How To Prepare For The Competitive Spring Real Estate Market

We're back now with our consumer confidential all about the busy spring real estate market whether you are considering selling or if you're in the market. There are steps you can take to set yourself up for success so here with insight is real estate broker and president of our New York Stephanie Burke and good morning. Good to see you we love when you're here because you kind of walk us through this in such a practical way and I remember the last time you were here you're like there's a reset that's going to happen and then like the world kind of fell apart a little bit right where we at right. Yeah, so it did start out as a reset year there was really good momentum. The war didn't break the housing market, it just interrupted the momentum because it pushed the rates up and buyer hesitation increased so right now we're in a very headline driven market right if the conflict escalates we expect rates to go up a little bit buyer hesitation increase if it stabilizes rates will settle and buyers will re enter quickly but demand is still there. Inventory is improving right now sellers outnumber buyer so buyers have a little bit more choice a little bit more leverage. It's a market of sort of resilience and opportunity right because there are deals to be had we were doing really well before will do really well again and this sort of uncertainty for some people create opportunities for others so I've been seeing some unbelievable deals happen when everybody else is on pause. Okay so specifically yeah, you looking for when it comes to purchasing power and interest rates right now okay, so the average U.S. fixed rate 30 year fixed is right under 6%, 6 and a half percent so it's easing a little bit from last year hovering in the low to mid 6% range beginning of this year actually dropped under 6 which was amazing was the lowest in 3 years that dipped into that 5 number which we love so expect them to stay in the 6 is right. Don't expect any dramatic drops, but just these small weekly shifts that will bring buyers back and I want people to not forget about these arms adjustable rate mortgage right those are typically lower than the 6 than the 30 year fixed right now they're already in the 5% but you need to really give thought to how long do you plan to stay in your home and then ask the right questions because there are difference for arm even though you come in a little bit lower up front after a certain period of time it's going to adjust so ask the questions of how quickly can it how quickly can it go up how high can it go in a worst case scenario can I afford it make sure you have those answers to choose the right financial rate structure for you okay, so if you're a buyer step you've got the 3 hours first one is be ready. Yes, that's right out so be ready meaning if you are financing and you're not pre approved yet do that like today. As soon as the show is a watch the show as you know the show is over go get pre approved and make sure that you're familiar with pricing and rates like we just talked but ask those questions about arms have your team prepared your real estate broker, your real estate attorney, your mortgage banker if you're doing work a contractor right and then be really realistic understand your comfort monthly payment don't wait for these big drops to happen if something works for you today in your life go for it can always refinance later and you're going to have to respond decisively homes that are still priced well, they're still a lot of competition so preparation and being ready is your key advantage right now so when it comes to sellers, yes, how can they be most responsive in yes, so Dylan this is their chance to come out strong right because buyers are encouraged by the timing the temperature, the influx of inventory so right now they should be decluttering they should be painting if there are repairs to be made have the sellers do them because ultimately the buyers will usually overestimate the cost and the effort and I either or walk away or put in this really low offer right and what we we say that condition is currency in your apartment has to look good. It has to feel good you should think about staging it don't forget about curb appeal spring buyers drive by first so that first impression will lead to more interest more offers and then potentially a bidding war. It's sort of a stay ready. So you don't have to get ready exactly everybody involved exactly and pricing is so important right you can't be emotional about your pricing you have to be strategic if you overpriced you'll stall momentum, you underprice or you're the standout in your category, you get multiple offers you get a bidding war that's how you come out strong, especially in the spring market flexibility important flexibility, yes, but again if you're the star of your category and you slightly of the market is so efficient, you'll know in a week if you're priced right or not and if you are priced right to get a lot of interest you'll get a lot of offers you just need to and then you can get over the you make it sound so easy. Hey, thanks for watching and don't forget you can catch the today show every morning on NBC or take today when you're on the go just follow the today podcast on Apple podcast spotify or wherever you listen.