(Pictured above: 6086 E Michigan Ave | Commercial Property | Click Here to view listing)
It's Time to Move
Mortgage Rates are trending downward and are on track to remain steady through 2024. Inventory will remain limited but we speak daily to clients who are preparing to list their homes for sale. So, if you're moving, it's time to get started.
Perception Vs Reality
There's a lot of false negativity surrounding the current real estate market status but locally we are heading in to a healthy year. Our local housing market is active and will only gain momentum as the year progresses. New listings traditionally drop off at the end of the year and begin their climb again just about now. This goes the same for the number of sold homes while days on the market plummets as we head into spring and summer. Showings are happening, offers are coming in, and buyers are looking. This time of year, the egg nog is starting to wear off and serious buyers are starting to look!
Are you ready for 2024?
Waiting or Ready?
Waiting to List?
Waiting doesn't typically benefit anyone. There is less competition for sellers in these early months and buyers are more serious. As you can see from graphs below, as we head toward spring, the historical tendency of listings is that more and more hit the market until we peak right before fall. If you're considering listing, there is no need to wait!
Ready to Buy?
We've touched on mortgage rates already; let's move on to the important factors. If you are looking to move into a new home this year, start now. Consult your local real estate professionals to understand the market and your experienced local loan officer to learn your current buying power. Start the process and be prepared for this year's real estate move because it will still be competitive for buyers. We are anticipating a healthy market year with more listings coming on from month to month. There are great homes and deals to be found!
Will YOU Be Ready?
We are having these conversations with our sellers and buyers and many are PREPARING to move. Are YOU?
Looking Forward
Will you be ready?
It's time to get past the "feeling" of the market and look at the reality. Low Inventory equals a Lack of Options. Lack of Options equals Higher Prices. These factors create a limited market but people are still moving. Why?
Because they are not the only driving factors. As buyers and sellers have started to adjust to this changing market, their needs and priorities bubble back to the surface. Life events trump all else and the real estate clients we are having conversations with are preparing to sell and buy in 2024.
Buying a Home in a Traditional Market
The lack of competition on both sides of the for sale sign offers a slight relief for buyers, creating a little more wiggle room to shop. Although finding a home that fits your needs and budget can still be a challenge (some price points and ready-to-move-into homes are moving quickly) higher interest rates are keeping some home buyers browsing online making the competition a little lighter. With the right real estate team behind you, you can find value in our current homes for sale.
Buying a home in a seller's market can be a frustrating process if you aren't prepared. The market may be shifting to a more traditional style but you still have to be prepared. Here are some tips to get you ready to buy in today's fast-moving seller's market:
Price: Be Ready to Make a Strong Offer
Chances are, you will already have a price range in mind when you start your home/property search. In a normal market, you leave room for negotiation, your initial offer is often at the bottom of that range. However, in a seller's market, one can’t expect to go about it that way. Since you’re going to have a lot of competition, the price you initially offer may be your only shot at that property. In a seller's market, we tell our clients to be prepared NOT to get a 2nd opportunity to make an offer or negotiate. Make certain your offer is a strong contender, free of unnecessary contingencies as well as risk & uncertainties that will make the sellers uncomfortable. MAKE YOUR OFFER EASY TO SAY YES TO!
Pre-Approval
If you don't want to miss out on a property you love, make sure you are pre-approved for a loan BEFORE beginning your home search. Seller's will take you, and your offer, more seriously if you are pre-approved.
Contingencies
Most offers have 3 contingencies: loan approval, appraisal acceptance and satisfactory inspection results. These contingencies, if not fulfilled, allow a buyer to terminate a contract to purchase and retain all of their deposit money. There’s nothing worse for a seller than having their property tied up for a long period only to have things fall apart. Not having additional or high risk contingencies, minimizes the seller’s exposure and makes your offer look all that much better.
Also, ensure that your offer is NOT contingent on selling your current home. With buyer competition strong and multiple offer situations prevalent, sellers will likely choose to pass on your offer (even if it is higher than the others).
Bridge Loans Available
A bridge loan can help ease the transition from one home to another.
