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April 2024 Market Update

Market Updates The Erin Oldham Team April 4, 2024

The spring market is here. We are seeing more listings enter the market and finding opportunities to get people under contract. And once people get under contract, we see more listings! 

 
Here is how you ensure you can be smartly competitive:
  • Know the patterns: Listings tend to be added to the market on Tuesdays, Wednesdays and Thursdays. Showings tend to happen from Friday thru Sunday. This is not true for every listing but we recommend starting to look at listings mid week and planning to do your showings Friday - Sunday. We are seeing some super fast offers come in so if you are in competitive mode, we suggest scheduling your showing as early as possible. 
  • Know the competition: Inventory is starting to rise, slowly. We are seeing a good amount of people enter the market. We are seeing a great variability in offers that are being made. For a lot of homes, there will be a couple offers right around the list price and then a buyer or two that decide to take the price higher. 
  • Know the strategies: Read our document on Tips for Succeeding in the 2024 Market. This lays out strategies such as:
    1. Doing a pre-inspection so you can make an offer without an inspection. There are pros and cons to this. Ask us!
    2. Having extra cash in the background so you can put down a healthy earnest money deposit or address how you would handle an appraisal gap with confidence, and
    3. Getting fully approved so you can strengthen your financial position.
  • Know your situation: Ponder your non-negotiables and your areas of flexibility. Would you consider other towns, would you consider a townhouse, would you consider a smaller lot of land? Also, make sure you have all your ducks in a row. Have money liquid for the earnest deposit and the inspection, and potentially to address an appraisal gap.
  • Know the financing strategies: Interest rates are constantly changing. Have your lender alert you when they go up or down significantly, or in a way that will impact your situation. Ask your lender how to handle appraisal gaps. We are also seeing lenders offering new strategies to assist people in buying and selling at the same time. Ask us!

We are seeing a healthy amount of off-market listings within Portside (we are allowed to sell off-market between Portside agents). These are usually sellers who need a longer timeframe for closing, or don’t want their home on the public market. Many times, Portside agents offer their listings to Portsiders for a week or two before the home hits the market. 

Reach out to set up a buyer consultation if you want to talk through all the possibilities for your particular situation. We have lots of effective strategies to break through the morass. 


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