All signs so far show a market frenzy this spring, as sellers traditionally favor springtime for listing homes, with this season as an optimal time to sell in 2022. Let’s delve into how buyers can best navigate this red-hot real estate season. 

Understand that you’re entering a busy buying time 

As the spring homebuying season got off to an early start this year, it’s well underway. Rising mortgage rates have prompted more homebuyers to hit the market in hopes they’ll lock in a good rate before rates go any higher. Though you would do well to remember that it’s no time to panic; these rises are from historical lows and aren’t expected to increase dramatically. Some perspective — and some deep breaths — will serve you well during the spring buying season. 

Seek Opportunities Amid Challenges 

Best not to candy-coat this one: the spring homebuying season does present some significant challenges for buyers. Both mortgage rates and home prices are on the rise, while the U.S. housing inventory is at a near-record low. According to the National Association of Realtors, as we headed into Spring 2022, inventory was down over 15% from the year prior. Yet home buyers seem undaunted, eager to purchase homes this spring despite the challenges they’ll have to navigate. And you shouldn’t be daunted either. That perfect home, and the financing for it, are out there. 

Strategize for a Seller’s Market 

It’s a fact: conditions are favoring sellers in today’s real estate market. So, the wise homebuyer should shift their tactics accordingly and follow a few of these tips: 

Prepare for a Bidding War 

Yes, the prospect sounds unpleasant, as nobody wants to enter a bidding war, but chances are fairly good you’ll find yourself in one. Last spring, the bidding wars hit a fever pitch, with over 74% of offers on homes meeting with competition. Here are some tips to ready yourself for a bidding war: 

Just as days get longer, flowers bloom, and woodland creatures awake from hibernation, spring means a busy homebuying season. And it’s the perfect season to partner with City Lending and its suite of loan programs to fit the needs of every borrower.