What Are the Winning Strategies for Sellers and Buyers in Todays Local Markets?

Market Conditions in Fairfield and Westport Connecticut are characterized by continued low inventory, rising prices, some bidding wars, and some listings that are sitting and making price adjustments. There is some pent up demand from both buyers and sellers from a long harsh winter. Every transaction requires a strategy consistent with the goals of the buyer or seller and the positioning of the home when it hits the market.

Sellers entering the market now have the continued benefit from low competition. It is still critical to position the home competitively, both in terms of price and presentation.

• Make sure to address obvious maintenance and repairs, both inside and out. Even though buyers may have to compete for a home in this market, they are still wary of maintenance and repair costs.
• The exterior of your home makes the first impression regarding how much perceived deferred maintenance might be lurking inside.
• Staging is a marketing strategy you can employ to showcase your home’s assets, show the best use of space, streamline the focal points, and make a powerful emotional impression that can seal your deal.
• Pricing conservatively will attract buyers to generate competition for your listing. Doing so will also create enthusiasm versus critique when they walk through.

How can you coordinate a purchase with your home sale?

• If you are looking to buy and worry about coordinating your sale with finding your new home, you can protect yourself in the transition when you list your house “subject to finding suitable housing”. This means you are under no obligation to sell your house until you have found the new home.
• Another option is to sell your house and rent it back until you’re ready to move. This puts cash in your pocket and positions you as a strong buyer. 
• You can also request a long closing to give you time to find and close on your new home.
• Consider using a Pod for storage and planning to get an AirBnB to ease your transition. This way you are already partially packed for your move and can take your time to decide on where you want to be without trying to match up any timelines.
• You can opt for a short term bridge loan for your purchase that you pay back when you sell your house. 
• Talk to your agent and mortgage broker about a strategy that works best for you. Putting your house on the market enables you to be a competitive buyer while expanding the housing choices for everyone out there shopping for a home!

Buyers may face multiple offers or  have leverage to negotiate depending on the competition for the home of interest. It’s critical to have your budget set, down payment saved, and credit score in good order. It’s also important to avoid taking out other loans or financing other large purchases before and during a mortgage application process!

• If you see something you like, be prepared to have your agent submit a complete and competitive offer including your pre-approval or proof of funds. If you need to sell your house first, talk to your agent as soon as possible to determine your strategy.
• Keep in mind that you will likely be competing with cash offers, which are very attractive to sellers because they come with greater simplicity and less risk: no appraisal, no interest rate variables, no credit or job stability requirements.
• So if you are financing, it’s important to do everything you can to make your offer attractive compared to the ease of cash.

Contact your agent to help you plan for your new home this year.