Few markets are as hot as the Tampa real estate market! If you are thinking of making some home purchases this season, then it’s time to get ready for the home buying season. First, we will determine how and when to know it’s time to buy. Then we’ll give you some great tips on how to make those purchases. Whether you are an investor, flipper, or simply looking for a new home – this is for you.
Is it time to buy?
They say Spring blooms “For Sale” signs! So you might notice them popping up all over Tampa. First, let us determine the buying and selling seasons. From late January to early March many homeowners are selling during these months. Parents don’t want to interrupt their children’s school schedule so they want to move early in the year. Other’s sell early in the year for tax purposes. This time period has excellent selections for homes for purchase. Between March through the summer months, many people are moving. The homeowners that have just sold their home are now on the market to purchase a home. Everyone else is on summer vacation. As a result homes tend to take a little longer to sell during the summer months which makes this a bargain shopper’s market. If you’re not in a rush and are looking for a good deal, this is your best season.
We won’t go into too much detail for the Fall and Winter season. These are definitely the slower months for the housing market. There is very little activity, for both buying and selling, the closer you get to the holiday season. Families are too busy buying gifts and traveling to focus on moving. Don’t plan to buy or sell a home during these months unless you are prepared for a longer wait time to complete the process.
Getting ready to buy a home
If you’re on the spectrum of purchasing then there are a few steps you can take to prepare. The more prepared you are, the more likely the chance you will be able to make the purchase faster.
- Check your credit
- Start saving
- Start looking at neighborhoods
- Attend a seminar or take classes on buying a home if this is your first purchase
- Determine your budget
- Visit open houses
- Interview realtors
Don’t underestimate your credit
Your credit score is important, but that’s only on piece of the credit pie. You need to know your credit score and determine your debt-to-income ratio. You can also pull your credit reports so you can see if there is anything you need to clean up before you apply for a mortgage. You also want to give yourself the opportunity to dispute any errors on your credit reports. You will need some time to work through these, so the sooner you start the better.
You may also want to consider researching and participating in loan programs. These programs can be very helpful with down payment assistance. You also need to be familiar with the various loan programs available so you can choose the right one for your needs. Research rates and know what current rates are being offered so you be prepared upon approval.
We are always looking for ways to help our customers so feel free to call us with questions! If we don’t know the answer, we can at least point you in the right direction to find the right answer. You should always consider a pre-listing inspection before putting your home on the market for sale. Also, don’t ever make a purchase without having the home inspected first. Call us now to schedule your inspection!