Looking To Buy This Summer?
Summer is the most challenging time of year to shop for a home. Why? According to Realtor.com, about 50% of homes are sold during the summer. This means the housing market is especially competitive. Here are some tips to purchasing a home during such a busy season.
Be prepared to make a quick offer due to little inventory on the market. Homes will be selling quickly, so it’s a good idea to be faster than your competition.
With this being said, your first step in the home buying process should be finding a real estate agent to help you throughout the process. Also, make sure to get pre-approved by a mortgage advisor right away. This will show sellers that you are serious about purchasing a home, and they might take you into stronger consideration.
Since summer is the time of vacations, be certain that you have all of your documents and finances in check so you meet required deadlines despite traveling or other events.
Wants Vs. Needs:
Re-visit houses that you may have rejected in the past. Maybe the closet sizes were too small or the carpet was out-dated. Some of these issues are easily fixable, and could be inexpensive Do-It-Yourself projects.
Recognize the difference between your wants and your needs. You can even make a checklist of what you need in your home and use this while your shopping. This can make the process easier and less tedious.
It’s also a good idea to search for homes that were listed in the spring and have yet to be sold. Houses that have been on the market for longer than 60 days seem to have price reductions or the seller is willing to negotiate a better price. There may be a hidden gem out there that has been waiting to sell.
If you’re looking to purchase or rent a home this summer, Absolute Mortgage is here to help!
Check our Team Page to read about each of our Mortgage Advisors, request a quote or apply for home financing!