Reasons to Buy a Home Before Summer

If you intend to purchase a house, it may be beneficial to pursue residences before summer. In fact, some of the key reasons to enter the housing market prior to summer include:

1. Many high-quality houses likely will be available.

Winter often represents a slow period for home sellers. However, when spring arrives, many sellers usually are ready to list their properties. And as a result, you may be able to choose from dozens of top-notch residences if you conduct a home search prior to summer.

In addition, it may be a good idea to enter the housing market with homebuying criteria in hand. Because if you establish homebuying criteria, you can accelerate your home search and quickly discover a great house that matches or exceeds your expectations.

2. You can secure home financing in no time at all.

Many banks and credit unions are happy to help you secure a mortgage. If you decide to pursue a home before summer, you may be able to take advantage of favorable mortgage interest rates.

You should consult with a variety of banks and credit unions before you kick off a house search. This will enable you to learn about a wide range of mortgage options and receive comprehensive mortgage insights. Then, you can select a mortgage with a favorable interest rate that will ensure you can purchase a terrific residence without breaking your budget.

3. You can receive expert guidance throughout the homebuying journey.

If you conduct a pre-summer home search, you can hire a first-rate real estate agent to help you find and buy your ideal residence. This housing market professional will go above and beyond the call of duty to assist you and will make it simple for you to purchase a wonderful residence at a budget-friendly price.

Typically, a real estate agent will meet with you and learn about your homebuying goals. He or she next will craft a homebuying strategy to help you buy a house on your timeline.

For homebuyers who want to streamline the homebuying journey, hiring a real estate agent is crucial. This housing market professional can provide deep insights into the real estate sector that you might struggle to obtain elsewhere. By doing so, a real estate agent will teach you about the ins and outs of the real estate market and help you make an informed homebuying decision.

Let’s not forget about the assistance that a real estate agent provides after you submit an offer to purchase a home, either. A real estate agent will help you finalize a home purchase before summer arrives and do everything possible to ensure you can seamlessly go from homebuyer to homeowner. Thus, if you need help setting up a home inspection or preparing for a house closing, a real estate agent is ready to assist you.

Want to acquire a home before summertime arrives? Collaborate with a real estate agent, and you can receive plenty of support as you navigate the homebuying journey.

First-Time Homebuyer Tips: Submit a Fair Offer on a House

Submitting a “fair” offer on your dream home may seem difficult, particularly for a first-time homebuyer. Lucky for you, we’re here to help you determine what it takes to submit a fair offer on a home that increases the likelihood that a home seller will accept your proposal without delay.

Now, let’s take a look at three tips to ensure that a first-time homebuyer can submit a fair offer on a house.

1. Study the Housing Market Closely

Are you preparing to submit an offer in a buyer’s market or a seller’s market? Ultimately, the current state of the housing market may help you define a fair proposal based on the sector’s conditions.

For example, a buyer’s market frequently includes an abundance of top-notch residences and a shortage of homebuyers. In this market, you may be able to submit an offer at or below a home seller’s initial asking price and receive an instant “Yes.”

On the other hand, a seller’s market usually features a shortage of high-quality houses and an abundances of homebuyer. As such, you may need to submit an offer at or above a home seller’s initial asking price if you want to secure your dream residence.

For first-time homebuyers who analyze the housing market closely, they should be able to differentiate between a buyer’s market and a seller’s market. That way, a first-time homebuyer can determine fair market value for a residence and submit an offer that corresponds to it.

2. Evaluate Your Homebuying Budget

There is no need to overspend for a house, regardless of the current housing market’s conditions. But with a homebuying budget in hand, a first-time homebuyer can resist the urge to pay too much to acquire an outstanding residence.

Getting pre-approved for a mortgage often provides a great option for those who are uncertain about how much they can spend on a home. This budget will enable a homebuyer to narrow his or her home search based on the finances at his or her disposal.

Meet with a variety of banks and credit unions to learn about all of your mortgage options. Then, you can select a mortgage that matches your budget and move one step closer to acquiring a terrific residence.

3. Work with a Real Estate Agent

A real estate agent is a must-have for a first-time homebuyer, and for good reason. This housing market professional can teach you about the intricacies of buying a house and help you submit a fair offer on a residence any time you choose.

Furthermore, a real estate agent will guide you along each stage of the homebuying journey and help you overcome any potential pitfalls along the way. And if you ever have homebuying concerns or questions, a real estate agent is happy to respond to them at your convenience.

Take advantage of the aforementioned tips, and by doing so, a first-time homebuyer should have no trouble submitting a fair offer on a residence.

Buyers May Lose Out

According to Lawrence Yun, the National Association of Realtor’s chief economist, the spring housing market is starting off strong. “If activity is sustained near present levels, existing-home sales will see their best performance in five years. The NAR expects sales to rise between 7% and 10% in 2012.

What does that mean? Strong demand has melted away inventory in some housing markets with investors and first-time buyers vying for bargains, homes are being snatched up as soon as they hit the market.

Prices may not be shooting up, but homes are once again selling at a rapid clip in many markets, draining the multiple-listing services and turning up the competitive pressure on buyers. Multiple offers and bidding wars are back.

Lately if a buyer is not there the first day a home comes on the market, it’s gone. When a quality property that is priced accurately comes on the market, it’s not going to sit around. In some areas the competitive environment has already begun to nudge prices up slightly.

Bargain prices and historically low interest rates are bringing buyers back. The belief among buyers is that the housing market has already turned the corner and that there won’t be a better time to land an affordable home.

National Association of Realtors President Moe Veissi, broker-owner of Veissi & Associates Inc. in Miami, says market conditions are improving as supply and demand have become more balanced.

Home Buyer Beware

Buying a home can be an exciting time and there is no better time to buy and take advantage of low mortgage rates and prices. Buyer beware, just because it is a good deal you still need to do your due diligence before signing on the dotted line. Here are some potential purchase pitfalls to look for:

Do-it-yourself anything

Does the home you are purchasing have a great finished basement, new deck or three season addition? Check with city or town hall to make sure the work was done to code and the proper permits were pulled. Things not done to code can be expensive to fix and can ultimately lower the home’s value.

Structural problems

Structural problems are a big red flag. Have a professional home inspection and if need be have a structural inspection on the home. Things to look for include doors and windows that don’t open and close properly and cracks along the foundation. Some cracks may be harmless and normal settling but typically the bigger the crack, the bigger the problem. Structural problems are usually a deal killer as they can be very costly to fix.

Insect damage can be part of a much bigger problem. Signs of excessive termite or pest damage does not tell the whole story and often there is unseen damage inside the walls. This may require a special pest inspection to determine if the home’s studs have been compromised thus affecting the home’s structure.

Water damage

Another potential problem is water damage. Water damage can cause the failure of the foundation. Water needs to be always draining away from the house. Look for moisture or water stains in the basement. This may indicate a drainage issue. Also be sure to check if the home is in a flood zone. Water in the home can also cause mold. Mold can lead to many serious health issues and is expensive and time consuming to remove. Mold should always be removed by a professional specializing in mold mitigation.

Electrical work

Do-it-yourself electrical work or antiquated electrical can be a recipe for disaster. When looking at homes be wary of electrical work that has been added on over the years. If the home has an addition make sure to ask if the current electrical system is enough to handle the additional square footage. Be wary of older knob and tube wiring or aluminum wiring this can be very expensive to replace.

A professional home inspector should always be able to help point out potential pitfalls in a home before you purchase it. Never skimp on peace of mind. To find a qualified home inspector you can check with the National Association of Home Inspectors.