If you’re buying or selling a home in this current real estate housing market, you know that it is a “seller’s market” in Montgomery County due to the current climate of low inventory and high demand.
Add in the fact that interest rates are extremely low and you have a tight market for buyers looking to purchase a new home.
We recently spoke with the Owner of Homestarr Realty, Jerry Hill, to get some tips for both buyers and sellers as we head into the last “rush” of the fall housing market.
According to Hill, he still sees a significant imbalance in buyers and sellers and doesn’t see that trend changing before the Spring 2022 market.
Tips For Buyers:
- Work with a Realtor: Realtors should act as your guide through the process of purchasing a home. They have industry knowledge that you can benefit from when it comes to not just picking a property, but picking the right property for you.
- Utilize Realtor Apps: There are a ton of realtor apps that are readily available with a ton of inventory. While we recommend that you use a realtor to book your showing appointments, there’s no harm in surfing through the thousands of homes for sale on an app.
- Get Pre-Approved: When you’re in a competitive market, financing is important and can come into play with who ultimately gets the house in a bidding war. When you get pre-approved, it sets a baseline for what price range you can look in.
- Know the Comps: When you become interested in a home,your realtor should be able to share with you other similar homes that have recently sold in that particular area so that you can gauge where they think it will appraise. This is important as you decide what price to offer.
- Set A Bottom Line: If you do make an offer on a property, set a bottom-line number for what you expect that appraisal to come in at so that if it appraises for a much higher number and you do not want to pay the difference, you are able to get out of the deal.
- Don’t Waive Inspection: While many buyers are waiving inspection, you do not have to waive it completely to get the home. There are so many unexpected expenses that you can have when you don’t know what’s behind the walls. You can do an inspection for informational purposes so that as a buyer you at least know what you’re purchasing even if you agree to pay for work that needs to be done.
- Be Ready to Move Fast: It’s true that in this housing market, you have to be ready to make a quick decision because of how fast homes are going under contract. Read any seller’s disclosures and do research on a home before you get there so that if you like it, you’re ready to make an offer.
Tips for Sellers:
- Don’t Price Too High: Just because home prices have risen, doesn’t mean you should get greedy with what you price your home at. You want to price it right so that you create a bidding war, which will ultimately raise the price. Buyers will overpay if they feel the house is in the right location, good condition, and matches the pricing. If you price it correctly, you create an opportunity for buyers to compete against themselves.
- First Impressions Are Important: When you look at the house, is the front door painted, does it look clean outside, are the shrubs cut? You want to have good curb appeal from the street because a lot of people will drive by to start. The mindset is if it’s nice on the outside it’ll be nice on the inside.
- You Can Stage Your Own Home: By making simple adjustments such asmaking sure that the corners and walls are mostly open and all countertops are clear, you create a clean feeling in the home. Get rid of any clutter!
More About HomeStarr Realty
Hill began Homestarr Realty in 2006 and has built the real estate company to include over 300 agents in eight locations across Montgomery, Bucks, and Delaware counties as well as greater Philadelphia and New Jersey. He has a strong pulse on the real estate market in our area and believes in the advantages of working with an experienced realtor whether you’re a buyer or a seller.