Keeping Up With the Competitive Spring Market
The spring is one of the busiest times in the mortgage world, and with good reason. April and May are the two single largest months for home listings hitting the market across the country, meaning there are often plenty of choices available to you.
It also means, however, that there’s more competition around this time of year. At City Creek Mortgage, we can help you get the best mortgage rate and be a competitive buyer on the market despite this increase in competition. Here are a few tips we offer.
For starters, think about what’s important to you and your family in a home. Think about neighborhood considerations, space, and any other top desires you have. At the same time, avoid being too particular, as this could narrow down your choices too much.
Down similar planning lines, always look to loan pre-approval to speed up your process. Pre-approval is a process where you submit important financial information in advance, then get an objective idea of the sort of financing you qualify for. Get all your paperwork together and talk to our pros about getting pre-approved.
Open Houses and Other In-Person Areas
Open houses will be a vital part of a competitive market – the faster you can identify the proper traits in homes, eliminating those you aren’t interested in and honing in on the best ones, the better. Wear comfortable clothing in case you’re gone a while, and bring a detailed list of questions that aren’t on the home listing.
In addition, spend time talking to neighbors while you’re at the open house if possible. Try to find out more about the neighborhood. You should also take a drive through the neighborhood at various times of day to make sure you’re comfortable with traffic patterns, school times, and other important areas.
Flexible and Available
During competitive market periods, you need to be flexible and available as a buyer. Set aside time to look for homes whenever possible, but be ready to head out on short notice if property that meets your needs becomes available.
Making a Great Offer
Finally, making a great purchase offer that stands out from the competition will often get you over the top. Ask our pros about some tips for making compelling offers that sellers will fall in love with.
For more on distinguishing yourself as a buyer in a competitive market, or to learn about any of our other mortgage services, speak to the pros at City Creek Mortgage today.