Buying and Selling Your Home
Buying a home will probably rank as one of the biggest personal investments one can make. Being organized and in control will contribute significantly to getting the best home deal possible with the least amount of stress. It's important to anticipate the steps required to successfully achieve your housing goal and to build a plan of action that gets you there.
Before you can build a plan of action, take the time to lay the groundwork for your decision-making process.
First, ask yourself how much can you afford to pay for a home. If you're not sure on the price range, find a lender and get pre-approved. Pre-approval will let you know how much you can afford so that you can look for homes in your price range. Getting pre-approved helps you to alleviate some of the anxieties that come with home buying. You know exactly what you qualify for and at what rate, you know how large your monthly mortgage payments will be, and you know how much you will have for a down payment. Once you are pre-approved, you avoid the frustration of finding homes that you think are perfect, but are not in your price range.
Second, ask yourself where you want to live and what is the best location for you and/or your family. Things to consider:
*convenience for all family members
*proximity to work, school
*crime rate of neighborhood
*types of homes in neighborhood, for example condos, town homes, co-ops, newly constructed homes etc.
Selling Your Home
In order to get the highest price in the shortest time, you need to know how to market your home. The better you market your home, the more offers you will get. The more offers you get, the more choices you have to get the price and terms you want. You also should use the best real estate agent to help you. Ask your friends and family for referrals. Usually a local agent is the best. They know the area and the recent activity. You can choose to sell yourself but you are limiting your exposure. You will not have the numerous other realtors have access to your home through MLS plus most realtors sell through the internet.
Most FISBOs (For Sale By Owner) end up listing with a real estate agent after a few weeks and those who do sell themselves, usually have to settle for a price from which the buyer has already deducted a saved commission. You can go this route if you wish, but it is much easier and usually more profitable to put your home in a professional's hands.
The most important factor of marketing your home is pricing it right. Your price should be adjusted to reflect the market, and the property's worth. The key is to get many people checking out your property at a fair price instead of having no buyers because your price is set too high. Open houses are great...make sure your realtor schedules some for you. Realtors have access to sold, current listings and expired properties and can guide you here with the pricing and prepare a CMA (comparative market analysis) for you. From the CMA, you will find out the difference between the asking price and selling price for all homes sold, the condition of the market, and other houses comparable to yours.