Important takeaways
- Watch out for red flags. Cracked walls or foundation, strong odors, and roof problems are red flags buyers often overlook, according to Redfin agents.
- Enter the whole house you like. Waiving contingencies and putting down an all-cash offer can make your offer more competitive, but it also comes with additional risk and may not be right for every buyer.
- Budget wisely and stay on top of maintenance. Most new homeowners spend between $1,000-$5,000 on mechanical repairs alone in the first year, and much more on avoidable problems.
Spring is here, and that means the housing market is here getting ready during its busy season. Every year, as buyers and sellers emerge from the winter cold, more homes go on the market, more buyers go on trips, and more deals close. The former Redfin report found that homes tend to sell faster and for more money between late March and early May (and on Wednesday or Thursday).
But in recent years, the busy spring home-buying season has become significantly more intense silent. Since the epidemic in the housing market the top in 2022, higher rates, lower mortgage rates, and broader economic uncertainty to be informed Many buyers and sellers are holding back and waiting for conditions to improve, which creates a very slow pace buyer’s market. As a result, housing sales have declined historically low levels over the past two years—even in the spring when activity is at its peak.
So, what can consumers do to win today? Redfin again Thumbtack surveyed hundreds of real estate agents, real estate professionals, and professionals across the country to provide answers. Their insights reveal what buyers need to know about visiting a home, outselling other buyers, conducting inspections, and buying with confidence.
Click here for the video transcript
1. Learn what is a red flag and what is not a red flag when visiting a home
A home tour is probably one of the first steps a prospective home buyer will take. An important part of the travel process is recognizing opportunities red flags. These can range from small problems like chipped paint or old carpet to big problems like a cracked wall or moldy roof.
Buyers don’t often catch potential problems during home visits. According to the experts at Thumbtack, cracked walls or floors are an often overlooked red flag.with 45% of experts saying that consumers miss them during the visit. Next came strong odors (43%) and roofing issues (37%).
“When looking at homes, buyers should look for signs of deferred maintenance that may not be apparent at first glance, such as water stains, uneven floors, strong odors, or cracks,” it said. Tamara Mattox-Kabata Redfin real estate agent and interior designer Denver, CO. “This doesn’t always mean there are major problems, but it should raise questions. I encourage buyers to look inside wardrobes, cabinets, and utility areas to get a sense of the home’s condition.”
Not all issues are huge red flags, even if they look like deal breakers on the surface. Thumbtack experts say the most common “scary but manageable” problems they see are plumbing leaks (48%), minor electrical repairs (42%), and drywall scuffs (34%).
2. Surpassing the competition
In hot housing markets, some home buyers may need to show the seller that they are willing to go the extra mile. Redfin agents say the most common strategy buyers use to close on a competing home is offering several emergency situationswith 71% of agents reporting this as the most effective method. Making a net contribution (53%) and solid financing (40%) rounded out the top three. Note: It stops which may not be the best strategy for everyone.
In competitive markets where home buyers outnumber sellers—known as broker’s markets– buyers may have to work hard to win a deal. Although this is unusual in today’s slow and expensive environment, several cities in the Northeast and West Coast red is hotespecially places like Rochester, NYagain San Jose, CA.
But I mean the buyers in the very slow housing markets, such as Austin, TXsome homes still sell in a few days—and buyers should be ready. “New, clean, and ready-to-move-in homes tend to sell the fastest,” he noted Kristin Sancheza Redfin Premier agent and interior designer Nashville, TN. “For buyers, that usually means homes in the best condition get the most attention, so it helps to be ready to move quickly if you find one you like.”
3. Take testing seriously
When a home inspection goes wrong, it can quickly delay—or even disrupt—the sale. According to 67% of Redfin agents, roof damage is the most common issue uncovered during an inspection that leads to delays or cancellations. This is followed by foundation or structural problems (64%) and water damage (30%).
Ignoring red flags can lead buyer’s remorse and potentially a huge repair bill down the line. That’s why the home inspection it’s important to both buyers and sellers—so both parties can help support a smooth closing, quick sale, and reduced odds the agreement falls.
“Home buyers should feel confident asking for additional inspections or professional opinions during their selection process,” explains Brooke Beiermann, Thumbtack Communications Manager (and recent home buyer). “They’re making a big financial decision and they deserve the full picture.”
4. Budget for repairs and maintenance
To decide how much house you can afford it should be one of the first steps a buyer takes in their real estate journey. But it’s important to remember that costs go beyond the price of the house and monthly payments—mainly, maintenance issues.
Redfin agents say most new buyers spend between $1,000 and $5,000 on basic home renovations in their first year.with a significant portion spending around $5,000 to over $10,000.
“Have a deep understanding of your finances,” he added Nicole Stewarta Redfin Premier agent and interior designer Boise, ID. “Understand exactly what you can afford, including your down payment, closing costs, monthly mortgage payment, property taxes, insurance, and any maintenance issues that may arise.” For example, closing costs alone are often 2-5% of the purchase price.”
Another way to prevent costly repairs is to stay on top of it home care. About one-third of Thumbtack experts say water damage from untreated leaks is a big-ticket problem that is largely preventable. This is followed by HVAC replacement due to lack of utilities (19%) and roof damage due to repair delays (15%).
Final thoughts: Study your market, find an agent, and trust your gut
The housing market has been difficult for almost everyone in the last few years, with very high costs, limited supply, and economic uncertainty.
But come spring, experts at Redfin and Thumbtack say buyers can get a head start by watching for red flags during visits, bypassing other buyers, prioritizing inspections, and planning ahead for repair costs. Check out Thumbtack’s spring home playbook for more expert guidance.
If you are ready to buyyour first step should be to contact the agent again get pre-approved with a mortgage. After that, read about your details local housing marketgo on tours, meet homeowners, and make an offer when you find a home you love.
