Even in a volatile economy, millions of people will sell their homes and move into new ones. The situation presents two unique challenges at once: selling one home and buying another. The formidable tasks are part of the unique homeownership journey, which isn’t always life’s most enjoyable experience. However, there are all sorts of interesting and creative ways to lessen the pain, keep things simple, and move from one place to another with less hassle.
The first segment of the effort focuses on selling the property you currently own. The second revolves around finding an acceptable one to move into. That double-play assumes you get the timing right, work with a competent realtor, and find a property that meets all your criteria, like price, size, and location. Here are the pertinent points about the sale and acquisition portions of the process.
Invest in Curb Appeal For a Faster Sale
There are dozens of ways to speed up a real estate sale, but investing in the exterior appearance of your home is one of the ones that offer the greatest bang for each dollar spent. Assuming the interior is in decent shape, you have high-quality photos posted on the real estate website, and you’re working with an experienced agent, curb appeal can supercharge the selling process. What does it mean to invest in the appearance of the structure and surrounding land? Curb appeal is about all the little things and a few big ones.
In today’s digital economy, most house shoppers develop a short list of prospects by viewing properties remotely via online photos and platforms. Still, if you make the cut-off and people choose to visit the place in person, an enticing, attractive, neat exterior can help close the deal and get you more offers. What should you do? Consider hiring a professional to paint the outside of the house. Then, pay close attention to the landscaping. If there’s room for improvement, find an expert to do the work.
The investment is worth every penny. On the DIY (do-it-yourself) side, remove all debris, toys, and trash from the property. Clean walkways and blacktops. Attend to the garage door, window, front door, gutter, and minor roof repairs as needed. Always default to hiring a contractor if the workload or complexity is past the DIY stage. Clean windows and draperies that are visible from the front. Clear leaves out of gutters. Arrange to put your vehicles in the garage or otherwise out of view of potential buyers.
Be Careful About Cosigning on Education Loans
It’s important to know about college loan cosigning if a new home is in your future. The point is particularly relevant for parents of college-age youngsters who can’t get all the money they need for school through government loans. Unfortunately, most federal aid programs have limits on the amounts that applicants can borrow. For many students, that means they need another source of funds. Asking mom or dad to cosign on a private loan is the typical route to quick financing. Of course, many parents find it tough to turn down a youngster’s plea.
No loan might mean no college. The situation is a difficult one for adults who are in the process of purchasing a new place to live or taking out a loan for another kind of major purchase. Being a cosigner can limit your ability to borrow the funds you need for a car, home, investment, etc. What’s the solution to the dilemma? There is no universal answer, but the first step is to review a complete guide about cosigning that goes into detail about the pros, cons, and other details of the process.
Identify and Hire an Excellent Realtor
There’s no sense in trying to navigate today’s volatile real estate marketplace alone, even if you’ve successfully done a by-owner in the past. The 2023/4 market will eat you alive if you attempt to DIY the process. Instead, protect your financial interest by working with a trusted agent. Make every attempt to find a professional agent through personal contacts and word of mouth. If that fails, call the local Realty Association, and let them know your situation. Some agents specialize in certain kinds of deals, like new homes, condos, townhouses, manufactured structures, and special financial circumstances.
When shopping, remember that even the most talented agents can’t read minds, so give them the assistance they need by developing a wish list. Notate deal breaker items and would like to have ones as well. These professionals can also help with the rest of the process from within their existing network. Carefully choosing a mortgage lender can be overwhelming, but typically real estate agents have those they already work with they can refer you to with their vote of confidence behind the reference.
Don't Be a Hard-Liner on Sale Prices
Avoid the temptation to be too tough on your selling price. Check the price ranges for similar properties and consult with the agent to arrive at a reasonable range within which you’ll accept offers. Far too many houses neglect to price to sell and languish in the listings for months because owners are too stubborn. Considering the state of the current real estate economy, you are likely to get the amount you want anyway, so don’t highball on the ask, as agents like to say.