This past Sunday was certainly beautiful. As I walked with my clients into our second open house of the day, a tree in the neighbor’s yard was blooming with most fragrant flowers- letting us know that Spring is upon us. Inside, the home was bustling with anxious buyers, exploring every room- another definite giveaway that Spring is here. With it, comes ready buyers into an already short supplied market. Listed homes are receiving multiple offers. (the last 7 contracts that I have written have been in multiple offer situations). What does this mean for buyers?
*Get a pre-approval letter from your lender BEFORE you look. Most buyers think the first first step in buying a home is finding one. In this market, you may find it, but if you haven’t began the financing piece, it will be gone before you can get the pre-qualification done with your lender.
*Don’t procrastinate – if you want it, you better have your agent write an offer right away.
* Come prepared to present your best offer from the outset.
* Be realistic- as the market shifts away from a “buyer’s market” – Sellers may begin to shy away from offers with excessive add-ons or those significantly lower than list price.