Tips for a successful spring house hunt
It’s spring. Finally, some warm weather and time outdoors with the ones you care about most. Spring is also one of the peak times of the year to buy a house. Competition is high and people want to get in and out of their homes before things start to heat up for summer.
Jumping through the ropes of buying a house may not be ideal during this beautiful time of year. Nonetheless, we are here with some tips for a swift buy so you can get away from the paperwork and into the sunshine.
1. Know the season for your local market. Spring doesn’t start at the same time for everyone. Spring in Buffalo, New York, may not kick in until late March, but Charlottesville, Virginia, may already be in full springtime swing. Competition and prices can spike at different times for different locations.
Spring home-buying is a season that sees a largest spike in competition over the months of April and May. If you are hoping to have a buy secured by early May, prepare to jump on the sale as soon as possible.
2. Get pre-approved by a lender before the season starts. To be ahead of the game, you have to have the right paperwork to play. You need to be pre-approved. Talk to a lender local to your preferred market before you even begin looking for a home.
Pre-approval will assert that you have the financial backing to go through with your buy. Pre-approval will also make securing the buy much easier in a competitive market.
See our article on pre-approval by clicking here.
3. Prepare to pay asking prices. Unlike the winter and holiday season, you will not have as much leverage to negotiate price in a competitive spring market.
Adjust your expectations with the market and get comfortable with sticker prices. When competition is high, you’ll likely pay the seller’s asking price.
Working with a local agent will help you determine if you are working with a price that matches the home’s value.
4. Be a good bidder. Bidding wars are never fun, but it’s important to be smart when you’re in one.
Your agent should have the experience to help you navigate the pitfalls of a bidding war. Everyone involved should put themselves in the position of the seller.
What would make me choose my offer over another for this house?
Sometimes it can come down to a minute detail. Make some offers like providing an extra day for the seller to move out or agreeing to buy the washer and dryer.
If it’s a perfect match, your intuition tells you to make an offer, and your financial backing to buy the home is solid, you should have no problem making these adjustments to secure the buy. They won’t matter in 5 or 10 years.
At the end of the day, your determination is going to be an asset in your hunt. Agility and flexibility in a competitive market are key. Arriving prepared with a competitor’s mindset will ensure that you and your family will find the perfect home at the right time.
