Hello and welcome to your monthly market update!  The Spring season is shaping up well, with moderate inventory growth compared to the much lighter supply we’ve seen in recent years.  Also, good news is that interest rates are stabilizing, following the volatile status we’ve seen in the previous quarters.  And it’s always a good sign when more first-time homebuyers and young families enter the market, which is what’s happening now.

Let’s discuss what all this means for both Buyers and Sellers.

For sellers, strategic planning is essential.  Your home must be priced correctly from the start to have a greater chance of selling faster and for better profitability.  I write about curb appeal a lot.  First impressions make all the difference, so investing in curb appeal is highly recommended.  Inspections can be expensive, but investing in a pre-inspection to address any issues before they become negotiating points is well worth the smaller investment of a pre-inspection.  Great news, traditionally, Spring and Summer are the busiest seasons, so expect more activity around this time.

For buyers, be ready to act quickly on desirable homes, as there is healthy competition in desirable neighborhoods. Get pre-approved before you start looking.  First, it helps to know how much home you can buy, and second, it gives you negotiating power when you want to submit an offer on a home.  Most home sellers will not accept an offer if the buyer isn’t pre-approved. Consider looking slightly outside of your ideal area to find bargains or better deals in this competitive market.  Focus on your top 3-5 must-haves.  Your must-haves should include structural items, over cosmetic features that can be easily updated.