So many buyers; So Few Homes for Sale

By Tori Sheridan

All across America excited home buyers enter the market to be met with the stress and disappointment of the low housing inventory that's affecting markets nationwide. While it may take some time for inventory to rebound, here are a few contributing factors and ways that you can increase your odds of finding the perfect place to call home. 

Contributing Factors to Low Housing Inventory

Interest Rates

Interest rates dipped to record lows and many homeowners refinanced. Most homeowners locked in these low rates and are reluctant to sell. Instead, they’re choosing to wait until the market stabilizes.

New Home Builds 

Building materials skyrocketed and there was a lack of skilled tradespeople to build new homes.The lack of new construction homes built in recent years contributes to the low inventory we see now. 

Millennials Entering the Market

Millennials have surpassed the Baby Boomers as America’s largest living generation. They are now of home-buying age and with Gen Z right behind them, the demand for housing will most likely remain tight. 

3 Things You Can Do to Increase Your Chances of Finding Your Next Home

Work with a Realtor

Realtors not only have access to the Multiple Listing System, but they also have a pulse on your local market and a network of agents that they communicate with on a daily basis. They will get the inside scoop on what’s coming to market and will make sure you are first through the door when showings start. Realtors also usually have “pocket listings”; sellers who do not want their homes on the internet, but will still entertain showings & offers. 

Life Events

Births, deaths, divorces, and job changes are all major factors in making the decision to move. If you know someone considering selling, it never hurts to ask if they’ll sell off-market! Network with family and friends to see if they know anyone who may need to list their home.

Narrow Your Search & Get to Know the Neighbors

If there’s a particular neighborhood you want to be in, get to know the neighbors and get the inside scoop on who might be thinking of moving.

Preparing to Buy and Sell this Spring

By Tori Sheridan

Preparing to Buy & Sell this Spring

While the real estate market has slowed a bit with rising interest rates and lack of housing inventory, the spring market is still shaping up to be another competitive one. With summer on the horizon, buyers with children begin their spring search with hopes to close on their new home before school starts again in the fall. Spring is also the season that most homes in the Northeast look their best with trees & flowers in bloom, landscaping beds mulched and siding freshly power-washed. No matter which side of the sale you’re on, the few tips below will help you prepare for the 2023 Spring market.

Buyers

• Get a Mortgage Pre-Approval
  Before you start looking for a home, get pre approved with a lender to know how much you’ll be able to afford. With volatile rates, find a lender with a creative financing strategy. Realtors & sellers will take you and your offer more seriously when backed by a pre-approval and you won’t lose out on your dream home to someone who has already gone through the process.

• Be Open to Fixer Uppers
  Low inventory means more buyer competition especially on the most well-maintained properties on the market. If you’re open to doing a little bit of work, you may be able to purchase in a neighborhood you might otherwise not have been able to afford. In some cases, you’ll have instant equity and in most cases the potential for great “sweat equity.”

• Find a Home that Fits Your Lifestyle
  So much has changed since 2020 and that is especially true for the way we live in our homes. With more people transitioning to hybrid work schedules, home schooling, and fully remote work, we’re spending more time at home than we ever have before. Make sure your new home has the right amount of space and functionality. Don’t get too stuck on the formal name of a room. Add doors to a formal living room to transform it into a home office, use an extra bedroom for a playroom or walk-in closet or find a small nook that can transform into a homework station for the kids. There are so many creative ways we can use our homes that will allow for the whole family to live and work comfortably side by side.

Sellers

• Hire a Realtor

The Pennsylvania Standard Agreement of Sale is a legally binding contract that lists the terms & conditions of the sale and obligations of both parties to the transaction including important deadlines for those parties to meet. Make sure your Realtor knows the contract well and can guide you through the process. With inspections returning, sellers will need someone that can navigate them through these negotiations as well. When interviewing Realtors, make sure they understand the current market conditions and can realistically price your home for the current market, not the market we saw a year ago. Realistic pricing will help you achieve a great price for your home.

• Take Advantage of Your Home’s Equity
  Most of the country experienced tremendous growth in home equity these past few years. There are several ways to use this equity and increase your purchasing power. Meet with a reputable lender to discuss options on using your home equity to purchase a second home or investment, leverage your current property to purchase your next or use your equity as a down payment. Tapping into your equity may lessen the stress of your move by expanding your options and potentially avoiding a home-sale contingency.

• Make Repairs & Upgrades
  Before listing your home, take some time to make repairs to anything you know in need of attention or maintenance. Do some market research by attending open houses to see what upgrades and staging trends are helpling to sell homes in your market. Consider hiring a home inspector and taking their recommendations on what you should repair before listing your home.

Winter Can Be the Ideal Time to Sell Your Home

By Tori Sheridan

While the spring real estate market has the highest inventory of homes for sale and the biggest buyer pool, winter is still a great season to sell your home. In fact, according to Bright Multiple Listing System, close to 500 homes sold in Delaware County in February of 2022! With less competition from your neighbors, and serious buyers who will come out to tour your home no matter what the wind chill, winter months can offer the best opportunity for selling your home. Here are five tips for selling your home this winter:

1. Stage your Home

It doesn’t take a ton of time or money to create a cozy, comfy vibe that will make your buyers feel right at home. Place a throw blanket on the arm of a chair, set the table to look like you’re hosting a dinner party, light the fireplace and bring some fresh cut flowers into the kitchen. Minimize the amount of furniture you have to make the home feel larger and depersonalize by storing away your family photographs and sports memorabilia. There are a ton of great staging articles online and most Realtors have a relationship with a reputable home staging company.

1. Get your Home Professionally Cleaned

A professional deep clean of your home will allow it to show like new! Hire someone to give the home a really good scrub and make it sparkle before showings.

1. Turn the Lights On

The sun sets earlier in the winter months and many buyers are viewing properties in the evenings. Make sure that your walkways, doorways, patios and decks are well-lit, not only for safety reasons, but you’ll want to try your best to make any garden space or lawn areas visible. The inside of your home should be bright also. If you don’t have overhead lighting, make sure to add table lamps or floor lamps to help buyers see the space.

1. Winter Curb Appeal

While it’s disappointing that you won’t be able to showcase your gorgeous crepe myrtle and blooming hydrangea in the winter months, you can still have an attractive exterior with a little bit of clean up. Remove any dead leaves that have piled up in your landscape beds, power wash your siding & walkways and hang a wreath of winter greens on the front door.

1. Market Strategy

Most importantly, work with a Realtor on a strategic marketing plan. A good Realtor will have an off-season plan that differs from their spring and summer marketing. He or she will have a pulse on the local market and ensure your listing gets maximum exposure.