I get an email newsletter update every day from the Florida Realtors. Great information about all things real estate and other news as well. Yesterday, it mentioned a Wall Street Journal article that this may be the toughest Spring in years – and they didn’t mean all those nasty Spring storms that have been brewing all across the country, although that makes for a very tough Spring! It was referring to a tough Spring market for buyers in the real estate market nationwide. It can be felt here, in St. Augustine, as well. While prices and mortgage rates will increase, inventory of homes for sale can be tight or decreasing – especially for first time home buyers. That will be tough for buyers, but equally tough for sellers, who may have a difficult time finding the replacement home as they want to downsize or upsize and place their current home on the market.
What can you do? As a buyer, make sure you have your mortgage pre-approval. That way, when you do find the right home, at the right price, you can show the seller that you are ready to buy and there shouldn’t be any hiccups in the process. Make sure you are communicating everything you are looking for, but don’t be afraid to look in areas you may not have thought of or for home styles you may not have considered – that may help increase the number of homes available to you. And, remember, you may not find the perfect home – it may not have all the bells and whistles that you thought you wanted. Can you make some small adjustments after closing to make it the perfect home? In a tight inventory market, you may have to be a little more flexible. You can start your search for a home here: MyStAugustineHome.com.
As a seller, you may think that low inventory means you don’t have to do your due diligence. You still need to get your home ready for the market by decluttering, repairing, and making sure you have great curb appeal. Just because the inventory is tight, does not ensure that your home will be one to sell in two days or get multiple offers. It still needs to be appealing to the buyers in the market and be listed for the right price. Also, depending on the price point of your home, there could be more or less inventory, demand, etc., so keep that in mind. You will want to have your plan in place for where you are going after the sale. Be looking for your next home prior to listing so that you have an idea of neighborhoods and home styles you like. You may not be in the financial position to purchase your next home prior to selling your current one, but have a plan for either the next purchase, or for a short term rental until you can find that next home.
Let me know how I can be of help finding your first home, your next home or in getting your home ready for the Spring selling season! I am just a call, text, or email away!