Spring is just around the corner; in addition to returning birds (we hear you Canadian Geese), longer days, and warmer temperatures, the spring real estate market is also awakening this time of year.  Whether you are thinking about buying or selling a home in Locust Grove or the surrounding area, now is a great opportunity to get a few things organized to make your home search or sell a successful one.

What is the spring real estate market?

The start of spring marks a traditionally busier time of year in real estate.  After winter and the holidays have passed and before a new school year begins, more buyers are out searching for a home.  At the same time, sellers are also ready to put their homes on the market. The spring real estate market starts in March and lasts into May.  However, summer is also a busy season in real estate since any home offers that were made in the spring may actually close at the beginning of summer.

Tips for Buyers During the Spring Real Estate Market

Looking for a home to purchase during the spring can have several positives for buyers.

  • Typically there are more homes on the market which means more options.
  • Longer days mean that buyers who tour homes after work hours can see the outside of a home easily.
  • Sellers who also want to take advantage of the market as buyers may be more open to negotiations within an offer.

While a more active housing market means more inventory for buyers, it can also bring about competition especially for move-in ready homes in desirable locations.  As a buyer in the spring real estate market, being prepared ahead of time goes a long way towards purchasing a home.  

Buyers can get ready for the spring market by:

Completing all paperwork necessary to be pre-approved for a mortgage.  Not only will being pre-approved tell buyers what their budgets are, but also it will make writing an offer simpler.  In order to be a serious contender for a home, a pre-approval letter must be included within an offer.  It can be stressful to provide a lender with all the necessary paperwork for pre-approval while hoping that no one else swoops in and writes an offer on a home while you wait for the lender to give approval.

Lock in a REALTOR®  Selecting someone to represent you in a home buying transaction is important.  REALTORS® following the standards set forth by the National Association of REALTORS® and the state of Virginia are required to ask buyers to sign a buyer representation form.  This form defines the working relationship between the agent and buyer for an agreed upon amount of time.  Having a REALTOR®  working for you ahead of the spring real estate market can be a huge advantage.  The agent will know what kind of home the buyers are searching for and can alert them to houses as soon as they enter the market.

Be Open to Competition  Since the spring real estate market traditionally sees more inventory, it can also see more competition.  Going into this market, buyers should rely on their REALTORS® to help guide them in making the best offer for a home.  This may mean making a full price offer or not asking for closing cost assistance if a particular home is receiving multiple offers.  

Define the Must Have List  Everyone has a list of home features they would love in a dream home.  When entering the spring market as a buyer, it is time to determine what home features are necessary and which are wants.  For example, a buyer who works from home needs access to reliable internet service and a home office.  The white cabinets in the kitchen or carpetless bedrooms may be features that can be changed at a later time.

Explore Different Locations  Before the home search officially starts, buyers can get out there and visit the neighborhoods.  Oftentimes narrowing the location of the home search can help to eliminate homes that don’t work because of location.  For example, a buyer may find a wonderful house and ask to see it.  On the drive to the home, the buyer realizes that the home is too far from work or school and isn’t a good fit.  

Tips for Sellers During the Spring Real Estate Market

Just like buyers, the spring market can offer some benefits to buyers.  Mainly, a larger pool of buyers searching for a home can mean a quicker home sale.  Sellers may find they receive multiple offers on their homes.

Here are some things sellers can do to prep for the spring real estate market

Freshen Up the Outside  First impressions are memorable.  After a long winter, the outside of a home may need a little attention.  Sellers can tidy up the yard by picking up any debris, set up a welcoming front door by adding a new doormat and flowers, and make sure that the outside lights are all working.

Make Known Repairs Now  If there are any repairs that need to be made, then now is the time to do it.  A leaky kitchen faucet may just be a weekend project to a seller, but a buyer may view it as something else.  To buyers these noticeable repairs say the seller isn’t maintaining the home even if that is not the reality.  

Hire Your REALTOR® Before the Spring Real Estate Market  After interviewing agents, the one you select may give you some suggestions in order to improve the appeal of your home.  This means sellers will need time to make these changes.  Your agent will also want time to get professional photography done for marketing purposes.  All of these things take time, so finding a REALTOR® a couple of months before you want to list is always a wise idea.

Start Decluttering  Once a seller has made the decision to move, decluttering should begin.  Deciding what is worth packing up and moving to the next home and what can be donated or discarded is the first step in preparing a house for staging.  Since the spring market can bring about more competition, having a home staged is one way sellers can make their homes more appealing to buyers.