It may be cold outside, but the market is heating up
It may be January, but in the real estate business, January is the beginning of the winter market thaw! Buyers and sellers alike are loath to undertake the time-consuming and (potentially) stressful project of a home sale or purchase during the holiday season. Consequently, we see a dramatic dip in our activity across the board during that time, which is relived in January.
Don’t lose hope!
Whether you are a buyer who is disappointed by the lack of inventory, or a seller frustrated by the lack of interest in your home, don’t despair! With the coming of the crocuses we begin to see an upsurge in the market. February and March are historically the busy season for the Cape Cod market, with second home buyers trying to get into a home before the summer hits, and sellers similarly hoping to get out while there are so many buyers in the market.
So, what can I do to get ready?
If you are buyer, this is a great time to shop! Interest rates are still going up, but very slowly, and we in the industry are expecting this increase to remain gradual over the next few months. The most important first step is to talk to your bank about getting a preapproval letter. It only takes a few minutes, can be done over the phone, is non-binding, and is often the factor that helps an offer stand out when it is evaluated by a seller. Nothing says “I’m serious” like proof from the bank!
Once you have gotten preapproved, the next step is finding a qualified Realtor with whom you can trust your business. We are available any time to speak with potential buyers and answer whatever questions you may have, but make sure to call around and find a Realtor whose style matches your own and whose reputation and credentials make them a good fit for your needs. Remember that your Realtor works for you, and they should act like it!
If you are thinking of selling your home, don’t hesitate to give us a call for a consultation. We will walk through your home, discuss your needs, and provide you with a detailed report on its market value. We use a variety of criteria to make this determination, including recent comparable sales, overall market conditions, the condition of your home, and potential market niche. We will also provide you with a “punch list” of items which you can do to raise the value of your home without expending too much capital or energy. Generally it is not a good idea to undertake major renovations just to increase the value of your home for sale, but you would be amazed at what a difference removing furniture from overcrowded rooms or replacing the ripped screen in a window can make to a potential buyer! By getting this process started now, you will ensure that your home is ready to take advantage of the coming boom.
As always, we are here to help and would love to hear from you. Give us a call or email any time and we look forward to hearing from you soon!