Persistence for both the buyer and the seller is essential in today’s property market.
Latest data shows many sellers are sitting on the sidelines while motivated buyers compete for the few homes for sale.
The lack of homes for sale is bolstering prices across America, but sellers appear to be reluctant to put out the For Sale sign and refinance to find their next home with rates hovering around 6.5% to 7.2%.
The number of newly listed homes fell 8.1% in August compared with 12 months ago. For buyers, the total number of homes across America was down 8.6%, according to realtor.com. Prices have remained remarkably stable, edging up 0.2%.
This checklist will help you prepare to catch the property rebound.
Prep now
You can’t always find a contractor when needed, so address any maintenance issues or minor repairs now. Stay in your lane when it comes to DIY. Unprofessional work diminishes value.
Finance
You have time to drill down on available finance deals if you need to refinance to purchase your next home. Rates are running hot at 6.5% to 7.2%, but lenders are offering deals as they try to use market conditions to win clients from rivals.
Find an agent
Engage with an agent today to understand the price trends in your neighborhood. If you’re staying in the area, they’re perfectly positioned to help you find your next dream home.
Sweet deal
Work with your agent to settle on an asking price that will not over-shoot the market or under-value your most important financial asset. Strategize incentives you might offer buyers to seal the deal.
Flaunt it
Work with your agent on the most attractive aspects of your home for buyers. Accentuate these elements to achieve the best price.
Market watch
Keep an eye on market conditions. In real estate, they can change very quickly. If a city or neighborhood has a couple of solid selling weeks, the mood of the market lifts. That’s the wave you want to catch!