The last few years in the housing market have been…intense. With spring coming, many people are kicking their house hunting into high gear. That being said, there are ways you can start preparing yourself for the spring housing market.
This spring will continue to be a seller’s market, but don’t be discouraged. While supply and demand are still out of balance, there are projected to be more houses for sale than 2021. This lowers the chance of a bidding war and gives a glimmer of hope to all the buyers out there.
Experts have a lot of to say about the housing market this spring but here are some things to consider if you are buying or selling your home.
Selling Your Home
Working with a local real estate agent will benefit you in a market where house prices are high, but each area is drastically different. They will be able to help you find the right price to list your house in your specific area. In addition, a local real estate agent will be able to tell you when the best time is to list your house. In the spring it is typically around end of February to May, towards the end of the school year.
If your house needs upgrades or repairs, start them as soon as possible. Supply and labor shortages are low so doing repairs and upgrades will take longer than normal.
Buying a Home
It is projected that mortgage rates and home prices will go up but there are things you can do to prepare yourself and your finances.
- Build up your credit score to help potentially lower your mortgage rate.
- Save, save, save. With buying a house there are variety of expenses but to name a few: down payment, closing costs, and any maintenance and repairs that will be needed.
- If you qualify, the first-time homebuyer program can be very beneficial and give you money towards your down payment or closing costs.
There are certain homes and areas that may see more competition than others:
- First-time homebuyers or people looking for a house in a more affordable price range
- A lot of buyers will be within the typical first-time home buying age.
- Areas that are within an hour or two of a big city.
- More and more people are working from home now. This makes the need to live close to work or near a big city unnecessary.
Lastly, patience is key. Avoid buying a house that you don’t love or can’t afford because you feel pressured to buy. If you can, stick to your budget and wait it out.
If you need a buy a house in this market, consider the following:
- Start searching slightly outside of the area that you are looking. Even looking 15 miles outside the area could save you money.
- Consider buying a home that varies from your price range a bit. For example, finding a townhome or starter home could be a great way to save for your dream home.
Overall, it is important to start preparing right away if you plan on buying or selling this spring. Get your finances in order, get repairs or upgrades started, and work with a local real estate professional for the best outcome.