Did you know that the real estate industry’s spring market kicks off at the beginning of February? It may seem a bit early, but this pivotal time marks the start of the busiest—and most competitive—time of year. With Chicagoland housing inventory and interest rates maintaining all-time lows, many real estate experts expect to see another spring market full of high buyer demand. If you’re considering buying a home, these tips will help you achieve real estate success.
- Understand your purchasing power
Loan pre-approval helps buyers on multiple fronts—not only will you go into your home search with a solid understanding of your budget, pre-approved buyers are more desirable to sellers.
- Partner with the right real estate professional
Finding the right broker is key to achieving your homeownership dreams! Your broker will help you develop your wish list, set up your home search, and advocate for your needs every step of the way.
- Plan for your future
Buying a home is an investment, and yields tax deductions. Planning should factor in how long you intend to stay in your new home—holding onto the home for at least two years will help you bypass paying a capital gain tax when you sell.
- Stick to your budget
Staying within your budget not only ensures your financial security, it enables you to afford additional home costs like furnishings, maintenance and general living expenses.
- Be wary of big life changes
When searching for a home, it’s important to maintain good financial standing and avoid big life changes. Switching jobs, moving investments around, and making large purchases can impact your financial stability and make securing a loan difficult.
- Stay competitive and be ready to act
With low housing inventory across the Chicagoland area, homes are selling fast. Buyers need to be ready to act when they find their dream home in order to remain competitive—you may need to be prepared to make an offer quickly.
Learn more about the homebuying process and get more tips for your real estate journey with our Home Buyers Guide!