Preparing to Sell During the Spring 2022 Homebuying Season
The good news for sellers is that buyers looking for homes are expected to outnumber the homes for sale. Overall, home prices are expected to continue increasing, but real estate can be hyper-local, and demand can vary from one neighborhood or town to the next. It’s a good idea to work with a local real estate professional to determine an ideal listing price and if any improvements or repairs need to be completed before putting your home on the market.
- THINK AHEAD- Get ahead of any maintenance or upgrades you want to make before putting your house on the market, especially if it’s work you can’t do yourself. Supply chain issues and labor shortages have created a situation where renovations and repairs need to be scheduled farther in advance than before. Most trade professionals such as carpenters, plumbers, and electricians have long backlogs of work but we work with many industry professionals so please give us a call. Our vendor relationships may help you get a service scheduled quicker than a cold call!
- TIMING IS EVERYTHING- The best time to put your home up for sale is when the demand for buyers is at the highest. In many markets, that timeframe is from the end of February to May, when families are considering relocating after the school year. Also, we are seeing that a larger percentage of the workforce still has the opportunity to work from home, which may fuel competition in housing markets typically known to be more affordable, such as smaller cities and suburbs of cities. This is exactly the phenomenon we are seeing here North of Boston!
SELLER TIP #3
SIMPLY IMPRESS-1st Impressions are lasing ones-Make sure your home is ready to list don’t just think "it's a sellers market, I can just put it on in any condition”. Today’s Buyers are savvy and want to view the home in pristine condition so they can visualize themselves in the space.
Preparing to Buy During the Spring 2022 Homebuying Season
In the coming months, mortgage rates and home prices are forecasted to rise. This will cut into your buying power, so it’s important to begin preparing financially as far in advance as possible. Building your credit score can help you qualify for a lower mortgage rate. You’ll want to save for a down payment, closing costs, and unexpected repairs and maintenance. Also, if you are a first time home buyer, now is a good time to start looking into first-time homebuyer programs. These programs can provide thousands of dollars to put toward your down payment or closing costs if you qualify. Overall, most housing markets will be competitive, although some may be tougher than others, such as North Reading which has extremely low inventory going into the spring season. And again, the increased flexibility to work from home could strengthen demand in certain towns outside the city. One of the segments of the housing market that’s been tougher to break into is that starter home price point. There is a large demographic hitting the prime first-time buyer age range, and builders have struggled to build enough affordable homes for that type of buyer and with inventory so low, first-time buyers looking for more affordable homes may also face more competition.
BUYER TIP #1-
DON'T PANIC -Hone in on your home buying budget so you have a firm plan of what you’re willing to spend for a property that meets your needs. Buying a home isn’t just a financial decision. It’s also a lifestyle choice. Buying a home should make sense for your personal and financial situation and not for fear of missing out on a good deal. Take the time to find a home you can afford for the long term, and that can comfortably fit into your lifestyle. Given that specific areas or types of homes will have more demand, you may want to be more flexible with where you live or what you buy. A condo or townhouse a bit further away from where you originally planned on moving could be more affordable than a single-family home in an urban area. You may not find your dream home today, but a home that works for you right now can be a stepping stone to another home down the road.
BUYER TIP #2
DO YOUR RESEARCH
Go to many open houses so you can get a feel for the type of house and neighborhood you want. Know your “must haves vs your wants”. Viewing homes can help you narrow down these lists and also gives you a good idea of what your budget can get you. Also, you begin to understand the “feel” of the neighborhoods and towns. Hiring a local real estate agent can help the process because they are like a tour guide and have insight and knowledge that is invaluable if you are new to a particular area.
BUYER TIP #3
Meet with a mortgage broker so you are pre approved and have your finances in order so when that “perfect” home comes on you are ready to make an offer. There are many products out there to put you in a position to be the winning offer. Call us to explain your options and get you in touch with a mortgage broker to fit your needs. With it still being a strong seller’s market, that means you’ll most likely have competition so the buyer that is the most prepared will be in the best position to have their offer accepted.
The spring 2022 Market will be tough and competitive but with a real estate professional on your side it will be much easier to navigate. Call us today to start your real estate journey, we would love to show you the Farrelly Way!!