Spring Home Buying Tips

Spring and all its glory is right around the corner—just take a look at the signs all around you.

This will be a competitive home-buying season—so if you snooze, you may lose out on that four-bedroom colonial you’ve been eyeing.

Spring House-Hunting Tip #1: Close That Laptop—and Canvass Old-Fashioned Open Houses

These days, using real estate sites to explore your options is par for the course: 90% of people search for listings online during their home-buying process.

Kicking off your search online is a good move, but don’t dawdle too long behind the computer screen—inventory is expected to be tight in many major markets, so you literally want to hit the ground running.

Plus, what you view online may not necessarily reflect what you see when you pull up to the curb. “Buyers should be careful.  The Internet can tell only part of the story—and it’s usually the part the seller wants you to hear.

Spring House-Hunting Tip #2: Educate Yourself on Market Values and Trends

Buyers need to get up to speed quickly on market values so they know the right decision when it presents itself. The more quickly buyers can educate themselves, the more successful the home search will be.

Spring House-Hunting Tip #3: Nab Low Mortgage Rates—Now

Another reason not to dawdle too long? You want to take advantage of low interest rates while they last.

Mortgage rates are still historically low, allowing buyers to wrap up the most house their money will afford them at payment levels that should be affordable for decades.

In fact, interest rates are so low that, in many markets, monthly mortgage payments are less than rent.  Most predictions are that the fabulously low interest rates will stay that way through the spring, and that the variety of loan packages available to buyers will continue to multiply.

Bottom line: It’s a prime time to jump on a home loan. After all, mortgage rates can be unpredictable—and a decision by the Fed to raise interest rates mid-year, as many economists predict, could cause them to climb.

Spring House-Hunting Tip #4: Build Your Home-Buying Dream Team Before You Bid

If spring-cleaning season has you in a hyper-organized mood, channel some of that spirit into your house hunting—in order to be a serious frontrunner in a bidding war, you’ll need to have all of your ducks in a row.

So not only will you need a savvy real estate agent, but you’ll also want your lender, inspector and attorney at the ready so you can act fast.

And let’s not forget completing your mortgage application and having your loan amount determined in advance