Buyers and Sellers Wish They Would’ve Done Sooner….

Due to the limited inventory on the market, listings seem to be flying off the shelf – especially within a certain pricing bracket.

With the spring home buying season upon us, we are expecting the market to become competitive. Based upon research conducted, when it comes to Home-For-Salethese competitive markets, both buyers and sellers had wished they had prepared a lot sooner.

Over 13,000 people were surveyed and it was found that sellers regretted not preparing their home for selling and buyers regretted not starting their property search sooner.

Zillow Groups chief marketing officer, Jeremy Wacksman, stated that “this spring, both buyers and sellers should be prepared for fast-moving sales, intense negotiations, and even bidding wars.”

Here are a few important tops for home buyers:

  • Keep options open
  • Have a realistic budget
  • Arrange a mortgage in advance

Overall, whether you are selling or purchasing, choosing a good real estate agent is important.

Seller “Home Ready” Mistakes

Following are four common mistakes that are made by sellers when they are trying to get their home ready to be placed on the market:

  1. Cost does not equal value. For example, if you finished your basement six months ago for $12,000, the improvement does not necessarily add $12,000 worth of value in the eye of the buyer
  2. Not putting your money where the buyers will see it. For some examples, a good return might be on a fresh coat of paint and sprucing up your front door and entryway – do not expect to get as good of a return on something like insulation or new wiring
  3. Over improving. The addition of a fifth bedroom to a house in a subdivision of three to four bedroom homes, most likely will not give you as much of a return as you would like. Use typical improvements for your area as a guide to what you could do to your home
  4. Quality home improvements may cause a home to sell quicker, but not necessarily for more money. A timely sale will lessen the carrying costs and stress, but do not overestimate the overall value of “smart” improvments