 When buying a house, you want to do everything you can to get the best deal and ensure a seamless transition into your new home. Here are some best practices to help guide you when buying real estate in spring.
1. Understand Market Conditions To help determine whether you should buy a house in the spring, you should take a look at current market conditions. Market conditions include whether it’s a buyer’s market versus a seller’s market, current mortgage rates, real estate trends in your desired areas and more. These conditions can fluctuate throughout the year – even during the spring season – so it’s important to evaluate each condition before buying real estate in spring. 2. Determine Your Must-Haves With the potential for an overly competitive market in the springtime, it’s of the utmost importance that you’ve done your research and know exactly what you want. Being decisive and prepared can be the best way to make offers that stand out or score your dream home before the price goes up. Here are a few factors to research well before participating in the spring real estate season:
3. Get Approved For A Mortgage It can also be beneficial to have your loan options sorted out well before entering the spring real estate market. Consider applying for mortgage preapproval before you start touring homes and attending open houses. This way, you’ll know how much home you can realistically afford, as well as which lender will give you the best interest rate you can lock. 4. Work With The Experts Work with an expert Real Estate Agent throughout your buying experience. Real Estate Agent Before entering the spring real estate market, you should consider working with a real estate agent. Real estate professionals can offer in-depth knowledge of an area and even help you get your dream house based on concessions like an extra moving day or a more flexible schedule. Real estate agents are also valuable if you get caught in a bidding war or are worried about paying more than a home is worth. They can conduct a comparative market analysis (CMA) on a home and offer estimates and contractor referrals for any renovations the home may need. Home Inspector You may also want to consider enlisting the help of a home inspector for the spring housing market frenzy. Unlike the weather extremes you might experience during the summer or winter, spring’s mild climate may not highlight any potential issues in a home. A home inspection can bring to light any issues with a home’s structure, core systems like the plumbing and HVAC units, windows and window frames and any other features that might influence your decision to purchase the home. Potential Neighbors The homeowners who already live in the neighborhood you want to live in are the perfect candidates to ask about any concerns. Check with other neighbors about the quality of the school district or ask local business owners how busy downtown can really get. Locals can offer expert insight into a community – flaws and all. 5. Stand Out With A Verified Approval Letter (VAL) Due to the influx of buyers during the spring real estate season, you should do everything you can to secure a competitive edge and make your offer stand out. One surefire way to stand out is with a Verified Approval Letter (VAL). A VAL is an effective way to boost your credibility as a buyer. Having a VAL on hand shows a seller you’ve made plans for financing, and you’re serious about the purchase. Because financing issues are a common culprit for many failed home sales, presenting a VAL will give your seller peace of mind – and just might land you the sale. We hope these tips help you navigate the Spring housing market. And as always, if you are thinking about buying or selling a home, don't hesitate to reach out to Carl Johnson Real Estate today at 919-880-0904.
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