The Early Bird Gets the Spring Housing Market Worm
We know, it’s still incredibly chilly outside and it may feel like spring is nowhere in sight. However, anyone in the real estate industry will tell you… The market is already heating up. With peak home buying season just around the corner, it’s important to know how and when to start preparing to purchase. We’ll lay that all out below, so keep reading!
First, it’s wise to have a good understanding of our current market. It’s a seller’s market, to be concise. There are more buyers looking to buy homes than there are homes available for sale. Buyers can expect to compete for their desired home, pay more than list price and present a contract that favors the seller. To succeed in today’s environment, buyers need to be prepared. That means getting an upfront pre-approval with a credible lender. This simple piece of paper holds a lot of weight, giving you credibility and showing a seller they can rely on your offer. You’ll want to tackle this ahead of time so you know exactly how much you are approved for, allowing you to submit an offer confidently and without delay.
Once you are pre-approved and know the price range of homes you are qualified to be looking at, we always recommend you start living as if you are making that monthly mortgage payment. Inevitably, this means setting up a new budget. You may be pre-approved for a certain amount, but do you really know what living with that type of mortgage payment feels like? Living with the new payment will give you a true sense of how much you actually want to spend before you make the true commitment. Speaking of budget, when preparing to buy, you should take a deeper look at your finances. Figure out where exactly your money is going every month and determine where you can make changes in your spending or cash flow that’ll increase the money you can dedicate toward saving for a down payment. The combination of these two things should give your down payment fund a solid foundation.
Finally, the most exciting part… Begin the search for your next home! This is when you will choose a Realtor. It’s more important than ever that you have a professional on your side. A Realtor will help you find homes in your desired neighborhood, guide you in making sound decisions, assist you in negotiations and so much more! If you don’t know where to find a good Realtor, talk to your Mortgage Consultant; chances are they have worked with a lot of great ones throughout the years and can help you with a few recommendations.
In this market, a little preparation goes a long way! If you’re ready to take the first step toward buying a home this year, our team is here to guide you through the process. Call us today at 952-942-0110 or visit www.CambriaMortgage.com/Connect to get started!