St. Patrick’s Day ushers in the spring home-buying season on March 17, as potential homeowners prepare for what is forecasted to be a strong, but extremely competitive, buying season.
On the positive side for shoppers, the economy is doing well and mortgage rates are still at historical lows. But in such a competitive market, some homebuyers may need a little bit of the "Luck of the Irish" in order to get an extra edge on other homebuyers.
So, in order to still take advantage of current low interest rates, Bruce Elliott, president of the Orlando Regional Realtor Association, shared tips on how buyers can make their own luck this busy spring-buying season
Here is a list of ways home shoppers can compete in this competitive market:
- Get pre-approved for a mortgage, over and above getting pre-qualified
- Have your finances in order: Know how much house you can truly afford, or willing to spend, repair any credit issues, have your down payment in hand, and delay major purchases.
- Complete a mortgage application with all necessary supplements, including income verification, credit report, proof of earnest money, etc.
- Know what contingencies you are willing to eliminate from your offer.
- Determine in advance which home features are “must-have” and which features are “nice-to-have.”
Lastly, Elliott does advice home shoppers to hire a Realtor to help them locate, select and negotiate on a future home.
“We are headed into peak homebuying season with high demand but significantly fewer homes on the market compared to last year,” said Elliott.
These extra tips will give future homeowners extra luck to secure their dream home. But before they move into the busiest home-buying season of the year, be sure to enjoy the last holiday before it, Saint Patrick’s Day.
Some of the top ways to celebrate include:
- Go to a parade
- Make green eggs & ham
- Learn an Irish jig
- Don a green top hat
MGIC created the infographic below on some of the top stats about St. Patrick’s Day, which includes the fact the traditional color associated with Saint Patrick was blue not green. Also, it should be noted that kilts and bagpipes are a common feature during St. Patrick's Day parades, although generally associated with Scottish culture.
Click to enlarge