While the real estate market has slowed a bit with rising interest rates and lack of housing inventory, the spring market is still shaping up to be another competitive one. With summer on the horizon, buyers with children begin their spring search with hopes to close on their new home before school starts again in the fall. No matter which side of the sale you’re on, the few tips below will help you prepare for the 2023 Spring market.
BUYERS
Get a Mortgage Pre-Approval
Get pre-approved with a lender to know how much you’ll be able to afford. With volatile rates, find a lender with a creative financing strategy. Realtors and sellers will take you and your offer more seriously when backed by a pre-approval.
Be Open to Fixer Uppers
Low inventory means more buyer competition, especially on the most well-maintained properties on the market. If you’re open to doing a little bit of work, you may be able to purchase in a neighborhood you might otherwise not have been able to afford.
Find a Home that Fits Your Lifestyle
So much has changed since 2020 and that is especially true for the way we live in our homes. Make sure your new home has the right amount of space and functionality. Don’t get too stuck on the formal name of a room. Add doors to a formal living room to transform it into a home office, use an extra bedroom for a playroom or walk-in closet or find a small nook that can transform into a homework station for the kids.
SELLERS
Hire a Realtor
Ensure you hire a Realtor who knows the Agreement of Sale contract well and can guide you through the process. When the inspections return, sellers will need someone that can navigate them through the negotiations. When interviewing Realtors, make sure they understand the current market conditions and can realistically price your home for the current market, not the market we saw a year ago.
Take Advantage of Your Home’s Equity
Most of the country experienced tremendous growth in home equity these past few years. There are several ways to use this equity and increase your purchasing power. Meet with a reputable lender to discuss options on using your home equity to purchase a second home or investment, leverage your current property to purchase your next or use your equity as a down payment.
Make Repairs and Upgrades
Take some time to make needed repairs. Attend open houses to see what upgrades and staging trends are helpling to sell homes in your market. Consider hiring a home inspector and taking their recommendations on what you should repair before listing your home.