Key tip for Midstate homebuyers: Don’t get prequalified, get preapproved

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It’s referred to as a national boom but in the Midstate? Well, Pennsylvania’s never seen anything like this — the real estate market, that is.

In Harrisburg, Dauphin County, the average house that goes on the market is under contract in just six days. That’s more than twice as fast as the national rate, and more than twice as fast as the Midstate’s experience a year ago, according to Zillow.

And homes aren’t just selling faster. Prices are up nearly 10% compared to a year ago.

“And what really stands out is that one out of three homes that are listed for sale are selling above listing price. And that signals to me that we’re seeing a lot of bidding wars happening there,” Amanda Pendleton, Zillow home trends expert, said.

Pendleton says one key tip for home buyers: Don’t get prequalified for a mortgage before making an offer on a home. Instead, get preapproved.

A stronger preapproved applicant will have a better shot at a home over someone who is merely prequalified.

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