How to have a successful spring market house hunt!

Welcome to the spring real estate market. Much like previous years, we’re expecting a busy season for buying and selling. If you’re joining the spring market house hunt, you likely already know you’ve entered the market at a busy and competitive time. While there’s no exact recipe for success, there are some tips you can follow to help your experience in this market. Here are some important things to keep in mind as you navigate the spring market house hunt this season!

Get your pre-approval

We drill this one into your head a lot, but getting a pre-approval is truly one of the most important things you can do to have a successful spring market house hunt. In case you need a quick refresher, a pre-approval is where a lender gives a borrower an estimate of how much they would finance in a mortgage. It’s not a guarantee that this lender will provide you with a mortgage. However, it gives them an idea of your situation so they can give you a tentative estimate of what mortgage you might be eligible for, based on your current situation. 

There are three reasons why a pre-approval is key to buying a home in a busy market. One, it means lenders are already aware of your financial situation and have your information on hand, which will make the process go faster when you want to apply for a mortgage. Two, a pre-approval will tell you where you stand in the market, what you can expect to buy with your budget, and if you need to make any adjustments or improvements. And three, many sellers are more likely to consider buyers with pre-approvals since it shows they are committed to buying a home and are more likely to follow through with a sale.

Choose your agent carefully

The market is full of real estate and mortgage professionals, but that doesn’t mean every single one will fit your needs. Different agents often specialize in different neighbourhoods, property types, and budgets, so it’s important to choose one who suits your specific situation. An agent who knows the location you want to live in can provide you with valuable insights on that particular area. They will also have a better understanding of how much homes sell for in that area, and when the time comes, what the best offer is going to be to hopefully buy you a home. Trusting your agent is essential, so make sure you take the time to select the right one.

Be quick

Buying a home is a big step, and you don’t want to make any rash decisions. It’s important not to buy a home beyond your means, or a home in complete disrepair, simply because it’s available. On the other hand, there’s no doubt this market is competitive, and homes are selling almost as soon as they go on the market. If you see a home that interests you, it’s important to be quick about acting on it, which means putting in an offer and getting your mortgage approval in place. If you’re a first-time buyer, your first home likely won’t be your forever home. However, if you can get into the market by buying a property and building equity, this will help you down the line. A home that meets your needs may be worth acting on in this market, even if you don’t envision yourself staying there forever.

Study the market

Before you enter the market, you should familiarize yourself with it to determine how you fit in. You should have a good idea of your budget and your basic housing requirements. Now, it’s time to do some research into the areas you may want to look at. Check out average housing prices and property types to see if your budget suits the areas you like, and which property types will match your needs. You can also use real estate sites to look at trends in cities to see how long homes typically stay on the market, how much over asking they go for, how many active listings there are, and so on. Having your budget and pre-approval is handy, but it will give you an extra leg up to know exactly what’s going on in your area’s market and what you should expect in terms of supply, demand, and prices.

Contact a broker

Finally, you should contact a broker if you want to have the most successful spring market house hunt. Spring is always a busy season for real estate, and having the right professional on your side can make a big difference. Mortgage brokers can help you review your financial situation, determine your budget, and most importantly, get you in touch with the right lenders. Brokers have access to a wide range of lenders and their rates and products, many more than you would see by going to a bank on your own. Securing the right mortgage product is essential, as is finding a rate that works for you. By using a broker, you can ensure you reach the most suitable lenders. Plus, buying a home can be complicated! Brokers take away a lot of stress by guiding you through the process and keeping you on the right track.

We’re dedicated to helping clients like you have the most success in the market. If you need guidance with your spring market house hunt, we’re happy to help. If you’re interested in buying a home or have questions about your mortgage, give us a call at Centum Home Lenders at 506-854-6847, or get in touch with us here.