Buying or Selling in 2018? You may have been thinking about a new home for a while now. If this is you then there are a few things you need to do to get ready to either buy or sell. Lets go over a few things you need to do to buy or sell in 2018.
The market is vastly different that it has been since the highs of the housing crisis. The lending industry added a lot of protections for both the lending industry and the consumer. Loans are harder to obtain and rightfully so. Those were horrible years for everyone. With tighter regulations comes higher standards for buyer to qualify to buy. As a seller this means you need to be ready to make your home “the one” for any buyer walking through your door. If you are really proactive have a contractor and or a housing inspector come over before listing and help you identify concerns that a buyer might find. tale those concerns and address them up front, then use this pre-inspection as part of your listing arsenal.
- Take a step back. Imagine you are looking at buying your own home. Go out into the street and look at your house. Does it look appealing? How does the landscaping look? The first thing I recommend to sellers is to make the outside look nice and presentable. The exterior condition is usually a good indication of how the interior will look. Sometimes a simple tidying up of the yard and a exterior pressure wash does wonders.
- Smell? Sure the home has a smell, all homes do so this one can be tricky. Have a neutral friend or family member come over and give you an honest opinion on how your home smells when you first walk in. Are you a smoker? Well guess what I can guarantee the home has a cigarette odor and buyers may find this a turn off and not even consider the home. Have a professional come and give you an evaluation.
- Clean the carpets.
- Have the ductwork cleaned, I bet this hasn’t been done in a while.
- Paint walls AND the ceiling, especially if you have a concern about an odor.
- Change cabinet pulls if outdated.
- Change outlet and light switch covers if they are old. Super cheap fix to give instant appeal.
- DE-CLUTTER DE-CLUTTER DE-CLUTTER! If you have been in the same home for a while you may not even realize how much you actually have in the home. Remove all the extra furniture and clutter laying around. Give the buyer an opportunity to envision living in your home with their things. Too much clutter hurts many buyers trying to envision them living in your home.
- Disclose or repair. If there are any major things wrong you need to choose to either replace, repair or disclose them to the buyer. Never try to hide facts on issues. When the buyer find out afterwards they will become an issue and maybe kill a deal, wasting everyone’s time. Be honest and out front of things, it will be better for you in the end.
- Whether its your first home or 5th you need to get things in order before buying a home and that begins with a conversation about how much you qualify for. Talk to a loan officer and have your credit pulled. Many agents and brokers will require you are pre-approved before they even take you out to look at homes. If you are buying in cash get pre-paired to provide proof of funds.
- Clean up your loose ends. Take control of your credit long before you get pre-qualified. Pay off small credit card bills. Make sure you pay your bills on time. Get your revolving debt under 33% of total limit. NEVER MAKE big purchases such as a car until AFTER closing.
- Stash cash. Save up money and keep in in an account that can be tracked. Sudden influx of cash will draw a red flag to menders. Money needs to have a paper trail.
- Be realistic about your offer. the days of low ball offers are gone and will only end up in offer rejection. Have your agent do comps and make a realistic offer based off of those comps. I always tell buyers if you love them home lock it up and shoot first. Ask questions later. Lock up the home from other buyers in a contract, then go in and do your inspections and ask questions and if you need to ask for repairs or price reductions. I find doing it this way gives you leverage as you will have concrete reasoning behind your repairs or reductions versus up front and based off assumptions.
- Know what you want and where you want it. From an agent perspective there is nothing worse than a buyer who has no idea where they want to love and what features or home type they are looking for. Have an idea with the area you want to live in and how many bedrooms and baths you need and start there.
- Probably the most important thing to know is how much you can spend or even want to spend. ONLY look at homes within your price range or slightly above.
Buying or Selling in 2018? For a free no hassle consultation for either buying a home or selling a home please contact Nate at 612-208-6610 or fill out the form below.