Buyers Get An Edge During The Busy Spring Season

Dated: 01/01/2015

Views: 2049

The spring and summer months are traditionally the busiest times of year for the residential real estate market. Weather is more cooperative and many families like to move while the kids are on their summer break.But in recent years spring, for many regions, has meant more homes on the market, but also more buyers, fierce competition and an increase in prices.

If you're in the market for a house this spring, there are a number of steps you can take to try to give you the advantage over other homebuyers, including:

  • Work with a Realtor or real estate professional and get started early.

  • Get your loan pre-approved. This will give an advantage on several fronts. First, it will be done and out of the way. Second, you'll know how much the bank is willing to loan you so you know in which price range to look. And third, it shows sellers that you're serious and ready to buy when you make an offer.

  • Figure out how much you have for a down payment. NAR says first-time buyers typically make a down payment of 6 percent on a home purchase, and 24 percent of down payment funds were gifts from relatives or friends. If that's not an option, there are many loan programs that accept down payments of five or three percent. And don't forget closing costs, which will often run two to seven percent of the property's purchase price.

  • Be ready at a moment's notice. If you're in an especially tight market, your Realtor will be reviewing new listings as soon as they're available. If he or she finds something that matches your criteria, you'll want to look at the house and be ready to make an offer -- quickly.

  • When looking at houses, look at the potential. There are major factors you won't be able to change -- the neighborhood, proximity to work and schools, the basic floorplan of the house (unless you plan on completely renovating), and size of the back yard, among other things. If you're put off by paint or carpet color or old linoleum floors, envision what the walls will look like with your color of choice and the floors in a material you prefer.

  • If you're buying in a seller's market, listen carefully to your Realtor or agent about how much you should offer. If there's competition you may want to offer more than the listing price and you shouldn't try asking for things like carpet allowances or a long closing date. If you know sellers may have several offers in front of them, you'll want to make yours the best.

  • Begin thinking about homeowners' insurance now. Begin by making sure your credit report is accurate -- credit histories are sometimes used to determine whether a company will insure you, and, if so, at what rate. Also, the Insurance Information Institute says you should get a copy of your loss history report, such as a CLUE report from ChoicePoint or an A-PLUS report from Insurance Services Office. This is a record of home insurance claims you have filed. If you have not filed any insurance claims in the past five years, you won't have a loss history report. The better your report, the better chance you'll have of obtaining reasonably-priced insurance on the house you buy. And if you're renting, make sure you have renter's insurance -- it's helpful to have insurance history when you obtain insurance for your new house.

For more information and personalized service, Call or Text me at 732-887-4689.
Search for your dream home at rpileggi.vandykrealestate.com.

Blog author image

Robert Pileggi

I grew up in Union County and moved to Long Beach Island in 2003. I loved living here so much that I got my real estate license in 2004 and have since helped many other people enjoy living and vacati....

Latest Blog Posts

Town Wide Yard Sale In Surf City

Saturday, September 5, from 8:00 am to 6:00 pm marks the day and time of the next Surf City town wide yard sale.........you can get a printed list of all the participating homes by going to www

Read More

Buying A Tear Down Home Or Building Lot On Long Beach Island New Jersey

There are very few empty building lots left on Long Beach Island; in today's market, the majority of new construction on LBI occurs when an older home is purchased as a teardown, then replaced with

Read More

Is A Brand New Construction LBI Long Beach Island Home Right For You

Do you want a home that you have helped design that fits your family's needs? Perhaps having an energy efficiency home to reduce cost is why you want to do this? How about having an instant equity

Read More

Buyers Are Waiving Contingencies To Sweeten Their Offers

what do you think about this?The pandemic and high unemployment rate haven't slowed the housing market. With home buyers facing heightened competition this summer for a limited number of homes for

Read More