Are you planning to buy a home this spring? Though things are more balanced than they were at the height of the pandemic, it’s still a sellers’ market. So, when you find the home you want to buy, remember these four tips to make your best offer.

1. Lean on a Real Estate Professional

Rely on an agent who can support your goals. As Bankrate notes:

“. . . select the best real estate agent for your needs. They will be a critical part of your home buying process.”

Agents are local market experts. They know what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller needs can help your offer stand out.

2. Know Your Budget

Understanding your budget is especially important right now. As Sandy Higgins, Senior Wealth Advisor at Capstone Financial Advisors, puts it:

“Understand your current budget … what are your expenses, how’s your spending, would you need to make changes?”

The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. It helps you be more financially confident, and it shows sellers you’re serious. That can give you a competitive edge.

3. Think Through Everything Before Making an Offer

Today’s market isn’t moving at the record pace it did during the pandemic. That means you may have a bit more time to think before you need to make an offer. According to Danielle Hale, Chief Economist at realtor.com:

“In general, you likely have more time to make an offer, although that’s certainly not a guarantee. If you’re on the fence about a home or its asking price doesn’t quite fit your budget, you might want to keep an eye on it, and if it doesn’t sell right away, you may have some room to negotiate with the seller.”

While it’s still important to stay on top of the market and be prepared to move quickly, there can be more flexibility today. Lean on the advice of your agent as you explore the options in your market.

4. Work with Your Advisor To Negotiate

During the pandemic, some buyers skipped home inspections or didn’t ask for concessions from the seller in order to submit the winning bid on a home. Fortunately, today’s market is different, and you may have more negotiating power than before. When putting together an offer, your trusted real estate advisor will help you think through what levers to pull.

Bottom Line

When you buy a home this spring, let’s connect so you have the guidance to make your best offer.

 

As mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. That meant some homeowners decided to press pause on selling.

Now, however, rates are beginning to come down—and buyers are starting to reenter the market. In fact, the latest data from the Mortgage Bankers Association (MBA) shows mortgage applications increased last week by 7% compared to the week before.

So, if you’ve been planning to sell your house but you’re unsure if there will be anyone to buy it, this shift in the market could be your chance. Here’s what experts are saying about buyers returning to the market as we approach spring.

Mike Fratantoni, SVP and Chief Economist, MBA:

“Mortgage rates are now at their lowest level since September 2022, and about a percentage point below the peak mortgage rate last fall. As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time homebuyers.”

Lawrence Yun, Chief Economist, National Association of Realtors (NAR):

“The upcoming months should see a return of buyers, as mortgage rates appear to have already peaked and have been coming down since mid-November.”

Thomas LaSalvia, Senior Economist, Moody’s Analytics:

"We expect the labor market to remain robust, wages to continue to rise—maybe not at the pace that they did during the pandemic, but that will open up some opportunity for folks to enter homeownership as interest rates stabilize a bit."

Sam Khater, Chief Economist, Freddie Mac:

“Homebuyers are waiting for rates to decrease more significantly, and when they do, a strong job market and a large demographic tailwind of Millennial renters will provide support to the purchase market.”

Bottom Line

If you’ve been thinking about making a move, now’s the time to get your house ready to sell. Let’s connect so you can learn about buyer demand in our area the best time to put your house on the market.

 

With higher mortgage rates and moderating buyer demand, conditions in the housing market are different today. And if you’re thinking of selling your house, it’s important to understand how the market has changed and what that means for you. The best way to make sure you’re in the know is to work with a trusted housing market expert.

Here are five reasons working with a professional can ensure you’ll get the most out of your sale.

1. A Real Estate Advisor Is an Expert on Market Trends

Leslie Rouda Smith, 2022 President of the National Association of Realtors (NAR), explains:

"During challenging and changing market conditions, one thing that's calming and constant is the assurance that comes from a Realtor® being in your corner through every step of the home transaction. Consumers can rely on Realtors®' unmatched work ethic, trusted guidance and objectivity to help manage the complexities associated with the home buying and selling process.”

An expert real estate advisor has the latest information about national trends and your local area too. More importantly, they’ll know what all of this means for you so they’ll be able to help you make a decision based on trustworthy, data-bound information.

2. A Local Professional Knows How To Set the Right Price for Your House

Home price appreciation has moderated this year. If you sell your house on your own, you may be more likely to overshoot your asking price because you’re not as aware of where prices are today. If you do, you run the risk of deterring buyers or seeing your house sit on the market for longer.

Real estate professionals provide an unbiased eye when they help you determine a price for your house. They’ll use a variety of factors, like the condition of your home and any upgrades you’ve made, and compare your house to recently sold homes in your area to find the best price for today’s market. These steps are key to making sure it’s set to move as quickly as possible.

3. A Real Estate Advisor Helps Maximize Your Pool of Buyers

Since buyer demand has cooled this year, you'll want to do what you can to help bring in more buyers. Real estate professionals have a large variety of tools at their disposal, such as social media followers, agency resources, and the Multiple Listing Service (MLS) to ensure your house gets in front of people looking to make a purchase. Investopedia explains why it’s risky to sell on your own without the network an agent provides:

“You don’t have relationships with clients, other agents, or a real estate agency to bring the largest pool of potential buyers to your home.”

Without access to the tools and your agent’s marketing expertise, your buyer pool – and your home’s selling potential – is limited.

4. A Real Estate Expert Will Read – and Understand – the Fine Print

Today, more disclosures and regulations are mandatory when selling a house. That means the number of legal documents you’ll need to juggle is growing. NAR explains it like this:

“Selling a home typically requires a variety of forms, reports, disclosures, and other legal and financial documents. . . . Also, there’s a lot of jargon involved in a real estate transaction; you want to work with a professional who can speak the language.”

A real estate professional knows exactly what all the fine print means and how to work through it efficiently. They’ll help you review the documents and avoid any costly missteps that could occur if you try to handle them on your own.

5. A Trusted Advisor Is a Skilled Negotiator

In today’s market, buyers are also regaining some negotiation power as bidding wars ease. If you sell without a professional, you’ll also be responsible for any back-and-forth. That means you’ll have to coordinate with:

• The buyer, who wants the best deal possible
• The buyer’s agent, who will use their expertise to advocate for the buyer
• The inspection company, which works for the buyer and will almost always find concerns with the house
• The appraiser, who assesses the property’s value to protect the lender

Instead of going toe-to-toe with all the above parties alone, lean on an expert. They’ll know what levers to pull, how to address everyone’s concerns, and when you may want to get a second opinion.

Bottom Line

Don’t go at it alone. If you’re planning to sell your house this winter, let’s connect so you have an expert by your side to guide you in today’s market.

 

There’s no denying the housing market is undergoing a shift this season, and that may leave you with some questions about whether it still makes sense to sell your house. Here are three of the top questions you may be asking – and the data that helps answer them – so you can make a confident decision.

1. Should I Wait To Sell?

Even though the supply of homes for sale has increased in 2022, inventory is still low overall. That means it’s still a sellers’ market. The graph below helps put the inventory growth into perspective. Using data from the National Association of Realtors (NAR), it shows just how far off we are from flipping to a buyers’ market:

While buyers have regained some negotiation power as inventory has grown, you haven’t missed your window to sell. Your house could still stand out since inventory is low, especially if you list now while other sellers hold off until after the holiday rush and the start of the new year.

2. Are Buyers Still Out There?

If you’re thinking of selling your house but are hesitant because you’re worried buyer demand has disappeared in the face of higher mortgage rates, know that isn’t the case for everyone. While demand has eased this year, millennials are still looking for homes. As an article in Forbes explains:

“At about 80 million strong, millennials currently make up the largest share of homebuyers (43%) in the U.S., according to a recent National Association of Realtors (NAR) report. Simply due to their numbers and eagerness to become homeowners, this cohort is quite literally shaping the next frontier of the homebuying process. Once known as the ‘rent generation,’ millennials have proven to be savvy buyers who are quite nimble in their quest to own real estate. In fact, I don’t think it’s a stretch to say they are the key to the overall health and stability of the current housing industry.”

While the millennial generation has been dubbed the renter generation, that namesake may not be appropriate anymore. Millennials, the largest generation, are actually a significant driving force for buyer demand in the housing market today. If you’re wondering if buyers are still out there, know that there are still people who are searching for a home to buy today. And your house may be exactly what they’re looking for.

3. Can I Afford To Buy My Next Home?

If current market conditions have you worried about how you’ll afford your next move, consider this: you may have more equity in your current home than you realize.

Homeowners have gained significant equity over the past few years and that equity can make a big difference in the affordability equation, especially with mortgage rates higher now than they were last year. According to Mark Fleming, Chief Economist at First American:

“. . . homeowners, in aggregate, have historically high levels of home equity. For some of those equity-rich homeowners, that means moving and taking on a higher mortgage rate isn’t a huge deal—especially if they are moving to a more affordable city.” 

Bottom Line

If you’re thinking about selling your house this season, let’s connect so you have the expert insights you need to make the best possible move today.

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If you plan to sell your Boston area home or condo, take advantage of the widest possible exposure for your property to the most highly qualified clientele in the world. As Associate Director of Sales and a 30 year sales associate, I combine my local expertise with the powerful global marketing resources of Sothebys International Realty. You can view my recent sales and listings here. If you have questions about buying or selling Boston real estate, please call me at  617-584-9790, or send me an email at joe.wolvek@gibsonsir.com. 

 

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If you plan to sell your Boston area home or condo, take advantage of the widest possible exposure for your property to the most highly qualified clientele in the world. As Associate Director of Sales and a 30 year sales associate, I combine my local expertise with the powerful global marketing resources of Sothebys International Realty. You can view my recent sales and listings here. If you have questions about buying or selling Boston real estate, please call me at  617-584-9790, or send me an email at joe.wolvek@gibsonsir.com. 

It's springtime! The crocuses are popping up, the weather is warming up, and the Boston real estate market is on fire.

If you've been thinking of selling your property, this is a great time to do it. We are entering the busiest period of the year, in the busiest year we've seen in a while.

So I know you've been thinking, "Aren't all Realtors the same?" and maybe even, "What, exactly, am I paying this guy for?" Don't deny it. I know you have.

So what do I do, exactly? This is what I do.

And here are a bunch of endorsements. People like me! They really do!

I have 29+ years of success and hundreds of transactions and happy clients. The great majority of my listings in the last five years have gone under agreement in under a week, at or above asking price. Please get in touch!

Maybe you'd like to sell your Boston condo or home, but lack of funds for needed improvements are standing in the way. What if you could renovate your home now to sell it, and not pay for the renovations until your sale closes?Here's how you can:Gibson-Sotheby's is partnering with Curbio, a pre-sale home improvement company that works in conjunction with your real estate agent (me).The initial stages of Curbio's process are done virtually. The process itself is particularly perfect for the current need for physical distancing.Check out this video, and by all means call me at 617-584-9790 or email me at joe.wolvek@gibsonsir.com for more information! I'd love to help you achieve your real estate goals. 

Boston Real Estate Headlines:

• Massachusetts housing inventory drops amid coronavirus

  1. Report: Pandemic didnt stop home prices from rising in Mass.

  2. US long-term mortgage rates edge higherFeatured Boston Real Estate:

     • 12 Dartmouth Place, #1, South End $999,999

     • 1313 Washington Street, #328, South End $1,140,000

     • 300 Pier 4 Blvd, #3I, Seaport District $3,595,000

The most important decision you make when listing your Boston condo or home for sale is how to price it.Even in this sellers' market, overpricing your property has serious consequences.To understand how best to price a residential property, I find relevant homes and condos that have sold, are pending, or are available. These properties being studied are known as comparables.While I analyze similarities or differences in neighborhood, square footage, number of bedrooms and bathrooms, and more, this process also considers the type of building a unit is located in, its placement within the building, renovations that have been done, how much light there is, how high the ceilings are, what parking options there are, how the local real estate market is currently behaving, and more.Your home will attract the most motivated buyers as soon as it goes on market. If its priced too high, you will not get those serious buyers in tosee it. If you don't get those folks in, that's a serious problem.I have been making these analyses for more than two decades. Whether your property is located in BostonsSouth End,Back Bay,Beacon Hill,South Boston,Waterfront,North End,oranyof the core downtown neighborhoods or surrounding communities, I can give you good advice on pricing.In the past 12 months, my listings have sold for an average of 103% of their asking price, with 4 median days on market until an offer was accepted.What is your property worth?In my 25 years in the Boston real estate market, Ive made it my priority to develop anextensive knowledge of the city, neighborhoods, buildings, people, and the many issues involved in the local real estate market.Doyou have questions about buying or selling Boston real estate?Please call me at617-584-9790, or email me by clicking the blue button below.   

Boston Real Estate Headlines:

• Heres What the Inside of Reeboks New Boston HQ Will Look Like
• Amazon Confirms Deal for New Fort Point Space
• Quincy Center Station Next Transit Hub to See Major Development?

Featured Boston Real Estate:

• 283 Dorchester Street, #1, South Boston $620,000
• 52 Revere Street, Beacon Hill $2,990,000
• 228 Beacon Street, #A1, Back Bay $799,000

  

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If youplan to sell your Boston condo or home,its vitalto understandyour homes valueand how it should beproperlypriced.Its also very important to exposeyour property tothe widest possible group of qualified buyers.An experienced, professional salesperson shows and representsyour home in its best possible light. They should alsoprovide you with sound guidance through the entire negotiation and transaction process. I have been helping people buy and sell Boston real estate for more than 23 years, and Ihave seen the pitfalls that can derail a real estate transaction. I make it my business toproactively deal with these issues.Here's what else you shouldknow aboutselling your Boston home or condo.Not only have Ideveloped an extensive knowledge of the city, neighborhoods, buildings, people, and issues involved in the Boston real estate market, but I haveaccess to Gibson-Sothebys International Realtys superbglobal marketing resources. I am able to expose your property to the widest possible pool of highly qualified buyers.If you haveany questions about buying or selling Boston real estate,call me at617-584-9790. Or click the blue button below to email me.