Home buying tips for springMichelle McQuade | March 25, 2020
It’s no secret that spring is one of the best times to buy a home. Most sellers choose to list their home in the spring and since it’s the busiest home buying season, it’s also the most competitive.
Keep these home buying tips in mind if you’re planning on going house hunting this spring:
- Know what you’re looking for
Buying a home now gives you plenty of options to choose from. Given that this is the season when most sellers put their home on the market, inventory is high.
However, it’s easy to get overwhelmed with all the housing options you have. That’s why it’s important to determine your home buying needs and wants ahead of time. Where do you want your home to be located? How much space do you really need? What neighborhood features are you looking for? What’s your budget? Knowing the answers to these questions really helps in narrowing down your options.
- Start searching for homes right away
If you know that you’re going to be buying a home in the spring, start hunting for homes before then. Having a list of potential homes that you want to buy already gives you a head start and allows you to start preparing for the rest of the process.
- Get your finances in order
Sellers are more likely to work with buyers who already have their finances in order and can show that they have been pre-approved for a mortgage. This means budgeting properly for your home purchase, maintaining a good credit score, and having enough money to cover the down payment as well as the closing costs. You will also want to shop around for a mortgage and get pre-approved before shopping for homes.
- Put down a larger down payment
Since you’ll be competing with many buyers during this busy home buying season, it’s important to stand out. Buyers are typically advised put down at least 20% of the home’s purchase price for the down payment, but if you’re really serious about getting the home, it’s best to put down a bit more if you can. Aside from attracting the seller’s attention, you’ll also have a smaller mortgage loan balance.
- Offer over the asking price
Another way to ensure that the home is yours is by offering a higher price. A hot seller’s market and plenty of competition often sparks a bidding war. But before you start bidding above the asking price, check the market conditions and consider your budget first.
- Find a Realtor
At the end of the day, it’s always best to work with a Realtor who understands the nuances of the local real estate market. With your agent’s knowledge and skills, it will be easier to navigate the spring home buying season and come out successful.
For a more in-depth look into the home buying process, check out my comprehensive home buying guide.
Buying a home during the spring season can be overwhelming without a Cleveland Realtor by your side. That’s where I come in. Feel free to contact me, Michelle McQuade for more information about your Cleveland real estate options. Call Give 440.823.2449 or send an email to MichelleMcQuade(at)HowardHanna(dotted)com today.