Spring Real Estate Market in the Upper Valley
Temperatures are still freezing and snow is still falling but behind the scenes the spring real estate market is heating up. Traditionally, the local real estate market will slow down a bit through the holiday season and continue to be slower during the winter months. As spring approaches real estate agents are working with sellers to prepare spring listings so that they can put homes on the market as soon as we see the first signs of spring.
The spring real estate market can be a competitive time to buy a home with more plentiful inventory and eager buyers. It is important that you are prepared for the spring season so that you can confidently make an offer on a home you love as soon as it comes on the market. Here are 5 tips to ensure that you stand out among other buyers during the spring real estate market.
# 1 Get Pre-Qualified
When making an offer on a home during a competitive season, you want to do everything you can do to make sure your offer stands out. You need to show the sellers that you are qualified to buy the home at the price you offered and that starts with a pre-qualification letter from a well respected local lender. Obtaining a “pre-approval” from an online lender by entering a few self reported data points will generate a letter that won’t hold much value in the local real estate market. A pre-qualification from a trusted lender who is familiar with the nuances of Vermont and New Hampshire is a must. You do not want to get far into the home buying process and find out the online lender cannot actually do what they claimed to be able to do.
Realtors in the Upper Valley recognize the names of local lenders and they know that when they see a pre-qualification from Legacy Mortgage that they will see you at the closing table.
# 2 Determine Your Budget
When you connect with your lender they will ask a series of detailed questions to better understand your financial profile so that they can give you an accurate pre-qualification. They will also be able to give you an idea of how much you can qualify to borrow. More importantly, they can give you an expectation of the monthly payment including principal, interest and insurance on a home in your price range. This will give you a clear picture of what homeownership will look like for you. Sometimes home buyers can qualify to borrow more than they are comfortable taking on as a monthly payment.
Once you have all the information you can decide on your home buying budget and being well informed will help ensure you stick to your budget even during the emotional ups and downs that come with shopping for a home during the spring real estate market.
# 3 Partner with a Real Estate Expert
We already covered how important it is to partner with a local lender but it is equally important to partner with a well respected local real estate agent. Agents offer a wealth of knowledge about the local area and the local agents work together and discuss listings. You will have insider knowledge of listings your agent knows are coming to the market in the future. The Upper Valley has a robust network of real estate agents to choose from.
You will find that some agents are strictly working with sellers to list houses for sale while others focus on working with buyers to shop for a home. There are also many agents in the Upper Valley that can confidently do both. Friends, co-workers and your loan officer are all good resources to ask for realtor recommendations.
# 4 Educate Yourself on the Local Area
During the spring real estate market houses will often fly onto the market quickly. Make sure you’ve taken some time to drive around your local area and look at neighborhoods, houses and schools. If there is an area where you want to live or if you’re trying to stay in the same school district, this is important information for your real estate agent to know. The more informed you are on the streets and neighborhoods in the area where you’re shopping for a house the more confident you will be when it comes time to make an offer.
# 5 Have Fun
Buying a home is supposed to be a fun process. According to The Zebra, the average person will own 3 homes in their lifetime. This means that buying a home is a unique and rare experience that won’t come around very often. You want to be sure that you are enjoying the search as well as strategically surrounding yourself with industry experts who will improve the experience for you and help ensure your offer stands out in a stack of offers during the spring real estate market.
Buying a home is definitely more fun when you are working with people who are the best in the industry.
The Legacy Mortgage team collectively boasts over 160 years of industry experience and is well versed in a variety of loan programs including fixed mortgages, ARMS, VA loans, FHA, first time home buyers and more. We have the privilege of partnering with the best local agents, appraisers and attorneys the Upper Valley has to offer. When you work with Legacy Mortgage, you are working with the best local professionals from beginning to end. Reach out to the Legacy Mortgage team to get the loan process started. Call us today, 603-643-7400.