Pent-up housing demand is likely to increase exponentially now that a COVID-19 vaccine is on the horizon. Homebuyers should prepare for what could possibly be the most competitive spring homebuying season in years. Here are a few suggestions that will put you ahead of other homebuyers.
1. Have a family meeting. When your household is together, tell them about your reasons for buying a home – more space, better schools, etc. Ask each member, even the littlest child, to give their number one feature they’d like in a new home, such as a yard to play in or a room of their own.
2. Get prequalified. Your lender will tell you what you need to provide in terms of financial history, proof of income and source of down payment. The amount of your down payment and credit history will impact what kind of loan you can get, the rate of interest, as well as how much home you can comfortably afford. Clear up any negatives on your credit quickly so you can qualify for a better loan.
3. Start previewing online. Homes you view online may sell quickly but you can at least get an idea of prices, neighborhoods, amenities, public transportation, schools, and more. Drive and research the areas that interest you so you can narrow your search.
4. Work with your Berkshire Hathaway HomeServices network professional. Once you’ve identified your target area and price range, he or she will go to work finding you the right home.