Hi! Welcome back to #WorldWednesday! The Spring real estate market is often bustling with new activity. This season is no exception to that rule. Traditionally, sellers and buyers get very active during this time of year. Sellers anticipate putting their homes on the market and buyers get excited to start shopping for a new home. Something about the warmer weather seems to inspire and motivate people to buy and sell homes. With that in mind, you need to do your research and prepare yourself for a busy real estate market. There's no way to guarantee you will own your picture perfect home in a week of entering the market, however, here are 3 helpful tips and tricks:
1) Financing options. Interest rates are still historically low and attractive for potential home buyers. Buying in this market is going to be a fast-paced experience. You must be prepared to deal with high prices and low inventory. In the coming months mortgage rates and home prices are forecasted to rise. This cuts into budget considerations. It's best to contact a trusted mortgage professional to assess your financial situation and make proper budgetary plans and strategies. Now is also a good time to look into first-time home buyer programs. There are plenty of good options available that can contribute thousands of dollars towards your down payment or closing costs--if you qualify.
2) Search criteria. The increased flexibility to work from home is strengthening demand in certain areas. This is something to keep in mind as you determine where you want to focus your home search. There is a large demographic hitting the prime first-time home buyer age range. First time home buyers continue to struggle finding affordable housing. With it being a strong seller's market, that means you will need to be patient as a buyer. It's important to avoid making a hasty decision, which you may regret at a later date. You may want to consider being flexible with your housing criteria or include additional areas or types of homes in your parameters. A condo or a townhouse a bit further away from where you originally planned to move to might be a more affordable option than a single family home in a highly competitive area. It might not be your original idea, however, finding housing that works for you now can become a stepping stone to future housing goals.
3) Getting offers accepted. Everyone hopes to stand out and be the lucky person that sellers notice. Many buyers are feeling fatigue and wondering what they can do. Sometimes it feels overwhelming facing the sheer volume of other buyers out there. Finding a home is only the first part of the equation. You will need the sellers to accept your offer. What can you do to give yourself a potential edge over other buyers? First, sellers want an easy experience. The buyer that presents the least obstacles, while providing the desired price is often awarded the winning bid. First, be sure to have your mortgage approval in place. This shows potential sellers that you are a serious buyer. Make sure you have a highly trained real estate professional in your corner. Most sellers will pass over someone trying to buy a home without an agent. Plan to be strategic with your offer and conditions. Establishing a tactical plan with your real estate agent will help you determine the best price to offer and make for a smooth experience--for all parties involved. A seller is more likely to choose a buyer with the least obstacles in place.
Lastly, timing is everything in life and in real estate. You want to make sure you get it right. This is important because it can impact the price of your new home and your chances of submitting a winning bid. At Shaffer Realty and Real Estate, we are here to help you navigate this turbulent real estate market. Need help? Contact us today! See you soon. Warmly, Susan