Spring is an amazing time. The weather is beautiful. The sun is out, flowers are blooming, festivals are happening. It's definitely a special time of year. And every spring another common thing happens; the housing market heats up. So if you are ready to make the leap into home ownership this spring here are some tips to land your first amazing home!
1. Be Prepared to Make an Offer
Don't start shopping for a home until you are ready to make an offer. In the busy spring housing market great homes can go quick so you need to be ready to act when you find that right place. Before you start seeing homes make sure you have been pre-approved for a loan first. Not only will this give you a better idea of you can truly afford, but it will allow you to make an offer the moment you fall in love with that mid-century ranch with the great built-in bookcases. There is nothing more heartbreaking than finding the right home and then finding out you can't actually afford it. So take the time to reach out to lenders early and get yourself pre-approved.
2. Look Into the Comps
"Comps", or comparable neighborhood sales, will tell you whether the price of the home you are looking at is at fair market value. Knowing the comps will allow you to adjust your offer on a home accordingly with the value of the home. A home that is drastically underpriced may require a lot of renovations or has problems that you wouldn't be aware of right away. Comps provide a baseline for how houses should be priced; if the home is underpriced or overpriced it can be a red flag of issues to come.
3. Have a Backup Plan
Sometimes you fall madly in love with home, make an offer and that offer is rejected. It's not an enjoyable moment, but it can happen. Keep an open mind while home shopping. Look at more than one home before making your decision. And be ready and willing to keep looking if an offer you made doesn't go through.
4. Consider Housing Alternatives
Sometimes a traditional single-family home may not be the best solution for your first purchase. Maybe you love a particular neighborhood but a single-family home in that neighborhood could be well out of reach for your first time home buying purchase. Look into condos. Condos can allow you to save money as you are starting out. They usually come with lower asking prices, which means lower down payments. They can help you grow your equity and purchase the dream home in the future. Another idea to consider is purchasing a home warranty. This will help you cover any unexpected expense associated with homeownership.
5. Take Advantage of Programs
As a first-time homebuyer you are in a special and wonderful position. There are loads of programs out there designed specifically to help first time buyers! Look into the various programs and see how they can help you. You might be able to access grant funds to put towards your down payment or towards building equity on the home.
Buying your first home, especially in the busy spring housing market can be a stressful time. But you should be able to enjoy the experience of such a special moment in your life if you take the time to plan well, consider your options, and take your time. Reach out to any one of our agents today and they can help start you on the path to enter the real estate market!
Information and image for this article are obtained by: RIS Media