Here’s my advice for buyers and sellers bracing for March madness.
March’s market madness is upon us—are you prepared? Every winter from December to January, between 2,500 to 3,500 homes hit the market per month. Every spring from March to April, roughly 4,500 to 5,500 homes hit the market per month. It’s an incredibly consistent cycle here in the Triangle. In fact, I traced that trend as far back as the recorded data goes.
As you can imagine, though, spring 2020 was a shocking departure from the norm; home sales went down in March and April for obvious reasons. Remarkably, we made up for all that lost activity in the summer and fall, with our market ending the year up 10% over 2019. The fierce seller’s market that emerged in the second half of 2020 is still with us in 2021.
Right now, inventory is so constrained that buyers are winding up in multiple-offer situations everywhere they look. The good news: As we once again approach the historically prolific months of March and April, a fresh wave of homes is expected to hit the market. It certainly won’t be enough to bring us into a balanced market (the demand is just way too strong for that), but it will help grease the wheels a little so that sales can pick up.
That said, buyers mustn’t get complacent as inventory picks up here in spring. If you find a home that you like, you still have to compete and put your best offer forward. A small uptick in supply isn’t an excuse to start submitting offers under asking price or playing games with sellers. Don’t go around looking for deals—just look for opportunities to get into a home that you love.
“Buyers and sellers alike need all the help they can get
amid the madness.”
The only instance in which it might be okay to submit a lower offer is if you find a home that’s been on the market for several months. Either something’s off about the home or it was grossly overpriced when initially listed. Play your cards right in that scenario and, sure, you could possibly end up with a deal. For help pursuing the other 99.9% of homes that will be on the market this spring, seek professional advice from a confident Realtor who knows what’s going on.
Sellers: You also need to be aware of complacency. It’s somewhat easy to sell a home at the moment but fairly difficult to maximize your profit and use your equity to get into a new property. You have to market your home broadly without sacrificing quality, and you have to price strategically.
Buyers and sellers alike need all the help they can get amid the madness. Spotlight Realty is here to help you. If you have any questions, call or email us. We would love to help you.