Homebuying 101: How to Buy a House this Spring
May 26, 2023
The spring real estate market has officially kicked off this year. In most markets, that’s April to June, and in warmer parts of the country, it can start as early as January.
What are the keys to buying a house in the spring? If you’re ready to make a move, here are a few tips to keep in mind.
- Get your credit score in order.
This means paying down any significant debt, paying all medical and monthly bills on time, and checking your credit score regularly to make sure there are no surprises or erroneous details listed there. You can check your FICO score for free every 30 days, without it affecting your credit report history.
- Be mindful of the competition.
The National Association of Realtors research shows that home prices are highest in the summer and lowest in the winter. Therefore, spring and fall home prices should ideally be closer to the true “market value” of the area or neighborhood you desire. Armed with that information, this also means there’s a good chance you’ll see a little more competition on the most desirable homes in the area. So it’s important to be sure that your offer stands out. We’ve got five excellent ways to help your offer stand out, here.
- Do your research.
Because there are more buyers in the spring market, it’s important to do your homework before going into an official homebuying search. Some questions for you to determine are:
- What does the neighborhood or community have to offer?
- What are the features I want that are must-haves, or nice-to-haves in my next home?
- What is the safety rating like in the area?
- How do the school districts perform in this area?
- How accessible is a downtown area or local attractions?
- What will my work-life commute be like?
- How available is public transportation?
- What are the home values for other houses in the area?
- Are there any major road construction plans or zoning renovations planned for the next few years?
- Book your movers sooner rather than later.
Based on volume alone, if you have dates that aren’t very flexible, get your movers scheduled sooner to have the optimal options for dates on the calendar. If you’re needing any extra services such as an elevator, loading dock, or short-term storage space, aim for booking that early as well.
- Figure out your financing.
Decide what amount of money you have available for your earnest money, the down payment, and all closing costs. If you plan to finance with a traditional lender, consider whether to work with one specific bank or a mortgage broker. Watch those interest rates to try and lock in the best possible rate.
For more on how not to buy a house (at any time of the year), check out our earlier post on common mistakes to avoid.
When you’re considering a move in or around Chicagoland or even overseas, Beltmann offers relocation and storage services for any size household or budget. Call us at (866) 252-2383 or visit our website for your free estimate today.
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