4 Tips Realtors Wish Buyers Knew
If you’re a homeowner ready to sell your house and move into a larger home, the first conversation to have is about your financial goals and which loan payment and program will be right for you. Once you’re pre-approved, it will be time to sell your house and look for another home that’s perfect for you.
Chatting with a skilled real estate agent is a great way to find out what you are looking for in a new home and answer questions such as:
- Why do some houses sell while others linger on the market?
- What changes should I make to sell my home faster?
- What new neighborhoods are right for me?
And whether you are a buyer or a seller (or both), here are a few more tips for home buyers that real estate agents want you to know:
1. Want to sell your home quickly? Price it just under the market.
Pricing your home slightly below market value gives you a better chance of selling quickly. The longer your house is on the market, the less likely you are going to get fair value.
2. The pre-approval letter is just the beginning; do not gain any new debt!
A pre-approval letter is only the first step in the long process of buying a home. Even after being pre-approved, do not open new lines of credit or run up your existing credit cards. Just before your closing, lenders will re-examine your financial situation–including your recent copy of the credit history. If any numbers have changed, you risk losing the loan.
3. Selling your home might be a long process.
It is important to be realistic about how long the process of selling your home can take. When you underestimate the actual timeframe and build a schedule around those expectations, you are welcoming added stress and disappointment. While the market is hot right now, a smart seller will allow at least 4-6 months to sell their home.
Here’s a realistic potential schedule breakdown:
- Preparing your home for sale: 2 weeks
- Average time on the market: 2-3 months
- Negotiating an offer: 1 week
- Closing with a traditional transaction: 30-45 days
4. The Senses Make the Sale!
Buyers want to walk into a house that looks good, feels comfortable, and smells neutral. Sellers often drag their feet on small details that can make a big difference. With cluttered countertops, messy rooms, or dirty carpets or floors, the buyer will potentially walk away with a negative impression that will be hard to overcome. Be sure to clean well, leave lights on, and perhaps leave out drinks and snacks to make buyers feel like guests. When you are touring potential new homes, make mental notes about the things that you notice.
Real estate agents know all of the information you need to make the best decisions when it comes to buying and selling a home. Fairway Independent Mortgage Co. can recommend a trusted agent, as well as discuss your pre-approval process and start you on the path to your new home.
By Guest Blogger Justin “JC” Coleman, Branch Manager at Fairway Independent Mortgage Co.