Oh wow! The past three Springs have been absolutely intense. We saw a slight slowdown over the Christmas holidays due to an increase in interest rates and a lack of inventory. As our buyers have adjusted for interest rates, we still haven’t seen a massive rise in inventory. We will have a busy Spring market, likely a very competitive market. If you are looking to buy, I recommend meeting with a very connected real estate agent (I know a good one-wink wink) right away and devise a plan to be successful in this market. You will need to be in a position to act quickly and have a full understanding of the current value of properties in this market so that you don’t get passed by but also so you don’t overpay.
If you are a seller, this is an excellent time to list-but you need to be strategic. Because the market is moving quickly, you need to enter your house with its best foot forward with a very sharp price. Properties that are overpriced in a market like this will get stale very fast. They will develop a stigma. Connect yourself with an agent (I know a good one-nudge nudge) who will help you prepare your home properly, stage your house, and do very thorough research on how to maximize your return without overpricing your property.
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If you are buying a new build, be very sure to do your research. Ask agents other than the one representing the builder what their experience with that builder has been in the last 2 to 3 years, and how they overcame the challenges brought on by the pandemic. Be sure to read the fine print in your contract. There might be a clause that holds you accountable for cost increases, labor shortages, etc. Before you sign on the dotted line, it’s a good idea to have a lawyer look over the contract.
Buying, selling, building: preparation is key in all cases. Surround yourself with skilled, and experienced professionals that have a lot of energy! Spring is a busy and exciting time!
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