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Real Estate Tips for Buyers and Sellers

Whether you’re looking to buy a new home or sell your current one, there are tried and true methods of doing both that, if followed, will make your life much easier. There are tons of logistics involved in buying and selling a home, and learning how to navigate through them is a necessity for anyone hoping to avoid acquiring a new batch of gray hairs in the process.

Here are some tips for home buyers and sellers, along those lines:

Home Buyers

Don’t Overspend

It can be extremely tempting to get into a bidding war over your potential dream home, but it’s a tendency you’ll need to work to overcome if you don’t want a home with an overly inflated price that will be difficult to resell at a profit in the future. It’s okay to pay a high price on a home you like that you plan on living in for a long time, but it’s important to set a price limit for yourself before engaging in the selling process.

Get Ready, Then Search

Most home buyers end up needing a mortgage, but it doesn’t seem like many start shopping for a loan early in the process. If you have information on the particulars of the home buying process beforehand, such as whether you’ll need to secure a mortgage, be sure to get started on preparations right away.

Accept Imperfections

It’s not always realistic to expect your potential home to be perfect, without any needed projects down the road, so don’t be afraid to look at homes that will require work in the near future. Brand new construction often has problems of its own, so it’s unlikely that you’re going to find a home that doesn’t need some help. One thing that can help here is to hire an independent inspector to make sure the home is up to code.

Home Sellers

Know Your Best Areas

Almost every buyer appreciates new kitchens and bathrooms, so if you have the money to invest in updating those two areas, consider doing a partial upgrade- fresh paint, new lighting, and so on. Buyers always react well to clean, clutter-less bathrooms and kitchens, so get a leg up on the competition by getting these in order.

Play to Your Advantages

People often refer to the local real estate space as a ‘Seller’s Market,’ as there are more buyers than sellers, allowing sellers to have the upper hand in most negotiations. This will often mean you can get away with avoiding closing costs, entertaining multiple offers, and dictating the terms of the sale. With all this in mind, it’s also important to price your home based on condition and to not overestimate its value.

Keep a Replacement Property on Hand

Given the competitive nature of the local real estate market, it’s a good idea to start your own property research when you put your home on the market. If you happen to find yourself in a bind, with no place to move your belongings, you can work with your agent to make sure the closing period is longer (you are working with an agent, right?), but starting your property search as soon as possible is highly advisable for any would-be seller.

Source: Tap Into

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