Race into the Spring Housing Market [Real Estate Insider]

Housing inventory (supply) has remained low, and home prices are rising to record highs. There are plenty of buyers, and many homes are selling very quickly. Most for-sale homes are selling in less than a month. If you're a seller, now would be the time to sell your home to get great value from massive buyer competition. When there's low supply, expensive houses, and a lightning-fast housing market, what does that mean for buyers? We've compiled a list of best practices for how buyers should handle the housing market as it begins to heat up with the nice weather. 

How do I handle the spring housing rush?

  • Use the next few weeks to prepare
  • Act and react quickly
  • Request pre-approval ASAP
  • Use HomeTraq to get in the house quickly

Getting ahead of the game is the best way to buy a home as soon as it enters the market. Do your research, be prepared, and act quickly when the time comes, and you can still land a beautiful house, even in a competitive market. 

Use the next few weeks to prepare

Even though it's warming up outside, it's technically not Springtime yet! Fair-weather buyers and sellers are only starting to think about their next move. If you prepare now, you can still be well-prepared by the time the market starts to fly. Here are a few resources that we've created with advice on setting yourself up for a successful transaction. 

Preparation is key in a fast-paced market. We see for-sale homes get multiple offers in a week. You have to be confident in your decision when the time comes to make an offer. Arranging your finances, creating a must-have vs. would-be-nice list helps. Once you know what you need, you can sign up for a tour quickly when you see something go on the market that checks those boxes. 

Request pre-approval ASAP

Being in the right mindset and organizing your finances is an important first step. Once your mind is in the right place, and you're ready to start touring, you should get pre-approved for a mortgage. Pre-approval will tell you how much you can afford and confirms to the seller that your offer is valid. 

Once you're pre-approved, you can narrow down your search to a specific price range. Pre-approval takes less than 10 minutes to apply, and it's a pretty accurate snapshot of your finances. Buying a home is a huge investment, so you'll want to protect yourself by preparing your mind and your mortgage options. 

Act and react quickly

You probably get the point by now. The market is super competitive for buyers right now. We talked about being prepared, both financially and mentally. You've read our blogs about buying and selling best practices, and you know that when the home of your dreams goes up for sale, you'll need to act fast if you want a shot. However, there are just some things that are not in our control. 

We can prepare every last detail and still get thrown a curveball halfway through the process. That's when we need to think on our feet. Sometimes you'll apply to see a home, and the seller will cancel the showing. Or, you make an offer, and they counter with a number so high there's no way you'll come to a common ground. When other buyers are involved, you never know what might happen. Simply put, be ready to get thrown a curveball. If you anticipate something going wrong, you won't be shaken too badly when it happens, and you can recover quickly. Ask a friend, call your agent, or just take a moment to process everything. Then get back out there and keep fighting for your dream home!

Use HomeTraq to get in the house quickly.  

There's no time to wait on a call back from the selling agent to see if the home is available to tour. Not to mention, you never want to tour a home without representation. HomeTraq solves both of those issues. When you apply for a home tour at hometraq.com, an agent will meet you at the door just like an Uber driver will pick you up from the bar. You get representation and expertise from a local real estate agent, with no commitment to use them again in the future. You also get to choose a time that works for you rather than going off the agent's schedule. You're in control and can work at your pace. Have a weird work schedule? Schedule three tours on your day off. It's the best way to ensure you see every house in a time where homes aren't sticking around long.  


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