7 steps buyers need to take to prepare for the spring market.
This spring’s real estate market is super competitive. It’s not unusual for a home to get offers the day it comes on the market or even before. Buyers wanting to be in their new home by mid-June need to have accepted contracts in their hands now.
7 steps to prepare for the spring market and beat the competition:
Work with a Realtor® who is responsive to your needs and knows the market.
Get a pre-approval letter from your lender. Make sure they will respond to updated requests in a timely manner
Have a conversation with your lender or financial advisor (or mom and dad) so you are comfortable with the down payment and other expenses long before you write an offer.
Work with your agent on showings. Waiting until the weekend is never a good idea in a busy real estate market. Plan on running during lunch hour or on your way from work. Good listings don’t last long.
Make a decent offer. Low ball offers on new listings waste valuable time and energy
Understand the bottom line on your offer. The seller’s bottom line gets smaller when you want them to pay closing costs, warranties, and title insurance.
Flexibility goes a long way. Willingness to work with the seller on closing and occupancy dates may make your contract more attractive.
You win some and you lose some in today’s housing market.
Don’t get discouraged! Not every offer will be in “multiple offers” competing with lots of buyers. And not every seller is willing to negotiate especially when the home just on the market. Don’t get discouraged and try not to get emotional. Realtors® know it’s hard to keep an optimistic view when you’re on the losing end of a couple of offers.
There is a house out there, somewhere waiting for you. Being prepared before you start house hunting doesn’t guarantee instant success but it gives you running start on the competition.