Tips For Buying A Home This Spring

Whether you’re considering buying your very first home or are getting ready to make an upgrade, spring is a great time to do so. Historically, the spring real estate market in Colorado sees an uptick in inventory since homeowners have had the chance to prepare their homes for sale after the busy holiday season. If you’re getting ready to take on the home buying process, we have a couple of tips for you before you get started:

Get Pre-Approved

Before you do anything else, you should start working with a lender. Your lender will be able to look through your financial history, credit score, and current income to determine if you qualify and for how much. If the lender discovers something that may prevent you from buying a home, it’s better to find out now while you have a chance to remedy whatever problem there may be instead of scrambling a few days before you’re supposed to get the keys to the new place.  

As long as everything looks good, your lender will issue a pre-approval letter which will be presented with your purchase offer. Home sellers love to see pre-approval letters since it shows that one) you’ll be able to get a loan and going under contract with you will not be a waste of time, and two) you are a serious home buyer who has taken the initiative to get all your ducks in a row.  

Apply here to get the pre-approval process started.

Study The Colorado Real Estate Market

To make the home buying process less stressful, you should learn as much as you can about the Colorado real estate market. The last year has been challenging for buyers. Inventory has been limited, and home values have increased significantly. To help you prepare for your own home purchase, here are some important stats to look up:

  • Average days on the market – if homes are selling in a matter of days, you will need to be prepared to drop everything once a house goes on the market and see it immediately, so you don’t miss out.
  • The list-to-sale ratio – are homes selling above the asking price? Knowing this ahead of time will help you determine which houses will be worth looking at based on your budget. It will also help you when it comes time to make an offer.
  • Recently sold homes – look at how many homes in the Colorado neighborhoods you’re interested in. Again, this will help determine your budget and what area you should look in.
  • Signup for our awesome tool called Homebot!

Figure Out What You’re Looking For

If you’re considering purchasing a home this spring, you likely already have a good idea of what you’re looking for. If not, get together with whoever else will be part of the decision-making process and decide what must-haves in your next home are. You want to make sure you’re on the same page to avoid any arguments when it comes time to really start the home search process.

Have More Questions?

We’re here to help you through the home buying process. Please give us a call or email to discuss what you need.