Timing is everything in real estate, and with spring on the horizon, homebuyers and sellers should begin preparing for real estate’s busiest season. A competitive market can certainly benefit sellers, but this also means that when they find the perfect place, buyers need to be ready to make decisions quickly. Meanwhile, to ensure multiple offers, sellers need to be certain their property stands out from the bunch. With an influx of new construction and fully renovated homes to choose from, coupled with the threat of rising interest rates, the likelihood of buyers and sellers getting an early start on spring comes as no surprise.
Although the to do list for buyers and sellers may differ in most areas, one thing rings true for both—you must find the right REALTOR®. Hiring the right real estate agent is, undoubtedly, one of the most important components of a successful real estate transaction. For buyers, this comes at no cost to you, as sellers are traditionally expected to pay the agents’ commission. Whether a buyer or seller, a good agent is there to assist in mapping out your game plan, and ensuring you have every resource possible to execute your plan when the opportunity presents itself.
Tips for Buyers
Before getting out to tour homes, buyers should start by getting pre-approved for a mortgage loan, which is key to understanding what monthly payment and price range a buyer can afford. But buyers, remember not to bite off more than you can chew—it is not uncommon for mortgage lenders to approve buyers for a higher payment than they can comfortably make. Keep in mind, the mortgage payment is only one part of homeownership; insurance, taxes, and homeowner association fees are also part of your monthly fees. So, know what you can afford and stick to your budget.
With your finances in order, it is helpful to separate your needs from your wants. In a competitive market especially, buyers may have to compromise on certain features or characteristics. Knowing what features you need versus the ones you can live without will make your home buying decision a bit easier.
When you know what you want, be prepared to make an offer. It is not uncommon for a house to go under contract during its first few days on the market, so be ready to move fast. Sellers are ready for multiple offer situations, and you should be too. Work with your agent to find ways to make your offer more attractive to your sellers, hopefully ones that don’t cost you more money. By researching the seller’s situation and preferences, your offer may stand out as the winning candidate, even if it’s not the highest price. And you don’t always have to part ways with your financing or home inspection contingencies—every house is different, just as every seller is different, and by prioritizing your needs you may be able to protect yourself with contingencies and still win. With your agent’s knowledge and assistance, you should be able to find a way to improve the deal from the seller’s perspective without over compromising.
Tips for Selllers
Sellers, if you are looking to put your house on the market this spring, you have to do more than just make it look pretty. You want to be certain that items home inspectors look for are operable. Items like properly wired electrical systems and correctly labeled circuit boxes are typical for a home inspector to add to his list. It is usually best to fix known problems prior to a home inspection, because buyers will expect you to spare no expense when crossing items off of the home inspectors list.
When you can say with certainty your home is market ready, its time to talk numbers! Possibly the most critical component of a listing is the list price. An experienced agent will be able to suggest an appropriate list price based on comparable homes in the area, and recent sale price trends. But more important than just giving an opinion of value is the strategy to get the highest price. A savvy agent will help you determine if it might actually make sense to slightly underprice it, with the anticipation of receiving multiple offers that escalate the price over its agreed value. Conversely, if a home is overpriced, no matter the condition, location, or how experienced of an agent the seller has, it will not sell. Just as a seller’s agent knows the appropriate list price of a home, so does a buyer’s agent, so choose an experienced, smart agent, and know when to listen to them—after all, they do have your best interests in mind.
Lastly, when to list your home is another conversation sellers should have with their agent. Timing the spring market is crucial in the sale of your home. Launching too late or too early could cost a seller thousands of dollars. Again, it is important to listen to your agents’ reasons for when to launch before making a rushed decision that could potentially cost you.
The buying and selling of a home is quite a process, but it doesn’t have to be a stressful one when you have the right agent. The talented group of agents that make up the Bediz Group are prepared to assist buyers and sellers from beginning to end, ensuring a wonderful real estate experience all the way through. For more information and suggestions for buying and selling, visit us at www.bediz.com. To schedule your private consultation with a Bediz Group agent, contact us at 202.642.1616 or via email at email@example.com.
This article originally published at http://dc.urbanturf.com/articles/blog/a_to_do_list_for_spring_buyers_and_sellers/10896
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