Real estate agents are reporting increased showings at open houses, bidding wars, and multiple offers over asking price within days, sometimes even hours. This demand has been somewhat steady across all markets from entry level and move-up buyers, to the luxurious high-end. Basically, it’s a jungle out there.
Buyers want to buy now to take advantage of low interest rates and lower prices, which are rising in some areas. Check the graph to see the activity in your own community, or ask a Coldwell Banker Residential Brokerage affiliated sales professional to provide you with an overview of current market trends in your region.
As a homebuyer, this time of year and competitive environment can seem overwhelming, but it doesn’t have to be. As you enter into the busiest selling season, here are a few tips for both buyers and sellers that should make the entire process easier.
Buyers, take the time to review your credit score. A sound financial track record and solid credit score can help you lock in a loan at lower interest rates and obtain that necessary mortgage pre-approval, which you will need in this fast paced selling environment. Keep in mind your housing priorities, preferences and desired locations when hunting, and remember your budget. Don’t get caught-up in the emotional drama of bidding, and price yourself higher than you can afford. Of course select and work with a Coldwell Banker Residential Brokerage sales professional who will guide you through the entire process. A local real estate expert with years of negotiating experience is invaluable when it comes to closing the deal in this competitive market.
Sellers, while homes are selling faster, you still need to do your homework as well. Do some spring cleaning, painting and sprucing. Be forewarned that buyers are still looking for a great deal, so ensure that your home is priced accordingly and in good condition. Again, work with a local real estate expert who can advise you on a pricing and marketing strategy.
For those sellers sitting on the fence, don’t try to time the market. By the time most sellers sense a shift, the tables have typically already turned. Instead of waiting for a slim and unreliable window of time, potentially missing out, sellers should focus instead on their own lifestyle needs.
For survival guidance during the spring selling season for buyers and sellers, contact a Coldwell Banker Residential Brokerage sales professional today. While the process may be challenging, your sales associate will lead your way.
