Even with March blizzards hammering the east coast, the spring housing market is in full swing. During the month of February, which is traditionally a slow period, houses in Northborough were only spending an average of 39 days on the market, and most sold much quicker when priced right. With housing inventory at an all-time low, and demand extremely high, homebuyers need to be extremely proactive and ready to compromise.
- Get pre-qualified: in this type of market it is important that you are pre-qualified for your mortgage before you even start looking at houses. There is no worse feeling then finding the home of your dreams and having it swept from under your feet before you are even able to make an offer. Also, it’s one way to show sellers you are serious about buying their home and its speeds up the process once an offer is accepted. Work with a mortgage professional and know where you stand, so when the time comes you are ready.
- Be ready to compromise: Every homebuyer has a huge list of wants and needs when they start searching for their dream home. However, when inventory is low, it is going to be hard to check off all those boxes. Sit down and make a list of the things that are the most important to you and be willing to let some other things go. Also, don’t judge every house by its pictures online. A lot of homes show much better in person. If they check the major boxes (size and location), go take a look.
- Be flexible: Homebuyers in a competitive market need to be flexible with their schedules. The biggest competitive advantage when looking for a home in a low inventory market is being the first one to see it. Once you see it and know it’s the one, act right away. Also, in your offer, it helps to be flexible with closing dates and home inspections. The less barriers you can offer the seller the best chance they will accept the offer.
- Work with an experienced real estate agent: Well-connected and experienced agents know of some listings well before they are searchable on MLS. If you are working with the right agent, you will have access to this information and might be able to get in to see a house sooner than anyone else. Also, with inflated home prices, these agents will know the market and make sure you are paying a fair price. They will be able to help you put together a competitive offer and negotiate the best deal. The best agents not only supply information and expertise but become trusted advisers and strategic partners.
The busiest part of the spring selling season is yet to come, so buckle in – 2018 is going to be a crazy one!
Coldwell Banker Residential
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