If this is your first time buying or selling a home, you’re not alone. For many people, navigating the housing market is a stressful, time-consuming process.
Many people wish their realtor would have told them more information before purchasing or selling their house.
No matter what stage of the housing process you’re in, these 10 tips will give you insider information and best practices as you maneuver the complexities of buying or selling your home.
What To Know When Selling Your Home
1. Research Nearby Sales
Do your research. Your realtor can and should advise you about market conditions and how much nearby houses are selling for—but it’s always a good idea to be personally informed.
Keeping track of nearby sales can help you understand how much to sell your own home for.
2. Stage Your House
Pictures matter. Your personal decorative style may not appeal to everyone. You want your home to make the best impression on the most amount of people.
Staging refers to strategically decorating, furnishing, and refreshing your home to appeal to potential buyers.
Staged homes are proven more likely to sell than homes left in their original state.
Take the extra step—stage your home to guarantee best results.
3. Update The Interior
Related to the idea of staging is updating the interior of your home. Again, you want your house to look its very best when trying to sell it. Maybe one of your bathrooms is decorated with outdated wallpaper. Now is the time to make those home improvements you’ve been avoiding.
Your home is more likely to sell if it is aesthetically appealing.
Making necessary home improvements might create additional costs for you, but those costs are going to be worth it if it means selling your house faster.
4. Niche Marketing
There is something unique about every home. Find the best features of your house and emphasize them. Is your house small? Market your house as a comfortable home to downsize in.
Make sure your agent highlights your home’s unique qualities in the listing.
Emphasizing the best features of your house will make it more appealing to potential buyers who are looking for specific qualities for their future home.
5. Take the Good Offers
People are often hesitant to sell their house after the first couple offers. Don’t rule out a good offer just because it’s made early in your selling process.
The value of your home will continue to decrease the longer it sits on the market.
It can feel intimidating to sell your home quickly after placing it on the market. Many people like to wait and see if a better offer comes their way. But don’t let an early offer deter you from seizing a perfectly good opportunity.
Remember, your goal is to sell your home. The quicker you can do that, the better.
What To Know When Buying A Home
6. Know Your Credit Score
Your credit score will determine what your loan terms will be. Build up your credit score if it is currently low.
A good credit score results in a low-interest rate when buying your home. This can save you thousands of dollars in the long run.
7. Be Willing To Increase Your Budget
This might sound scary at first. Who wants to increase their budget?
However, many realtors have noticed that their clients end up increasing their budget—sometimes by as much as 50%.
As you start looking at houses, you might realize your budget just doesn’t get you the kind of home you’re looking for. That’s why it’s important to start your budget in a flexible position. Create a budget that you could increase if you needed to.
You might find a home within your original budget—it’s definitely possible. But it’s also nice to open yourself up for future opportunities.
8. Pay For A Home Inspection
Don’t skimp on the home inspection. Buying a home includes a lot of extra fees. By the time you’re ready for the inspection, you might be ready to pay the minimum amount, or just skip the home inspection completely.
Don’t do that.
The home inspection is critically important for making sure your future house is up to the proper standards. You don’t want to move in and be surprised by unknown water damage or mold in the basement.
Paying for a home inspection now will keep you from spending thousands of dollars on repairs later.
9. Buy In A Growing Neighborhood
This is a smart investment plan.
Maybe you aren’t raising kids who need to attend a good school system. But if you ever decide to sell your home, that’s what a lot of potential buyers will be looking for.
Maybe you don’t plan on moving for a long time—but plans can change. Buy a house in a desirable location that will be easy to sell if you ever need to.
10. Understand All The Expenses
There are countless fees that incur when buying a home.
Besides the mortgage, you have to worry about insurance, repairs, property taxes, association fees, and more. Make sure you are aware of and understand all the additional expenses attached to purchasing a home.
And make sure you can afford them. You don’t want to buy a house without understanding how much it really costs.
Do You Need Advice?
Whether you’re buying or selling a home, there are lots of things you need to know. Because of that, knowledgeable agents are a great asset as you move forward in the housing process. Kim Clark is a friendly, reliable agent who can answer any questions you may have about the buying and selling process. Contact Kim today!