Rather you’re a homeowner looking to sell your home or a homebuyer looking to buy a home, you want to be equipped with the savviest way to do it. This home seller/buyer guide will help both the homeowner and homebuyer achieve maximum results, before sealing the deal.
For Home Owners
Do I Need an Agent?
Homeowners have two options when selling a home, a “For-sale-by owner” sale, or they can list the property with a listing agent.
A “for-sale-by-owner sale – the homeowner lists their own property using signs, the internet, newspapers, and word of mouth, etc. They need a familiarity with real estate contracts and procedures, negotiation practices, and have the free time to put into marketing their property.
Real estate agents – charge a commission, lists with multiple services, have a more realistic view of what the property is worth, show your home at your convenience, and make sure contracts and legal matters are in order. When looking for a good real estate broker, be sure to ask family and friends for referrals.
How Can I Increase the Value of My Property?
According to experts, kitchen and bathroom remodels rank high on the list of homebuyer’s desires, along with updated light fixtures, an appeasing curb appeal, and houses that are clean and organized during open house.
How Do I Set an Asking Price for My Property?
There are two methods you can use to value your home, an appraisal or a comparative market analysis.
An appraisal – is a formal estimate based on the recent sale of similar properties, square footage, property location, quality, excess land, frontage, and amenities such as remodels and upgrades.
A comparative market analysis – is an informal, internal search of similar property with similar location and can be conducted by a real estate broker or the homeowner.
For Home Buyers
Do I Need an Agent?
A good real estate broker will help guide you through the home buying process and is knowledgeable about the neighborhood, the quality of schools, number of children in the area, safety of the neighborhood, traffic volume, and more. A Real estate broker can also help you structure your deal and help you find the right mortgage for you, all complimentary of the seller.
What Factors Should I Take into Consideration when Buying a Home?
The most common overlooked areas in a home inspection are roof, faulty appliances, heating and air condition ventilation, damaged siding and windows, and under carpet damage, so be sure to ask about or have these areas checked, before signing on the dotted line.
How Reasonable is the Asking Price?
Three questions you should ask when determining the value of a home are:
How much did the seller pay? – This lets you know if the prices have gone up or down, since the homeowner bought the home.
How much does the seller owe? – If the seller owes more than the asking price, this means this will be a short sale, or the seller has to bring cash to the closing.
How much have similar homes sold for in the neighborhood? – This is the same way, banks compute home values.
How many offers has the seller received? – This will help you submit your strongest offer.