Get ready hopeful homebuyers! This spring is set to be the most competitive home buying season in years. With limited inventory and an increase in the number of potential buyers, you will need to bring your A game if you hope to score your dream home this year. To help you succeed, check out our five tips for spring home hunting:
Before you start house shopping, get preapproved. This is a must for today’s hot real estate markets. It’s a seller’s market and bidding wars are quite common. If you aren’t preapproved when you make an offer, the seller might not wait for you to get your finances in order and you might just lose out on your ideal home. Key takeaway: meet with a mortgage professional before you attend open houses and make sure you understand the difference between being preapproved and prequalified.
Find a Local Realtor
The journey to homeownership can be a daunting process – especially with today’s competitive real estate markets. That’s why now, more than ever, it is greatly beneficial to work with a professional Realtor . A Realtor will have the knowledge and experience to smoothly guide you through the process. They will also have the local insight in your preferred neighborhoods, and will handle all the negotiations with the sellers.
Do Your Research
Once you know what you can afford, start perusing online websites to see home listings in neighborhoods you are interested in. This can give you a good idea of what the asking prices are for the type of homes and neighborhoods you prefer. It will also provide insight on school districts, safety reports and nearby businesses, such as grocery stores and restaurants.
One of the most important parts of the home shopping process is to stay realistic about what you can and cannot afford. A mortgage professional can determine how much loan you can qualify for. Your Realtor can help decide between your need-to-have and want-to-have features, while staying within your budget. With today’s low housing inventory, it’s important to remember that a home might not be perfect but with a few tweaks it can meet your expectations. Instead of nitpicking a house, try to see the potential.
Make Your Offer Appealing
Try sweetening your offer by improving the deal from the seller’s perspective. This may include speeding up the closing, or slowing it down if the sellers need more time to prepare to move out of the house. You can also decide to waive some contingencies from the home inspection – just note that your loan advisor will help you determine which contingencies may be required in order for the home to meet lending criteria.
Are you ready to start the home buying process? Contact a loan advisor today to get preapproved.