March 30 2018
Some real estate market watchers are calling the spring 2018 home buying season the most competitive since the great recession. If you're a real estate agent preparing for the spring rush, here's what you need to know to survive.
A number of market factors are creating a competitive environment:
As a result, homebuyers and buyer agents need to get prepared for a successful home search.
Buyers should look for a professional and knowledgeable real estate agent to assist them. Things will be moving very fast this spring, making it important for a buyer to hear from their agent immediately when homes they may be interested in enter the market. In addition, they'll need an agent who can help them act quickly to see the home and generate an offer if the home is a good fit.
Sellers won't need to entertain offers from buyers with shaky credit. They know the odds are much higher that a deal will fall through if the buyer has credit issues. Buyers need to make sure their finances are in good condition before starting their search. That means cleaning up any discrepancies on credit reports, and working with a mortgage lender to obtain a pre-approval for a mortgage.
With home prices increasing and mortgage rates inching up, buyers may need to put more money down to get the home they want at a monthly payment they can afford. However, buyers should also realize that according to the National Organization of REALTORS®, the old standard of putting 20 percent down isn't a standard anymore. Buyers should plan their down payment based on their own financial situation.
Many buyers love to try to get a great deal on the house of their dreams. This spring, trying to get a good deal won't be a good strategy if a homebuyer really wants to buy a home. Buyers and agents should expect to go in strong with their first offer, since many homes will have multiple offers. They also need to be prepared to see homes selling above the list price.
Buying a home this spring isn't a bad idea, but both homebuyers and agents need to be prepared for the competitive market.
To view the original article, visit the Chime Technologies blog.