Spring into Action: A Comprehensive Guide to Winning in a Busy Spring Housing Market

The cost to refinance a mortgage or buy a home impacts experienced homeowners and first-time buyers alike. For the well-prepared, the spring housing market can present an ideal opportunity to buy a new home, as the spring and summer markets are typically the busiest of the year.

For instance, this spring could lead to favorable conditions for home sales like decreased interest rates, continued incentives for home builders, and high rental prices.

While a busy market means more competition, this can translate to a net positive for home buyers. Increased market volume means more houses to choose from and more loan options that may benefit buyers.

Target the best home-buying opportunities by entering the market early, with lots of preparation, and give yourself a negotiating advantage over the competition.

Knowing when to refinance a mortgage or buy your first home comes through the power of preparedness.

As a homebuyer, you should:

  • Understand the current housing market.
  • Learn the purchasing process.
  • Work with a lender who can pre-approve, or better yet, offer an Upfront Approval Guarantee.

Read our comprehensive guide to learn how the spring housing market can benefit you—and how the right mortgage specialists can help you find the most favorable borrowing options possible.

Get your custom rate fast. Start Here! (May 25th, 2024)

The Home Buying Process

When buying a home in a busy market, every competitive advantage counts. Coming to the table prepared gives you the necessary edge to win a bidding war.

When lenders offer an “upfront approval guarantee,” or a fully underwritten approval, this provides clear financial parameters to guide your buying journey, as well as instant purchasing power to leverage when you make an offer.

Upfront approval shows sellers you’re serious. It allows you to make a more aggressive offer, waive the financing contingency, and close in as little as ten days.

It proves that you have access to funding. It’s the closest thing to a cash offer and shows you’re fully approved rather than just pre-approved.

An upfront approval also caps your shopping budget based on your income, setting a clear budget for you to work within, including closing costs.

Mortgage specialists like The Moreira Team offer an Upfront Approval Guarantee, which verifies your financial and tax records, credit scores, income, assets, and debt-to-income ratio. And, unlike a typical 30-to-60-day pre-approval, an Upfront Approval Guarantee is good for 120 days.

This verification process allows you to foresee potential roadblocks ahead of time, in order to better navigate the buying process.

According to Moreira Team founder Alvaro Moreira:

“Even in the most straightforward applications, there is an income, cash flow, credit, or some other issue. There is always something unexpected that has to be worked out. You’re either going to deal with it now or later in the process when the timeline is critical. Those 11th-hour ‘gotchas’ will be dealt with prior to you even entering the market.”

Whether you’re deciding when to refinance a mortgage or buying a home, a contract that falls through means a risk of losing earnest money. That’s why The Moreira Team connects you with a preferred realtor with local experience and a track record of winning in a high-volume market.

See how much home you can afford. Start Here! (May 25th, 2024)

Don’t Know When to Refinance a Mortgage or Buy a Home? Real Estate Professionals Can Help 

During your home-buying journey, you’re likely to interact with different real estate professionals, including agents and brokers. The right professionals are trained to understand the ebb and flow of the housing market, in order to guide you through the process and help you find the most advantageous mortgage terms that match your needs.

These professionals often serve as critical touch points between buyers and sellers in negotiating your home loan terms with sellers’ agents at a market-fair value, leveraging their industry experience, knowledge, and training to help oversee the buying process from start to finish.

A quality lender will maintain relationships with good realtors familiar with the Georgia housing market. Coupled with your own research or recommendations from family or friends, they can help connect you with a real estate professional who’s a good fit for you.

Realtors who handle a high volume of sales can often get you the best deal since they typically have access to more home options and better-quality properties. This can prove critical in a busy spring market when competition is high.

Real rates, real fast. Start Here! (May 25th, 2024)

Understanding Your Housing Market

Many complex factors influence the broader housing market, including the rate of new home construction versus the level of demand, property values, interest rates, and economic factors that impact buyers such as average household income and unemployment rates.

However, you also must consider factors within your local market that will impact your buying decisions.

Finding a Neighborhood You Like

There are several considerations when deciding what neighborhoods are right for you. The right neighborhood should match your expectations in terms of safety and crime statistics; lighting, sidewalks, bike lanes, and other accessibility factors; preferred school districts; nearby parks, nightlife, grocery stores, and other preferences.

Does Your Home Support Your Family’s Needs?

For those who work from home, the lack of additional office space and a residential area that provides relative peace and quiet may be deal breakers. Multigenerational families will require extra space and certain amenities for loved ones and caregivers. The size and needs of your family will always be central factors when selecting a property.

When to refinance a mortgage or buy a home depends on local housing trends for buyers in the Atlanta region, which can impact mortgage rates. For instance, higher rental prices lead to renters crowding the buyer’s market, which in turn entices owners of rental properties to sell. Rental vacancies in the Atlanta area have reached 8.7%, well above the national vacancy rate of 6.3%, with 20% of Atlanta renters now able to afford a home.

According to the Atlanta REALTORS® Association, the 2024 market offers some promise of hopefulness for buyers despite challenges such as high competition and rising costs, with the price of an average home up 9% from 2023.

Yet the organization predicts that market factors will continue to evolve for a more stable period of growth in 2024 versus previous years. With several interest rate cuts predicted by the Fed, as well as a building boom in the Atlanta area, many sellers are preparing to list their properties in the region. And, with a good number of listings already on the market, waiting for lower interest rates may negate future savings due to more competition, the Atlanta REALTORS Association suggests.

The Moreira Team has the insight and experience to help you navigate the local housing market in and around the Atlanta Metro area. Our qualified mortgage professionals can help you target homes that meet these and other preferential factors and make competitive offers in a busy spring market.

See how much home you can afford. Start Here! (May 25th, 2024)

Get Prepared Before It Gets Busy

Winning the right contract in a busy spring market takes every weapon in your arsenal.

An upfront approval guarantee, offered by Georgia mortgage professionals like The Moreira Team, gives you an aggressive advantage over buyers who are traditionally pre-approved.

get your custom mortgage rate and closing cost options

Since an upfront approval is fully underwritten and funded, and a near-equivalent of a cash offer, it gives you more purchasing power and a greater chance of scoring a house in a crowded market—with a faster closing period.

If you’re deciding when to refinance a mortgage or buy a home, The Moreira Team can help you win big this spring. Contact us now to learn how you can get approved.

The Moreira Team is ready to help you navigate the home-buying and loan process so you can start the next chapter of your life. It’s our mission to maintain transparency so you understand each step. Our team has the experience and resources to find a loan that suits your needs at a competitive rate. Get your custom rate quote today and take the first step toward homeownership.