At the first sign of spring both home buyers and sellers get anxious. This is the time of the year that many homeowners wait for to list their homes in search of something bigger and better. The season brings a flux of new home buyers looking for their first homes, buyers looking to upgrade and sellers anxious to sell in order to move on to the next phase of life. No matter where you are at or who you are in the equation one thing remains the same; spring is the perfect time to buy and sell real estate.
It is important to have the market on your side. 2016 is said to be a year filled with a new competition between buyers that hasn’t been seen in recent years due to the relatively low housing inventory, slow increase in interest rates and home prices. People are ready to settle into a home at a reasonable price while taking advantage of the current lower interest rates. Economists have long predicted that the interest market on home loans would start to see hikes as the economy recovers. This article is filled with tips for both home buyers and home sellers so that they can understand what is important right now in the real estate market.
- Don’t Delay: Many home buyers want to time their purchase to coincide with the spring or summer season. This is problematic because this is a theory many buyers use which leads to a high demand for homes within these seasons, which drives up competition and therefore the price sellers can ask. Start looking for a home immediately.
The home buying process is not something that occurs overnight. Rest assured that beginning your search today doesn’t mean you will be moving right away. Meet with a local, professional real estate agent right away. They will access your wants and needs and be able to locate homes within a database that may interest you. Start the process by driving by the locations. Scope out the neighborhoods, schools and other areas of interest; if you happen to love the home look at it but again the time table is one in which you set.
- Work With A Mortgage Specialist: A mortgage broker is a specialist who will look at your current financial situation and seek to find a mortgage lender and home loan option that is most advantageous. A mortgage specialist will help to find you the best type of loan and rate for you while examining just how much you can truly afford to take on. A pre-approval from a mortgage broker is also a huge bonus when it comes to having an offer accepted on a home. Sellers are looking for buyers that are committed and ready to buy.
- Consider New Construction: 2016 has been deemed the year of that new construction begins to surge. The prediction is that the new construction market will grow sixteen percent this year alone. If you choose to buy a new home there is often less competition and a larger selection of homes to choose from. The con however is that new construction homes often start at a premium price tag.
- List Now: The prime season to buy a home is historically April through June. Now is the time to get your home ready to sell and listed on the market. A larger population of buyers is said to be seeking to buy homes during the spring and summer seasons. Take advantage of this. More buyers can often lead to bidding wars resulting in higher prices and quicker closings.
- Be Reasonable: Don’t try to oversell your home. This is an issue many real estate professionals face when listing a home for a seller whom deeply regards every cent of home improvement that has been put into a home.
It will not matter that you put in all new landscaping when you moved in five years ago other than the home looks better and is up kept. Some renovations will not offer a return on investment. Listen to the professionals when pricing your home to sell. Price your home to sell based on the market and comparable homes in the area. This will ensure it sells quickly and effortlessly.
- Offer An Incentive: No matter what is being sold people love a deal. Offer an incentive to buyers. Be willing to negotiate in areas other than the homes price. For instance, if you live on the water and are moving inland consider throwing in the boat. If a buyer mentions that love your dinette set be willing to counter offer a higher priced offer but include the dinette set. This is often a win-win situation for buyers and sellers.
Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.