Spring Has Sprung, and so Has the Housing Market
Spring is the busiest home-buying season… and the most competitive! If you are buying a home this spring, we’ve got tips to help you navigate home-buying during this busy period.
The benefits of buying a home this spring
- More choice
- Low mortgage rates
- Easier to spot any repairs needed
Spring brings a flurry of newly-listed homes on the market, often making it easier to find the home you are looking for. In 2021, low interest rates make NOW a great time to buy.
And, of course, spring means more sunshine! It is always better to view a property in natural light, making it easy to see if there are any problems with the property. This can save you big bucks in the long run.
The drawbacks
- More competition
- Higher prices
- Harder to negotiate
Demand is highest in spring, so you will be competing against other buyers. Sellers know this and may be less likely to flex on the asking price.
Tips for success
Be prepared
A lot of preparation goes into buying a home and this takes time. You can maximize your chances of a springtime move by:
- Deciding what you want
- Doing your research
- Being a perfect loan applicant
- Getting pre-approved for a loan
- Having your paperwork ready
It’s crucial to know what you want and need from your home. Do you need to be close to work or schools? How many bedrooms? Do you need a home office? Make a list, and order it by priority. Determine the must-haves and the nice-to-haves.
Research. Use a combination of methods to build an accurate picture of the local area, particularly if you are unfamiliar with it. The internet is great for finding out the basics and statistics, but nothing compares to visiting an area in person to get a real feel for it. Make sure you vary the times of your visits; seeing an area at rush hour, nighttime and weekends can significantly change the picture. Finally, enlist the help of a local expert — find a real estate agent who specializes in the area.
Make sure your credit score is in great shape with these tips on how to be the perfect loan applicant.
Sellers don’t want to wait around for you to get the admin done. Get pre-qualified and ensure your paperwork is ready to go. A good loan officer or lender will help you prepare all your documents. A fully-documented mortgage pre-approval will put you in good standing as it will also help prepare a financial statement for the seller.
Don’t delay
Trust your instincts! If you find the perfect property this spring, don’t wait around for someone else to steal the deal! Revisit your list of home needs and wants. Does this home have everything you are looking for? Is it within your budget? Does it feel right?
If you’re saying ‘yes, yes and yes’…
Make an offer!
How to make your offer stand out
- Pay more
- Be flexible
The market is so hot right now that some properties are selling in just days! When you face stiff competition, you should be prepared to pay more than the ask
There might not be much wiggle room in the prices, but flexibility can be a big bonus for sellers. Even offering an extra day to move out could swing things in your favor.
Key takeaway
Spring is a competitive time to buy a house and that can seem challenging. However, with the right tips, knowledge, and help from loan officers, buying a home in spring can reap many benefits.
For more guidance on the home buying process, visit the iLENDi blog here.
What’s Irish and comes out in Spring?
Paddy O’Furniture
