Spring Has Sprung
It may not *feel* like it outside by earlier this week was the first official day of spring! The Twin Cities real estate market really has its spring awakening the first week of February but with a few more inches of snow and lower temperatures we weren't sure if it would come that early or not. Well, it definitely did. If you've talked to anyone about real estate in the past two months I'm sure they've just uttered one word: insane. Continued low inventory and slightly higher interest rates have pushed buyers into the market with a fury the past 7 weeks. Will it slow down? Maybe a little as we break into the 50s but not much. So, what can we do to lock in the home you love? A few things:
1.) Be extra prepared on the mortgage side. Go over all the options with your lender. If there's a way to raise the rate just slightly so the lender can pay some of the closing costs, meaning you don't have to ask the seller for as many, that's a great thing to keep in your back pocket. There are still a few programs out there that can help make your offer standout in a multiple offer scenario even if you don't have 10-20% down.
2.) Leverage your agents technology. We pride ourselves on being ahead of everyone else in this category. We have a pre-market list we can tap into that updates every day and our own custom websites with back end systems we can leverage to get email blasts out to possible sellers. Using the MLS isn't the only way to find your dream home. Make sure your agent provides you with as many tools as possible.
3.) Be available. I know time off is a precious commodity but it can be used to your advantage. Many buyers will look at homes at night and on the weekends. If you can sneak away over a lunch or take a morning off to go look at homes it could mean the difference between getting your offer accepted immediately or having to deal with multiples. It's a lot to ask from you guys but if you can make it happen it could go a long way! Agent responsiveness goes hand in hand with this. They need to be as available as possible if you know the house just came on is "the one." Now, that doesn't mean they can always drop everything but a good agent has a good backup agent that can help out in dire situations. Lance and I are luck to always have each others backs so make sure your agent has something similar!
4.) Finally, TELL PEOPLE WHO OWN HOMES TO SELL THEM. This may seem like a weird request but it's serious. The reason there are so many multiples is a lack of awareness still of the true value of people's homes so we have no homes to sell. As you go through the buying process you should let everyone know how crazy it is out there so they consider listing their home. Getting inventory up is the best way to level out this market.
Have any questions you know how to reach us and happy searching!