It’s not just wishful thinking. As the days get longer and warmer, the market often heats up. There are more buyers coming to open houses. More Realtors are previewing homes for their buyers. Mortgage brokers are keeping busy updating buyer pre-approval letters. Most importantly, we are starting to see buyers line up to write offers.
This past week, I showed a property that was off the market. We wrote a full priced offer right after. While the agent had sent signals that her seller was willing to look at offers before going on the market, the seller and her agent changed their tune. They are going to do work to the house, have it staged, and see what the market bares. There’s only one big issue that I can see: it’s what we can’t see. Their inspections were incomplete. Their home inspector did not go under the house because it was too wet. The property obviously needs drainage, and we don’t know what has happened under the house. There could be a lot of wood rot, termites love wet conditions, and who knows what the foundation looks like. Plus, they didn’t have a sewer inspection. Sometimes the first offer you get is the best, and those sellers will be taking their chances that other buyers won’t be turned off when they learn more about the house.
I don’t generally work with a lot of buyers, but for some reason right now I’m working with a couple. The other one found a nice condo she liked, and they had a complete inspection packet. I wanted to write an offer, but the seller’s agent asked me to hold off. That’s really what the first agent should have done, instead of leading us on. Anyway, they have more than a dozen disclosure packets out and were expecting four offers until my buyer decided not to write. Despite my buyer deciding against the property, the point is the market has definitely picked up. Some well-presented and prepared properties are already seeing overbidding situations.
The market is shaping up as I had hoped they would for my sellers, but not so much for my buyers. There is little inventory. There are more buyers coming on the market. Interest rates have fallen and should continue to fall. That will mean even more buyers coming into the market. Forgive me if you’ve heard this before, but spring is going to be a great time to sell this year!
If you are thinking about selling your house in 2023, now it the time to contact your agent and start getting your plan together! Don’t wait until the summer. Things could slow down after the Fourth of July. They usually do, and we are already seeing a typical seasonal pattern unfold in 2023.