Spring Market 2018: The Wild West of Real Estate
Navigating the choppy waters of the market, and coming out ahead of the competition.
You've been dreaming of it: that perfect home, in the ideal colors, with all the latest trends present. And you've looked online for it. Likely, by now, you've realized for that dream to become a reality, there is a lot more strategy involved than finding a fixer-upper and having vision.
Since the spring market of 2017, housing inventory has managed to drop 8.5% in a year -- following what many seasoned agents and brokers knew as already being historically low inventory. This is according to Realtor.com Chief Economist, Danielle Hale, who also noted that for 42 consecutive months, inventory has fallen. Couple those statistics with the fact that 40% of the buyer population has been looking for 7 months or more, and you have a recipe for fierce competition.
Despite odds stacked against them, a reported 60% of active buyers feel hopeful in finding THE home, many within the next 6 months. The buyers that will be most successful? Those that have not only made contact with a lender, but who know for certain what they can and can't afford. These folks have likely lost out on a home (or two, or five!); they are ready to pull out all the stops. Top strategies for now-seasoned buyers: down payments of at least 20%; larger earnest money deposits; and offering over asking price.
Spring doesn't have to be a losing game for buyers. They need an agent that not only can offer guidance and support, but also strategically plan for a highly competitive market. Thinking about buying? Call The Blanchard Real Estate Team at Coldwell Banker Prime Properties, and lets chat over a cup of coffee!