Jim Valentine: To buy or to wait?
It’s warming up in Northern Nevada as spring is springing up all over. We’ve had a wonderful winter that will make our valleys green and beautiful for many months with the water that it left us. The weeks of good snowfall alternating with the rain kept many of the early-to-list folks on the sideline. It was just a bit cold and sloppy to bring your home on the market unless it was necessary for a quick move.
With the change in weather, however, and the fact that we are nearing the normal time frame for spring listings, we anticipate an abundance of new listings to become available. Homes that have been on the market a while likely are still there due to pricing. If you want to sell before you get a lot of new competition, you should adjust your price to get it moved now. The fact that you are still on the market now should tell you that buyers have purchased other homes instead of yours for one reason or another. If the reason is other than price, price can help mitigate that.
If you are a buyer, it has been a long winter during which you’ve been wondering if there will ever be a home for you to buy. Rest assured, there will be and likely in the next few weeks. If there is something on the market that you like but it is priced too high, now is the time to make a run at it. If the seller is being advised soundly and listens to it, you should get respect for your offer that you might otherwise not have received. They should look at a lower offer carefully because once they get strong competition, they likely won’t see many offers for awhile.
This is a good time for buyers and sellers to review their wants and needs list. We are going into a transition period where the market dynamics will change. Is it time to change your wants and needs? Maybe it’s time that they will be realized and you don’t need to change them. We believe that if you focus on your wants and needs, you can have a hand in manifesting a positive result, the right home will pop into your life.
Be ready to go if you are a buyer. That means getting your lender to preapprove you and have your down payment readily accessible. The time to talk about it is over as you will soon be in an action mode as will the rest of the market. Be in communication with your agent and make sure they know what you want and where you want it. You might be looking online a lot right now, but if you tell your agent what you want, there is a good chance that you can hear about it during the listing process. Agents talk to one another about upcoming properties. If you know about it before it hits the market, you can get a jump on the market. In a multiple-offer market, it helps to have a jump. You might get your offer accepted while they are still winding up their pitch.
While you are thinking of the market changes, look beyond weather and season. Are there new subdivisions being approved and/or developed? New industry coming to the area that will create jobs? National or state political activity that can influence the real estate industry? Pay attention all around.
Our advice: The Northern Nevada real estate market is good year-round, but there are seasonal transitions where the market dynamics change and impact buyers, sellers and their agents. Be sure you are aware of where you are in the market. It wasn’t that long ago that buyers were waiting for the first snow to make a lowball offer to the seller looking to move before winter. Now we are anticipating the influx of spring listings. It is important that you don’t just look at houses that come and go, but that you understand the ebb and flow of the markets and can anticipate them and how you can benefit from your awareness of them.
Be clear about your wants and needs and keep them in your mind. You will be surprised how easily and timely the right property will avail itself. When it comes to choosing professionals to assist you with your real estate needs… Experience is Priceless! Jim Valentine, RE/MAX Realty Affiliates, 775-781-3704. firstname.lastname@example.org