If you’re reading this blog post chances are you likely reside in the midwest region of the country. With that, you know just as well as anyone else that—especially here—seasonality plays a big role in the housing market. The warm weather coupled with the end of the school year always tends to bring out a large majority of buyers and sellers. This creates a healthy housing market, but it also brings out the competition. 

According to Dave Ramsey, in 2022 the national number of homes for sale increased by an additional one-hundred and twenty-thousand homes from April to May, which was the fastest rate of growth for all of 2022. From there, the number of homes for sale continuously grew as summer progressed, eventually reaching 1.31 million home listings by July. It’s clear that spring market in the midwest doesn’t necessarily mean the snow has melted and flowers are in bloom; spring market where we reside seems to occur when we can just barely see the end of winter in sight.

If you’re looking to buy a home this spring, you’ll want to ensure you have a clear understanding of your financial limitations before you begin the house hunt. With the busiest real estate months tending to fall within quarters two and three, starting as early as April, that means buyers should begin to prepare to purchase as soon as February or March! 

Your best starting point is to obtain an upfront pre-approval with a credible lender, like Cambria Mortgage. This simple piece of paper holds a lot of weight, giving you credibility and showing a seller they can rely on your offer. You’ll want to tackle this ahead of time so you know exactly how much you are approved for, allowing you to submit an offer confidently and without delay. You don’t want to be last in line when you find that home you’ve been searching for! Taking care of this step first will allow you to act fast.

Another key thing to remember in 2023 is it’s more important than ever that you have a professional on your side. A Realtor will help you find homes in your desired neighborhood, guide you in making sound decisions, assist you in negotiations and so much more! If you don’t know where to find a good Realtor, talk to your Mortgage Consultant; chances are they have worked with a lot of great ones throughout the years and can help you with a few recommendations. 

In short, the spring market is starting sooner than you may have thought and it’s crucial to recognize the importance of preparation in this market. If you’re ready to take the first step toward buying a home, our team is here to guide you through the process. Visit us at www.CambriaMortgage.com/Connect to get started!

SOURCE:

https://www.ramseysolutions.com/real-estate/best-time-to-buy-a-house#:~:text=What%20Month%20Do%20Most%20Houses,million%20home%20listings%20by%20July!

https://www.rocketmortgage.com/learn/best-time-of-year-to-buy-a-house

https://www.nar.realtor/blogs/economists-outlook/seasonality-in-the-housing-market