3 Tips to Succeed in Today’s Real Estate Market

Whether you’re a buyer or a seller, there are three tips you need to know to succeed in today’s market.

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In today’s highly competitive real estate market, where inventory levels are not keeping pace with the constant stream of buyer demand, there are three steps you can take to ensure you’re most prepared for success when buying or selling a home. These tips come from a fellow real estate blog called “The Skinny on Skinny Inventory.”

First, be prepared. If you’re buying a home you should talk with a lender and a Realtor before even looking for a home or making an offer on a property. Being intentional, pre-approved, and prepared will set you up for the accelerated time tables that come with a highly competitive market. If you’re the most prepared buyer, you have a readily secured financial approval, and you’re ready to move fast, your bid will be much more attractive to sellers than others. 

If you’re selling your home, you want it to be in show condition before it even hits the market. Also, be prepared for showings the first day it’s listed.

Finding a way to stand out from the crowd by getting creative will improve your chances of getting the home you want.

Next, think strategically. If you’re a homebuyer and don’t have a home to sell but can be flexible on the closing date, this can help your offer stand out. If you’re a buyer who needs to sell your home, your first step should be listing your home with a real estate professional before looking for a home. This process can be smooth with the right real estate agent guiding you. 

Lastly, seek out the ugly ducklings. Consider looking for homes that have been on the market for a while and then investigating why. The reasons might be a deal-killer, but it only takes one ugly duckling to turn into a swan. Finding a fixer-upper or a home that needs a little love might be your best option to guarantee that you find a home in the neighborhood you want. The worst home on the block will go for a steal or below market value and offer instant equity once you fix it up. 

If you’re a seller, regardless of your home’s condition, know that there’s a buyer out there for every home. By pricing your home under its current market value and having a strong marketing and advertising plan, you home will get sold.

In today’s market, finding a way to stand out from the crowd by getting creative will improve your chances of having a home to call your own. 

If you have any questions about succeeding in the market or you’re thinking of buying or selling a home, please don’t hesitate to give me a call. I’d be happy to help you.

Will Inventory Shortages Slow Down Our Market?

Because of the shortage of inventory in our market, now might be the time to sell your home. If you’re a buyer, you also need to act fast because homes are moving quickly.

Buying a Lancaster County home? Get a Full Home Search

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Our housing market is moving along in positive recovery mode. In most price ranges, both home sales and home values are up. Distressed homes have fallen, and it looks as though our market is racing forward this year.

However, a lack of inventory may cause this momentum to slow down. It appears that buyer demand will remain strong over the summer, but supply will not be able to keep pace. Lawrence Yeung, the chief economist at the National Association of Realtors, says that sellers are in the driver’s seat this spring. Intense competition for fewer homes for sale is forcing buyers to be aggressive in their offers. They’re showing resiliency, though, given the challenging conditions. 

Supply can’t keep pace with current buyer demand.

Freddie Mac says that tight housing inventory has been an important feature of the housing market—at least since 2016. Inventory for starter homes is currently at its lowest level in more than 10 years. To quote Pro Teck CEO Tom O’Grady, “The lack of inventory is real, and could have a severe impact on home sales in the following months.”

The bottom line is if you’re thinking about selling your house, now may be the time. Demand for your house is strongest when there is little competition among other sellers. If you’re thinking about buying a home, you should keep your eyes peeled—homes are moving very quickly. 

If you have any questions about our market or are thinking about buying or selling a home, feel free to reach out to me. I’d be happy to help you.

3 Reasons Why Now Is a Great Time for Our Market

Should you buy or sell a home this spring? I’ll go over three reasons why now is a great time to do either today.

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Selling your Lancaster County home? Free Home Price Evaluation

There are three recent developments that make this spring a great time to buy or sell a home. 

First of all, mortgage interest rates have stabilized. Last July, we hit an all-time low of 3.4%. Rates went up after the election and reached a high of 4.31%, but they have stabilized over the past three months. Despite the increase, they are still historically low, making now a great time to buy. 

Secondly, employment is up. The U.S. Bureau of Labor and Statistics says that there were 235,000 new jobs in February, and 2.3 million new jobs over the past year. This reflects continued growth in business and consumer confidence over the recent months. 

Housing inventory is at record lows.

Finally, housing inventory is at a record low in most price points. February saw a 17.9% drop in the number of homes on the market year over year. 

What do these developments mean for you? 

If you are thinking of selling your home, you will be able to do so quickly right now, as inventory is low and demand is high. You will also be able to sell your home for top dollar. 

If you have any questions about what your home is worth or if you would like to know more about our current market, please don’t hesitate to reach out to me. I would be happy to help you!

How Do Rising Rates Affect You?

Mortgage interest rates have shot up a bit recently. They’re about to shoot up a whole lot more. 

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The Federal Reserve is the entity that sets interest rates and they meet on a quarterly basis. Last year, they increased interest rates twice in their four meetings. 

When they met in the first quarter of this year, they increased their benchmark interest rates again by 0.25%. However, this move was widely anticipated by the market and mortgage rates aren’t expected to go up in the next few weeks. They are expected to increase rates at least two more times this year. What does this mean for buyers and sellers?

If you’re thinking about selling, now is the time to list so you can sell for the maximum amount of money possible before rates go up and decrease buying power. Right now, demand is high and inventory is low. That’s a perfect storm for sellers.

Now is the time to sell for max money.

If you’re looking to buy a home, increasing rates could greatly affect your buying power. Let’s say you are approved for a $300,000 loan right now with a 4.5% interest rate. If rates went up by just 1%, you would only be able to afford a $270,000 home at the same monthly mortgage payment. Take advantage of rates where they are now and lock in a low one before they go up even further.

If you have any questions for us or you’re interested in buying or selling a home, give us a call or send us an email. We would love to hear from you.

Why Should You List Your Home Now?

Right now is the best time to put your home on the market for a few reasons.

Buying a Lancaster County home? Get a Full Home Search

Selling your Lancaster County home? Free Home Price Evaluation

Every year around this time people ask, “When is the best time to sell my home?” The answer is right now! 

Most people believe that the spring is the best time to sell their homes. However, right now inventory levels are incredibly low, the days on market have decreased, and multiple offers are commonplace. 

If you decide to list your home now, you have an advantage over those who are going to wait a month or two because they will face more competition when they finally go on the market. 

You will have much more competition if you wait until spring to list.

It is going to be a fantastic spring market and demand is going to be at an all-time high over the next three to four months. Getting ahead of the competition will ensure you can take advantage of that demand before competition increases. 

If you’re thinking about selling your home and would like to learn how to get top dollar, please feel free to give me a call or send me an email. I look forward to hearing from you!