spring cleaning
Issue 130 - April 14th, 2023
Spring has sprung in America, and this season is historically a busy time in the real estate market all over the country as listings hit the market prior to Summer and buyers are excited to find a home to settle into over the Summer months. The Spring of 2023 brings some interesting challenges with low inventory in most markets around the country and high mortgage rates still pushing some buyers to the sidelines. Nevertheless, deals will get done, and I have laid out some bullet-points today that I think could be helpful to navigate this season for 2023.
If you are selling a home this Spring:
Price the property to sell from the get-go. I cannot stress this enough in today’s environment; trying to be greedy in a shifting market will crush you in the long-run and it may even lead to a stale listing that never sells. Look at recent SOLDs in your immediate area, and price to sell. Your first impression is your best impression in today’s market, and you want to get solid momentum with buyers and showings as soon as you hit the market.
Make repairs and de-clutter all of the crap out of your home prior to listing. Don’t get lazy prior to hitting the market, and spend some time and money doing minor repairs, paint, landscaping, and anything else that helps improve the curb appeal and photogenic nature of your home - pictures are worth a thousand words in residential real estate
Spend money on great photos, videos, and floor-plans. 90% of homebuyers decide whether or not they like a home within the first 3-5 photos of an online listing. Know this and use it to your advantage -crappy photos can cost you thousands of dollars in lost value if you try to go the cheap route here.
If you are buying a home this Spring:
Spend the time to get pre-approved for a loan before you start house-hunting. Rates are changing constantly and your approval amount can fluctuate greatly in this environment. Don’t be the idiot that spends months looking at houses you cannot afford because you have not spent the time to understand the mortgage process with a lender.
Be patient and take your time in this market to find what you like - inventory levels are down so your choices may not be super high but competition in a lot of markets is also down as a lot of buyers are on the sidelines still.
Never skip the home inspection even on brand new homes. In the fanatical market of the last 24 months, buyers were skipping out on inspections to win deals, but that frenzy has ended. Always inspect a home - new homes sometimes have more issues than old ones so don’t assume “new means great!”.
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