyer-friendly market. Don’t wait until you find the perfect home—get preapproved today and start your homebuying journey with confidence.
Ready to get started? Contact our team at Joint Path Mortgage to secure your preapproval and unlock the benefits of being a prepared buyer. Get Preapproved Now
Source: Redfin, “The U.S. Housing Market Has Nearly 500,000 More Sellers Than Buyers—the Most on Record,” May 29, 2025.
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