Spring is known as the prime home buying season. The warmer weather, blooming flowers, and longer days make it the perfect time to start the search for a new home.
However, with the competitive market and limited inventory, buying a home in the spring can be challenging. To help prospective buyers navigate the home-buying season, here are ten tips to guide the home-buying process.
1. Start loan pre-approval early
Spring is a popular time for homebuyers, so competition can be fierce. It’s essential to start preparing early by getting pre-approved for a mortgage, organizing your finances, and creating a list of must-haves for your new home.
2. Work with a professional Real Estate agent
A professional real estate agent is your best ally when navigating the spring housing market. They have the experience to help you find a suitable home and negotiate on your behalf.
3. Do your research
Before starting your home search, research the neighborhoods and areas you are interested in. Look into school districts, amenities, and crime rates to make an informed decision.
4. Be open-minded
Keeping an open mind is essential with the limited inventory in the spring market. Don’t limit yourself to a specific location or style of home. Be open to exploring different options appropriate to your needs and budget.
5. Attend open houses
Attending open houses is a great way to get a feel for the market and see what homes are available. It also allows you to ask questions and gather information about the property from the seller or real estate agent.
6. Don’t hesitate
In a competitive market, hesitation can cost you your dream home. If you find a property that checks all your boxes, make an offer quickly. Consult with your real estate agent to develop a firm offer that stands out from other potential buyers.
7. Do a thorough inspection
Before finalizing the purchase, make sure to do a thorough inspection of the property. An inspection from a licensed inspection professional will most likely help you identify any potential issues or red flags that may need to be addressed before closing the deal on your new home.
8. Understand the costs
Other costs besides the purchase price are associated with buying a home. Ensure you understand all the fees and expenses involved, such as closing costs, property taxes, and homeowners’ insurance, often paid upfront for the entire year if you escrow with your mortgage lender.
9. Be patient
Buying a home in the spring can be lengthy, so patience is essential. Take your time making decisions; be prepared for potential setbacks or delays.
10. Plan for the future
While focusing on your current needs is essential, it’s also crucial to consider the future when buying a home. Consider your future goals and goals for your home, such as resale value, renovations, and the neighborhood’s growth potential.
In conclusion, buying a home in the spring can be rewarding and challenging but much easier when you’re prepared.
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Disclosure:
The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided at this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website.
Our family financial services firm, August H. Velten & Associates, has been in business for 12-years in Melbourne, FL. August Velten (CLU) is a 40-year veteran of the Financial Services industry. August is a former instructor for the Life Underwriter Training Council and once occupied the legislative seat for the Maine Association of Life Insurers. In Brevard County, you may have seen him on local access TV or read one of his articles in a local area magazine. Jessica Waterhouse, August’s daughter, left her own practice to join the firm in 2019. Jessica is a Florida licensed insurance producer, securities licensed (Series 65), a long term care specialist (CLTC) and holds certification as a National Social Security Advisor. Both August & Jessica are instructors for financial literacy workshops in both Brevard and Indian River County offering education in Social Security and Financial Planning. Contact the office today to schedule an introductory meeting or review of your current financial plan.
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