By Tori Sheridan
Preparing to Buy & Sell this Spring
While the real estate market has slowed a bit with rising interest rates and lack of housing inventory, the spring market is still shaping up to be another competitive one. With summer on the horizon, buyers with children begin their spring search with hopes to close on their new home before school starts again in the fall. Spring is also the season that most homes in the Northeast look their best with trees & flowers in bloom, landscaping beds mulched and siding freshly power-washed. No matter which side of the sale you’re on, the few tips below will help you prepare for the 2023 Spring market.
Buyers
Get a Mortgage Pre-Approval
Before you start looking for a home, get pre approved with a lender to know how much you’ll be able to afford. With volatile rates, find a lender with a creative financing strategy. Realtors & sellers will take you and your offer more seriously when backed by a pre-approval and you won’t lose out on your dream home to someone who has already gone through the process.Be Open to Fixer Uppers
Low inventory means more buyer competition especially on the most well-maintained properties on the market. If you’re open to doing a little bit of work, you may be able to purchase in a neighborhood you might otherwise not have been able to afford. In some cases, you’ll have instant equity and in most cases the potential for great “sweat equity.”Find a Home that Fits Your Lifestyle
So much has changed since 2020 and that is especially true for the way we live in our homes. With more people transitioning to hybrid work schedules, home schooling, and fully remote work, we’re spending more time at home than we ever have before. Make sure your new home has the right amount of space and functionality. Don’t get too stuck on the formal name of a room. Add doors to a formal living room to transform it into a home office, use an extra bedroom for a playroom or walk-in closet or find a small nook that can transform into a homework station for the kids. There are so many creative ways we can use our homes that will allow for the whole family to live and work comfortably side by side.
Sellers
Hire a Realtor
The Pennsylvania Standard Agreement of Sale is a legally binding contract that lists the terms & conditions of the sale and obligations of both parties to the transaction including important deadlines for those parties to meet. Make sure your Realtor knows the contract well and can guide you through the process. With inspections returning, sellers will need someone that can navigate them through these negotiations as well. When interviewing Realtors, make sure they understand the current market conditions and can realistically price your home for the current market, not the market we saw a year ago. Realistic pricing will help you achieve a great price for your home.
Take Advantage of Your Home’s Equity
Most of the country experienced tremendous growth in home equity these past few years. There are several ways to use this equity and increase your purchasing power. Meet with a reputable lender to discuss options on using your home equity to purchase a second home or investment, leverage your current property to purchase your next or use your equity as a down payment. Tapping into your equity may lessen the stress of your move by expanding your options and potentially avoiding a home-sale contingency.Make Repairs & Upgrades
Before listing your home, take some time to make repairs to anything you know in need of attention or maintenance. Do some market research by attending open houses to see what upgrades and staging trends are helpling to sell homes in your market. Consider hiring a home inspector and taking their recommendations on what you should repair before listing your home.