Real estate is an ever-evolving market, and knowing what you need to know so you can get the thing you’re after is invaluable. Lucky for me, I know Brian and Christina Jackson who are two awesome realtors who work out of Springfield, Ozark, Republic, Rogersville and Nixa. This isn’t the first time I sat down with them though – they helped me figure out how to tell if someone hired a bad realtor, and this time they told me what I need to know about buying in a seller’s market and selling in a buyer’s market in the real estate world…especially in Springfield, Mo.
What You Should Know About Buying a Home in a Seller’s Market in Springfield Mo
The summer of 2017 has seen a whole lot of buyers and not a lot of houses – in fact, you don’t even have time to go back and mull over a deal if you are a buyer. The next day that thing is gone!
The first thing Brian and Christina Jackson, dynamic duo and realty power couple, shared with me is that sellers have a hard time moving off their price in a seller’s market. In other words, there is little room for negotiations and that includes the closing costs.
As a buyer,
- The cleaner the offer the better – this means if you give an offer on a house with little contingencies, you are setting yourself up for success. After all, in a seller’s market you are competing against other buyers.
- Make sure your offer stands out. If you want to put in an offer on day one, other buyers probably will want to make an offer too. Make sure your offer stands out. You can do that with simpler terms, a good price and anything that gives you an edge over other buyers.
- Don’t delay! If you go home and think about it in a seller’s market, you probably won’t get to sleep in it. This is unfortunate for anyone analytical or for those who need time to consider all the angles.
- You might not move in right away. Depending on the loan, it will still take 45 to 60 days to move in. It used to be 30 to 45 days, but in a seller’s market, government loans like FHA and VA loans take longer to go through. In fact, it can take an appraiser up to 14 days to come out and see your future home. If you have an experienced lender, like Clifford Ives – he did wonders for my little sister when she was buying her home.
- Have a good realtor and lender (there’s always Brian and Christina if you can’t find a good realtor – they are uh-mazing)? Both lenders and realtors need to also have a good line of communication. This means if they are not returning your calls or at least keeping in touch with you, you need to find someone else. In a seller’s market, everything moves fast, so having professionals which keep you in the loop is of the utmost importance.
What You Should Know About Selling Your Home in a Buyer’s Market
I asked Brian and Christina this question and they answered earnestly, “It’s been a while for Springfield, Mo.” But, if their memory serves them correctly, if you are selling your home in a buyer’s market, you will want to make sure your house is in tip-top shape.
- Does your home stand out? Just like buyers competing for a limited supply, in this market homes are in a surplus so you need to do something which makes your home stand out. What is the WOW factor? Is it curb appeal, landscaping, included appliances, etc.
- Is your home in the top three? To get your home to sell fast, you want to be in the top three homes available on the Springfield market for that specific price range. Keep in mind the market is volatile – there may be four more houses that go on the market next week which puts you in the top five for your home’s price range rather than the top three.
- Price it right! Remember, if there is a limited number of buyers, then your house needs to be priced right. In fact, as a seller this should be at the forefront of your mind – PRICE IT RIGHT!! Whatever price range you are selling your home in, you want to be one of the top three homes for what is available in that price range. The only two things you can control when selling your home is price and condition of your home. The price must match the condition and vice versa AND the rule of thumb is to have an offer in 30 days. If you aren’t getting an offer in 30 days, then you need to reevaluate your price and condition!
Regardless what kind of real estate market it is, experienced agents like Brian and Christina Jackson notice little details which can help you get an advantage in the negotiation process. You not only need agents who keep in constant contact with you, but you also want real estate agents which give you regular feedback such as what people thought of your home, your house compared to other properties, etc. The more you know, the better you set yourself up for success to buy or sell a home.