How To Buy a Home: Strategies for a Changing Market

Buyers need new strategies to help them accomplish their goal of homeownership. You can make your own buying opportunity.

Buyers need new strategies to help them accomplish their goal of homeownership. The market has changed. While I don’t believe it’s a “Buyer’s Market,” as yet, certainly the prices have leveled off.

Buyers may still be stymied by intransigent Sellers and Realtors who are living in the past and pushing Buyer’s offers higher, higher, higher.

My advice to Buyers: prepare for War. First, get all your ducks in a row. Get prequalified, have your mortgage person available and ready to act quickly to send out a customized prequalification letter with each offer you make. If you make an offer on a Saturday afternoon at 4p.m., that letter should be faxed to the Seller or their agent within two hours. It’s complete nonsense to wait until Monday.

If you do this, you set yourself above the crowd. You also set a tone of seriousness in the negotiations. You get the high ground. That makes it easier for you to set the price you want to pay (not what the Seller or their Realtor wants to get). It also prepares you for hard bargaining. You’re hot, you’re ready to buy and close. This preparation raises your confidence level to Herculean strength.

Buyers can seek out opportunities. Identify a house that has been on the market for a while. The house might be on MLS or it might be a local FSBO (For Sale By Owner) that you have noticed in your travels the past three months.

A house that isn’t sold quickly is most likely not priced correctly. Take your Herculean confidence, set your price and make your offer. Keep it simple.

You can make your own buying opportunity this way. It’s so easy. Don’t fall in love with the house. Fall in love with the numbers. Put your offer out, give the Seller just enough time to consider it. If the Seller doesn’t move (counter offer or accept) you move on.

Find another house. Repeat. Buy your first home. Tell tales of your Herculean adventures over cool lemonades and hot steaks on your back patio years from now.

I live on Long Island. There are several FSBO’s in my immediate neighborhood—within two blocks in either direction. All of them have been “on the market” for a minimum of two months, probably longer (I’ve lost count).

These folks seem to think the way to sell a home is to just put up a cheesy red “For Sale” sign with a phone number scratched in on the bottom in Scripto black. Yah. Right.

We checked on the price of one. Ridiculous. Absurd. Ludicrous. And the guy was in the habit of running two open houses every weekend for about six weeks. He would make sure there were no cars parked out front and he’d spend two hours Friday afternoon with his visor down, and his weed-whacker going at full throttle trimming to perfection the edges of the lawn. Yah. That’s going to sell a house. Right.

If I show up at the farmer’s market with a batch of potatoes and the going price is 20 cents a pound, why on earth would I price it at 35 cents a pound? What, I think I’m going to sell my potaters by cleaning and polishing and trimming off the nasty bits? I Don’t Think SO!

I’ve been doing mortgages for seventeen years, and looked at FSBO’s for three years before that as I shopped for my first home. The single common denominator with ALL FSBO’s: highest price, largest greed factor, Most Cluelessness, and stubborn refusal to pay a professional to SELL the home.

Homes don’t sell themselves: salespeople do it. Their incentive? Profit, plain and simple.

These homes are prime opportunities for Buyers. Show up, make your offer and either buy your first home or walk away and go down the block to the next FSBO.

The Rules of Real Estate

Do you know the three rules of real estate?

There are three rules of real estate. Do you know them?

Rule number 1: Location.

Rule number 2: Location.

Rule number 3: Location.

With all the talk of “bubbles” and “ROI” it seems absurd that everything important about real estate can be boiled down to one word, but it’s true. That word is location.

Whether a property is something to be lived in or something to be invested in, the location of the property determines the price and so much more.

Clients ask me all the time about why a certain property is priced the way it is, or if I think a property is priced incorrectly. The first thought that comes to mind when considering a reply to the question is “Where is the property located?”

That question could mean any number of things. It could be very general like, “The property is located in New York City.” Or very specific, such as, “This property is the second house from the end of the block, in a block of neat and well-maintained detached homes, but immediately adjacent to the commercial property with the nasty-looking truck garage and oil stains on the sidewalk.”

Sometimes you come across a house that is priced correctly for the location. Even in this crazy market, it happens!

Then there is the personal opinion of the purchaser that affects location.

My wife, The Realtor, and I are working with a young woman looking to buy her first home. We went out with her last Saturday. One of the houses we looked at was located a short walk from the elevated subway line. I’d say about 100 yards or so.

The client indicated she really liked that feature of the house. She stressed to us that she wants to be at least that close to the subway line, that she likes the short walk, and she doesn’t mind the noise.

This client is, like me, a native New Yorker.

I, on the other hand, having grown up in apartment buildings both located less than a hundred yards from an elevated subway line want to be as far as possible from such a location. Heck, where I live now on Long Island, just the noise of the LIRR trains honking their horns at RR crossings bugs me sometimes. And they’re half a mile away!

The point is, location is not only related to the physical characteristics of the property, but is also a function of the personal opinions and, more importantly, desires of the owner or purchaser.

Remember the three rules of real estate when you are shopping for a home. It all comes down to that one simple word. That’s a good thing to remember as you worry your way through open houses, showings with Realtors, grammatically incorrect advertisements on Craigslist, and various other strange home-shopping experiences.

They’ll Run Your Credit

Mortgage professionals must run your credit report to qualify you. The question is, “How many times will they run it?”

You need to know something about mortgage people and credit reports.

We cannot thoroughly qualify anyone for a mortgage loan without a credit report in front of us. And that credit report must be provided within the company we are working for.  We use a Tri-Merge report with reporting from all three credit bureaus provided by a company called Credco.

Other mortgage companies and banks use a wide variety of other types of reports and various other service providers to access those reports.

Is it possible for me to look at another mortgage company’s report to qualify? Yes, and no. If you have a copy of such a report (and you’re not supposed to have one, only the score disclosures) then I can review that report and get a sense of your creditworthiness. But I cannot use that report to qualify you thoroughly.

Why is that? Well, depending on the service provider the report may not be as complete as the report we use. More often, though, it’s a matter of age. Mostly, it’s because a Lender has underwriting requirements related to the reports used.

So, no matter which way you look at it, if you are getting qualified for mortgage financing, people are going to run your credit.

What you must watch out for are those people who say they won’t run your report. Or, worse, those people who say they’ll only run it once: only to have it run multiple times.

To the first group there, remember that under Fair Credit Reporting Act, we can only run your credit report with your written permission. The New York State Banking Department requires we keep a log and a record of your signed authorization. Problem is many mortgage people run credit reports just on a verbal authorization. So, you’re on the phone with a loan rep. and he’s taking basic information about you to qualify you. He asks you for your social security number.

You say, “Oh, I’m not ready to have you run my credit. I just want to hear more about the 4% 30year fixed interest rate you’re offering with no points, no application fee, no closing costs, no nothing and someone comes to my house to do the windows every Tuesday afternoon after I close with you, advertisement.”

He says, “We can’t properly qualify you for that program without complete information from you.” (That part is true)

He continues, “We just have to put this information in your file. But don’t worry, we won’t run your credit.” (This is a good time to hang up the phone or run for the hills)

They will run your credit if you give them the information. Later they’ll tell you not to let anyone else run your credit report because the inquiries will stack up and lower your credit score (partly true, mostly a bad sales gimmick).

The second group of mortgage folks will tell you they will run your credit report. But only once. That may be true: it’s what I do when I qualify you (with your written, signed, permission). But, I work for a Direct Lender. I’m not shopping your loan with seven different Lenders. My underwriters review your ONE report and use that to prequalify you.

When working with a mortgage broker, it’s different.

What they don’t tell you is that when they’re shopping for your loan approval with different Lenders—this is typical of mortgage brokers, who don’t lend directly, they place your loan with a Lender—they send a basic application for you to the Lenders. This is part of the qualification process and there’s nothing wrong with that.

When the Lender gets your application, guess what the Lender is going to do? Run your credit! Again!

The more Lenders receive your application from the original mortgage broker, the more inquiries on your credit report.

I recently tried to qualify a client for a refinance. He had been working with two different mortgage brokers for almost a year trying to refinance. His credit report had 67 inquiries within three months. His score was in the 400’s. He had decent credit, not great, but not bad enough to have such a low score. His low score was a direct result of all those inquiries.

Guard your credit information. Try to suss out the mortgage people you want to work with before they run your credit report. Once you’re comfortable with that, then you can proceed to complete the qualification process.

Because at the end of the day, no matter what, they’ll run your credit.

Times they are a-changing. Not.

It’s more confusing than ever.

We are definitely seeing a change in the market. And we are not seeing a change in the market. Boy, it’s more confusing than ever.

Here’s the feedback I’m getting from Buyers:
-Some Sellers have reduced the prices, and actually listening to offers
-Some Sellers are still sitting with their prices in 2005-mode. And, well, you know the deal there…
-Some Agents are clueless when we try to tell them a property is overpriced.

Bottom line:
-Sellers with overpriced properties are still for the most part sitting high and mighty and waiting for the right Buyer to come along. They may be waiting quite a while.
-Sellers who really want to sell are selling.
-It’s not a Buyer’s market.
-The changing market hasn’t shaken out the clueless real estate agents yet.

Memorial Day 2006

If you love the home you live in, or you’re just dreaming about owning a home, take a few minutes this Memorial Day weekend to remember the many men and women who made the ultimate sacrifice in service to their country to make that dream possible for you.

Memorial Day is an important National Holiday.

It is a day when we as a nation remember those who gave up their lives in defense of our nation, our freedom, and our way of life.

The origin of the holiday is unclear; many different groups around the country began traditions of remembering the war dead. Eventually, these many and varied traditions coalesced into a national movement. In 1966 Memorial Day was officially sanctioned a National Holiday by an Act of Congress. The process took one hundred years since its first stirrings after the Civil War.

More here: Memorial Day History

You can do something in commemoration in less than a hundred years; less than a year; less than a day.

If you love the home you live in, or you’re just dreaming about owning a home, take a few minutes this Memorial Day weekend to remember the many men and women who made the ultimate sacrifice in service to their country to make that dream possible for you.

I will take a few minutes to stop by Cypress Hills to visit an early Civil War military cemetery and pay my respects. I pass this cemetery frequently when driving on the Jackie Robinson Parkway. As you round a bend you get a glimpse of hundreds of small white headstones arranged with military precision on a bucolic hillside.

It looks so peaceful, and in that glance, you can appreciate how many people have gone off to fight wars in defense of liberty.

Negotiating an offer in a changing market

There are plenty of houses out there. Keep going until you find a Seller who really is serious about selling their home.

Negotiating an offer in a cooling market.

Okay, so there is a general consensus that the market is cooling off. Houses are sitting a bit longer on the market; some prices have been reduced, but not all. New houses come on the market, still priced at zany “summer of 2005” prices.

What’s a Buyer to do?

Let’s assume you are past the whole “housing-head” “bubblehead” thing. Let’s assume you believe the investment in a home involves much more than just some silly investment pricing strategy. You understand the intangible benefits of owning a home, you’re tired of paying rent, and you want your own “piece of the rock.”

Right, so you are heading out there in this “cool” market and you’re shopping for your first home.

I have some negotiating strategies for you that may help you “shake the trees” and “turnover some rocks.”

1. Know your market. You must create a personal pricing sense; you must do an appraisal in your mind of the home you wish to buy. For that, there is no substitute for going to see as many houses as you can in your chosen neighborhood.

You have to learn the prices of the homes so you know almost instinctively what a house is worth by comparing it to the 23 similar houses you’ve seen over the past six weeks.

When you walk into the home you want to buy, you will know the right price to offer. You will know the maximum price you’re willing to pay for that home.

2. Your Prequalification Letter is a Negotiating TOOL. You should not be walking around with a blanket prequalification letter stating the maximum loan you are qualified for. Rather, your letter should be customized for each offer you make.

This way the Seller never knows your maximum price. If you have made an offer and the Seller counter offers, and you wish to increase your next offer, have your letter updated to reflect the higher amount.

And when you make your offer be sure your prequalification letter is faxed over immediately. I can’t tell you how many times I have heard from Realtors the reason they accepted one of my client’s offers is due to the alacrity with which we submitted our letter. Realtors relate stories of offers that come in on a Sunday afternoon, and the Buyer is still trying to get a prequalification letter the following Tuesday or Wednesday from their Loan Officer!

I send out my letters the same day you make your offer, even on weekends. I followup with a phone call to the Realtor to support your qualifications verbally.

If you want to buy a home for the price you are willing to pay—-not what the Seller wants to receive—you must show the Seller how serious you are. Sending over the prequalification letter right away is an important part of that.

3. Offer less, Offer more. When you make your offer, it doesn’t have to be for full price anymore. Summer of 2005 is long gone. The market has changed. While many Sellers may still be asking outrageous prices, that doesn’t mean they are getting it.

Since you are an educated Buyer who has researched your market, set a maximum price you are willing to pay for a particular house and create a pricing strategy. You should have an opening bid, then one or two counter offer positions ready. These counter offers raise your price, but do not exceed your maximum price. Start with your opening bid and your prequalification letter for that amount.

The Seller will do one of three things. First, the Seller may accept your offer. Bully for you! Second, the Seller may not respond, or refuse. Third, the Seller may counter.

If your offer isn’t accepted, or countered, the next step is up to you. If you like the house enough to move up your price, then step in with your next position and a new prequalification letter.

If your offer is still not accepted, it may be time to move on. If you decide to increase your price, that’s fine. Just don’t go over the maximum price you decided originally you would pay for this house. The heat of the moment of a negotiation quickly becomes emotional and you may lose all sense of reason.

Remember: you want to buy the house at the price you’re willing to pay for it, not the price the Seller wants. Don’t go over the maximum price you set before making your first offer.

4. Serious Sellers. Oh boy there are a lot of houses on the market. Don’t let that fool you into thinking they are all ready for the taking by smart Buyers like you.

Assume there is a percentage of Sellers out there who are not serious about selling their homes. They still think it’s last year and the prices are still mega-millions. Note to Sellers: the market has changed!

You want to discern who is serious about Selling and who is standing there thinking their homes are cash cows waiting to be milked by an unsuspecting Buyer. Note to Buyer: that’s not YOU!

Some folks don’t need to move. The job is not relocating to Arizona; it’s not time to retire; they don’t need to buy a bigger house to accommodate the elderly Mom who is moving in with them. Some folks just have this idea they can sell their home and make tons of money. That’s not “serious about selling” in my book.

You can ask a lot of questions to get at the “truth” behind a Seller’s motivations to sell. You may not get answers to your questions, or the answers may reveal nothing of the Seller’s intentions, or, worse, you may be lied to.

In my long experience I have found the best way to get at the secret of whether or not a Seller really wants to/needs to sell a home is to make an offer.

The person who doesn’t respond to an offer probably thinks he’ll just sit tight to get his price. That’s fine, but if the house isn’t worth that price anymore, then you, educated Buyer, will be moving on to greener pastures.

If your original offer is seriously low, and there is no response, try raising it. If still there is no reaction—a counter offer from the Seller is what I consider a reaction—then this Seller probably isn’t serious.

Time for you to move on. There are plenty of houses out there. Keep going until you find a Seller who really is serious about selling their home.

These are just basic suggestions to help you chart the mysterious waters of a cooling market.

You really must be out there looking, looking, and looking some more, making offers, and making more offers in order to develop a good sense of where the market is going and how you can achieve your goal of homeownership.

About Credit Reports for Mortgage Prequalifications

When you are being qualified for a mortgage, there are different
types of credit reports we use to qualify you.

About Credit Reports for Mortgage Prequalifications

When you are being qualified for a mortgage, there are different
types of credit reports we use to qualify you. The type of
report is determined by how thorough the qualification is. If
you are being prequalified, a basic “In-File” or “Tri-Merge”
report is used with credit scores.

If you have made your formal loan application, we’ll use a “RMCR”
or Residential Mortgage Credit Report.

There are different charges for different types of credit reports:

1. The “free” report you get at most mortgage brokerages/lenders
actually costs the company anywhere from $5.00 to $30.00 depending
on the volume that company does with it’s credit agency. Since we
use these credit reports for prequalification purposes, we
typically don’t charge the client for the report. We eat it. In
fact it is extremely rare that you would be charged for either the
report OR the prequalification. I would recommend not doing
business with any mortgage company that is charging for this early
level of service.

2. RMCR averages $50-$75. This type of credit report is known as
a “RMCR” or Residential Mortgage Credit Report. This is not just
a credit report. This is a full factual report done by an outside
credit bureau to verify your credit history (with all three scores),
your employment (the agency calls to verify your job) and your
rental history (the agency calls your landlord). If you’re
self-employed, the agency contacts your accountant. The result of
all these phone calls is presented to the Lender in the report.

This type of report is used only when you have made a formal loan
application. Typically you will pay this fee upfront at time of
application along with your appraisal fee and application fee
(if applicable).

3. In New York State a Lender or broker CANNOT earn income from
inflated fees for credit reports. The NYS Banking Dept. requires
that we only charge our actual cost for the report. Therefore,
if we collected $55.00 for credit and $350.00 for appraisal at
application time and our actual charges are $52.50 and $325.00
respectively, we must refund the difference to you at closing.

4. You need to RUN away from any mortgage person who a) charges
$55 to run a prequalification credit report b) calls a
prequalification a “preapproval,” c) doesn’t explain or is not
accessible to answer your questions about these very important
issues.

5. “Preapproval” is a fancy-shmancy marketing term for
prequalification. You can’t be approved for a mortgage loan
until you locate a property and engage to purchase the property.

FSBO’s: For Sale By Owner

Two important rules you should remember when shopping for a FSBO

People have long asked me about “For Sale By Owner” houses. These are commonly referred to as “FSBO’s.” No real estate office is involved in selling the house; the Seller has undertaken to sell the house. You find FSBO’s advertised in local newspapers, the local Pennysaver, or just a sign on a lawn or in a window as you drive around home-shopping on a Sunday afternoon. Lately a new industry of real estate services has sprouted up offering Sellers assistance in selling in the form of marketing materials, signs, and even MLS access. These services are offered at a flat fee to the Seller; no real estate commission is involved.

These are the typical questions my clients have about FSBO’s:

Should we consider buying a FSBO?

Of course you should consider buying such a house! Any house on the market that fits your needs, your wish list and your price range is worth considering for purchase.

Are they a good deal?

That’s hard to say. The definition of “good deal,” is different from one person to the next.

In terms of general market price, only you can know if it’s a good deal. As I am wont to say, “Know your market.” If you know your market area, have a pretty good idea what the prices are in your target area, and feel confident of your knowledge then you approach a FSBO from the perspective of being an educated Buyer. You determine the market price for the house when you agree on a price with the homeowner.

Therefore, if you get the house that is acceptable to you based on your knowledge of the market then you surely are getting a good deal. The good deal is the house you want at a price you’re willing to pay.

Now, if you mean good deal as in, “Wow, I got this suit at 75% off and no tax and free tailoring!” then, well, that’s really a whole other ballgame and in my opinion has no bearing on the idea of buying a home to live in. Homes are not pork bellies, used cars, or shares of Google. Or cheap suits for that matter, either.

Aren’t FSBO’s priced lower because there’s no real estate broker involved?

Ahh! Now we get to the crux of the problem with FSBO’s. Do not make the dangerous assumption that a FSBO is priced lower just because it’s not listed with a real estate office. Remember there is that word hanging in the background of any real estate transaction, “greed.”

A Seller who doesn’t wish to pay a real estate commission is not necessarily lowering the price accordingly.

No. More likely the Seller wants every possible dollar for the house in a sale. Therefore the price might be higher than market or the Seller refuses to negotiate with you once you try to “discount” for the real estate commission. Worse, the Seller might not give you any price reductions after your engineer tells you certain items in the house need to be replaced immediately.

Remember, these are the same people who will negotiate with real estate offices for lower commissions. Assume the worst case: the Seller wants top dollar (maybe even more than the house is worth). If you walk in the door of a FSBO with that worst-case scenario firmly lodged in your mind, then you can negotiate more sensibly, or make a quick decision that this house just isn’t going to work for you.

Two important rules you should remember when shopping for a FSBO:

1. Know the market prices of your target area. Negotiate based on market price, not on what the Seller tells you is so amazing about the house.

2. Input the “greed-quotient” into your shopping equation. Assume the Seller is not really interested in selling the house as much as getting the highest price for the house (and this price might be absurd).

We check FSBO’s on a fairly regular basis. My wife, The Realtor, does that to target potential listings. Many FSBO’s convert to real estate offerings before long: it’s hard work selling a house. My wife indicated to me this morning, based on the this week’s research, the number of FSBO’s in our area has dropped.

I’m not surprised. The market is cooler than last summer.

I have said it many times: it’s easier to sell a house in a “HOT” market. Thus, Sellers get greedy, decide to sell on their own, and avoid paying a real estate commission. Then those new breed of real estate offices sprout up. You know the type. They offer Sellers MLS listings, signs, and other “services” for a flat fee. No real estate commission involved.

That’s all well and good in a busy market when Buyers are knocking down the doors. When the market cools, however, folks pretty quickly realize (or maybe not so quick!) that the business of selling a house is complicated, difficult and requires a lot more than just an ad in the local Pennysaver or a lawn sign stating, “Open House Sunday 1-4 p.m.”

If you notice fewer FSBO’s, you are not crazy. It’s symptomatic of a cooler real estate market. The hard work of selling in such a market is undertaken by real estate professionals.

Propertyshark is great

Propertyshark is an excellent and straightforward resource for Buyers.

A few words about PropertyShark, the wonderful online resource everyone should be using.

When I was first introduced to propertyshark, I was pleasantly surprised by the ease of use of the site, the lack of advertising banners, and the overall straightforward approach to doing what the site sets out to do: provide current information about houses. It’s kind of a “background check” on a property. Too many other “information” sites on the web clutter the works. They dilute the intent of the site and thus confuse those who use the site seeking information.

Propertyshark does it right and does it best. Clear intent and purpose and the site gets you what you need with the least fuss possible.

In the beginning I was warned by my underwriting staff to be wary of the accuracy of information on propertyshark. I have found, though, over time, the site is very accurate. I use the site mostly for verifying property taxes for my clients when I qualify them. I want to be as accurate as possible when quoting a monthly mortgage payment.

The site is loaded with other features which I really don’t use. I imagine the average house-shopper doesn’t need those features either.

These extras seem to be directed more for people interested in investing in properties. In my experience, Buyers have always wanted to know what’s “behind the curtain,” when considering buying a house. To my mind the behind the scenes information just doesn’t have any value in the Buyer’s decision-making process.

What does it matter what someone paid for the house back in 1997? What does it matter how many mortgages they have on the house now? Is that going to affect your quality of life when you buy the house? No. Is that going to help you to negotiate a lower price on the house? Heck, no. If anything, that extra information can just confuse an already complicated process.

Therefore the best use of propertyshark by a prospective Buyer is that of verification. Verify the legal status of a house: is it a legal OneFamily or a 2? Verify the property taxes so you have the best idea possible of your monthly mortgage payment (now THAT is something that affects your buying decision!). Take note if there are any liens against the property that may delay your closing on the house longer than you’d like.

These are important considerations in a buying decision. That’s why I like propertyshark for my clients. Verification information that helps them decide, “Buy,” or “No Buy.”

In Nassau County, the information on propertyshark is just not useful at all. That’s not propertyshark’s fault. The site is only as good as the information available to it. I think that is a result of the ultra-slow record-keeping process out here on the island.

The best source for Nassau County info is the Tax Assessor’s office. The link to that site is on my Links page. There you can find current property tax information and usually the legal status (1 or 2) for the property in question.

You should be aware that any house located within an incorporated Village in Nassau County is going to have another set of taxes, the “Village Tax,” that is not reported on the Nassau County website. You get that info the old-fashioned way: call the Village Hall to verify the taxes. (This hasn’t changed at all since I bought my first house in 1992 in the Incorporated Village of New Hyde Park; I called to verify the taxes back then, too)

So, for New York City propertyshark is an excellent and straightforward resource for Buyers. Just remember to keep it simple and use the site for basic information. All the rest of the stuff on the site really isn’t going to assist you to get the house at a better price, or faster, or with a prettier coat of paint.

It’s Spring!

It’s Spring. If you’re still sitting on the fence about owning your own home, you’d better jump off real soon.

I know I’ve been lax of late. I haven’t updated this blog since St. Patrick’s Day!

Well, it’s Spring and I’m busy! Sorry, but this is the prime selling time and, well, umm, you know, I get a lot of phone calls and a lot of new business at this time of year.

One thing I can say is this: This ain’t no Buyer’s Market. No way, not by a longshot. If you’re out there thinking the market is cooling and Sellers are giving way to aggressive Buyers, disabuse yourself of that notion but quick. I know Buyer’s markets (I bought my first house in a true Buyer’s market) and, believe me, this is NOT such a beast.

Sure, the market has changed slightly. Sure, there are older listings hanging around since last fall. Overall, we see those Sellers sitting tight on their prices. They’re not budging, not giving in to lowball offers. The winter was not so cold this year, but it was definitely chilly in the housing market. Properties didn’t move. So, it would seem many Sellers took the difficult path of sitting still until a Buyer comes along willing to pay the asking price.

And that has begun to happen. In the last two weeks we have seen several houses we were looking at with our Buyer clients go for full price. We’ve had a couple of Buyers go to full price in a “blink,” after offering less than asking.

It’s Spring. If you’re still sitting on the fence about owning your own home, you’d better jump off real soon. Interest rates have gone up, the market is heating again, and you had better get going while the going is still good. That is, don’t let yourself get priced out (either by market prices or interest rates) of a bigger house or a house in a better location.

Get on it, Spring has sprung.