Top 10 tips for a successful home buying or selling experience
The buying and selling process in todays real estate market is daunting at best. It is important that the needs and best interests of both sides of any given transactions are satisfied.
The following 10 Tips will help to ensure an enjoyable and successful real estate experience for both buyers and sellers throughout 2013:
1. Price it Right from the Get-Go
Have your agent prepare the latest comparable sales including a summary of sales prices versus original list prices.
2. Put your Best Footage Forward
Make any necessary changes that are the most cost effective when it is time to schedule showings of the property.
Such changes include anything from (but are not limited to) painting, staging, eliminate clutter, planting and cleaning.
3. Be Flexible
Always be able to appropriately adjust in order to receive the greatest amount of potential offers.
A seller who is willing to negotiate and perhaps offer additional benefits to the prospective buyer such as (but not limited to) helping with closing costs, extended completion time, including certain appliances or even aid with seller financing will be the most successful in finding an array of buyers.
4. Trump your Techno-Fears
Ensure that your agent is up to date on the tech savvy World of Real Estate that we live in today. Showcasing a listing in as many online platforms available at ones fingertips simplifies the home searching process and makes it far more attractive for potential buyers.
5. Finance 101
Qualifying for a loan in todays Real Estate climate is rather difficult. Therefore it becomes crucial that as a seller one is prepared to appreciate the buyers expectations. Cash offers should always be encouraged even if slightly lower than asking price. Because often a 20% down payment or more is required from lenders, pricing flexibility on the sellers behalf becomes decisive because in many cases the lenders appraisal is not on par with the given asking price.
6. Flight to Quality
When considering where to live yourself and thereafter sell in the future, look to areas that are appropriately within your financial boundary and then next to which street or neighbourhood will provide a future buyer the greatest sustained value for the prolonged long-term.
With factors such as the proximity to public transportation and schools coupled with the need for safety and privacy at the forefront for many buyers, these properties will always sustain their value.
7. Expand your Buying Universe
Theres still an overabundance of well-priced inventory out there, which means you neednt immediately narrow your search to the first house you fancy. There are some for-sale gems that need only a little polishing.
Shop around. Pick at least three favourites and work from there.
8. Expand your Buyers Due Diligence
Aside from the financial details, contracts, disclosures and protections one typically cares for as they prepare to buy a home, these points must also be added to the list:
Hire a structural surveyor in advance.
Rather than be taken aback by the buyers own provided structural surveyor, conduct this initiative yourself.
Be sure property boundaries are accurate. If any given discrepancies, hire a land surveyor to research the original deed to ensure future disputes with neighbour(s) is avoided.
9. Make a Quality-of-Life Due Diligence Checklist
From a buyers point of view, it is imperative to spend some time in the neighbourhood where a property is sought.
Some questions worth finding answers include (but are not limited to), are the majority of the units or homes owner occupied or simply rentals?
What about the Home Ownership Association restrictions if you are considering a condominium? How convenient is the public transportation to the property in question? Furthermore, determine what types of buildings can be constructed on vacant lots adjacent to the property and the neighbourhood to avoid the potential of losing a view or quiet atmosphere in the future.
10. Take your first offer seriously
The buyer is likely highly motivated
The buyer is likely knowledgeable about the market having done their due diligence
If you consider the offer too low, negotiate.
We have heard often enough especially when the market has trended down that the first offer was the best offer.
This weeks column is submitted by Rego Sothebys International Realty.
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