Real estate has been hot. There are more buyers in the market, and they’re looking for larger space for multiple home offices, classrooms, and inside and outside entertainment areas. For many, commute distance is no longer an issue. Yet fewer homes are available, as potential sellers postponed listing because of the pandemic. However, it’s still possible to find an affordable home. If you’re thinking of selling, it makes sense to list now, with prices strong, restrictions lifting, and technology allowing procedures to be done safely.
BUYERS
Get a mortgage pre-approval. Learn the home price range you can consider and make your offer more attractive to sellers if you are competing with multiple bids.
Qualify for a lower mortgage rate. The higher your credit score, the lower the mortgage rate you may qualify for. Inspect your credit report here—the only source for the free credit reports every 12 months authorized by Federal law. Alert the credit bureaus if there are errors in the report. Focus on paying down your debts and settling overdue accounts, and avoid making any big purchases or applying for new credit cards. Saving for a larger down payment can also help lower your mortgage rate for lower monthly payments.
Scope out a new area. If you plan to buy in a new town, scope it out. Visit the area and talk to the people you meet. Call a local real estate agent. Do some research on the internet. Drive through neighborhoods you like on different days of the week, at different times of the day.
Be ready to act. Once you start seriously looking, be ready to make a decision quickly. Timing can be everything in today’s market.
Make your best offer. Determine the price you intend to pay and the terms you need. Waiving a contingency and being flexible with your closing date can help. Be wary of asking for inclusions that were left out of the listing. We will work with you every step of the way to ensure that you are putting the best offer on the table.
Have extra cash available. If you make an offer above the listing price, be ready to come up with a larger down payment. Lenders base mortgage amounts on appraised value, and if this ends up below the selling price, you will have to put more money down.
SELLERS
Find out your home’s present market value. Today, sellers are getting great prices. If listing your house has been on your mind, please have us find out your current market value. You may be pleasantly surprised.
Seller’s markets don’t last forever. As restrictions lift, more sellers will be listing their homes. More new homes will come to market as builders scramble to meet buyer demand. Some experts suggest buyers may get back some of their bargaining power by the second half of the year, so it may be wise to list sooner rather than later.
The most important tip for both buyers and sellers is to hire a professional agent. We can speed up the process, give you the inside scoop, and provide the negotiation skills that get you the best deal.
Thinking of selling or buying a home? Please text, call, or email us if you’d like to find out about your best options today!
