Spring is in full swing, and if you’re looking for a home you need to know how to navigate this spring’s busy housing market.
A recent article from realtor.com outline tips for buyers to help them successfully navigate the current real estate marketing, including:
- Prepare for competition. If you’re looking for a home this spring, it’s important to realize you’re not the only one. Currently, it’s a seller’s market in most of the US, which can translate to increased competition, bidding wars, and challenges in the buying process. Buying a home certainly isn’t impossible; you just need to be prepared for the competition.
- Expect mortgage rates to stay about the same. Many buyers were hopeful that spring would see a significant decrease in mortgage rates. But while rates were headed down, they climbed back up, just pushing past 7 percent. Given current economic conditions, they’re likely to stay around that rate.
- Consider new construction. While new builds can be more expensive, many builders across the country have increased the production of smaller, more affordable homes. So if you’re looking for a new home, don’t rule out new construction, even if you’re on a budget.