As the weather warms up for spring, so too does the housing market. Historically, spring is the busiest time of year in real estate, with many buyers and sellers taking advantage of the warmer weather and the feeling of renewal in the air.
A busier spring market is great for both sellers and buyers as there’s more variety and opportunity. However, it also means there’s more competition. How can you stand out in a competitive spring market?
For Sellers
Price Right—Right Away
Start off on the right foot by pricing your house well from the get-go. Pricing too high can leave your home sitting on the market, whereas pricing too low can get you offers you aren’t happy with. Be sure to consult with a real estate agent who’s knowledgeable about selling in your area.Prioritize the Right Repairs
If you plan to repair or renovate your home before selling, be sure to look into what will net you the best return on your investment. For example, many buyers will be looking for updated kitchens and bathrooms, whereas an office or extra room could be left as is. Some buyers may be looking for a new garage door, whereas others would prefer it if your deck was refinished.The best way to determine what will be the best return on your investment is researching your local market trends. Ask your Realtor® for a breakdown of homes that have sold in your area quickly or for above asking and see if they have elements in common.
Check out our article on The Best Renovations to Add Home Value for a general idea of renovations that will get you a good return on your investment.
Set the Stage
Staging can dramatically impact how quickly a home sells—and for how much. Professional staging is always an option, but staging your home yourself can also be very effective.The most important things you need to remember are:
- Declutter and depersonalize: Clean out unnecessary clutter and remove sentimental items.
- Lighting: Ensure each room has sufficient lighting, both from natural and artificial sources.
- Maximize space: Organize your furniture and rooms in a way that makes the home feel as spacious as possible.
- Clean: Clean, clean, and clean some more! Having potential buyers walk into a clean home will give a good impression right off the bat.
Make It Easy to Show
Try to be as open and flexible as possible with showings and be ready for the possibility that some may want to see your home last-minute. Showings mean people are interested in your home, so be sure to accommodate them as much as you can.For Buyers
Get Pre-Approved
Getting pre-approved for a mortgage will give you a firmer idea on your price range as well as show sellers that you’re a serious buyer. Having all your documents in order can also save you from having to rush through the approval process during the conditional period.
Know What You Want
Having a solid idea about what you’re looking for in a home will make house hunting much easier. Go in with a budget and a list of must-haves (and nice-to-haves) so that when you find something you like you can move quickly.Be Prepared to Offer Strong
A busy market can mean multiple buyers and thus multiple offers. Going in with a lowball offer can be strategically beneficial in some circumstances but is less likely to work out in a competitive market. Be sure to consult with your agent to come up with a strong but comfortable price.
Work With a Professional
From your broker to your real estate agent, be sure to get opinions and help from people who know the market well. Consulting with experienced professionals can ensure that you get exactly what you’re looking for while staying within your budget.The spring market is loaded with opportunity, but it can also move quite quickly! Whether you’re a buyer or seller, be sure that you’re entering the market informed and prepared.
