In the past year, someone around you has more than likely been talking about the current housing market. If this is news to you, here is the skinny—it’s been wild! We are very much in a sellers’ market. Interest rates are at historic lows, inventory is at historic lows and demand is at historic highs, which can create an extremely stressful experience for both buyers and sellers. What are you to do if you need to move?
To manage expectations accordingly, it would be wise to take these tips into account:
- Research: Research target areas, comparable homes and features. Make a list of must-haves, like to haves and wish list.
- Honest agent: Pick an agent for your needs who will shoot you straight. Agents may focus on selling or buying or both. Some agents are general practice agents, others are close friends who may not know anything about your desired neighborhood.
- Finances: Shop banks and line up your banker and financing before you start looking.
- Compromises: In fast-paced markets, you might not get your dream home, so consider a place that checks most of the boxes or consider taking on renovations.
- Squeaky clean offer: Cash is king, and quick closes are closer to guarantees. Bankers can help you with this, but you must talk with them well in advance of an offer.
- Be patient: Particularly important, there will always be another house. Take as much emotion out of the process as you can to prevent a fast decision that could be a wrong decision. Make sure the numbers work.
You should not assume that any information provided serves as the receipt of, or as a substitute for, personalized investment advice from WA. This article reflects information available at the time it was written and should be used as a reference only. Talk to your WA advisor, or a professional advisor of your choosing, for the most current information or for guidance specific to your situation.