Tuesday, February 11, 2014

Home Sales vs Mother Nature

There is no doubt that Mother Nature's decision to send us the arctic air has slowed the local real estate market.  Below zero temperatures and multiple inches of snow have significantly reduced the traffic going through listings and are causing current homeowners to delay selling until the weather turns.

So what does this mean?

For potential home sellers, past data tells us that there will be a flood of homes that hit the market over the next 60 days.  Because of the rough winter weather, numbers may be higher than usual this spring as folks have delayed listing.  So, competition will be high.  Typically when competition is high, prices tend to venture downward in order to get homes sold.  Having your home prepared to sell, and pricing it right on day 1 are the best ways to get top dollar as the spring season hits.

For potential buyers, the flood to the market for homeowners means that there will be a lot of homes to choose from.  However, there are a ton of buyers out there that are eager to find a home they love.  Because of the lower numbers this winter, many anxious buyers are waiting for the right home to present itself.  So, the good news of more inventory being on the horizon means that your options will increase.  But, more buyers will be in the market, so the best way to find the home that is right for you is to be prepared and ready to follow these tips for buying right.

I've reminded a number of buyers lately of the scenarios above.  The dangers of searching for a home during these times is that you get tired of the process and end up convincing yourself to buy something that isn't right for you.  Remain patient, do not get frustrated, people will always need to sell homes, and because of the bitter cold winter, your options will greatly increase in the very near future.

For help with getting pre-approved for a loan or starting your search for a home with my mobile app call, email, or text me... I'd be happy to help!

Take care,
Scott Morrison
text: 614-383-8502
scottmorrison@kw.com

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