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Hand Holding A Tray With 3 Houses
Money; Shutterstock

It’s going to be tough out there for homebuyers this summer. The housing market has been on a tear for over a year now, and even as the coronavirus pandemic recedes, home buying challenges remain.

Challenge number one: home prices are sky high. The national median existing-home price climbed to $350,300 in May, up 23.6% percent from a year ago, according to the National Association of Realtors.

Challenge number two: listings are in short supply. According to title insurer First American, only 115 out of every 10,000 homes were for sale this spring — the lowest share on record.

The takeaway: a glut of buyers are competing for a limited number of pricey homes. But with 30-year mortgage rates still below 3%, this can still be a great time to buy a house — if you approach it strategically.

If you’re shopping for a home this summer, these tactics will help you come out ahead.

Get pre-approved for a mortgage before you start shopping