Spring and summer are usually the busiest times of year for real estate because the weather is more cooperative and families prefer to move while their kids are on summer break from school. Recently for many areas, spring has meant more homes on the market, but also many more buyers, which leads to fierce competition and an increase in prices. If you are planning to buy a house this spring, there are a few things you can do to get an advantage over the competition.
First of all, it’s important to hire a good real estate agent immediately. A reputable and experienced real estate professional will help you get the edge you need over all the other home buyers. Then, get pre-approved for a loan. This will let you know just how much the bank is willing to loan you, you you’ll know how much home you can afford, and you’ll more or less know to only look at houses within a certain price range instead of wasting time looking at homes that you ultimately won’t be able to afford. Getting pre-approved also shows sellers that you’re serious about buying a home, and that you will be ready to make a commitment when you make an offer.
Next, make sure to prepare your downpayment and set aside funds for closing costs, which can usually run from two to seven percent of the property’s purchase price. It’s so important to have funds available to avoid running into potential problems and losing the bid on a home that you’ve fallen in love with.
Lastly, be ready to act at a moment’s notice, especially if you’re in a very tight market. Your real estate agent will probably be reviewing new listings as soon as they become available, and if he or she finds a home that matches your criteria, they will want you to look at the house and be ready to make an offer pretty quickly. Carefully consider their advice about how much you should offer. If there is a lot of competition, you may want to offer more than the asking price or consider compromising on items such as asking for a carpet allowance or a longer closing date. When sellers have received several different offers, they will obviously always go for the best one that is the most favorable to them, so try and make that offer yours.
If you are planning to buy a home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
