Real Estate is seasonal but its very hard to judge when the season starts. It started for most agents 2 weeks ago. It was like someone shot a cannon off and the market filled up with buyers. I thought it would be after Mardi Gras but nothing happened. Then I thought it would start in March after Easter. Then I thought is would happen after daylight savings time started. It was close after that time that it really picked up.
The interest rates are at 5%. There are willing and nervous sellers. There are some nice places in all price ranges. The better condos and homes tend to come on the market this time of year. People are moving, changing jobs, moving up, moving in and moving out. The sellers and buyers that fall into these categories are serious. The Rent versus Buy is strongly leaning to buyers at this time. The prices are leaning to buyers. Just wonder what took so long for Buyers to start looking. Psychological maybe?
Sellers need to make sure their units are priced correctly and compete well with the competition. Are they ready to shown easily and quickly. Are the places looking great with all the little issues having been taken care of. People will buy the best looking properties. Many, many people cannot see around a mess or lots of defects even if small. You only get so many chances as a seller before your property gets stale in this market. Its show time so act like your condo is in a beauty pageant. The winner sells.
Buyers need to be ready. Getting pre-approved and sitting down with a lender is a great way to start the process. I would sit down and talk to an agent about the process that is used to being a buyers agent that knows the properties. Getting started on the Internet is the way most buyers start looking at properties. Its a great way to start but it has it limits.
Having an agent while you are beginning the process is a great step the right direction. You are learning learning the pros and cons of complexes, neighborhoods, resale values, current and past pricing. Think about resale values and local real estate trends when looking.