Buying a home this summer? Tips on smart shopping

Many home buyers will be out this summer, after much waited anticipation. They are ready to make the dream of homeownership come true. Combine that with bargain prices and great interest rates and the idea becomes more attractive.

It has been estimated that as much as 2/3 of home buyers in the market are buying for the very first time, which is an unusually high number.

Those less effected by the recession are likely to do better at the mortgage lender's office, especially if their credit scores are high.

1. Get prequalified BEFORE you go looking for your home.

Many realtors are requiring that their clients have a financial conversation with a lender prior to looking at homes, so they know early in the process and have evidence that they are truly eligible. Based on the times we are in the lender will most likely need more information that just how much money you make and how long you've had your job, now it's asking for tax returns, credit reports, and pay stubs.

2. Leave the kids at home

As wonderful as it feels to bring the entire family, this can also throw off buyer's focus, particularly if they have small children, and are trying to keep tabs on the kids at the same time focusing on the features and benefits of each property they are viewing. Bring the kids back after you have found the home that you will be bidding on. In today's market buyers are looking at a fairly large number of homes because you might have to bid on several in order to get one offer accepted. Hauling the kids around to each house can be very tough on them, especially now that temperatures are heating up.

3. Find highly motivated sellers

Although most homes that are selling are priced incredibly well and sold by banks, there are still a good number of "normal" sellers that have to move for some reason or other, and may be willing to take less than asking price for their home. Seller motivation levels are high right now as they struggle to compete with foreclosures, but in many cases carry upgraded that foreclosures do not offer. Look at how long the home has been on the market, and if there have been any recent price reductions.

4. Be particular, but act quickly.

For kids with school schedules, both buyers and sellers prefer to uproot during the summer to be able to settle in for the regular school season. However, if for some reason this is not feasible, don't worry that your kids won't adjust if starting once the semester is underway. Regarding market supply, there is currently a 3 1/2 month inventory on the market. Available listings are dropping quickly - currently in the 35,000 range. So while there are great deals to be had on the market, those deals are getting snatched up quickly and bringing multiple offers with them. If something strikes you, it's best to write an offer quickly - in 2 days it might be gone