Katie McBride's Blog
For those who plan to list a house in the foreseeable future, it often is beneficial to track the real estate market. By doing so, a home seller can identify real estate market patterns and trends and quickly address any potential property selling hurdles.
Now, let's take a look at three tips to help you analyze housing market data so you can accelerate the property selling journey.
1. Review the Prices of Recently Sold Houses in Your Area
Check out the prices of recently sold houses in your city or town. That way, you can find out whether sellers are accepting offers to purchase at or above their initial home asking prices.
Furthermore, it may be a good idea to see how your house ranks against recently sold residences. With this housing market data in hand, you may be better equipped than ever before to establish a competitive initial asking price for your home.
2. Determine How Quickly Houses Are Selling
As a home seller, you should find out whether you're preparing to enter a buyer's or seller's market. If you look at how quickly houses are selling in your city or town, you can distinguish a buyer's market from a seller's one.
In a buyer's market, you will find many sellers and few buyers. Conversely, in a seller's market, there is an abundance of buyers and few sellers.
The differences between a buyer's and seller's market are significant. If you understand whether you're getting ready to sell your home in a housing market that favors buyers or sellers, you can determine how to price your residence so it will generate plenty of interest from buyers. And as a result, you may be able to streamline the home selling journey.
3. Assess the Prices of Homes That Are Similar to Your Own
Your home may be one of many available to property buyers. Thus, you should review the prices of houses in your city or town that are similar to your own. This housing market data will help you narrow the price range for your residence.
Also, you may want to review rival home sellers' property listings and see how these sellers promote their residences to prospective buyers. Because if you can find ways to differentiate your home listing from competitors', you could boost the likelihood of a successful house selling experience.
As you prepare to add your house to the real estate market, you may want to hire a real estate agent as well. A real estate agent will offer recommendations so you can enhance your residence both inside and out and help you establish a competitive initial home asking price. Plus, a real estate agent will help you review an offer to purchase your home and determine the best course of action.
Take the guesswork out of selling your house – use the aforementioned tips, and you can monitor the real estate market and use housing sector data to simplify the property selling journey.
When you think of buying or selling a house, the first thing that comes to mind may not be the legal aspects associated with the process. You may want to reconsider this rather boring part of the process as an important one. Hiring a lawyer can help both buyers and sellers to get through many hurdles that buying a home can present.
There will be many negotiations and a lot of back and forth throughout the process of buying a home. Everything that’s involved with buying a home needs a contract for it to be legally binding. A real estate attorney will negotiate on your behalf and be sure that the contracts adhere to all state and local laws. The lawyer will also help you to address issues that may affect the future of the property such as botched inspections, liens against the home, and other items that could affect you as the home buyer.
Real estate attorneys will perform what is called a title search. This allows them to see if there are any outstanding liens or judgements against the house. This title search will also make sure that the seller has the right to actually sell the property that’s being sold. An attorney can do all of this much quicker than the average person since they have working relationships with title companies.
Transfer Of Property
If a property is being transferred through a corporation, trust, or partnership, things can get complicated. It’s good to have an attorney who is used to working with these complex situations and understands the legal boundaries within the state or municipality that the property is in.
If You Choose Not To Have A Real Estate Attorney
Many times, a real estate attorney isn’t required to buy a property. It is advisable to have one, however. Without an attorney you increase your chances of problems arising in the future. You run the risk of:
- Being sued for failure to disclose information
- An improper property transaction takes place
- You could miss relevant facts about the property
- Failing to file the correct documents at both the state an local levels
- Deeds are not transferred
- Building permits weren’t correctly filed
Having a real estate lawyer on your side is important due to the complex nature of property transactions. While some states require that an attorney be present throughout your property transaction, many states do not have this stipulation. You are smart to hire a competent real estate attorney to protect your own interests as either a buyer or a seller.
After you accept an offer on a home, you likely will only have a few weeks to pack up your belongings and vacate the premises. As such, there are many questions that home sellers need to consider at this point, including:
1. Where am I going to live?
If you haven't figured out where you're going to live after your home closing, there is no need to panic. Consider all of your potential living options now, and you can plan accordingly.
Oftentimes, friends and family members may be willing to provide you with a temporary place to live. These loved ones may enable you to stay in their houses until you buy a new residence. Or, in some instances, you may be able to permanently move in with friends and family members.
On the other hand, if you enjoy being a homeowner, you may want to kick off a home search right away. This will enable you to find a new place to live in the city or town of your choice. Also, if you work quickly, you may be able to finalize your home purchase around the same time that you sell your current house.
2. What is the homebuyer's next step?
In most cases, a homebuyer will have a set amount of time to schedule a home inspection after you accept his or her offer. Once the home inspection is complete, the buyer will receive a report that provides insights into the condition of your house.
For home sellers, a home inspection can be stressful. If a property inspector discovers problems with a residence, a buyer may choose to walk away from a home purchase or ask a seller to complete various home renovations.
When it comes to selling a house, it pays to be honest. If you provide honest responses to a homebuyer's questions about your residence, you can help the buyer make an informed purchase decision. Plus, with this approach, you can minimize the risk that a home inspection may lead a buyer to rescind his or her offer.
3. What will I need to do to finalize the home sale?
The time between accepting a home offer and reaching the closing date may seem endless. However, a patient home seller will be able to stay calm, cool and collected, even if challenges arise along the way.
As a home seller, you should try to do everything you can to reach the finish line of a property sale. If you maintain consistent communication with a real estate agent, you can seamlessly navigate all stages of the home selling cycle.
A real estate agent works on a home seller's behalf and will do everything possible to minimize potential pitfalls. Thus, this housing market professional is happy to respond to a home seller's questions to ensure this individual is fully supported in the weeks and days leading up to a home closing.
Collaborate with a real estate agent, and you can receive plenty of support throughout the home selling journey.
A nightmare home selling experience is something that every home seller wants to avoid. Fortunately, we're here to teach you the ins and outs of selling a house so that you can minimize the risk of problems that could lead to a nightmare home selling experience.
Now, let's take a look at three tips to help you avoid a nightmare home selling experience.
1. Study the Real Estate Market Closely
You don't need to be a real estate market expert to find ways to maximize the profits from your home sale. Instead, you can study the real estate market closely and gain the insights that you need to price your house competitively.
Remember, a home seller's goal is to optimize the value of his or her house. To accomplish this goal, it is paramount to establish the right home price from day one. Otherwise, a home seller risks alienating buyers with a price that is too high, or missing out on profits due to a price that is too low.
Take a look at the prices of available houses in your area that are similar to your own. This housing market data will enable you to see how your residence stacks up against the competition so that you can price your house accordingly.
2. Conduct a Home Inspection
A home inspection usually is completed after a home seller accepts a buyer's offer. However, a home seller who conducts an inspection before listing his or her residence can increase the likelihood of a profitable home sale. Perhaps best of all, this home seller can avoid the danger of a buyer requesting home repairs or a price reduction later in the home selling cycle.
During a home inspection, a property expert will evaluate your residence both inside and out. This property expert then will provide a comprehensive report that details his or her findings.
Examine a home inspection report. That way, you can find out about your house's strengths and weaknesses and take the necessary steps to transform various weaknesses into strengths.
3. Hire an Experienced Real Estate Agent
An experienced real estate agent understands exactly what it takes to sell a home, regardless of the current housing market's conditions. As such, this real estate agent can serve as a guide throughout the home selling journey and help you immediately identify and resolve any potential home selling hurdles.
For example, an experienced real estate agent can provide you with a wealth of housing market data before you list your residence. This housing market professional will help you make sense of assorted real estate data and ensure that you can establish a competitive price for your house. He or she also will promote your house to the right groups of buyers and help you enjoy a quick, seamless home sale.
When it comes to selling your home, there is no need to leave anything to chance. Take advantage of the aforementioned tips, and you can avoid a nightmare home selling experience.
Ready to embark on a new adventure? List your house, and you may reap the benefits of your decision for years to come.
Ultimately, there are many reasons why you should consider kicking off the home selling journey today, and these include:
1. You could profit from a home sale.
Diligent home sellers generally have no problem showcasing their properties to dozens of prospective buyers and generating significant profits. If you know how to effectively promote your residence to property buyers, you could enjoy substantial profits from your home sale.
Oftentimes, it helps to bolster a house's curb appeal prior to adding a residence to the real estate market. A home only gets one chance to make a positive first impression on buyers. And if your residence boasts a dazzling front lawn, pristine siding and other stunning exterior features, it may be better equipped than other properties to stir up interest from buyers.
You may want to get your house appraised too. This ensures you can get a property valuation from a home appraiser and establish a competitive initial asking price for your residence.
2. You can upgrade or downsize.
Although your present home may have suited you perfectly when you initially bought it, now may be a good time for a change. Fortunately, you can upgrade or downsize as needed if you sell your home.
Think about your current living situation and future plans. Then, you can simultaneously list your residence and search for a new house that matches your criteria. And once you finalize your home sale, you can seamlessly relocate to a new address.
3. You can live closer to family members and friends.
If you enjoy spending time with family members and friends, you may want to find a house that is close to these loved ones. Meanwhile, if you currently are forced to deal with a long commute to visit loved ones, listing your house may help you take the first step to live near family members and friends.
When it comes to finding a house near loved ones, it may be beneficial to hire a real estate agent as well. A real estate agent can help you list your current residence and search for a new home close to family members and friends. That way, you can get the support you need to accomplish your desired goals.
During the home selling process, a real estate agent will showcase your residence to potential buyers and negotiate with a buyer's agent on your behalf. He or she also will respond to any concerns or questions that you may have throughout the house selling journey.
Furthermore, if you need to find a new home once you sell your current residence, a real estate agent is happy to assist you. This housing market professional can keep you up to date about available properties in your preferred cities and towns and help you find your dream residence.
Hire a real estate agent today, and you can receive expert guidance any time you want to sell or buy a house.