Preparing for a Spring Market: Buyers

Continuing our two part series on Preparing for the Spring Market, let’s now talk about it from the Buyers side! With a hotter market can also bring some challenges for buying a home, but ones that are easy to prepare for.

The normal spring home buying season for most is typically March through May as many then prepare to take vacations during the summer months having secured their sale or purchase of a home before then. If you’re like most people and try to buy a home in spring with many others, you’ll have to be ready to jump on the home you want.

It can sometimes seem like a competition, but it has a lot do with the market you are searching for homes in. If the market is hot, meaning inventory is low in the market you are searching for homes in then it is important to be prepared as a buyer while having the expertise of your buyers agent on your side.

Here are some great tips that can help you when thinking of buying a home this Spring!

Get Pre-Approved by a Lender: Having your pre-approval in hand and ready before you start seeing homes will help you stay ahead of the game. You then will know your max price before an offer is made and you are comfortable with that price having already spoken to a lender and understand the finance side to purchasing a home. If you do not already have a lender, we have a preferred lender list that we will be happy to provide.
Focus on the House: Look for homes that meet your basic requirements while having an open mind on possible updates or changes you could make after the fact. There are some parts of the home buying process that you should not settle on like number of bedrooms needed, but if the house you are looking at has everything you love but a certain wall color, keep in mind that painting walls is an easy fix. Your buyers agent can help narrow down your search to the area, price, size, and everything you want for your home.
Be Prepared to Pay at List Price or More! Depending on the price range of the homes you are looking at, the inventory may be low which means not many homes to choose from. When this happens in a hot market, a lot of times the sellers receive multiple offers. This means they will pick the best offer for them, which will more than likely be the offers at list price or even more than list price. Your buyers agent can run a CMA on the home you are wanting to make an offer on to see how the price compares to others in that area and help advise you on your offer. They will also know ahead of time if other offers have been received to know how to best prepare your offer to be competitive. Always keep in mind that your lender will order an appraisal which can help to keep you from overpaying depending on how the contract is written. A good buyers agent will help you understand this process and communicate all of this with you every step of the way!
How to be the Best Buyer! There are many terms contained in a purchase offer and sometimes negotiations are not always all about price. Sometimes a buyer can give the seller benefits more than the price to take your offer over the others, just ask your agent your options for making your offer the most attractive to the seller. A good agent will also contact the listing agent to find out the sellers’ hot buttons or preferences to make your offer stand out!

From the tips above there is one thing in common with all….a good buyers agent! The home buying process can seem overwhelming but with a good buyers agent on your side, you will feel less overwhelmed and it can be a smooth process- one that should be an exciting time! Interviewing an agent to make sure they are a good fit for you is important, just keep in mind the tips above as you enter this spring market. We would love the opportunity to speak with you more about buying a home and how we can help, give us call!