March Madness: Frenzied Spring Market

Let’s get ready to rumble! Ok not quite, but also, kinda. I’m not much of a follower of basketball, but it’s hard to not get swept up in the excitement of March Madness. And with the spring flowers and increasing daylight comes our own version – the frenzied spring real estate market! And this competition can get really serious! Consider me Coach Lindsay, I’m here to assist you in how to be a baller in the March Madness market!

Why spring?
In the last couple of years, with high demand and insufficient supply the market has become more competitive and more of a mad house for buyers. But the nature of our local Puget Sound real estate market has historically seen an increase of activity in the spring. We all emerge after the long, dark winter, ready to showcase our homes all freshly spring cleaned, ready to make some moves prior to the end of summer. Although we do see a quieter period in the market during our sunny weather and summer vacation season because Pacific Northwesterners know the value of our limited sunshine season!
So why get in on this action SELLERS? Well, in this beautiful time of year – your house will shine with fresh flowers and green grass and it’s a great time to tackle interior and exterior projects. It can be a slam dunk if you tackle the right projects to boost your curb appeal for buyers! But don’t just lay it up, make the effort with listing preparation to net the most from your property.

What’s happening?
With the combination of low interest rates and high demand from a new generation of home buyers, the real estate market remains a fast paced, and frenzied environment for buyers and sellers alike. As Covid restrictions end this month in Washington State, the economic shifts and fall outs continue to impact the real estate market. Those conditions may have longer term impacts both positively and negatively. According to Windermere Economist Matthew Gardener, in his top 10 predictions for 2022, Covid impacts include, “Spring will be busier than expected. The work-from-home paradigm is here to stay for the foreseeable future, and this could lead to increased buyer demand. Many companies have postponed announcing their long-term work-from-home policies due to the shifting COVID-19 variants, but I believe they will soon offer more clarity to their employees.  Once this happens, it will likely lead to a new pool of home buyers who want to move to more affordable markets that are further away from their workplaces.  I also expect to see more buyers who are driven by the need for a home that is better equipped for long term remote working.”

Matthew Gardner’s Top 10 Predictions for 2022 – Windermere Real Estate

How can you best prepare for and navigate this MARCH MADNESS as buyer, seller or both? 

As buyers, the worst airball you can throw up is house hunting prior to pre-approval. Knowing you’re pre-qualified and ready to make an offer is imperative in this market (and really should be the norm). The shot clock runs out around an average 48-72 hour mark to make your decisions in the current market frenzy. And within that decision making includes deciding you love the house, whether you need to pre-inspect as well as other choices for crafting the strongest offer possible.

To really get the triple double as a buyer (basketball term not real estate 😉) you need a team as prepared as you are – your agent (me!) knowing the micro market and details of the home you’re interested in and a lender you can reach directly when you need them (I have a very solid list to share). As you’re preparing to be a baller buyer, check out this list of terms and information on types of loans you could utilize as a buyer.

The Different Types of Home Loans for Buyers – Windermere Real Estate

Sellers, you need to get real about your property! Know the good, bad and ugly then do the work to present the very best product you can. An error sellers (along with an agent not giving good counsel) make in this market, is that preparation isn’t necessary because the demand is so high everything will sell. Well, maybe, but not if your goal includes netting the most possible for your home sale. You’ll be bricking shots all day if you fail to properly prepare, stage, price and market your home.

The best way to combat the March Madness is with the antidote to the frenzied madness – calm, intentional, purposeful actions. So, buyers & sellers PREPARATION is key. If you’re looking for an alley oop, team up with an agent who cares about your success not only financially but emotionally (me!), make a plan and execute it.  And if I was to lay any bets on March Madness this year, it would be for well-prepared buyers and sellers who will successfully navigate the market to find their next home.