March Madness

March Madness 

Last March, March 2020, was a fork in the road many of us didn’t see coming.  Reflecting back on the past year, there is so much to give reverence to, both out into society and into our own personal lives.  Myself, I remember those first weeks of the COVID pandemic as a time of unknown: fear and worry, missing my parents and friends, made-from-scratch banana bread and beef stroganoff, gin martinis, puzzles, and most of all, an incredible, fast-sweeping gratitude for our then-gone normal life.  Last year, there was no article telling you what to expect in the real estate market; there was no guideline for you as a seller, or a shopper, because as real estate professionals, we really did not know what would become of this virus and the market.  Reflecting back, the rest of 2020 and these first months of 2021 have been a true astonishment for the real estate market, and unlike a year ago, we know exactly where things are headed, and so must you if you are selling or shopping this year.  Read on to find out our most crucial tips for braving the real estate market this year. 

10 Shopping Tips

1. You must get preapproved first.  Strive for a conventional loan, as this is most appealing to sellers.  

2. If you don’t qualify for conventional financing, prepare in advance for loan-required work items that must be negotiated, and be willing to help the seller with them.

3. Start shopping ASAP.  Listed homes are in severe shortage, so getting your eyes on and in homes sooner rather than later is imperative so you can make faster decisions when you find the one.  Open houses, private showings, virtual tours, see as much as you can as soon as you can.

4. Save up as much money as feasible.  Seller-paid concessions for your loan expenses and/or home warranty will be deal killers.

5. Focus on your monthly payment, not price tag.  Interest rates are very low right now, hence borrowed money is incredibly cheap and your payments will even out.

6. Competition is fierce. Don’t be surprised if you have to write several offers before getting yours accepted.  Also don’t be surprised if you have to pay over asking to get a seller to pick your offer.

7. Buying “as-is” while still exercising your right to a regular home inspection may help you win the offer (but please consult with your real estate consultant beforehand to know all of the details of this option!).

8. Do not buy the first house you look at!

9. Not all lenders offer the same loan products.  Shop around for who fits you best.

10. Not all realtors offer the same level of service.  Consult friends, family, and online reviews to know your options.

10 Selling Tips

1. Your house MUST go to market.  You are leaving money on the table if you are not having ALL potential buyers see your space.  If you are priced right, you will sell swiftly and potentially will have the opportunity to receive multiple offers, which will drive up your price.

2. First impressions are the most important.  Having good curb appeal, and a fresh and clean lawn/entryway will go a long way.

3. Cleanliness is next to Godliness.  Pay attention to your kitchen appliances, tile grout, window sills and panes, ceiling fans, light switches/toggles.  Spending a few hundred dollars for professional cleaners will no doubt come back to you in the offer you accept.

4. You need professional-looking photos.  Online presence is more important than ever and drives the activity (aka showings!) to your home.  Don’t settle on this.

5. Quartz or granite remnants for your bathrooms is the best kept secret around.  Ask your real estate consultant for other low hanging fruit projects.

6. Paint any peeling and chipping paint, especially in/around windows!

7. Ensure your realtor allows all potential buyers to view your home before accepting an offer.  This will allow you time to review all offers and choose the best option.

8. If your house is $300,000 and below, and you don’t have multiple showings and an offer within a few days, your price is wrong.

9. Personal property is always negotiable.  Do you want to keep your washer/dryer, TV mounts, drapes, garage storage units, or anything else mounted? Be sure to convey this to all potential purchasers.

10. Home warranties can help cover your major systems during your listing coverage, but also are a good insurance policy for your after you close, ensuring you won't get any complaints about your water heater, furnace/air conditioner after closing.

And there you have some very good tips for the next few months. This is by no means comprehensive, so start discussions with your preferred real estate professional today. If you want to know more about Realty One Group’s unique approach to elevating your home shopping or selling experience, call one of our agents today. 

Kathie