Real Estate: Buyers and Sellers, It’s Officially Spring!!

By Matthew Trudel

Spring is here and the weather is certainly getting a little more tolerable with temperatures warming and the sun is a little higher in the sky. This all means the snow is melting and along with it so should any hesitation that buyers or sellers might have about getting into the market now.

This is a great time for both buyers and sellers to prepare properly and get off the side lines and into the game. Let’s go over some of the reasons for both parties to act sooner rather than later.

Sellers you have plenty to do over the next few weeks so that you are well prepared to put your house on the market. First is to find yourself an experienced real estate broker who knows the area and the pulse of the current market. They will help you determine a strategy for marketing your home and what the listing price should be.

There is plenty more that needs to be done, and hopefully you have already accomplished a lot of those things over the winter months. You want to have your home in the best shape you can so that it shows well. You want to be ready to hit the market in three to four weeks. The snow should be gone and the grass coming in greener.

There are a lot of buyers out there waiting for new listings to hit the market. This is one reason to get in the game sooner rather than later. More buyers mean more competition for competitively priced homes which generally translates into higher offers, multiple offers, and ultimately more money in your pocket.

Another reason to sell now versus later is that we really don’t know what the next year or next two years might bring. We do know that currently housing prices are holding and appear to still be in high demand. Inventory is still extremely low giving buyers fewer and fewer options. These are a few reasons why I would encourage sellers to get ready and list their home for sale within the next month or so. Now onto the reasons that buyers should get into the game.

Buyers should get into the market now for many reasons, and buyers should always remember there really is never a bad time to get in the game and invest in real estate. Real estate is a very good investment when it is done appropriately.

Just like with sellers, buyers also need to select an experienced broker to work with and help them achieve their goal. Buyers also need to secure their financing plan so they are prepared to make the most powerful offer they can when they locate the right property.

Interest rates have crept up and buyers have had some remorse that they missed the 3 percent mortgage rates. 6 percent or 6.5 percent is still a good interest rate for a 30-year fixed mortgage. Those rates were very much considered excellent rates for many years.

We do not have a crystal ball to tell us where interest rates will be in a year or two, but I highly doubt they will come down. It seems more likely that they might increase a little. Get in the game now and start working on building equity and improving the value of your new home. It is often called “sweat equity,” but doesn’t have to involve you sweating to build equity.

There are a lot of easy things you can do to maintain and improve your home over time. This will increase the value for when you might decide to sell. The other thing to consider is if you are currently renting. The rental market is at an all-time high and seems to be trending even higher.

You will be way ahead of the game if you get off the sideline and get into the game and pay yourself instead of your landlord. That’s just building them more equity in their investment property.

The point I am trying to make is that this a good year to buy or sell for all parties if you are ready to get into the real estate market. Selling might be a little trickier for some sellers. They have a lot to consider and knowing where they are going to live is probably at the top of the list.

This is why I always try to emphasize that finding and working with an experienced broker is very important. The longer someone has been in this business the more likely they have seen and solved a majority of problems that arise. They also can help navigate and answer your questions or concerns ahead of time. This is true for both sellers and buyers.

Find an experienced broker you are comfortable working with and your transactions in real estate will be much smoother, less stressful, and more successful. <

This article was written by Matthew Trudel, Owner of Five Star Realty, Windham, 207-939-6971.