Spring traditionally brings a surge in home sales, and this year, it’s especially true. Whether you are buying or selling, there are ways to prepare for this hot market and position your home or offer to stand out. The combination of historically low interest rates and stability in the job market is improving buyer confidence nationwide and finally freeing some of the bottled up demand from recent years. If spring sales go as projected, the market will be positioned to have its best year in home sales since 2007, according to Freddie Mac.
Because of the pent up demand, homes are selling faster than they have in nearly two years. In fact, according to Mortgage News Daily NewsWire, “The pace of sales of existing single-family homes, townhomes, condominiums, and co-ops this March was 10.4 percent higher than in March 2014 and represented the sixth consecutive month of annual increases. It was also the largest year-over-year increase since August 2013.”
SELLERS: Be careful: Don’t let the fast-paced spring market distract you. Pricing your home accurately is still important. It is very common to see multiple offers come through, so grossly overpricing your property may impact your ability to attract the largest number of interested buyers, and the highest price.
BUYERS: Be prepared. Given that interest rates are still near all-time lows, now is the time to pull the trigger on a purchase. With the current market conditions, successful buyers are fully pre-approved before the search for a home begins. Also, it is very beneficial to have the down payment ready in the bank and be prepared to move quickly with an offer.
Axia Home Loans has tools and resources that can support potential buyers and help them find success in this market. Our interactive Home Loan ePlans help buyers analyze each loan option, and understand the impact of current interest rates and down payment on their monthly payments. With a strong pre-approval protocol, comprehensive educational tools, and quick closings, Axia clients have a great overall loan experience and become happy homeowners.