Don’t Stall on the Internet
With the many real estate websites and mobile applications that are available today it is easy to get sucked into spending hours looking at homes online. However, a lot of times the internet does not reflect when a home has gone under contract or when a new home has just entered onto the MLS. Don’t spend too long searching on the internet for available homes. Home inventories will be snatched up quickly this time of year. Utilize your realtor to show you what’s available in your price range and desired location.
Look at Homes That Have Been Sitting on the Market
Many new homes pop on the MLS in the springtime and people get excited to go and look at them. However, it is wise to look at homes that have been on the market through the winter. There may be many great homes available that just couldn’t find the right buyer throughout the winter months. The sellers of these homes will be more motivated to sell than those who just put their home on the market. You’ll most likely end up paying less for a home that’s been sitting on the market longer.
Lock In Low Interest Rates
Real estate professional and economic experts are predicting that the Fed is going to raise rates starting sometime in June. It is not uncommon for rates to rise in the summer, and rates did follow this trend in 2014. With that being said, you may want to lock your interest rate sooner than later. Lenders will not allow you to lock an interest rate until you’ve gone under contract on a home, but discuss rate locks with your lender once you are under contract. Waiting around to see if rates will drop until the last possible days before closing may end up costing you thousands over the life of your mortgage.
Stay in Close Contact With Your Lender
Being that spring is such a busy season for real estate, this means that your mortgage professional is also very busy. Get pre-approved before house hunting so you know how much you can afford and so that the process is much more streamlined. Once you’ve gone under contract on a house stay in close contact with your lender. Be proactive about handing in any documentation that they need and stay in touch regarding to the loan process. This will help you to learn about problems while there’s still time to rectify them.
Have Professionals Picked Out Before You House Hunt
The real estate professionals that you’ll want to think about before buying a home are a realtor, a lender, a title company and a homeowner’s insurance company. Do some research and pick out professionals that are known for being great at what they do. Speak with them before your house hunt so you can know what to expect. Don’t be afraid to ask multiple questions and to stay as informed as possible throughout the home buying process.
Before you go house hunting take the following steps to get yourself in the best place possible to buy. Don’t let an increased home inventory or looming threat of increased rates cause you to make a decision you’ll regret for years to come. Enter into the spring real estate market with a steady approach and score the home of your dreams.