Three tips to prevent Spring 2017 homebuyer stress.
Believe it or not, if you decide to buy a home this year during the traditional shopping season it's probably going to be a stressful experience. I'm not advocating that you avoid it. In fact, if you can buy, now is a great time to do so before the market conditions change. It's just important to be honest. It's probably going to be a stressful experience. This is the point that Brian Kline writes about in his RealtyBiznews.com article.
Read his article to learn the specifics about why it's likely to be stressful for Spring 2017 homebuyers.
Spring Home Buyers’ Stress
The following are three tips for homebuyers to alleviate some of the stress that they are likely to experience during the 2017 home buying season.
1. Get pre-approved.
2. Start early.
3. Build in margin.
If you follow me at all on social media, you know how I feel about getting pre-approved for a mortgage. In the past it has been the best option for a serious homebuyer, and now it's becoming essential for homebuyers who actually want to buy a home. Just to reiterate, pre-qualification is not pre-approval. Pre-approval is by far, a more comprehensive statement of the ability of the buyer to purchase the home in question. However, in this coming season it will be essential for buyers to be preapproved so that they can compete with any flexibility in the bidding process. As Brian Kline mentioned, there will often be multiple bidders on one house, and in order to play, you got to know how much you can afford to pay.
Unless home prices skyrocket during the next three months (which we are not likely to see happen) there's won't be a huge influx of homes going on the market for sale anytime soon. So, as the season progresses, it's possible that there will be more competition between homebuyers for each home. This means that it pays to start shopping immediately. In this case, "it pays" can be taken literally. As competition increases, potential home buyers will be pressured to increase their offering price. Some purchasers will have paid more for their new home then they originally anticipated. Begin the process immediately to avoid some of the craziness!
Build in margin
My final tip to alleviate some of the stress of homebuying in the Spring 2017 season is to build in margin. If you're qualified to purchase a $300,000 home, don't go right out and look at $300,000 home. The best thing to do in the coming season is to shop for less expensive properties since it's possible that in a bidding war the price could escalate. This way, whether it does or does not escalate, you will be able to afford the home that you finally contract to purchase.
There are many other tips which can be found other places to manage normal stress, such as getting adequate sleep, and following a proper diet and exercise regimen. I suggest that you research and follow those in addition to the tips I've outlined here. With a savvy and responsive agent, even during these times with shrinking home inventory, you too can purchase your own home.