The sun is shining, and spring is near! This Sunday, time jumps forward an hour giving us back extra sunlight every evening. Early flowers and the birds that enjoy them aren’t the only things coming to life with the change in time and weather - the real estate market across Chester County is springing to life, as well!
How do you win in the continuously competitive spring real estate market? Everyone knows the time is ripe for making moves. The most recent market data shows homes are selling, on average, 2 days faster this year than last year - even with 91 more homes on the market. Whether you’re upsizing, downsizing, moving for work, or just trying to get a change of scenery, here are a few of the tips I share with my clients to help them win in today’s market.
Start Broad, then Narrow Your Search.
Before you start searching for your next home, identify your “must-haves” as opposed to your “would-likes.” While it can be tempting to apply a ton of filters and narrow your search before looking through listings, in the beginning it’s better to start with a more general search. All the home search tools out there are only as good as the information listing agents provide. Starting with a more general search ensures you see even those properties with a minimum of information that could be the next home of your dreams.
Have all your financial paperwork in order ahead of time.
There’s nothing worse than missing out on a property because your financial paperwork wasn’t ready to the point of making the seller confident. That means having everything ready to go - an underwritten pre-approval is best - it demonstrates how ready and serious you are to sellers. The less you have to do between deciding to make an offer and being ready to submit that paperwork, the better.
“First confirmed, first served.”
When scheduling showings, the first people to confirm a timeslot are the first people to get their top timeslot. Many homeowners have been keeping to one showing at a time, so the home may have been sold when later time slots come around. When in doubt, schedule the showing. You can always cancel an appointment, but there’s no guarantee the time slot - or home - will still be available later.
Don’t look at homes without your agent.
You should always look at homes with your agent. It saves you from potential conflicts of interest, avoids potential legal headaches, and ensures the person representing you has your best interests in mind. This includes going to open houses, inquiring about properties online through portals, and any other means of getting information about a property.
When going to a showing, early is on time and on time is late.
There are a lot of buyers in the market right now, and there’s been a trend in not allowing overlapping showings this season. Arriving early to your scheduled appointments gives you an extra opportunity to view the property if the people in the timeslot ahead of you are not there for any reason.
Be ready for weeknight showings after the Daylight Savings change.
A big part of the spring market comes from the sudden explosion of showing opportunities that comes with the extended sunlight. It’s never a good idea to make a decision in the dark, which includes buying a home. During the winter, this mostly limits showings to the weekend. Opening up weeknights more than doubles the amount of showing appointments that can happen in a week, which is great for buyers and sellers alike.
Try to see homes sooner in their showing window than later.
With demand high and more evening showings available, homes won’t last on the market for long. If you wait for the weekend, there’s no guarantee the home will still be on the market.
Stay flexible and prioritize seeing your top picks as soon as they’re available.
When going to a showing, bring your own shoe covers.
It’s muddy out there right now, and negotiations go better when everyone starts from a position of mutual respect. Small gestures of respect can leave a positive impression, especially in competitive situations. This is why I keep them in my car this time of the year. If it comes down to picking between two equally attractive offers, would you pick the buyers who walked mud all through your home, or the buyers who treated the home with respect?
Only a few days remain until the spring real estate market is in full bloom across Chester County and the surrounding area. The forsythia aren’t the only things opening up this time of the year, and real estate opportunities are likely to be just as fleeting. Whatever reason you’re buying this season, it pays to have an advisor on your side with a winning strategy.
If you, or someone close to you, are considering finding a new home this spring, let’s chat! I’d love to help you find the next home of your dreams.
