The real estate industry has seen the greatest amount of sales in the past year since the market crash in 2008. This tremendous economic change has Americans believing the “dream” of home ownership is attainable again. In fact, Bankrate.com stated “59 million Americans are looking to buy a house in the year of 2017.” With the National Association of Realtors reporting that 6 million homes were sold in 2016 nationwide, a similar outlook for 2017 would mean 59 million, or 1 in 4 adults, are competing for a chance to buy one of the few available homes. So how are all of these things affecting you? Are you one of the 59 million people looking for a place of your own? Do you already have a home and want to know the value of your neighborhood?
In markets across the country, the number of buyers searching for their dream home significantly outweighs the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out.
The following key points will help you be competitive:
While not as fun as house hunting, it is crucial to understand your finances before making an offer. It is important to be pre-approved before you begin your home search to help you assess what you can and are willing to afford. Obtaining a pre-approval helps show sellers you are serious about your offer and will give you comfort in knowing your dream home is within reach. It will also allow you to make a stronger and more appealing offer if it is not contingent on a loan approval.
With such a competitive market, you need to be ready to act quickly when you find your perfect home. Being pre-approved and being able to move quickly can help you avoid multiple offer situations and put you one step ahead. Home sales are happening so quickly that just one day ahead of the competition can help you land your perfect home.
To help make your offer more appealing, keep it simple and straightforward. Bring a strong offer and don’t focus on the minor repairs that need to be done, such as paint color and carpet cleaning. A good way to stand apart from other offers would be to write a personal letter to the sellers explaining why their home is the perfect fit for you.
As a seller in this competitive marketplace, there are steps you can take to ensure your home is one of the most appealing to buyers. The following key points will help you sell as quickly as possible and will bring you top dollar for your home.
Price is Key.
New homes on the market are viewed the most within the first two weeks; therefore, pricing your home correctly in the beginning will make you the most competitive. Based on the principle of supply and demand, correctly priced homes will be the first to sell. Working with a Realtor to assess the market and home values around you will allow you to be confident in your asking price.
“First impressions are everything.” Within the first two weeks of a new listing will be the highest amount of traffic and viewings on your property. In order to draw in buyers, professional quality photos and a clean, tidy home are crucial. Quality photos are an integral part in marketing your property and showing your homes features in the best way possible.
If you are thinking of selling, now is the time. Demand for your house will be strong and there is very little competition. This could lead to a quick sale for a really good price.
We realize that the home-buying and home-selling process is one of the most exciting yet stressful times of your life. We strive to use our knowledge, background, and all of the resources available to us to provide exceptional, personalized service. As a buyer or seller, we will listen to what you have to say, keep you informed during the process, and will treat you with honesty and integrity each step of the way.