As expected, March was a strong month for real estate sales with the market conditions favoring the seller. Demand continues to outpace supply. Prices are trending upwards and competing offer situations are common place. However, when I look at the historical volumes and compare them with today, we do not have as many buyers driving up prices as was seen in the frenzy of 2005-2007 when house prices doubled. Buyers will continue to have little in the way of selection and options in the months ahead. My advice to Sellers (if you have the funds available): To maximize the selling price of your home have a pre-sale home inspection completed. Fix the niggly things that come out of the report. If possible, fix the moderate and major concerns that come out of the report before you place it on the market to sell and give potential buyers access to the report. Get your Real Property Report updated and ready. Shine up your home before hitting the market. If you have the time and funds to do these three things, buyers will feel more comfortable offering top dollar for your home. My advice to buyers: Think longer term if you are to buy in the next few months. The premium you pay for a great location usually always pays off over time. Make sure to look past the sellers stuff in the home and envision it with your furniture and belongings. Does it work for your lifestyle - be it entertaining, work, kids, company, walkability, repairs needed and your appetite to fix and maintain stuff. As a home ages, it is the location and land that truly creates long term value.
