Superbowl Weekend Kicks Off the Spring Homebuying Season

On February 12th, while sports fans around the world will be rooting for their favorite team to win the Superbowl, savvy homebuyers and sellers should consider using this occasion to get ahead of the spring homebuying season. Spring might seem far away, but potential buyers and sellers tend to start getting ready now. Our few simple tips will have you ready and confident for the upcoming real estate season and help you avoid any fumbles!

The clock is ticking

Bahamas mortgage rates historically remain consistent and with the demand for local home purchases increasing as our economy continues to ramp up after the pandemic, we are anticipating more potential homebuyers in 2023 scoring their dream home. If you know you will be a buyer this year, that means you’ll want to be prepared by getting your paperwork together for a loan preapproval, making that initial connection with a real estate agent, and putting together a list of must-haves.

For sellers, now’s the time to plan the necessary repairs and clean-up tasks you’ll need to ready your home for those listing photos and making the first impression the lasting impression. You should also use this time wisely to draft your real estate “quarterback”— that is, the real estate agent who will plan and execute the big moves! Just like a football team’s MVP, your real estate agent can mean the difference between a big win (a quick sale at or very near the listing price) and losing big time.  

Here’s everything you need to know:

Buyers should get their finances in order and obtain a loan preapproval

Getting pre-approved for a home loan y your bank, even if you aren’t 100% sure you’re going to purchase a home in the next few months, should be the first thing you do if you think homeownership in 2023.

A loan preapproval will tell you how much home you can realistically afford. At this time your real estate agent can tell you about any first-time homebuyer tax incentives that can reduce your total purchase cost.

With a preapproval letter in hand, your real estate agent will know exactly what your budget is, help you find the dream home within your budget and you’ll also be ready to make an offer as soon as you find that perfect home.

What’s the process for getting preapproved for a home loan?

1. Gather Financial Information: Before you start the preapproval process, you should gather all of your financial information including bank statements, pay stubs, job reference letter, and any other documents that will help to demonstrate your ability to repay a loan. 

2. Contact Lenders: Once you have gathered all of your documentation, begin contacting lenders who can provide preapprovals. Your real estate agent should provide you with a list of mortgage officers so you can shop around with different banks in order to get the best rate and terms available for your specific situation. Trying to get the lowest mortgage rate possible? Check out our tips.

3. Submit an Application: When applying for pre-approval, most lenders will require you to submit an application along with supporting documentation to allow them to assess your current creditworthiness so they can determine how much they can loan you.

4. Receive Preapproval Letter: If you’re approved, the lender should issue you a formal letter stating that you are approved up to a certain amount for financing on a property purchase or refinance transaction. This is known as a preapproval letter.

Though contemplating finances may not sound like the most exciting thing to do leading up to Superbowl weekend, consider getting that loan preapproval before the big game so you can scroll home listings with your friends during that Superbowl party before the game begins!

Sellers should start getting their properties ready

Home sellers looking to sell this spring should take a proactive approach to get a home ready for the market. Since much of this preparation involves decluttering and beautifying, the week before your big Superbowl party is a great time to get started —that way all your friends and neighbors will get to enjoy your festivities while your home is looking its best!

Start with cleaning, repairs, and upgrades

Decluttering and depersonalizing your home can make the property feel larger and more inviting to potential buyers. Use this time to also address any minor repairs such as patching holes in any walls and fixing or replacing leaky faucets. Upgrading cabinet hardware is also an inexpensive way to create a more polished look while putting fresh mulch in your yard is one of the most cost-effective ways to add appeal to your landscaping. A few new plants and shrubs, here and there, will also add color without breaking the bank.

If it’s time for a repaint, look into trending but neutral colors. Maybe even consider staging your home with modern decor so that buyers are able to envision themselves living there. Finally, deep cleaning is essential before listing so that prospective buyers are presented with an immaculate space from top-to-bottom. Taking these steps will help ensure that you property has the most appeal during showings.

Both buyers and sellers should connect with a real estate agent right away

Engaging with a real estate agent early on is the winning move for both home buyers and sellers. Agents know the local market and can let you know about homes they know that are coming on the market or they can connect you with the perfect buyer before your home even goes on the market. An experienced real estate agent is like a great coach who can help you work through all the strategies of buying and selling, so you don't get sacked by any unexpected surprises. Whether it's kicking off your search, or scoring the ideal price when selling, having an experienced agent on your team can mean the difference between success and failure. So don't fumble this opportunity — make sure to connect with a Morley agent before the big game!