Springtime: the songs of birds float through the air, mixed with the sweet scent of blossoming nature all around. Lawns get greener and topped with “for sale” signs all across America. It’s an excellent time to get out and find that forever home!
What are some benefits of buying a home in the spring?
- More inventory means more choices. It’s a self-perpetuating cycle. With more people looking to buy homes in the springtime, there is usually more inventory on the market. This means buyers have more options, increasing their chances of finding the perfect home.
- Spring shopping makes moves easier. As it typically takes between 30 and 60 days to close on a home with a mortgage, buying in the spring means moving in the late spring or summer — almost guaranteeing pleasant weather during your move. And if you have children, you understand the importance of a summer relocation when school is out.
- Motivated sellers. It’s not just buyers who like to do deals when the weather is nice. Sellers also prefer to complete transactions before the harsh winds of winter hit, showing their homes amid the lushness of spring rather than the ice-covered bleakness of winter. With a motivated seller, a buyer has increased negotiating power on factors including price, inspections, closing costs, repairs, upgrades, and more.
It’s also easier to see the condition of a home’s exterior during the spring, which can help buyers make better informed decisions.
Best to Prepare for Springtime Competition
The flurry of home purchases during spring often means buyers face greater competition. In this competitive market, having a mortgage pre-approval letter can be a huge advantage. It shows the seller that the buyer has been pre-approved for a loan and is serious about making an offer. Sellers tend to be more likely to consider offers from pre-approved buyers over those without pre-approval. Some other benefits of pre-approval include:
- Saving time. This is because the process is completed before home shopping and the lender has already processed the borrower’s financial information. It makes securing a loan much quicker and easier.
- Lowering stress. Knowing how much money they can borrow gives buyers peace of mind that they can purchase the home they want without taking on too much financial burden. It can make the entire home-buying process much less stressful and more enjoyable.
- Making offers quickly. With a pre-approval letter in hand, you can make an offer on a home immediately. This can give you an advantage over other buyers waiting to get approved. There’s no need to let paperwork and red tape stand in the way of you getting your dream home!
The weather is already warming across the Dallas area, and potential homebuyers are getting out there to the ever-increasing open houses. Will you join them?