Spring Home Buying Season is here and the good news for buyers is - There is plenty of inventory of homes to choose from and Mortgage interest rates are low. We do not have a crystal ball but we have seen similar buyer's markets in the past where the buyers waited too long .
Top ten tips for buyers looking to buy a house this spring.
1.Do not limit your search to open houses and the internet. Find a buyers agent and work with the agent.
2.Ask for references or ask your friends before choosing an agent.
3. Get pre qualified. Find out what loan programs are available for you.
4.Consider how long you plan on living in the house when you buy.
5.Have a home inspection.
6.Ask about purchasing a Home warranty if the seller does not offer it.
7.Figure out the total cost involved in buying the house and see if you have enough money, whether you can ask your family for gift money etc.
8.Figure out costs of home ownership. You need to know costs for trash removal, utilities, home owner's insurance , water, sewer, etc. Some of these may be included in your rent.
9. Cost of commuting to work or public transportation.
10.When you make an offer and it is accepted remember ,time is of the essence and follow through on all the contingencies.
If you are looking to buy a house in Bucks, Montgomery or Philadelphia Counties and are looking for a Buyer's agent call Gita Bantwal at 215-343-8200 x124 or look up all available listings on www.GitaBantwal.com
GOOD NEWS FOR HOME SELLERS .
In many markets there is a pent up demand for homes. The open houses show that buyers have started looking for homes. Rates are low and people who waited to buy are starting to buy in many markets. Real estate is local and you should talk to a Realtor to find out about your market. In many markets homes priced right and homes that show well are selling.
Top ten tips for sellers looking to sell a house this spring
1.Price it right. Base the price on the sale price of most recent sale of similar home and price it less that asking price of a similar home that is for sale and has been on the market for some time.
2. Take care of minor repairs. It will be cheaper to take care of minor repairs than to discount the price .
3.Hire a professional if you need to , but make sure you clean the house including windows and the outside.
4.Remove clutter. Put things in storage . Have the house staged so that it shows well.
5.Hire an agent who has good references and who has a good marketing plan besides putting it in the multiple listing and placing a sign in your yard.
6.Curb appeal is very important. Many buyers first ask the agent for the address so that they can drive by.If they do not like it they do not make an appointment to go inside.
7.Offer a home warranty. It gives buyers peace of mind.
8.Be flexible in allowing showings. If you limit the hours of showings it will reduce the number of showings.You should be willing to show the house on a moments notice.
9.If at all possible , stay out of the house during showings . If you have pets , restrict them to certain area of the house or take them with you for a walk.
10.Remember all you need is one buyer and when you get an offer be realistic. Sometimes the first offer may be the best offer. Try to negotiate rather that turn it down.
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Good list of tips for both buyer/seller for spring.