#3Cent Thursday | EPISODE 9
TOP 3 THINGS TO KNOW ABOUT BUYING IN THE SPRING MARKET
Are you thinking of buying this spring, but don’t know what to expect? Don’t worry, we’re here to help! Today, we’re going to share with you the three most important things to know about buying a home during the spring.
You might have caught our previous blog, The Top 3 Things To Know About Selling In The Spring Market, but if you’re buying in the spring market, there are things you need to know as well! So buyers, this one’s for you!
THOUGHT #3 – IT’S THE MOST COMPETITIVE SEASON!
That’s right, the springtime tends to be the most competitive season for buyers, and there’s a few reasons for this. The main one being that most people buying have children and they want to be moved in to their new home before the next school season starts. In addition, the weather’s getting a little better (even though we’re pretty lucky year round here in Southern California), and we are post holidays, so people can start focusing on that big move. So just keep in mind that you will most likely be competing against multiple other buyers for that home that you’re eyeballing. Which leads us to our next point…
THOUGHT #2 – YOU HAVE TO BE READY TO GO!
What this means, is you should be prequalified—and the further you are through the preapproval process the better. You should also have a real estate agent, and with them you should come up with a plan that include things like location, timeframe, criteria, etc. so that you know what you need, what you want, and what you are willing to concede on in a home (because nobody gets everything they want!) Being ready to go is helpful before you start house hunting because you have to submit a prequalification letter from your lender with your offer on a home. This can take time to acquire because your lender will require you send them numerous documents such as taxes, bank statements, and pay stubs, as well as run your credit. So by the time you get all your ducks in a row and can actually make that offer, it’s too late and another buyer will probably have beat you to it. Wah wah—you just lost out. So do yourself a favor and put in the hard work at the beginning of the process…you’ll be happy you did when it’s go time!
THOUGHT #1 – DECISIONS MUST BE MADE QUICKLY!
Because it’s the most competitive season, homes can sell a lot faster in the spring. So if you see a home you’re interested in, you not only want to tour it as soon as possible, but decide if you want to offer on it as soon as possible. We at the Realtor Family like to do our homework and figure out when the listing agent is presenting offers to the sellers, but generally speaking, if we showed you homes on a Saturday…you could probably take that night to think about it, but come Sunday afternoon, we would want to have a conversation with you and write up offers for any homes you would actually buy. Because if you’re on the fence and wait too long to decide to make those offers—let’s say Wednesday—other buyers who are decisive will probably have submitted their offers Sunday night, and the sellers reviewed and accepted one by Wednesday. Wah wah again—you just got beat out. So knowing what you want while being realistic, and being decisive, are some of the most important assets you can have while buying in the spring!
Thank you so much for reading, and we hope you've found this information helpful! Please reach out if you are considering buying this spring!