2022 is here, and a new year brings new home sellers, owners, and buyers. Here is what Michele Eilers, Partner and Managing Broker at Prism Realty Partners, has to say about what to expect this spring in real estate and how to prepare for the spring real estate market!
1. What should sellers do now if they want to sell in the spring?
“When the weather is dreary outside, it’s the perfect time to tackle projects inside. Some projects can be cleaning out cabinets, closets, attics, etc., while the temperatures are cool. Homeowners can also touch up paint, take care of those drippy faucets, and fix other minor lingering home repairs. But most importantly, strategize for where you will move to – whether buying, renting, or building, you’ll benefit from the strong market as a seller, but it can be challenging on the flip side.”
2. How can buyers best prepare for the spring real estate market?
“Have your finances in order! Be sure to stockpile cash as you will need it in this highly competitive market. Open your mind to a variety of criteria for a new home – since inventory is so limited (and we expect it to remain tight), you have to be flexible with your wants and needs. Be sure your debt is very low to allow you as much purchasing power as possible. Interest rates will likely creep up higher this year, which will add to the cost of homeownership.”
3. If you could give sellers one word of wisdom about our real estate market, what would it be?
“Just because the market is strong, you must hire a professional realtor/broker to guide you in preparing your home, pricing it right, negotiating with your best interest in mind, and getting to closing efficiently.”
4. If you could give buyers one word of wisdom about our real estate market, what would it be?
“You MUST have an experienced, seasoned realtor/broker AND loan officer on your team to win in this competitive environment! There are so many important business points in a real estate transaction that can be easily overlooked during the hype of a crazy market. The professionals you are working with should provide strong, intelligent advice and guidance and keep your ultimate goals in mind.”
5. How will new builds and new construction impact the market this spring?
“Due to rapidly increasing construction costs and supply chain issues, builders are giving buyers fewer to no selection options. As mentioned above, keep your wants/needs very broad, and don’t be afraid to make cosmetic changes after closing. Also, builders are building as fast as they can with as few employees as possible, so it is essential to get a third party inspection throughout the new construction process – foundation, pre-drywall, pre-closing, and before any warranty expiration period.”
6. What’s one trend you’re seeing that buyers or sellers may not be prepared for?
“Rising interest rates! This affects what prices buyers can afford to pay, which impacts both sides of the sale transaction.”
If you need help buying or selling a home this year, contact Prism Realty today! We’re here to offer our expertise and help you achieve your real estate goals.