The spring real estate market is here, which means there are plenty of opportunities for both buyers and sellers alike. In fact, the period between May and August accounts for almost half of the entire year’s real estate activity.
If you’re interested in buying or selling property this year, then you’ll want to get in on the action. The spring market is favorable for everyone involved, so don’t wait around too long.
In this article, we’ll discuss what you need to know for the 2019 spring market, both the good and the bad.
If you’re looking to buy a house, be aware that spring is still considered the beginning of the market year. This is when the real estate market starts to pick up after the quieter winter months.
Usually, the spring market brings an influx of available properties to buy. However, it appears that 2019, may not follow typical trends. For the number of projected buyers, there’s a smaller pool of homes being offered for sale.
As a result, you may experience more competition than usual when trying to put in an offer. This can also drive the closing price higher.
However, if you’re not in a rush to close, you may have more affordable choices if you wait for a little while. 2019 is looking like an excellent time to purchase a home, as mortgage rates will reach record lows this spring.
Below are some tips to help you prepare for buying a home in the spring market.
Consult with a loan officer
The world of real estate can be challenging to navigate; not only do you need a down payment, but you also probably have to apply for a mortgage. With closing costs, such as title insurance, it can be difficult to figure out exactly how much you need to purchase a home.
A loan officer can guide you through the process. Does your existing credit score help or hurt you? Loan officers can show you ways to raise it quickly so you can get your dream home.
Always get a home inspection
You may be eager to snag a house for sale, especially if it’s in a hot market, but you shouldn’t rush things. After all, your family will be living in this home for years to come.
While a house may look structurally sound, there may be defects you can’t see with an untrained eye. Having a home inspection done will uncover any problems. Should there be issues, either the seller fixes them before closing, or they offer you credits to cover the repair costs.
Consider a pre-offer inspection
If you have your heart set on a house and want to beat out other buyers, have a pre-offer inspection. This gets rid of the home inspection contingency, which the seller will like. With this action, you’ll increase your chances of the seller accepting your bid over others.
If you’re planning on selling your home this year, spring is the time to take action. As house prices and demand keep increasing, your benefits are two-fold: you’ll sell your home quickly, and you’ll sell it for maximum profit.
Here are some tips for selling in the 2019 spring market.
Increase curb appeal and interior aesthetics
Take advantage of the spring weather and create a vibrant landscape for your home. Make sure there’s plenty of light inside the house and clear any clutter so potential buyers can realistically envision themselves as the next owner. By staging your property effectively, it’ll help you sell your home faster.
Fix up glaring issues
If you already know of an issue with your property, get it repaired straight away. The home inspection contingency will find these problems anyway, which can delay the closing process.
By eliminating any issues, you’ll ensure that closing will be swift and you’ll get your money quicker.
Choose the right selling price
Even though the spring market is the best time to sell, poor pricing can still cause your home to remain unsold. With a comparative market analysis from your real estate agent, you’ll be able to figure out a price that’s just right. The sweet spot lets you sell quickly, but not below your home’s true value.
Be prepared for an increase in wire fraud attempts
Fraudsters are aware of the fact that the spring market ushers in a flurry of activity in real estate. With down payments, loan disbursements, and other transactions, they have their pick of large amounts of money to intercept.
If you’re a buyer, you need to ask your real estate agent and title company what procedures they have in place to prevent wire fraud happening. Without proper cybersecurity measures, they will be vulnerable to attacks from fraudsters, which puts you at risk as well.
All parties involved in the buying or selling process should practice good cybersecurity hygiene. Any changes made to the transaction process must always be securely verified. If sensitive information needs to be sent, don’t rely on email; a secure real estate portal is the best way to transmit such data.
Get an extra layer of security with CertifID
The implementation of fraud protection software can drastically reduce the chances of wire fraud. Platforms such as CertifID, give you the power to send and confirm wiring information without the risk of interception.
This additional digital defense provides peace of mind for all the involved parties, knowing any money that leaves them will safely arrive where it should. With virtually no risk, our real-time identity platform can help you navigate this spring market without worry.
If you would like to see how CertifID can work for your real estate business, request a demo from us today.