Whether you’re buying or selling your house or other real estate property, it helps to have a general idea of how the market actually works. That way, you’ll be better equipped to achieve your objective in the most cost-effective manner and quickest manner possible. Adherence to the right tips works when the market is soaring, or when it’s experiencing financial difficulties.
If you’re in the market to sell or buy property, now’s the time to go through a crash course of great real estate tips that can help you out. The secret lies in understanding how both sides of the business run, but there’s a bit more to it than that. Read on to learn more.
HIRE A REALTOR
Realtors are there to facilitate the buying process for a smoother transaction, but they also keep tabs on things like neighborhood market value, current economic trends, and the quality of the property, among other things. They’re trained to evaluate homes to make sure buyers are informed before making a final purchase.
For sellers, the advantage is similar, but from the opposite end of the spectrum. A realtor knows full well that pricing a home according to market value is a good first step towards attracting buyers. Price it too high, and the property will take forever to sell, if at all. Pricing it honestly will attract buyers and stimulate competition, leading to a more honest and hassle-free selling experience.
BUYERS SHOULD DO THEIR HOMEWORK
Before even thinking about buying a home, prospective owners should think about the costs associated with such a responsibility. There’s maintenance fees to consider, not to mention property taxes, utilities and insurance, to name but a few. If you’ve taken all these into account, you’re ready to move onto the next process – qualifying for a mortgage.
If your financial situation won’t allow for it, you may wish to hold off on buying a home until you have a healthy downpayment that can offset years of mortgage payments. After all, buying property is a long-term investment, and you must have both financial breathing room, or a fallback plan if things get difficult. Lenders will take your debt to income ratio into account, as well as several other criteria, before granting you a mortgage.
SELLERS SHOULD FOCUS ON PRESENTATION
Selling a house means presenting it in the best light possible. Therefore, sellers need to make sure the house is clean, clutter-free, and suitable for showings. Cleaning up the place will give prospective buyers a better idea of what they can expect when living in your home, so make sure it looks best at all times.
If need be, give the house a bit of a tuneup in the form of fixes and a few new coats of paint. Take care not to go too crazy, or you might alienate your buyers. Avoid retina-searing colours and focus on neutrals that buyers can use as a jumping off point when deciding how to redecorate.
Last, don’t neglect the exterior of the property. Make sure it’s just as tidy and presentable as inside. The exterior of a house should be as beautiful as can be, and buyers take great pride in making sure their property looks amazing. If it’s fall, get rid of all the leaves, and if it’s wintertime, shovel the driveway and make the place look as cozy as possible. While you’re at it, check for things like broken eavestroughs or exterior damage that can draw eyeballs in a negative way.
BUYERS NEED TO TICK ALL THE BOXES
Before signing on the dotted line, buyers should understand exactly what the words above say. Documentation is a big part of the home buying process, and some of it may be overwhelming to first-timers. This is another reason to hire a realtor for advice and assistance, since they will walk you through the process and explain anything you don’t understand. If something looks off, make sure to voice it and demand a clear explanation.
This doesn’t just apply to the final sale, either. Contracts can begin with a home inspection clause which dictates that the property be inspected by a professional who can present an accurate summary of its condition. Otherwise, it may turn out looking like a scene from the classic 1986 comedy film The Money Pit.
SELLERS SHOULD MAKE THEMSELVES SCARCE
It may be tempting to try and schmooze potential buyers with your presence, but most of the time, prospective buyers feel more comfortable with owners who are out of sight and mind. There’s less pressure, and less reminder of whoever else lived there. The same goes for pets, as well. Pack them up and get them out while showings are taking place, or it will send the wrong kind of message. Buyers may envision owning a house with a big dog, but they’re less than sanguine when thinking about yours.
Buying or selling a house is a mixture of common sense, good practices, and attention to detail in certain key spots. Stick to the above points, and you’ll be just fine! When in doubt, the rule of thumb is to always hire a realtor who can step in and do the job right, the first time. Their reputation is built on the back of excellent customer service and satisfaction, which means less headache for you, and a quicker path towards selling your property, or taking the keys to a new one.
Are you in the market to buy or sell your home? Fine Homes Real Estate is ready to assist with a highly seasoned and trained team of professional realtors who understand both sides of the business from one end to the other. Contact us today so we can learn more about your goals.