It’s that time of year again and, like clockwork, the houses are flying onto, and off of, the market. We are seeing new construction on the rise, both month-over-month, and year-over-year, and the explosion of houses on the market has only been outperformed by the explosion of requests for prequalification letters. We’re seeing house values going up, time on the market for homes going down, and a general frenzy in the buying public.

So if you are in the market for a new home, it means now is the time to jump right in, right? Well, maybe not so fast. While this is the best time of year for many to buy a new home, as there is an abundance of inventory, it can also be the time of year to overpay on a house if you’re not careful. This is a good time to remember what your budget is, why your budget is what it is, and what you are looking for in a house. Because all too often an overeager homebuyer will either overspend to get a house and kill his or her budget, or will buy a new house that does not meet his or her needs to remain in budget.

There are plenty of deals still available, and by having an effective partnership with your realtor and your mortgage officer, you can find them.

If you plan to be in the home buying market this year, please contact me for a preapproval. And if you have anything to add about this buying season in the greater Detroit area, please leave a comment.