Tips for buyers and sellers to navigate busy real estate seasons

Spring and summer are typically the busiest seasons in real estate. When moving, buyers and sellers like to take advantage of the warmer weather and school breaks. But this year, the market is in a state of flux. Mortgage rates remain high, housing inventory is low, and housing prices are still higher than in previous years. It’s a potent mix for buyers and sellers that can make navigating this busy real estate season tricky. Luckily, we have some tips for buyers and sellers that can help.

The market’s unique conditions right now can make selling your home very attractive. Because housing inventory is low, you can likely sell quickly. But just because you can find a buyer fast doesn’t mean you’re all set to go. Once your house is sold, you become another prospective homeowner looking to buy, along with everyone else. So what can you do? Here are some tips for sellers and buyers.

Tips for Sellers

1. Work with a skilled real estate agent to price their homes appropriately. It may seem wise to price high and then go down as bids come in, but in this market, that can drag the process out longer, ruining your opportunities to buy another property. Instead, price your home close to market value so you don’t have to wait months for it to sell.
2. Be prepared to rent if need be. If your home sells faster than expected, be ready to take your time to find your next home. Utilize a short-term rental until you find the right property that fits your needs and budget.

Tips for Buyers

1. Study your local market. Competition for housing always heats up during the spring and summer months, and this year, it’s likely it will again. Before you jump into the foray of bids and viewings, make sure you have a good understanding of the current market conditions. An experienced real estate agent is a great asset here. They can help you spot a good deal and advise you on how to make a competitive offer.
2. Get pre-qualified for financing! The best tool in your house-buying arsenal is pre-qualification for your mortgage financing. With this in place, you’ll have a clearer understanding of what you can afford and the ability to make an offer quickly. In a competitive market, your success may come down to how quickly and easily your offer can be accepted. So don’t wait until you’ve found your dream house to speak to a loan advisor. Do it before you start shopping!

Buying or selling a home isn’t always easy. But with some preparation, it doesn’t have to be as daunting as it seems. At PRMI, our loan advisors are here to help you achieve your real estate goals, whatever they may be. So, if you’re ready to dive into the busy spring and summer real estate market, speak to your local PRMI advisor first!