Buying a house is a massive decision, especially if you’re a first-time homebuyer and you don’t really know what to expect. Should you just dive in headfirst and go house hunting the moment that you make the decision? Probably not. There are things you may need to do before you should begin looking for homes.
What to do before beginning house hunting
You’re going to want to get things in order before you begin looking for houses. You should also understand that it can take some time to find the right house. With that in mind, consider your present situation. If you’re renting and you’ve just renewed your lease, now may not the best time. Typically speaking, you should wait until there are around five months left on your lease before you even begin the process.
The reason you need so much time is that there’s a lot to do. For example, you’ll want to get a mortgage pre-approval as well as put together a budget so that you have an idea of what you can afford. There’s no point in house hunting if you’re looking at properties that are out of your price range. You’ll also want to do some basic online research on homes in areas you’re interested in. Put together a list of wants and needs.
All of this can take a month or two. Once you have all the information you need, you’ll want to contact a real estate agent to help with the house hunting process. It can take a month or two to find the right house for you. Finally, once you put in an offer, it could take a month to go through.
Buying a house requires a lot of time and effort. As such, you should give yourself a timeline of five months when going house hunting. For more home buying advice, contact us at Randy Lindsay today.
Although there’s a lot of uncertainty surrounding the economy due to the pandemic, one thing is for certain: buyer demand is high in the housing market. Not only are interest rates incredibly low, but more people are working from home and looking for stability, making now a great time to buy. This bodes well if you’re thinking about selling your house. With that in mind, the following are four tips for selling a home in 2021:
- Work with a real estate agent – A real estate agent is going to be incredibly useful, especially when trying to sell a house during a pandemic (and even after the worst is over). An agent will have the experience and know-how to help provide you with the guidance you need to make the best decisions.
- Price your home correctly – If you don’t price your home correctly, you could lose money, whether it’s because you asked for too little or because your house is sitting on the market because it’s priced too high. An agent can use local comps to determine how much you should realistically ask for.
- Offer a virtual tour – Many buyers are not going to come to view a house in person unless they are sure they’re interested. As such, stage your home and film virtual tours that buyers can take online. This will give them a much better look at your home than any pictures ever would and can be the difference when it comes to convincing people to schedule in-person appointments.
- Handle in-person viewings carefully – You’ll want to limit person-to-person meetings as much as possible. Consider only allowing in-person tours of your home if they have a mortgage pre-approval. This will allow you to weed out those who can’t make a serious offer.
Use these tips when selling a home in 2021. For more home selling advice, be sure to contact us at Randy Lindsay today.
Most real estate agents will tell you summer is the peak real estate season. In fact, around half of all homes sold during the year are sold during the summer. There are many reasons for this – families have an easier time house-hunting when their kids are out of school, the weather is much nicer, and more.
Despite the reasons why most homebuyers buy new homes in the summer, you might want to consider buying a home at the end of the year. Here’s why:
- Better Moving Prices – The cost of moving can be expensive. However, moving companies often base their rates on how busy they are. As you can imagine, they’re busiest during the summer when the majority of homes are being sold. They’re much less busy in the winter, which means they’ll be more affordable.
- Less Competition – There will be fewer buyers during the winter since most people go house-hunting in the summertime. You’ll be much less likely to find yourself in a bidding war for the home you want. With fewer buyers, you also have more negotiating power with sellers.
- More Motivated Sellers – Homesellers fully understand summer is the best time of year to sell. If they have listed their house during the winter, it means that they likely need to sell, and probably as fast as possible. They could be forced to sell as a result of their financial situation or because they are relocating for work. Whatever the reason, there’s a good chance they will be more willing to negotiate.
These are just a few reasons to consider buying a home during the fall and winter seasons at the end of the year. For additional real estate advice, contact us at Randy Lindsay today.
Pricing your home can be a little more complicated than you might think. There’s a lot more to the value of your home than just the price you initially paid for it and the money you put into home improvements.
It’s critical to get your pricing right. If you price it too high, buyers aren’t going to bother submitting a bid, resulting in your house sitting on the market for a potentially long time. And the longer it sits on the market, the harder it will become to sell.
With that in mind, the following are a few tips on how to price your home to sell:
1. Consider the Current Real Estate Market
If you’re in a seller’s market, there are going to be more buyers than sellers, meaning you have some more flexibility when it comes to your price. However, setting a fair price can also help spark a bidding war.
On the other hand, if you’re in a buyer’s market, there are going to be fewer buyers and more sellers, which means overpricing your home is going to scare buyers away.
2. Compare Your Home to Recent Sales in Your Area
To get an accurate value of your home, you should compare it to similar houses that sold in your neighborhood within the past 6 months. This will give you a better idea of what the market has determined the value of your home to be.
3. Take into Account How Desirable Your Area Is
The quality of your neighborhood has a big impact on pricing. Things like a good school system and lots of local amenities can affect the value of your house.
These are three tips that will help you to price your home to sell. Pricing your home too high can make it difficult to sell while pricing it too low can cause you to lose money.
For professional help pricing your home, be sure to contact us at Randy Lindsay today.
A bidding war is just one of the many challenges you may face when buying a home. A bidding war occurs when more than one buyer submits a bid for a house.
When this happens, the seller can sit back and let the buyers bid against each other, driving the price up. The last thing you want is for the price of a house to go up, so you’ll want to avoid a bidding war if possible. The best way to do this is by making sure your initial offer is a strong one.
You can do that by doing the following:
- Avoid lowballing the seller – Don’t try to lowball the seller. When you do this, you waste valuable time, giving other buyers a chance to submit a stronger offer. Make an offer you think the seller will actually accept. This can reduce the risk of a bidding war.
- Make your offer quickly – Buying a house is a huge decision and one that people typically want to think about first. However, the longer you take to make up your mind, the more likely it is that someone else is going to come along and submit a bid. If you see a house that meets all your needs, you should make your offer quickly. The faster you submit a bid, the more likely you are to avoid a bidding war.
- Provide proof of funds – Proof of funds (such as a mortgage pre-approval) strengthens your bid. Sellers are more likely to accept offers on the spot if they know the buyer has the money.
- Remove contingencies – Removing certain contingencies, such as minor repair requests during the inspection, can move the process along and prevent new buyers from coming into the picture.
Use these tips to avoid a potential bidding war when buying a home. For more advice on navigating the real estate world and buying a new home, contact us at Randy Lindsay today.