Spring is a time when real estate markets across the country pick up steam. Many homeowners will wait for the spring market to list their home and the market is often rich with buyers during this season. The Upper Valley is known for a strong and often competitive spring real estate market. This fast moving environment can be stressful for home buyers and sellers alike.
According to an article in the Washington Post, it is suspected that low inventory will be an issue facing home buyers this real estate season.
A strong job market and low mortgage rates should sustain the housing market in 2020. The problem will be finding enough homes for buyers.
With unemployment hovering at a 50-year low and interest rates well below historical norms, the real estate industry is being dragged down by scarcity in housing stock, especially at lower price ranges. Not enough homes are being built, and homeowners are staying put longer, creating a bottleneck.-Kathy Orton Washington Post
In the Upper Valley area it is entirely possible that inventory will remain an issue for home buyers. And sellers also need there to be adequate inventory because they need to successfully secure a new place to live.
If you are buying or selling real estate in the Upper Valley this spring, here are some tips that will help you navigate the process and stay competitive.
- Meet with a Real Estate Agent- Working with a real estate agent is a must if you are buying or selling. In the Upper Valley there are many highly qualified real estate agents to choose from. They can often provide early information on homes coming on the market and help you make educated decisions during the offer and inspection process.
- Obtain a Pre-Qualification – There are a lot of what if’s in real estate but the loan amount you can afford should not be one of them. The first step, if you are considering shopping for real estate or prepared to list your home, is to make sure you know what your price range is, what your payment will be and how long you can expect the process to take once you make an offer. Our team can help you obtain a pre qualification letter so that you are prepared.
- Start Browsing Real Estate – We know, you’ve been looking at listings for months but it’s time to get serious. You know your budget and it’s time to start walking through properties in your price range. In a spring real estate market you need to be ready to tour a property the first day it lists in some cases.
- Stay Focused – Real estate can be an emotional process and it’s easy to get attached to a home you can imagine yourself living in. It’s important to follow your heart but also keep a level head when it comes to choosing your home.
The spring real estate market can be an exciting time to find your new home. If you plan on buying real estate this spring reach out to Title Mortgage today to get the loan process started and obtain your pre-qualification letter. Title Mortgage, LLC is a leading mortgage banker and broker located in the heart of the Upper Valley. Our team is ready to make your home buying dreams a reality.