Residential Real Estate Newsletter March 13, 2023

Life @ Home Newsletter March 2023 (Buyers)

MARCH 2023 | What’s in this issue?

>> NEGOTIATING PRICE? KNOW WHETHER THE HOME SELLER IS MOTIVATED

>> NAR: THESE CITIES OFFER OPTIMAL BUYER VALUE IN 2023

>> 9 WAYS TO SPRUCE UP YOUR HOME FOR SPRING OPEN HOUSES

Negotiating Price? Know whether the home seller is motivated

You’re looking at the house of your dreams and negotiating the best price with the seller, but how can you determine whether there is a motivation to sell? And, how can you tell if the seller is likely to be receptive to concessions or lower offers?

Some potential signs:

Long time on the market. Sellers may be more motivated if their home is unsold after three months or longer.

Below market-value asking price. Price reductions could mean impatience to sell, as could listing phrases like “as is,” “all offers considered” or “seeking cash transaction.”

Lack of maintenance. If the house and yard look untended, the owner may lack time or interest to keep up appearances.

Staging and/or professional photos. Sellers may pony up for that extra marketing to facilitate a quick sale.

Vacant house. A seller who has moved and is paying two mortgages could be facing big budget challenges.

Signs of a split. Empty closets or unfurnished rooms may point to a motive to hasten the sale.

Signs of crowding. Conversely, rooms that are overcrowded may indicate the seller needs more space.

It’s an estate listing. Those who inherited may want to liquidate quickly.

Full disclosure. Eager sellers mention problems early to avoid future problems with the selling process.

NAR: These cities offer optimal buyer value in 2023

Looking for the best bang for your buck when buying a house this year? A 2021-2022 NAR study evaluated 179 U.S. markets based on factors like home affordability, job growth, migration gains and housing supply, and identified these offering optimal value to buyers.

  1. Atlanta/Sandy Springs/Marietta, GA. The median home price is $371,200, and tech firms boost the job market.
  2. Raleigh, NC. Median price is $460,500 and inventory in this tech hub is up 188%.
  3. Dallas-Fort Worth-Arlington, TX. Median price is $390,100, with active home listings tripling and job growth nearly doubling national averages
  4. Fayetteville/Springdale/Rogers/Arkansas, MO. Median price: $328,400. Three Fortune 500 firms create jobs, and population growth is a brisk 2%.
  5. Greenville-Anderson-Mauldin, SC. Median price: $335,400. Strong inventory and tech job growth.
  6. Charleston/North Charleston, SC. Median price: $416,800. Migration and job growth nearly double national averages.
  7. Huntsville, AL. Median price is $327,500. Growing job opportunities and low cost of living.
  8. Jacksonville, FL. Median price is $398,000 in this migration hotspot.

9 ways to spruce up your home for spring open houses

  1. Wash windows
  2. Plant flowers in beds or movable pots
  3. Lay fresh mulch
  4. Repaint your front door
  5. Power wash sidewalks, driveways and/or siding
  6. Clear rain gutters
  7. Rake up yard refuse
  8. Get rid of pet odors
  9. Update patio décor