The timing of the spring home buying market will change depending on where you live, but one thing stays the same — the spring housing market is extremely competitive. If you’re planning on buying a home in spring, you need to be well-prepared beforehand. Know what you want, what your budget is, what you’re willing to compromise on, and what you’re not. You likely won’t have the luxury of sleeping on a decision in the spring home buying market. Be decisive and prepared to make an offer quickly.
If you’re set on buying a home in spring, here are some helpful tips:
Get preapproved by a local lender. The best competitive choice is to make sure you’re backed by a local bank of local mortgage broker. If your offer comes with a local lender’s preapproval letter, it will probably get preference among other applicants.
Focus on the house, don’t focus on the owner. It can be easy to get caught up on how the home is being sold – if it’s a foreclosure, a short sale, or owned by a traditional seller. What you need to focus on is if the house meets your needs, if it’s in an optimal location, and if it meets your budget.
Hire on a neighborhood specialist. All real estate agents have their areas of expertise. If you hire an agent who specializes in the area where you want to buy, you’ll be provided with incredibly useful information about that neighborhood. Additionally, a real estate agent who specializes in the neighborhood you’re looking in will likely be well known and respected among the area specialist listing agents. This works entirely in your favor.
Be prepared to pay the list price. Get a Comparable Market Analysis from your real estate agent to determine the actual value of the home. Keep in mind that sellers can ask for whatever they want, so you can’t judge the worth of a home based on other homes on the market. If you find a home that you want at a price you can afford, go for it. In the grand scheme of things, whether you pay $1000 more or less makes little to know difference and you likely won’t care a few years down the road.
Give the seller something other buyers will not. Make your offer stand out. You can negotiate about things other than price, and give your seller something beneficial to them without actually waiving your rights. Ask your agent for advice on this. For example, something as little as giving the sellers an extra day to move out can make your offer more appealing.
Allow Stonebridge Mortgage Group to assist with your search to buy a home. For a professional assistance with mortgages and related services, look no further than Stonebridge Mortgage Group. You can rely on Stonebridge Mortgage Group to help guide you through the home buying process. We help get you pre-approved for a mortgage and help with your real estate loans and other mortgage solutions, both residential and commercial. Stonebridge Mortgage Group serves the greater Portland area and are in Gresham, Oregon. Don’t wait to get quality assistance with buying your home!