Are you wanting to upsize or downsize, move to a better location, get better amenities for your stage of life, or to save money? Are you new empty nesters rattling around in a big home? Is it time for the next adventure, a move downtown or to that small farm you dream about? Or are you just looking for a solid investment? If you are a seller or buyer, or both, in today’s market, here are some tips to keep in mind –
Tips for Sellers –They say good things don’t last forever … so my advice is to capitalize on today’s seller’s market and get the deed done. Inventory of homes is low and many buyers are eager to find yours. Most homes are going quickly at or above asking price. Some of the typical hurdles that I see Sellers struggling with are:
- Making the time to tackle this task
- Getting the home improvements done to sell – can seem daunting
- Dealing with the emotions of leaving your old home
- Resistance to change from family members
- Finding your next home
Here is where using the services of a real estate professional can help: someone who will take charge of the situation and ease the hurdles. By creating a plan, helping you decide on what absolutely needs to be done, finding the contractors, and helping with the emotions and resistance – as an outsider. And of course, with marketing, staging, selling your house and moving you into your next wonderful home!
Tips For Buyers: In a Seller’s market, with such low inventory, Buyers are challenged with finding the home of their dreams at the right price. They encounter multiple offer situations, rejection of unaccepted offers and a feeling of burn-out. However, for a savvy buyer there are many ways to navigate this market and land your dream home.Things buyers can do to help themselves:
- Getting primary decision makers in the family on the same page about top things they want in their new home
- Getting a pre-approval – so as to make an offer fast. and know what they can really afford and what flexibility they have
- Understanding that each house you want may have an emotional pull, which needs to be balanced with your financial ability. So not getting too invested in any one home – till it is yours!;
- Making the time to get educated about your area of interest – by visiting open houses and for sales in your price range
- Getting a feel for the pulse of the market – how fast offers are coming in, getting accepted, etc
- Being mentally prepared to submit a few offers before landing on the right home
One of the best things you can do in a Seller’s market is to get a savvy Real Estate agent on your side as your Buyer’s agent. An agent can help you by really understanding your needs and then efficiently showing you the homes that meet your criteria and also get you to preview some just coming on the market. By keeping an ear to the ground and doing some sleuthing and research for you, an agent can help submit a competitive offer and negotiate to help you win it!
A little more about Buyer’s Agents: The best thing about having a Buyer’s agent is that you get their skills, loyalty and service without typically paying any commission. Their commission is typically paid by the Seller’s Broker. What never ceases to surprise me is how concerned people are about signing a Buyers’ agent contract. They often feel that they will get a better deal working on their own or directly with the Seller’s Broker, which of-course is the opposite of reality. Remember the seller’s agent has a fiduciary responsibility to get the seller the best possible deal – not you. So find a really good buyers agent to work for you, who will only keep your needs in mind, negotiate on your behalf and get you the best deal possible on your home!
As always, I would love to help with any of your real estate needs or answer any questions you, or your friends, may have – so do not hesitate to call or reach out.
Best wishes,
Lotika