Competition for Housing Remains High
Historically the Spring market is the best time to put your house on the market. Well not this year!! The severe shortage of homes has moved the calendar up. Spring begins now!
Buyers want to get a jump on the houses available. With the interest rates remaining low they are taking advantage of locking in. This includes getting preapproved for mortgages early to get a jump on making an offer. Low inventory means you need to act fast and have your financial ducks in a row before heading out to look at homes. It is a must to get pre approved ASAP so that if your house of choice comes along you are ready to go. It is also important to work with an agent that knows the contract, how to negotiate and how to write a strong offer to help you win,
A few tips to help you with this market.
- Make a list of your “must haves” and be willing to give up your “nice to haves” or be willing to have a budget if some renovations are needed.
- Consider broadening your search to areas that are not as competitive or have lower price points. If you have to write over the list price this gives you some wiggle room with your finances. Speaking with a lender will let you know exactly what you can afford and you can plan accordingly.
With buyers coming out earlier the Spring market may not have as much to choose from so get your agent to set you up in a search sooner than later. Preparation is the key to finding your dream home.
We are always happy to help. Happy shopping!!