The Spring Real Estate Market is coming on strong and sellers are in the driver’s seat. As quickly as homes are coming on the market, they are selling fast. Sellers are pricing their homes optimistically and most of the time, they are selling, with bidding wars becoming more and more common.
Buyers are pounding the pavement looking for homes but inventory is low and when a great home comes on the market, the competition is stiff, and many homes, if priced right, may go for above asking price.
Properties stayed on the market for an average of 34 days as opposed to 45 in February. Many buyers are dropping home sale contingencies and coming in with cash to purchase a home in this market.
First time home buyers may find it hard to compete with cash offers and appraisals could be a problem with mortgage lenders, with appraisals coming in much lower than sale prices.
Home prices may continue to rise but slowly, and while mortgage rates are slowly rising, now is the time to purchase a home before rates rise even more. While inventory is low, new home building may help.
Buyers must be diligent and act quickly if a home comes on the market. Open Houses have been particularly busy and many offers are coming in within days of a home hitting the market. Acting quickly can make the difference between becoming a homeowner or still living in a rental.
The Spring Market is an exciting time in the real estate world for buyers and sellers alike and diligence will pay off in the end.
Visit www.boldmovesrealestate.com for a great team of BOLDIES to help you navigate through the volatile spring market. Now is not the time to go it alone. Let the experts help you.
This blog was posted on www.boldmovesrealestate.com on April 27, 2017.