Spring is a time of new beginnings. It’s also one of the busiest and most competitive times for homebuying. If spring fever has you dreaming of a house to call your own, consider these tips to navigate – and master – the spring real estate market.
Step one: Find the right partner.
Buying a house – particularly your first one – is not something you want to do alone. Not only can buying a home be complicated, but there is so much to know and keep track of. During the spring when the real estate market is at its peak, you don’t have time to sit around trying to figure out what to do next. Finding an expert to hold your hand and guide you through the process can make it easier and increase your chance of success.
Step two: Position yourself to receive free money.
Here’s a reality about the spring homebuying season: With so many buyers looking for houses, home prices sometimes do go up at this time of year. However, you can offset those high prices by qualifying for free money that can be used for a downpayment or closing costs. One way to qualify for free money is to take certain first-time homebuying classes. There are also special programs that you might qualify for based on such criteria as where you live and how much you earn. One HomeFree-USA client qualified for $39,000 in downpayment and closing cost funds and only ended up having to use $3,500 of her own money. You can learn more about downpayment assistance by reaching out to a Homeownership Advisor today.
Step three: Get preapproved.
Since there will likely be plenty of competition for the house you want to buy, make sure you’re in the best position to act fast once you identify your dream home. Getting preapproved ensures that you’ll be ready to make an offer quickly, while another potential buyer may have to get approved before moving forward. By becoming a HomeFree-USA member, you’ll be in a better position to get preapproved. In fact, 96% of HomeFree-USA members are approved for a mortgage the first time they apply for one.
Step four: Come up with a budget.
Before you start looking at homes, figure out how much you can afford. Consider factors like your income, expenses and savings. Also think about the quality of life you want to have. If you spend all of your money on mortgage payments, will you be able to afford other things you like to do such as eating out, going to concerts or traveling? A Homeownership
Advisor can help you come up with a budget that is realistic and that will incorporate your biggest priorities.
Step five: Spring clean your finances.
None of us are perfect. We’ve all made our share of financial mistakes. But if you’re seriously thinking about buying a house, now is the time get your finances in order. That means taking the time to find out your credit score and taking steps to fix your credit. Consider cutting back a little so you can pad your savings or put more money toward your debt. You have big dreams now. Homeownership is within your reach so do everything you can financially to seal the deal.
Connect with your homebuying team.
Spring brings longer days and more time to visit open houses. But you’ll want a realtor to help you identify a good deal, as well as a lender that has already preapproved you. A Homeownership Advisor can help you to assemble this team so you have an arsenal of help at your disposal.
There is nothing like the excitement of the spring real estate season. With a partner by your side, you may be able to have the keys to your dream house this summer.
