It’s no secret that the spring market is the busiest season for buying and selling real estate. Combine that with the low mortgage interest rates of Quarter 1, and we can anticipate that the spring buying market will be strong this year.
If you are looking to buy this season, you can expect high inventory. The number of options available means you can compare houses, determine what your budget can afford you, and understand what is happening in your local market.
With high inventory, comes high competition. For buyers, this means you must be prepared, especially if you are on a tight schedule. Here are a few ways to prepare to buy a home and make your offer stand out during the busy spring market.
You are not considered a serious buyer unless you are pre-approved. Sellers don’t want to waste time waiting for a buyer to get organized. Meeting with your mortgage broker shows that you have gotten all of your documents in order, determined a budget, and will be able to obtain a loan. Meet with a mortgage professional before you start your home search to go over paperwork and numbers.
As you get pre-approved, review all the costs associated with buying a home. You will need to determine how much of a down payment you have and the expected closing costs. Once you have found a home, consider property taxes and flood insurance (when required), as that will be a part of your monthly mortgage payment as well.
With more buyers on the search, homes can go quickly in the spring market. Stay active in your online search and be flexible when setting up showings. If you know a particular home will likely have a lot of offers, don’t wait until the weekend or open house to go see it. Work with your Realtor to schedule a showing as soon as you can.
Depending on your local market, there may be multiple offers on homes. Your real estate agent will have a grasp on which homes will be competitive. If you are certain you want a specific home, work with your agent to put in an offer that will be enticing to the sellers.
Buying during the spring market has plenty of upsides, as long as you have done the work to be financially prepared and are willing to make quick decisions.
Are you starting a home search? Get pre-approved today!