Lay a Foundation For Success Before You Talk with Your Real Estate Agent
It’s exciting when you’re considering buying or selling a home. Maybe you saw a great property when you were dropping your kids off at school, or a friend mentioned a listing in your area. However, before you connect with your real estate agent, there are some steps you should take to set yourself up for success, presented by the Battle Real Estate Team.
For Both Buyers and Sellers
Before you list a home for sale or make appointments to see appealing properties, lay important groundwork. Buyers should make sure they have a pre-approval letter from their lender. They should view houses in neighborhoods where they are considering moving to. Sellers should prepare their homes for the market by cleaning up and eliminating personal touches. They also need to have a good plan for what they will do once their home sells.
They say knowledge is power, and whether you’re preparing to sell or purchase a home, knowing your market will help you make informed decisions. Visit area open houses to learn what properties are available, how they are priced, what they are like, and how they are being presented. As Dave Ramsey explains, homes are only worth what buyers are willing to pay for them. Some experts suggest noting homes you like or are similar to what you plan to sell, then monitoring their duration on the market and the price they go for. Knowing your market will help you make decisions.
Buying a Home
When considering purchasing a home, know what you’re looking for. For example, do you want a larger home because your family is growing? Do you want a smaller, more manageable home because your children are all moving away to go to college? Where do you want to be located? Visit open houses in the area you’re interested in to familiarize yourself with the community. Learn what neighborhoods appeal to you and what areas are out of the question. With solid criteria in place, you can make better decisions.
You’ve decided what you want, now what? Before you contact your realtor, you should prepare a budget and get pre-approval for a loan. Determine how much you make each month and deduct your existing expenses. These numbers will give you an idea of what you can afford; don’t forget potential expenses such as property taxes and homeowner association fees. These steps help narrow down your price range, saving you time and energy.
Work on getting a home loan. This will involve talking with a lender to secure pre-approval for a mortgage. When you visit your lender, bring two of your most recent pay stubs, the last two years of tax returns, and your last two years of W2s. Once you have your pre-approval letter, you have 60 to 90 days to find a home. In other words, it’s time to talk with your realtor!
Selling a Home
As HGTV explains, you need to “take the home out of your house.” Remove your personal belongings and decor items. Be sure not to stow them in your closets or garage; buyers look in those areas. Plus packing storage areas to the brim can make it look like your home doesn’t have sufficient storage space. Instead, store belongings offsite.
Fix any obviously broken or extremely outdated items. Give your walls a fresh coat of paint, and purchase inexpensive, simple window coverings. However, steer clear of making any major renovations until you talk with your realtor. Sometimes the trouble doesn’t always pay off.
Also, spend time sprucing up the exterior of your home as well. However, not everyone has a “green thumb,” so handling this task may be a little outside of your wheelhouse. Fortunately, you can find trusted freelancers who specialize in landscape design. This way, you can leave the hard work to the professionals while you focus on things you’re more comfortable with.
Lay groundwork for success when buying or selling a home. When your tasks are complete, connect with your realtor. With your smart preparations, you’ll make a successful transaction in no time!
“The Battle Real Estate Team guarantees results — because that’s what our clients expect and deserve! Regardless of whether you’re buying or selling a home, our team of professionals can help. Please call or text us today at 416-451-2190.”