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Local Voices

Are You Ready for a Seller's Market?

Temperatures are chilly but the all important spring housing market is kicking into gear with optimistic sellers leading the momentum, according to Linda Feinstein, who is ranked as one of the top realtors in the US and is broker/owner of ERA Team Feinstein in Hinsdale, a leading realty firm in Chicago’s western suburbs.

Feinstein said all signs point to spring being a seller’s market, which means buyers need to be on their toes about current trends, such as:

·          A decrease in the number of homes for sale means competition and possible bidding wars.

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·          Interest rates, although still at record lows, are expected to rise slightly this summer.

·          Home prices are ticking upward due to low inventory.

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·          New lending laws are making it more complicated and time-consuming to secure a loan.

 

“This spring is a great time to buy a home because we still have low mortgage rates,” according to Kimberley Bolte a broker with ERA Team Feinstein. “But buyers should know what they need to do to secure a loan, such as having been employed at one job for at least two years. They should be prepared, and use an agent who is easy to work with, communicative and who truly listens to them.”

“The good news is that banks are still releasing short sales and foreclosures into the market so there’s plenty of opportunity for buyers to get a good deal on their dream home,” added Bolte . “We always encourage buyers to work with a buying agent who can supply comparables and offer an unbiased view of a property’s value.”

For sellers, higher home prices and low inventory may give them the upper hand. According to the National Association of Realtors, housing prices have risen 7 to 13 percent nationally, depending on the location.

“In terms of trends we are also finding that now, more than ever, sellers need to know that it’s essential that they have their home decluttered, cleaned and staged for buyers, Bolte said.  According to ERA Team Feinstein Sales Leader Gail Jensen,  “Many busy buyers who are pre-approved are often ready to move fast, and want properties in move-in ready condition, our expert home stagers are able to help with making sure the properties we represent create the best selling impressions and sell for their full market values.”

 

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