Spring is here, and so is spring home-buying and -selling. Buyers and sellers preparing to take action this season should put those plans into play now—according to Zillow Group’s Report on Consumer Housing Trends, the No. 1 regret for both buyers and sellers is “not starting their home search or prepping their home to sell soon enough.”
“This spring, both buyers and sellers should be prepared for fast-moving sales, intense negotiations, and even bidding wars,” says Jeremy Wacksman, CMO at Zillow Group. “Home shoppers and sellers are motivated to become more strategic and knowledgeable about what’s happening in their neighborhood. Understanding whether you are in a buyer’s or a seller’s environment will help you manage your expectations and will give you insight into what you’re going to need to bring to the table in order to close the deal.”
For buyers, that means:
Keep your options open.
More than half (52 percent) of homebuyers surveyed in the report said they also considered renting, and more than one-third (37 percent) of first-time buyers seriously considered continuing to rent. Savvy shoppers should have a Plan B in place, hoping to buy if it works out, but willing to sign a lease for a home if they don’t make a deal by the time they need to move.
Be realistic with your budget.
Once you set it, stick to it. First-time home buyers are more likely to exceed their budget than repeat buyers (39 percent versus 26 percent), according to the report. Before you meet with a lender to determine how much mortgage you’ll be approved for, take a good look at your individual finances and spending preferences to determine the monthly payment range that you feel you can comfortably afford. (Use Zillow’s mortgage calculator to help with you with the math.)
Get your financing squared away early.
Plan to meet a few lenders four to six months ahead of when you’re planning…
By RISMedia | rismedia.com
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