Tips For Buying a Home in Spring 2018

Dated: 04/16/2018

Views: 84

Photo courtesy of our new listing in Crown Heights! Check it out.

Springtime means warmer temps, blooming flowers—and real estate season. But the market is different from year to year, and spring 2018 is a uniquely challenging one for buyers, especially those looking for starter homes. This is due to several factors: low inventory, higher prices, and rising interest rates.


The price of starter homes is going up the most.

 

If you’re looking for a starter home this spring, adjust your expectations. With high demand and plenty of competition, prices are rising for starter homes to the tune of 9.6 percent more this spring than last year. Trade-up and premium homes are also more expensive this year—7.5 percent and 5.2 percent more, respectively. If you’re looking for a starter home, consider older or smaller options. Even better, look for a fixer-upper. There are 8.3 percent more fixer-upper starter homes than there were six years ago. That’s good news for anyone willing to put a little elbow grease into their investment.

Don’t get too bummed about rising prices. Compared to historical housing costs, homes today are actually more affordable than they were in past decades. Check out our past blog post on how affordable housing is compared to the past 40 years!

Spring 2018 Homebuyer Tips

  • Arrange your financing.

    If you wait until after you’ve found a home to start the mortgage pre-approval process, you might lose the home in this market to someone who already has their financing ducks in a row. “You must get your loan squared away and be ready to close in 15 to 21 days, max,” says mortgage adviser Jason Fox.

    Want to get pre-approved? Get in contact with one of our lenders today!

  • Act fast.

    To be successful and not make a rash decision, be as prepared as possible before you start looking by knowing the type of home and neighborhood you desire.

  • Put down a decent amount of earnest money.

    The more earnest money you contribute, the more serious you look to the seller. “So on a $400,000 purchase, be ready to put up $7,500 to $10,000,” says Fox.

  • Be prepared for bidding wars.

    In hot markets, buyers should be prepared for bidding wars. Fortunately, bidding wars aren’t always just about money. A shorter closing, willingness to rent the house back to the seller, a super-quick inspection period, and offer letters can help make a lower offer the best offer.

    Read the full post at Trulia.

    Author: Laura Agadoni

Latest Blog Posts

John Rex opens new middle school in Myriad Gardens

John Rex Elementary school is one of the most highly sought after schools in OKC. We were thrilled to hear that they have offically opened up a new middle school for this fall in the Myraid Gardens

Read More

6 Places to Find House Plants

We love a good house plant. If you've ever been to our office you know it's crawling with them. Something about adding living things to a space makes it come to life.Homes.com has helped us round up

Read More

This Family of Six made a School Bus into their Home

Our friends at Zillow shared this amazing story of a family converting a school bus into thier home and we love how they embodied our mantra of "It's not just where you live... It's how you live"

Read More

Are you ready to buy your first home?

Photo curtesy of Jana Busey's listing in Nichols Hills. Check it out here!Buying your first home can be an exciting time in your life, but before you take the leap to homeownership you will want to

Read More