5 Smart Buyer Tips for Spring Selling Season

Statistically speaking, 60% of all residential primary home sales occur during the months of May and August. Not surprising when many families try to leverage the warm weather and try to wait out the current school year before making the move. On the flip side, the high season also renders some pitfalls to buying, as the competition among motivated buyers increases the likelihood of multiple offers on coveted properties and neighborhoods. However with a little strategy, planning, and preparation buyers can be prepared to land their dream home before they get into the market and begin making offers.

Don’t Get Emotionally Attached
It’s essential for Buyers to understand that there’s more than one fish in the housing sea. One of the key errors Buyers make is to fall in love with one property and get their hearts set on landing it without understanding that the smarter approach is to find several homes that fit their bill. Buyers who set their sights on just one home are likely to make some strategic errors in the offer process, like overpaying in their attempt to land that one home. Sellers and Seller’s Agents have an uncanny ability to smell desperation and Buyers can be sure they will use it to their advantage in negotiations. 

Get a Preapproval Locked In
Before even making an offer, have your lending ducks in a row by working with your lender or mortgage officer to prequalify and preapprove your ability to purchase. When you submit an offer with a letter from an approved lender qualifying your purchase price Sellers will sit up and take notice, a key strategy especially in a market where multiple offers are a strong possibility. 

Be Willing to Waive Concessions
All lenders will require an appraisal and financing approval deadline if you’re securing a loan for the purchase but smart buyers can either waive a diligence period or hold off on asking for Sellers to make repairs or require other buyer concessions in the negotiation period. Your agent should inquire whether the Seller has accepted any back up offers on the property and know that if that’s the case, it’s even more critical to soften the approach to renegotiating an accepted offer. You might also consider resisting asking for add-ons from the selling side, like additional furnishings, warranties and buyer closing costs.

Know Before You Go
Especially if you’re a couple, research your top neighborhoods, school districts, HOAs and market values in areas you’re considering moving. Not doing a little preparation and reaching agreement on your housing wish list will only unduly delay the process and cause you to lose on properties that tend to sell quickly in the spring.

Don’t Go it Alone
A hot buying season is not the time to attempt the process on your own. An experienced Buyer’s Agent will not only be able to navigate buying strategy for their clients they will be your rock in remaining emotionally detached in the negotiation process with the Selling side, and ultimately help deliver your home to you within the home’s market value.