Homebuyer’s Guide Spring edition

The spring selling season is the most popular time of year in real estate. Homebuyers come out of the woodwork during springtime – with tax checks in the bank – and approximately 40 percent of home sales occur between April and July in the United States. For one reason or another, spring continues to be the ideal time for buyers and sellers alike.

1. Mortgage Rates
2. Inventory: While interest rates are at all-time lows, a supply crunch continues to hinder homebuyers.
3. Competition: Real estate markets always heat up during springtime and this year they’ll be firing on all cylinders. A short-supply of properties will make spring 2021 very competitive among buyers, which could set up potential bidding wars among buyers and force them to overpay.

“Be ready to write the offer on the realtor’s car.”

4. Pricing: There is one thing homebuyers need to know this spring: be prepared to pay more than last year. “Buyers need to understand they will need to pay more than they would have last year.”

Buying a home during a spring frenzy can be difficult. Every time you are ready to make an offer, somebody else beats you to it. Spring might be the best time to buy a home, but since many homebuyers feel the same way, competition for the most desirable homes can be stiff.

To increase your chances of buying the home you want, it’s important to have a strategy that will give you an edge when many other buyers are in the market.

Preparation

If you are new to a town where you are buying, spend a few weekends before the home-buying season starts and get to know the area. Talk to people on the street and at restaurants. Visit several real estate offices and interview real estate agents. Use the internet to do research. Drive through the neighborhoods you like the best at different times of the day and on different days of the week.