Spring is a great time to purchase a home, but it can also be a time for a larger number of buyers in the market. This means, that if you want to land your dream home in April or May, you need to be prepared to jump on the opportunity when it presents itself.
When you find the home you desire in a springtime market, you need to be prepared to make and win the offer. Here are a few tips for helping you to do just that.
- Get preapproved by a lender.
Whether you are using a bank or a mortgage broker, it is important to get preapproved for your home loan before you begin shopping. Doing so will let you know what you can afford, and allow you to make an offer on a home as soon as possible.
- Hire a real estate agent that knows the neighbourhood.
There is a saying that all real estate is local. When you work with a real estate agent who knows the neighbourhood, they will be able to provide you with important information that can help guide you through the complexities of the market. In addition, working with an agent familiar with the area increases the likelihood that the listing agent knows them. This is beneficial when ensuring the offer you make on a home is the best one you can provide.
- Consider your needs.
Buying a home can be an emotional process and it can be all too easy to make an offer for the wrong reason. The right house in the wrong neighbourhood is the wrong house. So is the wrong house in the right neighbourhood.
Determine what your “must-haves” are and then let your real estate agent help you find a home that ticks off those boxes.
- Give the seller a reason to accept your offer over others.
Purchase offers have a number of terms and conditions, which you may be able to use to your advantage. You don’t always have to offer a higher price to have your offer accepted. Talk to your real estate agent about what you may be able to offer the seller. It could be something as simple as allowing them a few extra days to move out.
- It ain’t over till it’s over.
Once your offer has been accepted, it is important that everything is handled properly right up until your closing date. Your inspections and due diligence should be completed in a timely manner and you should keep the lines of communication open with your lender and your realtor.
Be sure not to do anything that will jeopardize your home loan approval. If you are thinking about changing jobs or making any major purchases on credit, it is best to wait until after you have taken up residence in your new home.
Springtime in the real estate market is a time when things really do start to heat up and a lot of great properties go up for sale. If you’d like to have your pick of homes this spring, be sure to give us a call today.