Hot Tips for Buying a Home This Spring
5 Tips to Help You Enjoy Home Buying Success in Spring’s Crazy Market
Spring is traditionally the real estate market’s busiest season, and this spring will not be any different. But, this spring ups the ante a bit with rising interest rates and climbing home prices. For many buyers, the feeling is now or never when it comes to getting the home they have always wanted at a price they can still afford.
Since you can expect the competition to be stronger than ever this spring, you’re going to need all the help you can get to help you jump to the head of the line for seller attention. We’ve got five of the best tips from the top experts in the field to help you get into the home you want this spring.
Get Rid of Your Debt
According to finance expert, Dave Ramsey, the number one thing you need to do before you start looking at houses is to get rid of your debt. Even though it may be a little too late to eliminate all your debt in time for the spring buying season, every little bit helps, so start paying down your debt today!
As your debt drops, you’ll find it easier to save and that money will come in very handy for increasing the size of your down payment.
Get Yourself in Order
Everyone knows that your credit history and score can help you or hurt you when buying a home. So, according to Allison Videtti at Alliant Credit Union, doing your homework is a must. She recommends checking your credit score with all three bureaus as your first step. If you see any old or incorrect information on it, dispute them. Once they’re removed, your score will go up.
Take this time to also get your finances in order so you can get pre-approved for a mortgage. Don’t worry about getting pre-qualified. You want to get pre-approved so that when you find the home of your dreams, you can start the buying process immediately. A pre-qualification is not a guaranteed approval.
Found the Perfect Home? Don’t Wait – Make a Bid!
Robin Saks Frankel, a writer for RISMedia, recommends that if you see the home you want, that is the time to buy it. Don’t wait to see if the price will go down; make an offer on it as soon as you know it’s your ideal home.
With home prices at an all-time high, the odds of the home’s asking price dropping in spring’s hot market are slim. Further, with so much competition out there, you don’t want to waste time or someone else may come along and steal the home right out from under you.
Use a Local Lender
When you are applying for a pre-approval for a mortgage, Elizabeth Weintraub at The Balance recommends that a buyer try to stick with a local lender instead of using one that is located elsewhere, or rather than sourcing funds from an online lender. This is important because sellers traditionally tend to give preference to pre-approval letters that are originated from lenders or banks located in their general area.
Be Prepared for a Challenge
According to one recent report, this spring there will be “more eyes on fewer homes” like no other time in history. And, half of all the homes listed are expected to be priced $300k or higher by summer. To not sugarcoat it, this is a tough time to be a home buyer and today’s buyers should expect to be paying more money for less home. This market is a seller’s market, so there’s a lot going against you. Just keep your head up, face the challenge head-on, and with a little bit of luck, you’ll land the perfect home.
Homes.com is one of the leading home listing services online. We have listings from all over the country, so it doesn’t matter where you’re looking to buy, turn to us first and check out your prospects online before you schedule a visit to the home. With Homes.com, you’ll save more time and be able to view more homes in the comfort of your current home.