THE FALL MARKET IS JUST AROUND THE CORNER – 3 Things to prepare for success
THE FALL MARKET IS JUST AROUND THE CORNER – 3 Things to prepare for success
FENCE SITTERS – GET READY TO TAKE ACTION! The launch of the fall market, or last push to buy a home or sell your home in 2022, is just around the corner. Historically, starting after the Labor Day weekend, we see new listings trickle onto the market and build through September then slow down after Thanksgiving.
Sellers who missed the early summer market typically hold off, if possible, until after the labor day weekend. August is a big travel month and a slow time for real estate but now that schools are back in session and the travel season is slowing inventory will increase, buyer demand will increase and we will see a last push to buy or sell before the holidays. It’s a short but intense window of opportunity.
If you have been sitting on the fence due to pandemic restrictions, rising interest rates or just building up your down payment NOW is the time to get your ducks in a row. Should you have made your real estate move last year? Maybe but time machines don’t exist yet and everyone has their own timeline. NOW might be the best time for you.
3 STEPS YOU CAN TAKE TO PREPARE FOR REAL ESTATE SUCCESS THIS FALL
1. Commit to working with a seasoned, local Realtor that you like and trust. Your realtor will start your search NOW even if you aren’t quite ready. Many homes are being prepared to list now and while your realtor is networking with other agents and out on brokers tour she can uncover future opportunities or possibly off market properties.
2. Financing – Know how you are going to pay for your new home.
a. Cash – If you are fortunate enough to have cash, make sure it’s liquid or easily accessible. Cashing out stocks, 401k, etc can involve some paperwork and time. Once in contract the timeline is quick and precise so be ready.
b. Lender Financing – if you have not started the pre-approval process with a reputable, local lender reach out to one Today! Depending on your finances the process can take a few weeks. The best course of action is get fully approved through underwriting. This makes for a stronger and more desirable offer because it creates less stress for the seller. Talk to your realtor and lender about the best strategies for strong offers.
3. Be Available! Clear your schedule. Commit to finding your perfect home. I talk to many buyers who want to find/purchase a home but don’t want to put in the time or work. I hear things like, “if you find the right house for me I might consider it” or “ I can only see homes after 5pm on weekdays and never available on the weekends”. Be available! Be flexible! Finding your perfect home takes teamwork. Your realtor can find the opportunities and provide information and guidance but only you can decide if a house is right for you. If you cannot commit to your realtor and to the process of finding a home why would you expect your realtor to keep you top of mind?
Successful buyers are Ready, Willing and Able to purchase a home NOW
Buying a home is a HUGE decision and one of the biggest purchases of your life. You may only do it once so approach it with the seriousness and commitment it deserves. Even in a softening market, or one that is becoming more balanced, we still live in a community with an on going inventory shortage, limited new construction and high demand. The homes with desirable features, prices appropriately WILL STILL SELL QUICKLY! You need to be ready, willing and able to jump on the opportunities as soon as they come up.
Listen to your realtor. Make yourself available to see homes in person as soon as they come on the market. Make the time to return to any home you are seriously considering. Ask questions. Read through the disclosures and ask more questions. Have your financing ready to go!
If you have been waiting and watching the market you might have noticed prices increased 15-25% during the pandemic, interest rates are higher and demand has temporarily slowed. The reality is prices are not going down, interest rates are not going down in the short term and demand is only going to go up. The time to sit and wait is OVER! Jump off that fence and let’s get started on finding you, your next perfect home and/or preparing your home for the market.
THE TIME IS NOW! Call me so we can get started and make a plan.
Resources:
The Real Estate Market is Shifting