For a myriad of reasons, the market fluctuations of the last couple of years mean everything has changed since the last time most people have been involved in a real estate transaction. That’s why these two articles from Realtor.com (one for buyers and one for sellers) caught the collective eye of the Stellar Title team. We were compelled to use it to compile this list of three new rules for real estate right now, and this list should be passed on to anyone looking to buy or sell soon.
You don’t have to wait until spring. As we all know, any time can be the perfect time to move, depending on individual situations. Both buyers and sellers may think they need to wait until spring to really get serious, but we know the early bird gets the worm. Plus, rates are softening and competition may only get more robust as the weather warms.
Competition is back and more balanced than before. More buyers with extra purchasing power, thanks to lower rates combined with more listings to choose from, equals more activity all around in real estate. The most appealing homes will once again attract multiple offers, and “expected price cuts” may be words we can leave in 2023. On the flip side, more listings mean more choices for buyers and time to weigh your options, especially with rates expected to continue downward. It’s why on the seller side, curb appeal and minor fixes once again matter. Your house is finally being compared to other listings, and you want to make sure yours stands out.
The negotiation is back. Words like “concessions,” “soft offers,” “patience,” and “haggling” appear in these two articles. Think of 2024 as the year of the deal. Our Realtor friends should use this knowledge to make sure potential clients know the value you bring to the transaction for anyone on your side. We know we work with some of the best real estate professionals in the area; everyone else should, too.
No matter how the market shifts this upcoming season, we’re always here to ensure a stellar closing experience for you and your clients. Reach out to us anytime.