March 2023 Market Update
Happy March!
We have moved from a slow start to the year into the fast paced spring market! While interest rates have had a slight cooling effect, low inventory continues to drive demand. As we head into this busy market, I’m excited to share that Cindy DeWitt is joining me as my buyers agent. She brings a curiosity and thoughtfulness to the real estate market and, with her help, we will be able to accommodate more showings and bring you more opportunities.
Here are this months tips and tricks for success in this market:
Get ready for the spring schedule: Listings typically come on the market Tuesday-Thursday with showings through Sunday and offers due Monday. Competitive homes have showing slots fill up quickly, so grabbing a time early on is key. Make sure to keep an eye on listings as they come online and let us know ASAP if you would like to set up a private showing.
Pulling your credit: If it’s been a few months since you spoke with a lender, you may need an updated pre-qualification. When signing the credit pull authorization, make sure to leave your phone number and email blank. Apparently Equifax, Transunion, and Experian sell your data to lenders who know you are looking for a mortgage pre-approval. A recent buyer of mine did not realize this and got 25+ calls in one day!
Annual Reports: Our Portside Annual Report is ready and I have created custom market snapshots for my clients. If you would like to receive one, let me know. If you’re a past buyer, keep an eye out in the mail for yours coming soon.
Get clear on your priorities: Clarity is key right now. Staying confident while remaining competitive requires you to not only have a clear understanding of what you are looking for in a home, but also what strategies are available to you to get there. Do you understand what a Walk & Talk Inspection is? Do you have extra cash to put towards a strong Earnest Money? What is your understanding of appraisal gap coverage and Escalation Addendums? If you are not clear, let’s talk.
Flexibility is key. The more flexibility you can offer the seller, the better. There are many ways flexibility can make your offer stronger, without costing you anything.
Most importantly, be patient. You will find the right home, at the price (and you won’t have to do anything reckless to get there!), it may just take a little longer than expected.
We are beginning to see more off market opportunities, as sellers with unique situations are open to finding the right buyer to accommodate them within a smaller pool.
Recent successes
Sweat equity opportunity in Biddeford. Our first time home buyers won in a multiple offer situation with a financing contingency and inspection period. They were able to renegotiate on inspections and come to a solution that addressed some major defects while keeping all parties happy.
Large OOB condo. My sellers recently closed on their Old Orchard condo in a multiple offer situation. Great buyers, happy sellers!
Sell to buy. Buyers recently went under contract on one of our Daymark listings, with a contingency of selling their home. New construction can offer increased flexibility and help break the log jam for those who need to sell their home first.
Portland Women Investors. If you’re a female real estate investor, don’t forget to attend our next meetup, Wednesday, March 15th from 5-6:30 at Cloudport in Portland. This months topic is focused on leveraging equity with some insider tips & tricks from my favorite lenders.
Want to know more about the market or discuss your specific situation? I’m always happy to chat about your unique situation and help you make a plan for success that works for you.