Spring is just a couple of months away, and soon the spring real estate market will be in full swing once again. Have you been considering making 2020 the year to downsize, trade up, or buy your first or next home? If so, there are things you can do now to remain competitive in another anticipated, lively real estate season. Continue reading to learn how you can prepare to reach your home buying or selling objectives this year.
Thinking about selling?
- Plan ahead to help reduce your stress, and make the home selling process much easier on you and your household. Don’t know where to start? Contact us and we can help you create a plan, and advise you on things such as what home improvements to make or skip, in order to get you the highest price for your home.
- Now is the perfect time to organize and de-clutter your home. Buyers will be considering the storage options a home offers, so de-cluttering places such as your pantry, closets, garage, and basement can help these spaces feel larger. In addition to helping your home show better, your belongings will already be organized for moving day and you will have less to haul.
- Be prepared to move out quickly. The low supply of homes for sale has caused pent up Buyer demand in certain real estate markets. There is currently high demand for starter homes and homes priced below $300,000 in Oconomowoc and the Lake Country area. If you plan to sell your home in this price range, it is recommended to have plans in place to be able to move out quickly.
- If your home is in the higher priced market, it is a good idea to consider the competition and plan to price your home competitively. Higher priced homes have not been selling as quickly as the lower priced, starter homes in the area. Your realtor will be able to show you what similar homes have been listed and sold for in the area, along with the average number of days on the market.
Looking to buy?
- In certain markets, current housing prices are high, and is a crucial reason to know the true cost of home ownership. In addition to your monthly mortgage payments, you should be prepared for expenses such as property taxes, home owner association fees, garbage and recycling fees, private mortgage insurance, and homeowner’s insurance to name a few. For more information about Buyer expenses, check out our blog: Hidden Costs Every Buyer Should Know About Buying a Home.
- Talk to your lender to get pre-approved for financing. This will help you create a budget and understand what your housing options are. In today’s competitive market place, providing a pre-approval letter to a Seller shows that you are a serious homebuyer that can afford to purchase the home.
- Be prepared that it may take a while to buy a home and to act quickly when the time comes. The lack of homes for sale in Oconomowoc and surrounding area, in certain price markets, has made it tough for some house hunters to buy a home. It’s important to know it may take a while to get an accepted offer and that it is critical to act quickly on a home you like.
- Hire a real estate agent and start your house search now. As mentioned above, it may take a while to buy a home in today’s real estate market so starting earlier in the year can help. Hiring a professional REALTOR® to work for you is your best bet to find and purchase a home in the Oconomowoc Area’s tight housing market. They may be able to find you homes before they are officially listed on MLS, and can help you write competitive offers.
If you’re thinking about buying or selling this year, now is a great time to start planning for the upcoming spring real estate market. Contact us if you have questions about the current market conditions, or if you would like to discuss the next steps to start the home buying or selling process.