House Hunting This Spring? 5 Tips that can get you your home....

Spring and all its glory is right around the corner—just take a look at the signs all around you.

No, we’re not talking about the budding flowers or the chirping birds—we’re referring to those “For Sale” signs that start popping up on lawns across the country as the weather starts heating up.

And once the home-buying season commences … so do the bidding wars and mad dashes from one open house to another.

Since the housing market can be a tricky one to suss out, we asked agents across the country to give us their assessments for this season’s real estate landscape.

Their overarching observation? This will be a competitive home-buying season—so if you snooze, you may lose out on that perfect home you’ve been eyeing.

The current market is a tricky one mainly due to low inventory of houses for sale and a low participation rate among first-time buyers, but it’s still a competitive seller’s market.”

Spring House-Hunting Tip #1: Close That Laptop—and Canvass Old-Fashioned Open Houses

These days, using real estate sites to explore your options is par for the course: 90% of people search for listings online during their home-buying process recent stats show.

Kicking off your search online is a good move, but don’t dawdle too long behind the computer screen—inventory is expected to be tight in many major markets, so you literally want to hit the ground running.

We hope for a burst of new inventory in the spring, but that doesn’t always happen, even if that burst comes, demand will outstrip supply, so buyers have to be in a position to make a decision quickly.

Plus, what you view online may not necessarily reflect what you see when you pull up to the curb. “Buyers should be careful, the Internet can tell only part of the story.

I recommend signing up with our Private Client Services (PCS) to give you an alert for homes in desired neighborhoods so you can be notified of new inventory quickly—and act quickly. You need to be able to see the new homes the day they list, so you can be the first to see the home and make a quick decision, first offers usually are successful offers. To see more about PCS CLICK HERE

Spring House-Hunting Tip #2: Educate Yourself on Market Values and Trends

Buyers need to get up to speed quickly on market values so they know the right decision when it presents itself, the more quickly buyers can educate themselves, the more successful the home search will be. This, of course, is where it’s really all about location, location, location. It’s great to be a seller in the current market prices are growing and the low inventory stokes that trend so market knowledge is everything. Get a realtor on board who knows the local market well, one of the best sources of insider information is a well-connected real estate agent. 

Be aware, too, that there could be micro-trends in your community that could impact prices. For example, maybe new homes run at a premium to older ones, or the demand for town homes and condos outpaces single family homes in your area of choice.

Spring House-Hunting Tip #3: Nab Low Mortgage Rates—Now

Another reason not to dawdle too long? You want to take advantage of low interest rates while they last. Mortgage rates are still historically low even after the Bank Of Canada's recent small rate rise, allowing buyers to wrap up the most house their money will afford them at payment levels that should be affordable for decades. In fact, interest rates are so low that, in many markets, monthly mortgage payments are comparable to rent. Most predictions are that the fabulously low interest rates will stay that way through the spring, and that the variety of loan packages available to buyers will continue to multiply.

Bottom line: It’s a prime time to jump on a home loan.

Spring House-Hunting Tip #4: Build Your Home-Buying Dream Team Before You Bid

If spring-cleaning season has you in a hyper-organized mood, channel some of that spirit into your house hunting—in order to be a serious front-runner in a bidding war, you’ll need to have all of your ducks in a row.

So not only will you need a savvy real estate agent, but you’ll also want your lender, inspector and lawyer at the ready so you can act fast.

And let’s not forget completing your mortgage application and having your loan amount determined in advance. To be 100% pre-approved before submitting an offer is a powerful negotiating tool. To make yourselves more competitive, the most successful buyers are going beyond the pre-approval process to become fully approved prior to purchasing, not all lenders offer this possibility, but some do.

Spring House-Hunting Tip #5: Keep Sweeten-the-Deal Moves in Mind

So you’ve finally found that dream place — but you’re stuck in a bidding war with another equally prepared buyer. How do you win by a nose?

Sometimes being flexible with your closing and possession dates can help sway a seller, often a larger deposit can make you look more committed to the sale.

Always see if there are other conditions you’re willing to forego in your real estate contract. Conditions are terms of a contract that must be met or the buyer or seller can walk away from the deal; home inspection, appraisal and financing conditions are among the most common. This is where your realtor can advise you as all of these have various levels of risk that not all buyers are willing to accept. After all, you want to protect your earnest money if you suddenly realize your dream home has termites, or an appraiser discovers you’re paying far more than market value. That said, doing due diligence prep work can help you feel better about removing contingencies.

For instance, getting fully approved for a mortgage can help you remove the financing contingency and absolutely conduct a pre-inspection prior to making an offer, so that you do not need a home inspection contingency in the offer.

All these perks can add up to much more than you think. Again having the right realtor representing you will give you the best advice and sometimes sellers will  ultimately accept a lower bid because the offer had no contingencies many sellers prefer no risk to a few more dollars.

The name of the game is very much figure out what you want; get your financing straightened; and when the right property comes along, be ready to pounce—and quickly, make sure you don’t get caught unprepared when that perfect property is finally up for grabs.