What You Need to Know About the Current Orleans Real Estate Market

Spring is almost here, and with it comes an exciting time for those in the market for a new home. With the current “balanced market” — where there’s a closer number of buyers and sellers — this is the ideal situation for anyone looking to buy or sell their home. But what does this mean for you? Let’s break down the options and discuss why now could be the perfect time to start your search.

The Benefits of a Balanced Market

A balanced market means that prices are steady, not rising dramatically like they can in a seller’s market, where there are more buyers than homes available. This is positive news if you’re looking to buy, as it gives you more control over how much you pay for your dream home. It also gives you flexibility when it comes to negotiating on features and updates that may be needed on a particular property. It also gives you the opportunity to include conditions such as finance, home inspection, review of status of certificate and sometimes even first refusal. You also might get a chance to visit the property multiple times and think about your purchase prior to submitting an offer. Although price increases may still happen, they won’t be as drastic as they would during a seller’s market.

Another benefit of this type of market is that sellers tend to be more open to negotiation because they know that competition between buyers isn’t as fierce. As such, you may be able to leverage certain features or upgrades in order to get a better deal on your purchase. And with interest rates increasing, now could be the perfect time for you to lock in those rates and save money over the life of your mortgage.

Time To Sell?

If you’re thinking about selling your home, then this might also be the ideal time for you do so, but keep in mind we are in a balanced market, therefore it will take quite longer to sell, 90-120 days, and expect to negotiate with the Buyer. Of course, it’s important not to become complacent; make sure that any offers are still inline with comparable properties in your area in order to maximize your return on investment. And don’t forget about another potential interest rate hike potentially next week March 8th, 2022; if one occurs before you’ve sold your house, then it could affect how attractive potential buyers view your property.

The spring home market provides plenty of opportunity for both buyers and sellers alike. For buyers, it’s an especially good time given the current balanced market conditions—which offer stability when it comes to pricing—as well as lock in interest rates which can help save money over the life of their mortgage loan. For sellers, there are still interested parties who may just offer up a great deal that allows them to maximize their return on investment without having to wait too long either! All things considered, now could certainly prove to be a great time get into (or out of) real estate! Contact Marc-Andre Perrier, Orleans Real Estate Agent with Century 21 Action Power Team to sell and buy your next home!