What buyers need to know about the spring market
The busier spring real estate market is fastapproaching, so buyers (and sellers) may be interested in taking steps to prepare. During this time of year and into the summer, sellers are eager to list their homes and buyers have opportunities to explore newly available inventory. If you’ve been gearing up to start shopping for your dream property, now is the time to work with your agent to make preparations. Here, we share insight into the market so you can head into the spring market with confidence:
Under $3 million is highly competitive
In our high cost of living area, it can be challenging to find homes under $1 million. Even the market for properties $3 million and under is extremely competitive. If you’re looking for homes priced below $3 million, it’s critical to be aware that you’re working with a very strong seller’s market. Under $3 million, there are just a couple weeks’ worth of inventory available. This means that we’re seeing homes in this price point fly off the market and incite bidding wars, similar to what we experienced when inventory was astoundingly low in January 2021. Buyers interested in landing a home under $3 million should work with an experienced realtor who’s an expert in negotiations to give themselves the best chance of putting in a successful offer.
The market is balanced for homes $5 million and up
In the ultra-luxury market (homes $5 million and above), we have adequate inventory to meet the current level of buyer demand. Because there are more $5 millionplus homes available on the market at present and a much smaller buyer pool in this elevated price point, buyers and sellers have equal power in negotiations. Although we expect to see more of these listings hit the market as the weather warms up, properties priced at $5 million and up will still be harder to come by than those $3 million and below. Buyers should also take note that since homes in the lower price points are selling so quickly, this opens up more “move-up” interest in the $5 million-plus price range. So, if you’re planning to shop within this price point, be sure to work with your Realtor to set appropriate expectations. Regardless of your budget, it’s crucial to keep in mind that the market conditions behave differently for each price bracket. Even homes on the same street can have very different levels of buyer competition, so we recommend going in with clear eyes and an experienced agent in your corner. Whether you’re shopping for homes in the $1 to 3 million or $5 million-plus range, we’re here to do everything we can to deliver results. Jennifer is an award-winning, licensed Realtor® at milehimodern real estate with more than twenty years of experience. She specializes in Luxury neighborhoods, home builders and current market conditions. Visit jenniferegbert.com, e-mail by visiting jenniferegbert.com/ contact or call 720.802.3050.