Spring, for most people,is the season to do some cleaning. It’s also a good time to go on a road trip, have a picnic and enjoy the great outdoors after being cooped up inside the house during winter. This season, however, is also the perfect time to buy a house.
Longer days and warmer temperatures make for ideal house hunting conditions. What’s more, selling a residential property in spring could lead to a higher selling price and a potentially quicker sale.
If you’re going to do some house hunting this season, you’ll need to act quickly to boost the chances of getting the property you want at a satisfactory price. After all, you’re going to face competition with other home buyers, so you’ll want to jump on the house you want before they can even get to it.
Here are a few house hunting tips to keep in mind if you’re in the market for a home this springtime:
1. Know Exactly What Home You Want to Buy
Before you formally start your home search, come up with a list of the features that your new house should have. Having a clear idea of the home that you’d like to purchase will prevent you from wasting your time checking out properties that don’t adhere to your requirements.
2. Set Your Budget
Make time to evaluate your finances before you begin your home search. This will allow you to present realistic offers to home sellers and avoid getting carried away in a bidding war.
3. Get in Touch with Local Specialists
If you’re thinking of buying a home in a particular neighborhood or community, reach out to local real estate agents. These professionals can offer you valuable information about the location you’re interested in. Also, they’ll be more than glad to assist you in finding the ideal property that meets your budget, as well as satisfies your requirements and preferences.
Alternatively, you could obtain recommendations from friends or family members who reside or have moved to the area you want to live in.
4. Take Advantage of Interest Rate Deals
When you’re set on buying a home this spring, you want to go beyond getting a good deal on the selling price. You also want to make sure that you snatch a great home mortgage interest rate, as well. The reason you want to do this early is that home loan rates can be unpredictable. A decision by the Fed, for instance, could cause the numbers to rise.
5. Educate Yourself on Housing Markets and Trends
Property buyers should quickly get up to speed on what’s happening on the housing market. You’ll be more successful on your home search when you’re up to date on the market values and trends in the real estate sector.
You can typically get the information you need on the housing market by contacting a well-connected real estate agent. Don’t stop there, however. You should also check out sites like Curbed for real estate trends in your desired area.
6. Get Pre-Approved
Many home sellers prefer to transact with serious buyers. If you want to show them that you’re a capable and qualified home buyer, get pre-approved. By having this status, you’re giving sellers a strong signal that you’re serious about buying a house and are not the type of person who’s going to delay the home purchasing transaction.
7. Keep a Record of Your House Hunting Activities
Comparing one property to another can get difficult when you are looking at multiple houses over several weekends. So, create a record of the houses that you’re interested in by placing them on a spreadsheet. You could note down key features on your record, such as the:
• Floor plan
• External and internal size of the residential property
• Number of bedrooms and bathrooms
• Auction dates
• Proposed sales price
• Location of the home
A record will tell you the properties that you liked the most. It will also help you distinguish between homes more objectively.
8. Present Strong Offers to Home Sellers
You won’t do yourself any benefit when you toss low-ball offers to home sellers. Given that sellers have to choose between multiple offers on the table, they’re less likely to play games with property buyers.
So, set yourself apart from the competition by presenting a strong opening offer.
9. Give Yourself Some Bidding Room
During springtime, there’s a high possibility of you getting into a bidding war. After all, you’re not the only property buyer out there. Although making a solid first offer is a step in the right direction, you’ll need to up your game to win over home sellers.
When searching for homes, make sure they’re below the top-end of your budget. This way, you can present a great initial bid and still have room left to run if necessary.
You’ll face competition when house hunting during spring. Don’t worry too much, though. Following these nine tips will help you get a leg up on competing buyers and increase your chances of buying the home you’ve always wanted.