Depending on where you live, Spring-time home buying can apply to different months of the year. In New Jersey, and in most states, it applies to the months of March, April, May, and (to some extent) June. In most parts of the country, April is the busiest month of the year for home buying. Assuming you’re looking to buy a home in April, you’re going to need to make use of a few best practices to ensure you’ll be able to get the home you want in the midst of the hectic buying and selling that typically goes on in April. Here are a few tips:
Get Pre-approved by a Local Lender
Whether it’s a local bank or a local mortgage broker, be sure to get pre-approved by a local lender. Offers with a local lender’s pre-approval usually get preference, though it’s worth noting that an online lender’s approval letter or an out-of-area mortgage lender’s letter won’t do much good.
Focus on the House
It can be tempting to get caught up on whether the home is owned by a traditional seller, a short sale, or a foreclosure. Look at the location of the home and check out those that meet your basic requirements. If a market is dominated by short sales and foreclosures, those prices will be the norm among traditional sellers.
Be Prepared to Pay List Price
Some buyers have a tendency to focus on how much the seller is asking for, rather than how much the home is worth. You can’t expect to compare values to other homes on the market, as sellers can ask whatever they want, so ask your agent to show you a CMA of comparable sales, and if you like the house you’re looking at, don’t be afraid to pay full price if it’s a good deal.
Hire a Neighborhood Specialist
A real estate agent who specializes in the area where you’d like to buy will serve as a wealth of information for you, and as all real estate is local, they’ll probably be well known and respected amongst the area specialist listing agents. Hiring an agent that’s well-liked by other agents will take you far.
Offer the Seller Something That Other Buyers Won’t
There are many terms contained in a purchase offer, and it’s important to remember that negotiation isn’t always about price. Ask your agent for suggestions that could make a positive impact on the seller’s decision to pass the home to you- it could be something as small as giving the sellers an extra day to move out.
Source: The Balance