Tips for Buying a Home in the Spring
What is the best time of year to buy a house? Anytime, really. But spring, especially, is a great time to buy a home. The weather is warming, the grass is greening, the birds are chirping, and people everywhere are thinking of going outdoors and enjoying their homes — or finding new homes!
Homes pop up for sale in the springtime like blossoms emerging on the trees. In fact, spring is probably the busiest time of the year in the real estate business. For good reason.
Are you a first-time home buyer? Get a jump start on the spring buying season by finding out what loan options you qualify for. Simply click here to provide some basic information, no credit check required.
Spring is the Busy Season for Home Buying
It’s not just the bird and the bees that are busy in the spring. Home sellers are, too.
Buyers must be ready to act in the spring. Data shows that the highest month for home-for-sale inventories is May, followed by April and June. Of all the times of the year, home inventories are usually the biggest in the spring and summer. Families with kids put their homes on the market because foot traffic is heavy and because they themselves want to move into their new homes by Labor Day, ahead of the start of school.
Even buyers without children like to get into new homes in the summer so they have time to spruce them up, plant landscaping, and do all the other things to make a house their home.
April & May are good times to buy to get ahead of the summertime glut. Although listings are plentiful in June, competition is significantly higher in June and July.
That’s what makes spring a great time to buy. To stay ahead of the crowd, it’s worth having a game plan for spring home shopping. Here are some tips.
Making the Most of the Spring Home Buying Season
To buy a home in April or May, you’ll have to be ready to jump on the home you want. Don’t be indecisive. When you find the home you like, make an offer.
Here are other tips to help you get the house you want during spring:
- Get pre-approved. Pre-approval shows the seller that you are ready to act. It also gives you the confidence to make an offer when you find what you like. When it comes to home buying, pre-approval is like a stamp of approval. At Mortgage 1, we make pre-approval easy and provide you with the best loan options to fit your needs.
- Keep your eyes on the prize. This piece of advice means, don’t’ get distracted by whether a house is a foreclosure or how it is decorated. Focus on the location, have vision and go with your heart. You’ll know when a home is right for you. Don’t be impulsive, of course, but don’t be afraid to act.
- Hire a Local Agent. Real estate is local. Local real estate agents know the market. They’ve seen thousands of homes. They match buyers with properties on a daily basis. A good agent will steer you clear of places to avoid, while also matching you with homes that fit your style and budget. Agents also know other agents, so they get the inside scoop on new homes coming on the market that the average layperson cannot know about. If you need a recommendation for a local agent, contact me!
- Know your budget, but don’t be afraid to spend. Some buyers focus on how much the seller is asking instead of on how much the home is worth. Ask your agent to show you a CMA of comparable sales to determine actual value, most agents already know whether a home is overpriced and will guide you accordingly. You can’t compare values by other homes on the market because sellers can ask whatever they want. If you are getting the home you want at a price you can afford, whether you pay $1,000 more or less makes no difference in the overall scheme of things. Also, the appraisal will keep you from overpaying!
Doing anything for the first time is hard. Buying a first home is no different. But with the right preparation and the right team around you — from your loan officer to your real estate agent to your family, friends and support system — buying a home in the spring means you will be resting easy come summer time and, possibly, for a lifetime!