Spring is almost here and it is usually the busiest time of the year in the real estate market. The last year has been somewhat unpredictable in real estate as well as other parts of life so we are unsure exactly what to expect in the Spring real estate market.
While we can’t be exactly sure what to expect in this year’s market, here is what we do know.
- Listing inventory is at an all time low. In most cases, homes are selling very quickly and at times for more than list price. Many properties are getting multiple offers, which drives up prices even more.
- Mortgage rates are at an all time low leaving buyers with more buying power than in the past. While this doesn’t mean their budget is unlimited, it may mean they are able to stretch their price range further than in the past putting more demand in some price ranges.
- Buyers are waiting for homes to hit the market and watching websites to see if the latest listings meet their needs. If you list your home, you should expect to have a surge of activity as soon as it is active. If you don’t see immediate showings once your home hits the market, take a hard look at the price and photos to see what the issue is.
- Do your homework. If you want to sell, take a look at your competition from a pricing perspective as well as condition and options. The best homes will see the most showing activity and receive the best offers. While the market is strong, that doesn’t mean you can expect to sell a home in poor condition for an above average price.
- Don’t be scared to sell your home because you might have to spend more than you want on a new home. Here are the facts. Your home will sell for more, which means you will have more to spend on your next home. In addition, there is a good chance the mortgage rate on the home you buy will be less than your current mortgage rate, meaning your new mortgage payment could be less than you are spending now depending on the price of your new home.
If you need to discuss your specific real estate situation and how to make a move in the current market, give us a call anytime.
The Janis Penick Team
RE/MAX Bastrop Area
Serving Bastrop, Cedar Creek and Smithville
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