Whether you’re in the market for a good home or are interested in selling, this year has shown an insanely high demand for new homes across the country. If you have been searching for that perfect home for you and your family, there are many things to consider in order to find what is right for you. If you want to sell your home, you’re in even better shape due to the increased number of people looking to buy. That said, there are helpful bits of information to consider on either side of the spectrum when choosing to buy, sell, or perhaps both.
Related: Is the Real Estate Market Crashing?
As more people continue to work from home due to the COVID-19 pandemic, some are looking to change up where they live and what they are looking for in a home. Here are a couple helpful tips to consider when buying:
First, consider your financial stability. In order to begin the process properly, it is important to start with the basics. What is your financial situation? Can you afford to buy a home right now? If so, what is your maximum budget? Choosing a home depends largely on the kind of home that you can afford, as well as what that home has to offer. Make sure whichever home you end up with that it is priced reasonably and suits your financial situation from now into the future. One good way to prepare is by saving for a down payment. This shows the seller how serious you are about the house you would like to live in. It also lowers monthly payments in the long run. Having a mortgage preapproval also helps nail down what homes are available and shows sellers that you mean business.
Secondly, know the area in which you want to live. How far away is the commute to work, school, the city, etc.? What about the crime rate in your area? Do the neighbors get along well? These are just a few questions to consider when moving into a new area. Your real estate agent can help you find this information as well.
Selling your home is just as important as buying a new one. There are a few helpful, basic things to think about when putting your home up for sale. First, you want to give off a good first impression for potential home buyers. Whether it’s clearing up clutter around the house, taking out trash, or cleaning the floors, you want the buyer to enjoy the prospect of living in a well-kept home. Second, find the right agent to sell your home for the most reasonable price. Having the right agent is like having the right lawyer on your side: that person will fight the hardest to deliver you success. Third, price your home appropriately so that potential buyers believe they are getting the fairest deal in the area. An overpriced home will not sell.
Every market is different so it all depends on where you are buying or selling but it's interesting to note that in just about every market I research, real estate is doing quite well. Whether it's people moving out of larger cities into more suburban areas or people leaving cities that either is Republican-run or Democrat-run, the market is going crazy. Now is a great time to consider buying or selling but I urge you to check with your local market and local agent to see what's going on in the micro-climate of your real estate market.
More Tips for Buyers and Sellers: