Thinking about buying a home this year? You may not want to wait until May or June to get out there and start looking for the perfect property! The spring home buying season has already begun. Here are some of the advantages to starting now:
It’s a great time apply for a home loan. Mortgage rates remain low, and lenders aren’t quite as busy as they will be later on, especially during the summer months. Take the time now to contact a reputable lender and take the necessary steps to get pre-approved for a home loan. That way you’ll know how much house you can afford before you start looking. You’ll also be able to make an offer when you find the right home. Most sellers won’t take an offer seriously unless the home buyer has been pre-approved.
You won’t have as much competition. By starting your home search now, you’ll have less competition from other home buyers who plan to wait until summer. Many sellers are getting their properties ready for sale right now and plan to put them on the market in the coming weeks.
In terms of inventory, this could be the best spring home buying season in years. The number of available homes for sale nationwide has increased on a year-over-year basis in each of the last several months, according to data from National Association of Realtors. That’s great news for home buyers! For much of the past two years, buyers have had to cope with extremely low inventories of homes for sale. This year, buyers in most areas of the country will have more choices of available properties. Happy house hunting!