Last Year was a good one for the real estate with the high demand of properties and low interest rates. This year is shaping up to be another good year but with some minor challenges and changes of course. The price range for starter and mid range houses are stabilizing in high priced area, especially in secondary markets. Real estate is a practical and long term investment that needs to be handled with caution and precision.
In this blog, we will discussing about some important real estate tips that will help you making your decision regarding selling or buying your home. So, let’s get started!
1.Hire the right agent
First things first, you need to hire the right property management company or agent. A bad hire can cost you thousand of dollars and months of waiting. Hence, one of the best investment will be the time spent in researching agents. Take a look at various agent’s online profile, listings and marketing material. If you find it accurate and satisfactory, narrow down your search and take interviews. Make sure you never consent to a listing contract that is longer than 3 months as you can always extend later.
2.Homebuyers need to buy starter home now
You first time buyers need to take action now! It has been expected that most of the home sales would be by the first time buyers this year. This would majorly include the millennials who would be moving from urban rentals. It means competition and of course bidding wars, so it would be smart to make a move promptly
3.Believe it when you get it
Don’t believe that the house is yours until you sign a contract. Make sure you are not banking on verbal promises from a listing agent. There may be chances that agents are using buyers’ offers to bid up the price, so have other homes in your mind too. Follow a strategy in terms of pre approval, inspection and repair contingencies, proof of funding etc to sway buyers.
4.Have an understanding of the market
When inventory is below equilibrium, sellers enjoy better control over terms and prices, which is basically a seller’s market. Whereas in a buyer’s market, the inventory remains above stasis where sellers need to be serious about credit, throw ins and price reductions. So, both buyers and sellers need to have an idea of their particular markets.
5.Sellers should add enhancements
It may be a seller’s market but still they can do several but simple things to enhance their house’s profile, appearance and further a buyer’s interest. You should have some light makeovers, especially in bathroom and kitchen that are also cost effective instead of going for wholesale renovations. Scrub down all your house from floor, baths to windows and walls. No one can picture themselves living in a dirty house so clean and clean some more. You can further declutter, open drapes to illuminate the house and can even repaint for better results.
These are a few tips that will help you in buying as well as selling a home. Do a thorough research in terms of houses and property management companies to make sure you are getting the best deal for your home!