The Market is Hot and in the Seller's Favor!
Limited inventory is driving up prices and reducing the number of days residential properties stay on the market. When combined with accurate pricing and necessary property preparations, sellers are reaping the benefits of quick sales, while buyers must act swiftly to secure their desired properties.
With that in mind, here are some of our top tips for navigating the real estate market:
Tips for Sellers in a Seller’s Market
1. Prepare Your Property in Advance and Increase Curb Appeal
As a homeowner, you know that the to-do list is never-ending, and there's always another project around the corner. These tasks often pile up before you put your home on the market, making NOW the perfect time to tackle them head-on. Whether your yard needs maintenance, shingles need replacing, or you haven't gotten around to changing that burnt-out light bulb on the back porch, it's essential to address these issues before the "For Sale" sign goes up. Contact us for our recommended list of preparations to ensure your home looks its best before the listing photo session!
2. Update the Real Property Report
When you purchased your property, you would have received a Real Property Report (RPR). Before listing your property, it's crucial to ensure your RPR is up to date to avoid any delays in the sale process. If you have questions about the status of your RPR or would like our list of recommended surveying companies, please let us know.
3. Anticipate a High Volume of Showings
Once your home hits the market, you can expect showing requests to start coming in. To ensure all prospective buyers have the opportunity to view your property and to minimize your stress, we recommend having a flexible plan in place to keep you occupied while your home is being shown.
Tips for Buyers in a Seller’s Market
1. Get Pre-Approved
Since satisfying a financing condition is often necessary to purchase a property, it's crucial to get organized before your dream home hits the market. Getting pre-approved will help us define your budget, narrow your search, and write the most attractive offer possible. Consider working with mortgage planners
Patricia McKean or Stacey Scott - Unbeatable Mortgages to explore your financing options today!
2. Limit the Number of Conditions
Having a clear idea of the conditions you'd like to include in your offer is essential when navigating fast-paced real estate transactions. While offers typically include conditions like financing and property inspections, limiting the number of conditions can strengthen your offer among other eager buyers. We're here to offer guidance on which conditions are essential to include, helping you craft a competitive offer that stands out in the market.
3. Book Showings ASAP!
If you see a property of interest come onto the market, it's crucial to prioritize viewing it as soon as possible. While "this weekend" may seem like a convenient time, delaying could mean losing out to another eager buyer. There's no worse feeling than realizing a property you were considering has been swiftly snatched up. For local buyers, we suggest starting with an initial drive-by and then promptly contacting Rees or Kari to schedule a showing!
