It’s true that home inventory remains low and demand continues to be high this spring. Though we’re not sure when the real estate market will even out, we do know that if you plan to buy a home this spring, the key to an accepted offer is to prepare and plan in advance.
Here are a few things that you can expect from the market these next few months:
-Low inventory will continue to be an issue. Many sellers are not listing because they don’t know where to go, or due to job uncertainty. It’s more likely that we will continue to see seasonal shifts in inventory as we approach the summer/fall.
-Mortgage rates and home prices may inch up further. Rates are still low but have been creeping higher. While buyer demand remains strong, sellers are often receiving multiple offers and entering bidding wars which drive up home prices, too.
-Downtown areas are seeing renewed activity. Although people sought larger homes and outdoor space in response to the pandemic in 2020, urban real estate markets are beginning to pick up again. Even in New York, once the epicenter of the coronavirus, contracts are up and homeowners are seeing signs of market rejuvenation.
-You might have to get creative. The highest offer isn’t always the best offer. When we work together to find your dream home, we’ll help you get pre-approved, craft a competitive offer and bring everything I have to negotiations. It might not happen on the first or second try, but we will stick with you until we can say our favorite words: “you got the house!”