This spring is revealing itself as one of the busiest seasons for property that our local market has ever seen. The real estate market across the U.S. is rocketing with values rising by 10% and more thanks to a series of Covid-related factors.
We’re seeing renewed economic confidence as the vaccine is rolled out across the country. And there’s pent-up buyer demand for the thin supply of housing stock because so many homes were pulled off the market when Covid first hit.
These factors combine with many folks wanting to move out of the cities, embrace the work-from-home movement and be closer to their families. Low mortgage rates and springtime – the favorite season to buy and sell property – complete a picture that’s perfect to sell your home. As an experienced real estate agent in your neighborhood, I think the stars have aligned.
I’m expecting buyers to continue to flood the market this spring, but they’ll be competing for a smaller than average stock of houses, townhomes and condos. And that shortage of supply can only be good for prices. Below is a list of tips to advance your thinking on the best way to make the most of the boom.
Choose an experienced agent. Don’t fall into the trap of believing that anyone can sell your home in this environment. This isn’t about selling but achieving the best price possible for what is likely your most significant financial asset. Go with someone you know and trust. (of course, I’d be happy to help!)
Understand the supply equation. Find out about the supply of properties coming on to the market in the neighborhood. If supply is tight, this is good news for you. Weak supply should mean high prices and quick sales.
Find out recent sale prices for homes similar to yours. This way, you’re going to get a sense of your financial position once a deal is done.
Ask your agent for advice on fast and easy home improvements that will boost the value but not delay the time it takes to put your home on the market.
Be clear on the location and type of home you want next. Check-out price trends for your desired property and be confident it’s still within reach.
Have your finances ready. In a hot market, you’ll probably need to move quickly against other prospective buyers.
As your neighborhood. Realtor®, I’d be delighted to meet with you and discuss the current state of the local market, the price trends and the features of a home that are achieving premiums from buyers.