Spring Market Preview 2014

Spring Market Preview 2014

The winter weather has been brutal thisyear in so many ways. It has resulted in a negative effect on the local real estate market. The marketplace was busy into the New Year, but too many snow storms and frigid temperatures have cooled the housing market in our area and all along the northeast. Buyers are waiting for the weather to improve and sellers are holding down the fort hoping the spring market brings forth more activity.

Buyers should use this slow time to get all of their financing in order. I cannot stress enough, how   important it is to have this done ahead of time. You may be very disappointed if your homework is not complete. Mortgage brokers have time to work with you right now and can give you a loan approval based on your financial criteria. All lenders are not equal, so shop around to find one that has a good track record with successful closings. It looks as though most of the buyers are searching for that perfecthome online although we have met buyers out there winging it on their own at open houses. This is a good way to start, but talking with a professional experienced Realtor is the way to go. They will educate and inform you when you are ready to purchase a home. You will be more successful working with an agent who understands your target area, wish list and budget.

Sellers are holding on, waiting for the weather to improve. This slowdown has affected housing prices and they are holding steady at this point. I don’tthink there will be much if any increase in property values this year. It is expected that inventory will increase which will result in a having more homes to choose from and increasing competition among listings. Sellers should use this time to paint, de clutter and make improvements and repairs so their home will shine far and above the other listings. Don’t forget to spring clean both inside and outside. This has a huge impact on how your home shows. One of the biggest trends we are seeing right now, is sellers overpricing their home. For example, if the appraised value comes in around $500,000, you shouldn’t mark it up to the point where the end result will be very little to no showing appointments. Buyers will pay market value for your home, but not more than that. There is so much information on the internet these days; they already have a pretty good idea of what your home is worth before they come through the door. Keep in mind the bank will consider recent sales in your neighborhood when completing an appraisal for anyone applying for a mortgage.

We are currently in the first quarter of the year and will have the closing sales numbers at the end of the month. Follow our suggestions and both buyers and sellers will be successful and happy with their housing transaction this spring.

Betty Bondi
Bondi Realty Group LLC
203-899-9990

 

 

 

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