Busy spring buying season brings more choices for buyers
Real estate has been called a rite of spring – and for good reason. Warmer weather beckons prospective homebuyers and sellers out from winter hibernation.
Households with children commonly choose to buy a home in the late spring to delay a move until the summer months when school is out and to get settled in before school starts. With or without children, home buyers or sellers often choose to move during the warmer months, making spring the most popular time to buy a home.
Nearly every spring, more sellers put their homes on the market, increasing the inventory of available homes. But with continuing low interest rates and high demand, we’re seeing inventory levels at record lows.
Many more homes are needed this spring to meet the demand, so those homes that are priced right and show perfectly will not last long in this busy market. Even more so than in previous years, we’ve seen multiple offers placed on a home within hours of it going on the market.
Dayton Realtors recommends that both buyers and sellers enlist the expertise and experience of a Realtor to guide them through the entire process.
A Realtor can get the seller prepared to sell and the buyer prepared to buy. Realtors have a wealth of knowledge about the ins and outs of the real estate transaction and also understand the varying market conditions of the many area communities. Both buyers and sellers have access to a lot of information on the Internet, but statistics show that using a Realtor in either position nets more money in the pocket at the end of the transaction.
If you are thinking of buying or selling a home this spring, don’t be intimidated by the process. Overall, the fundamentals of the real estate transaction remain the same as in past markets.
The first thing a buyer should do is get preapproved for a loan. It’s not necessary to use the lender that provides you with your pre-approval letter, but it is essential that you secure a preapproval letter before beginning your search. This will let you know how much you can afford and prevent you from wasting time looking at properties that may not work for you.
Next, a buyer should always get to know the different areas and their amenities and then determine which areas will work best for them. They should then check out the available homes in these areas thoroughly, before making an offer on the property that they have selected. As always, home inspections are a very important part of the transaction, so their Realtor can help them through this and the process of negotiating any needed repairs.
Sellers, too, must always decide on a number of key steps to make their property an attractive one for purchasers. Decisions include how to price and market the property, how to prepare the house for sale, and how to attract qualified buyers. Their Realtors will offer them the knowledge and expertise needed to effectively handle these important steps and counsel them on how to stage the property for video and photos.
The current real estate market is moving very quickly with changes in pricing and negotiating occurring by the hour or day instead of by the week or month. Not only does using a Realtor help you save money, but it also helps you save time. Statistics have shown that the typical homebuyer spends about eight weeks actively searching for a home.
While searching, recent homebuyers typically view over ten homes. While there are more than 17,000 homes bought and sold each year in the Dayton area, each transaction and home search is different.
The time spent working with a Realtor can be a tremendous asset in the search as you sort through a mountain of possibilities in price, location, size, amenities, and structuring your offer.
If you are thinking of selling your home or buying in this spring market, do your homework about the housing market and talk to a Realtor.
Housing is a good longterm investment and a Realtor can help both buyers and sellers navigate the changing market.
Working with a Realtor will provide you with the necessary resources to succeed in the busy spring real estate market.
For additional tips on buying a home or selecting a Realtor, visit the Dayton Realtors website at daytonrealtors.org. Contact a Realtor today.