With Spring officially here, the real estate market is blooming with buyers. The activity has been great. I've seen multiple offers on properties, which leads to a "highest and best" situation where the sellers can choose which buyer is making the best offer. This is great for the sellers! This Typically results in top dollar for their property. I remember those types of situations a few years ago before the big real estate market crash. I hope this is a good sign for the real estate market.
There may be many reasons for the increased buyer activity. For one, the interest rates have been holding at record lows. There's talk that rates may be increasing soon, but we're hoping they stay steady. Buyers are finding that they can buy a home cheaper than paying rent. With all of the tax deductions for home ownership, there's really no reason not to buy. There are loans available for buyers that require No Down Payment. Additionally, their are loans that offer a 3.5% down payment and some lenders will even offer, to qualified buyers, a grant to reduce it to 1% down for an FHA Loan. There are many options for buyers. The great thing is, as an agent, I can help connect you with your lender and finding the right loan product.
Another reason is that rentals are getting extremely harder to come by. There are waiting list for rentals in my area. Renters are losing lots of options on the types of homes they want to rent, in addition, not being able to have pets or getting in the school district of choice. If you're not sure if you qualify to buy a home, why not attempt to get a preapproval? No Risk, No Reward.
If you're looking to sell, it is the perfect time to put your house on the market. If you list your home within market value, I believe you'll be surprised at the response. When I place your home on the market, the first thing that happens is all of the realtors in the Multi List System see the new listing, then call their buyers that have been searching in that price range and/or criteria. Lots of calls being made to buyers to announce your house is listed! You'll probably see the most activity within those first two weeks, as all of those patiently awaiting buyers are notified of your new listing. My theory has always been that if you have NO Showings in that first couple of weeks, the realtor's believe it's priced too high. If you get a lot of showings and no offers, or very low offers, the public thinks it's priced too high. Of course this will vary depending on certain things, for example, your home may be in a price range that is extremely inactive or it may require repairs that may keep it from qualifying for certain home loans. I believe you can price yourself out of the market and regret it months, or even years, later in the way of a settling for a "give away" price.
The main thing is to call your agent! Whether you're a buyer or seller, now is a good time to dive into the market. Use this increase in market activity to your advantage.
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