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Spring Home Buying Season Is Upon US

April 7, 2012

The spring home-selling season could be the strongest in years. Inventory in the Central Florida market is stable, and interest rates remain at all time lows. The spring season typically runs March through June but may have started early this year because of unseasonably warm weather.

While last year was dismal for existing home sales, this year is looking better. Existing home sales in February were up 9% from the same time a year ago, as was the Pending Home Sale Index, which reflects signed contracts leading to sales, says the National Association of Realtors.

Meanwhile, Realtors’ confidence in the single-family home market is the highest in four years, according to a late February NAR survey of 4,300 agents.This spring season “will be the best in four or five years,” says economist Paul Dales of Capital Economics.

With the typical short sale taking anywhere from 90 – 120 days to close, now is the time to get things in order to buy a new home.

The first step is to contact a lender and get prequalified. This will let you know how much house you can afford and what if any down payment assistance programs you may qualify. Next, you’ll probably want to assemble a check list of items you need, get a plan of what school districts you’d like to live in, and start planning around the budget provided in your pre-qualification. Finally with the pre-qualification letter in hand, you and your Real Estate professional can start viewing homes that fit your criteria

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