Now that we are finally beginning to see what we call spring weather, the question on everyone’s mind is how strong is the spring market?
While it’s too early to make any sweeping statements on the spring selling season, news of multiple offers are coming in across various regions and multiple price brackets.
This activity indicates that buyers are prevalent and are acting on those opportunities where they perceive value. In other words, homes that are in good condition are making the most impression.
It’s really more than just being in good condition though.
A recent study by Coldwell Banker Real Estate surveyed 300 first-time home buyers who purchased a home in the last year and found that 87 percent of those queried want to buy homes that are in move-in-ready condition.
First-time buyers essentially want to buy a home that is affordable, but don’t want to spend the time and additional money to improve a fixer-upper like they did in years past.
- The study also found that 67 percent said the market afforded them the opportunity to buy a home sooner than expected.
- Half said they found a home in a more desirable neighborhood than expected, and
- 61 percent were able to get the home at a better price than expected.
This survey is important because it explores what is most important to new buyers and provides insight for those looking to buy or sell in 2011.
According to the National Association of Realtors (NAR), first-time home buyers accounted for half of the market in 2010.
For home sellers, the message is clear. You must price your home competitively and ensure that it stands above the crowd.
Want more information on buying or selling in Alexandria or Northern Virginia?
Give me a call at 703.927.4554 and let’s get started.