Typically when people not in real estate think about a time to sell and buy, they think about summer. It’s warm. The kids are out of school. The major holidays are over and the weather is good, making venturing out to look at houses easier. Lawns look fabulous with flowers blooming. 

But Spring may be just as good. In fact, for many reasons it could be better.

Selling a home in Spring

U.S. News and World Report gives a few reasons why sellers may want to hop on selling now, giving four reasons:

• New buyers are still entering the market.
• Interest rates are still on the lower end.
• You have equity.
• Selling now will be better than waiting till 2020.

Of that list, one of the biggest reasons to sell now is timing. According to the same article from U.S. News and World Report, “In a survey of 100 U.S. real estate experts and economists by real estate information company Zillow, released in May, almost half expect the next recession to occur in 2020. Another 14 percent believe the recession will hold out until 2021, while 24 percent of panelists expect the recession earlier – sometime in 2019.” Because there’s a chance a recession could happen in 2019, it’s better to sell now.

When it comes to selling, real estate agents need to prep their clients in how to start right.

• Make your home ready. Clean thoroughly (and probably professionally), remove clutter, touch up paint (inside and out), mow the yard, plant flowers in front of the house for curb appeal, organize, neutralize odors, and add greenery inside the home. Many real estate agents also recommend staging to enable potential buyers to envision their home as well as sell the home faster and for more money. Your job as the agent is helping your client understand that decision and working through the math of whether that makes sense.
• Investigate and identify the right price (the first time). Most markets are no longer competing for the highest bidder, providing money over the asking price. Redfin indicates that in mid-February more than 1 in 5 homes for sale dropped their prices. In other words, because most of the market is slowing, start with a price that reflects that market.
• Getting your home ready for listing before the weekend. Redfin indicates Thursday is the best day to announce a home is for sale as it gives home buyers and agents a chance to work schedule looking at them during the weekend.
• Having an open house. Although agents and home owners see this as painful, agents will frequently look through a house to see if it has everything their client needs. As the market tightens, this old standby may be what pushes your client’s home over the top.

As an agent, you also need to rely on more than the old standbys. You should be doing digital marketing — using a marketing app to send emails and adding information to social media.

Buying a home in Spring

So if housing prices are falling, why is now a good time to buy? There are a variety of reasons.

• Housing is more affordable as prices come down.
• There’s more inventory.
• Although a recession is predicted soon, it hasn’t quite hit so home buyers still have purchasing power.
• Interest rates are holding fast with the Fed reassuring they’ll stay there.

So what can you do for buyers looking to purchase a home for these reasons?

• Educate them on home buying. First-time home buyers definitely need help. It can be overwhelming to people just taking the plunge. But even seasoned home buyers may need refreshers, especially if they’ve been renting during the real estate frenzy. That home buying assistance might include how much they need upfront for banks as well as how much time the entire process may take. Also, give them a head’s up on any specific issues, like inspector timing.
• Get them to understand priorities. Of course, every home buyer has a budget, but help them understand what’s realistic within that budget. Let them see a house with all the bells and whistles as necessary or trend information to help them refine their priorities.
• Set them loose. The easiest job is when real estate agents have engaged home buyers looking at Zillow or other tools to find a home. Ensure it meets their needs and then arrange for times.
• Be proactive and email them homes. Although they can use Zillow, ensure you’re sending them homes and providing value.
• Provide advice. Consult and let them know whether its a good time to buy, what price the house may drop to, etc.

Spring has sprung. It’s the perfect time to buy or sell. And as a real estate agent, it’s your job to help clients understand both. In fact, you can even send this blog post for ideas.

And be ready — a downturn approaching. SwiftAgent has ways to thrive even when real estate is tight.