3 Expert Tips on Making the Most of a Favorable Market
Good news: whether you’re thinking about buying or selling, there is still plenty of time to take advantage of the low-interest rates and high buyer demand. While sellers are positioned slightly better than buyers with the demand for homes higher than the supply, there are still some complexities involved in getting to the closing table. Here are a few things that I want you to keep in mind to help you make the most of the summer real estate market, whether you’re entering it as a buyer or seller:
1-Start the process as early as you can to allow for the unpredictable. For buyers, that means having a pre-approval letter in hand before you start house hunting. For sellers, be sure to meet with a real estate agent a few months before you want to sell so that you can develop a game plan.
2-Speaking of game plans, it’s important to have one if you’re buying or selling. If you’re buying a new home, decide what you are willing to compromise on. If a backyard, 3-car garage, and fireplace are non-negotiable, will you settle for a smaller kitchen and no extra bedroom? If you want to sell your home and buy a new one, remember that the market is competitive for buyers. I’ve seen home sellers list their homes, only to be unable to find a new one. Do you have a contingency plan in mind, whether it’s a short-term rental or staying with family?
3-Finally, think about what you will do if you find yourself in a multiple offer situation. As a buyer, are you comfortable offering over asking? Including an escalation clause? How much earnest money are you prepared to offer? As a seller, think about whether you’re going to take the highest offer or if you’ll consider other benefits like a fast closing or lease-back until you find a new home?
These are all questions the Sibbach Team can help you answer during our initial consultation. If you’d like to start planning your real estate goals, give us a call! 480-500-1738