Today I want to address something about our real estate market: The spring market is here in full force, and sellers need to act accordingly.
We have seen inventory increase dramatically over the last three to four weeks. Looking at historical trends, I expect that we’ll continue to see a rise in inventory through May, June, July, and August. That means the deeper we get into the summertime, the more competition you’ll have as a seller.
The great news is that homes are selling pretty quickly and for great prices. However, the ones that are selling the quickest and for the best prices are the ones that come onto the market strong. By ‘strong,’ I mean that sellers are working alongside great agents with effective marketing campaigns, and the home itself is a high-quality product with a fair price.
Buyers in the market are excited to purchase because interest rates are historically low. Right now, they’re at a 14- or 15-month low, hovering in the low 4s. If you’re getting a jumbo loan, those rates are even lower.
However, even though buyers are excited, that doesn’t mean that they’re going to overpay for a property. That means if you’re a home seller, you only have one chance to truly make an impact in the market.
Those who have been following my blog know that there are three key aspects to selling a home:
- Preparing the home to show like a model
- Pricing the home aggressively to maximize exposure
- Working with an agent who has both a strong offline and online marketing campaign to make sure that the most buyers possible see your home
If one of those three components is missing, you run the risk of either having your home sit idly on the market for longer than you want, selling for less than you want, or worse—not selling at all. Keep these three key components at the forefront of your mind and be sure to hire an agent who’ll get the job done.
If you’re interested in learning more about how my team and I maximize exposure for the properties we list, don’t hesitate to reach out to me. I’m an open book, and I’d love to learn more about your situation so we can find a way to help you accomplish your goals.