Why Do Home Buyers Wait For Spring?
By PJ Wade
February 28, 2017
Why do they wait until the competition ramps up and all the other buyers are ready to buy? Why do buyers wait for the "hot" spring market with its price increases and multiple offers?
- Some buyers delay because they are doing what is expected - "we've always done it this way" thinking is common in real estate.
Others may need the first warm rays of sun and the fragrance of spring flowers for motivation.
- There may be more listings later in the spring, as sellers react for the same two reasons above, but increased buyer competition may cancel out advantages.
Indications are that this will be an active spring market with real estate price and mortgage rate increases which extend deep into 2017. Getting ahead of this momentum may bring benefits and real estate you can love.
You're got nothing to lose by shopping now and a lot to gain. Here are Five Smart-Buying Tips for Getting a Jump on Spring:
Tip #1: Find a real estate professional who is has a lot of experience in the locations you'd consider and with the type of property (detached house or condominium) you want to own.
Ask around. Check the net. Interview at least two; ideally more. In the process ask the real estate professionals a lot of questions. Learn what you need to do to prepare to make an offer and what to look for in the properties you'll view. You'll also discover the listing price range to shop in and which are the best locations in your buying range. If you don't start this strategic relationship first, you'll miss out on many of the advantages of an early start.
Tip #2: Build your professional team to be ready for offer time.
Your real estate professional may have recommendations for mortgage brokers, home inspectors, real estate lawyers, and surveyors. Take three names for each and interview them to determine the fit and what they consider the extent of their professional responsibilities to you.
- For example, concentrate on locating a mortgage broker who has the experience, contacts, and interest to help you finance your purchase. The questions you ask the real estate professional about price range, size of mortgage, and steps in the buying process should also be directed to the mortgage broker. The mortgage pre-approval letter, which may be essential at offer time, will only be truly useful when you've been professionally vetted and stamped as mortgage-worthy.
#Tip 3: Stop Wasting Time and Concentrate on Real Estate.
There's a lot to learn and to think about when buying real estate, so your productivity matters. The US 2016 version of Deloitte's sixth annual Mobile Consumer Survey revealed more online time wasting than ever:
- More than 40 percent of consumers check their phones within five minutes of waking - text messages (35%) and email (22%)
- Each day is disrupted since we look at our phones approximately 47 times. Sleep is disrupted: more than 30% check their devices 5 minutes before sleep and about 50 percent in the middle of the night.
- Every 60 seconds on Facebook, 510,000 comments are posted, 293,000 statuses are updated, and 136,000 photos are uploaded. The average Facebook visit is 20 minutes; Facebook reports visitors spend more than 50 minutes a day using Facebook, Instagram and Messenger. (Source: Zephoria)
- Millennials (25 to 34-year-olds) demonstrated higher levels of mobile device interest and use than the phone-hooked younger demographic.
- Postpone binge watching the latest hyped series until after you buy your dream home.
Tip #4: Sell Yourself on Success
According to sales inspiration Dale Carnegie, author of How to Win Friends and Influence People, "The only way to influence someone is to find out what they want, and show them how to get it." To achieve success, clarify, with the help of professionals, exactly what you want and need from a real estate purchase. Then decide to get it. The professional team you select will provide the know-how and will help you refine your dreams into an achievable goal for the location and price range involved. Do your homework, so you understand what they show you.
Tip #5: Motivate Yourself During This "Buy-athon"
What motivates you to want to own real estate? Postpone as many non-real-estate distractions as possible. Clarify what will sustain you through the often-stressful buying process. Use slogans, affirmations, or whatever it takes to persist. You may make offers and lose out on one or more properties before you find yours. Persist using self-motivation - that's your job. No one else can motivate you. No one cares as much about the outcome as you do.
What are you waiting for? Get the jump on spring!
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