The spring season is prime time to hit the real estate market for a new home! As the frost starts to thaw away and flowers spring into bloom, lots of new houses become available for sale and even more buyers try to pounce on them. It can be challenging to stay a step ahead of your competitors and make sure you’re making the right choice but we’re here to help! Follow our tips on buying a home in spring to make this time of change as seamless as possible.
Hire a Real Estate Professional
In today’s housing market, it is more vital than ever to hire a real estate professional to act as your guide! Especially if you are still new to the world of home buying, it will make your life a whole lot easier to be accompanied by a realtor with experience in your market. There’s a lot that goes into purchasing a home but a real estate professional will assist you with your initial search, contractual paperwork, and any negotiations. Most states have a board of realtors with a website and directory, use this to your advantage to find the right fit for you!
List Out Your Needs and Wants
Before you go hunting for your future home, it’s absolutely crucial to prioritize the things that you want and need. This not only applies to the home itself but also its surrounding area. If you want a house with a big backyard but you need to be close to a good school for your children, now is the time to put together a list weighing the things that you want versus the things that you need. Compile your list and bring it with you while you go home hunting and also keep in mind that your list may change based on budget constraints and market trends! When you get a new home, you’re not just buying a house but the neighborhood too.
Understand The Real Cost of a Home
When it comes to purchasing a new home, it’s absolutely essential to keep in mind that there’s more to pay than just a mortgage. You’ll have to pay closing costs once you finally close on your new home, which can range from two to five percent of the home’s purchase price. Closing costs vary by state and it’s possible to get an idea of what you’ll have to pay beforehand based on your market! Besides closing costs, it’s also likely that you’ll have to pay property taxes, inspection costs, utility bills, and homeowners insurance. That adds up quickly so do your due diligence and prepare yourself for any additional costs!
Stay Ahead of Your Fellow Buyers
The real estate industry isn’t just a competition between sellers to find buyers for their homes first, it’s also a competition between buyers to put forward the most appealing bid. Trying to purchase a home will most likely pit you against other buyers who want that house just as badly as you do. Because of this, it’s crucial to start the bidding process with a strong offer – don’t under bid! If you choose to employ a real estate professional, work with them to strengthen your bid as much as possible. This isn’t strictly financial either, you can offer the home sellers an extra day to move out or rent the home back to the sellers until they are ready to leave. Find ways to set your bid apart from the competition and lock up the home of your dreams!