Many people are going to buy or sell real estate this year to take advantage of low rates before they rise and to lock in on a home before the pop up further in price due to the inventory crunch.
Here's a Few Tips for To Consider Before You Begin:
- Timing; stop trying to time the market. I see so many people try to anticipate the market or come up with crazy theories on why they should wait.The right time to buy or sell is when you are ready; your life is calling you to do so. Better school district, living closer o that new job, getting married, divorced, retiring or maybe baby is on the way? Life events move more people than "day trading" the market.
- Expectations; want to be misled? Watch HGTV, talk to friends that bought last year or your parents that bought 20 years ago. They all mean well, but only your real estate agent helped buy or sell a home yesterday, last week , last month and last year. Translation; he/she is familiar with today's market, trends and strategies. your Realtor will help you set realistic expectations of the market, your budget and all the advice others give you.
- Emotions; it's silly to say "don't get emotional- this is a very emotional sale or purchase; it's your home. That said, keep the pressure off yourself. Establish your budget-stay within in it. Don't try to buy your trophy house as a first time buyer. (Unless you truly have that kind of cash, and if you do, stop reading this and call me!) Your first home is a starting point for the future homes you'll own that get closer and closer to your trophy home. When selling, the perspective is your home just became a house again and it's time to detach yourself.
- Homework; if you are thinking about buying, start checking out neighborhoods you think you'll want to live in. The schools the commute from there to work, what the street parking is like on weekends and after 5PM, etc. This is all research you can do before you interview for Realtors. Make your Needs & Wants list. If you are married the best exercise is to each do your own list and then compare: surprise! Couples rarely start out on the same page; but they end up there, I promise. Sellers, call me for an accurate report on what the market says your home is worth.
- Bonus Tips for home buyers: visit homes your are considering for offers at:
- Rush hour to time your commute to work
- Mid-morning to see what the neighborhood is like when folks are at work.
- Mid-day about 2-3PM to see what kind of auto-traffic and pedestrian traffic your neighborhood school causes.
- Evenings and Weekends to see what the personailty of the neighborhood is; dog walkers, baby strollers and joggers or nowhere to park and loud parties.
The process of buying or selling a home can be overwhelming for many people. Above are tips to help you prepare for and get through a real estate transaction. If you’re thinking of entering the market this year, remember to give me a call. I’d love to chat with you about our local market and answer your questions
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