Spring Buying Fever
This year spring brings more than just warm weather and blooming flowers. We are poised to enter the most competitive real estate market in over two decades. Why the competition? Lack of homes and rising interest rates are motivating buyers to buy. Home Qualified’s Ralph DiBugnara reports with tips and trends to look for in the season ahead.
Selling Faster Than Ever
Homes are selling 8% faster then they did in 2017 according to Realtor.com. What does this mean for those looking to buy? Know what you are looking for and more importantly what you can afford. Found something you like? Our advice is to act fast. If you have have bee pre-approved don’t hesitate to make an offer. The early bird, or in this case the eager buyer, gets the dream home.
See Property Potential
A lot of the homes on the market today are older and may be in need of some light rehab or a total overhaul. Look beyond basic curb appeal and aesthetics. Picture what could be. Many fixes are minor and can easily be tackled with a little elbow grease and a shot of enthusiasm. Furthermore, financing that covers home and home improvement costs is available to first time home buyers.
Budget
Perhaps the greatest advice of all. Create a budget and stick to it. Before looking at homes, speak to a mortgage bank and find out how much you are preapproved for. Decide what you are comfortable spending monthly. Bidding wars are likely and costly in this market, do not let the thrill of the chase outpace you or leave you cash poor!
In conclusion, as a buyer, keep the faith and do not be deterred! According to Trulia.com this is still the most affordable market we have seen in 30 years. Despite rising prices and high demand, rates are still low and potential is endless. Know the market and be prepared when opportunity presents itself.
Want to learn more? Check out our other videos or call us today for a consultation.