If you thought spring is the peak season for real estate, think again.
The high demand for homes, particularly in Austin, along with a low interest rate environment, means that the home buying and home selling season take off long before April.
What does this mean? Simply put, if you’re thinking of making a move in the near future, be prepared.
Home Buyer Advice
Interest rates are expected to remain low in 2020, but competition for homes will be significant, particularly throughout the Austin area as more and more people relocate here. The influx of new residents drive up property values, so the moral of the story is to do your homework before jumping into the market. Here are a few of my favorite tips for buyers:
1) Review your credit report. Make sure that your credit report is accurate and in good shape before you begin shopping.
2) Gather documents. When you approach a mortgage lender, he or she will ask for documentation of your income and work history. Set aside your last four paychecks and the previous two years of your W2s. Depending on your situation, your lender may require additional documentation.
3) Seek recommendations for a local lender and get three quotes from each lender you speak with. Working with a local lender is crucial from both flexibility and customer service standpoints, and you’ll want to be able to comparison shop to make you’re getting the best deal. Need a few names of lenders? Reach out to us.
4) Get prequalified. This is your ticket to shopping, and this is where the fun begins! Getting prequalified gives your offer more leverage with a seller.
5) Hire a real estate professional. Being represented by someone whose fiduciary is to YOU (and only you) is crucial during the home search process.
6) Go house shopping!
Home Seller Advice
While appreciation is not expected to be quite like 2019, home values are still on the rise. The time you spend preparing your home for sale is critical, and you’ll want to be sure to have a solid pricing strategy that leverages your competition and makes your home stand out from the rest. Here are a few of my favorite tips for sellers:
1) Declutter and stage. How you present your home to buyers is very different from how you live in your home. Less is more, and this allows buyers to envision themselves in your space.
2) Hire a real estate professional. Leverage the support of a local agent who specializes in your area. This individual has a fiduciary duty to you (and only you), and he or she must put your interests above his or her own. This individual will also have a solid marketing strategy for your home to expose it to the most buyers as possible.
3) Understand your competition. You must know who and what else is out there and how those homes compare to yours. Your listing agent will research and often visit competing listings in person to better understand how yours will compare.
4) Carefully price your home. Living in an appreciating market spoils us. Your pricing strategy is one of the most crucial aspects of selling your home. Be sure to price it right.
5) Launch your marketing. Your real estate agent will handle the aspect of professionally marketing your property, but there are things you can do, too. Share on social media, tell your coworkers (when/if it’s appropriate), and spread the message to your family.
Now you’re ready! Get set, and GO!
Have a real estate question? Reach out to us anytime or fill out the short form below. We’re always here, and we’re always happy to help.
