Local realtor James Long shares his column this week on top tips for buyers in 2016.
Spring is here and so begins the busiest season for Realtors. It’s time to spring clean and get your home on the market if you thinking about selling this year, and time to get out and start looking if you are wanting to buy this year. Here are just a few helpful tips for both buyers and sellers.
Top Tips for Buyers in 2016
1. Don’t wait. More than 85 percent of buyers who say they plan to buy a home this year say they will wait until the late spring or summer of 2016, shows a recent realtor.com® survey. But buyers who start their hunt early will likely face less competition and have just as many homes for-sale to consider.
2. Shop around for a mortgage. Buyers shouldn’t take the first rate-quote they receive and should talk to more than one lender. A lower interest rate could equate to thousands in savings over the life of the loan. Mortgage rates are largely expected to rise over this year. It has been predicted mortgage rates to reach 4.65 percent by the end of this year (they’re currently just under 4 percent). One local place to shop is Bozarth Home Mortgage.
3. Don’t discount buying new. Buying new most likely means less competition, fewer people look at a new home purchase because New-homes typically cost more. However, with a new home you are typically getting all the new trends and finishes that people are looking for when shopping for existing builds.
Top Tips for Sellers in 2016
1. List during prime-buying season. Realtor.com®’s data shows that the prime home buying season usually begins in April and reaches a peak in June. “Sellers who list their home during the prime spring and summer months benefit from a larger population of buyers and potential bidding wars, which often result in higher prices and faster closings,”
2. Price to sell. Home prices nationwide are expected to rise 3 percent year-over-year. Home sellers would be wise to take their local REALTOR®’s advice to price their home adequately for the market and based on comparables.
3. Consider Something Enticing. Is there something extra a seller could throw in to entice buyers? Sellers who are open to negotiate beyond just price may find more success in hooking a buyer. Thirty-seven percent of all sellers negotiated beyond the price last year. Buyers sometimes need help with closing costs, home warranty, or maybe the John Deere mower you use to mow the large acreage you have for sale.