The spring real estate season is in full session. This year’s selling and buying season depicts a competitive market. Inventory levels remain low and a high demand of buyers couples to create elevated sale prices.

In many markets, the percentage of homes selling at list price or higher has risen back to the pre-crisis levels that we experienced back in 2006. Buyers are out in full force and they are writing contracts. The market is reeling for more inventory as many prospective homebuyers continue their search.

If you are a buyer here are some action steps for you to take:

• Get Pre-Approved: Make sure your lender has all the documents they requested from you. The speed at which you can transact is a factor as we are returning to a multiple offer environment. If you do not have a lender, call us. We work with several lenders that are intent on providing excellent service.
• Understand your budget: After you obtain your pre-approval it is time to set your budget. In your search make sure to include properties that are 20 percent above your budget. There is often room for negotiation for many various reasons and you don’t want to exclude what might be your dream home by limiting your search parameters.

If you are a seller here are some action steps for you to take:

• List your property now: If you are a potential seller currently sitting on the fence, now is the time to make a move. Historically, spring represents the best market to sell a home…not to mention the ball is in your court. Low inventory and historically low interest rates simply translate to a higher sales price.
• Higher Interest rates: While interest rates remain low the Federal Reserve could raise rates at any time. This depends on future jobs reports as well as solid inflation numbers. It doesn’t look like we will see a hike in April, but professionals and pundits explain that we might see a rate hike sooner rather than later. Selling now can put you in position to beat any Fed rate hike that may be coming down the pike.

If you are a renter here are some action steps for you to take:

• Rising rents: As rents keep increasing now may be the time for you to lock in on a fixed mortgage rate. Rents have risen 15% over the past five years according to a recent study that included more than 70 metro areas. This is a great way to build wealth and eliminate the threat of rising payments.

The best way to position yourself for success in this market is to work with an experienced real estate professional. Call us today.