Buying or selling a home is always an exciting and challenging undertaking, as the process requires a lot of time, consideration, and paperwork.
Within the last couple of years, the real estate market has been booming in the U.S. and isn’t showing any signs of slowing down soon. As a result, many people are looking to get in on the action.
Whether it’s your first foray into the world of real estate or you’re a seasoned pro, here are three key tips to consider if you’re planning to buy or sell a home in 2022.
Find a Trustworthy Real Estate Agent
With countless options available, finding a top realtor near you is likely not a difficult task. However, like a lot of things in life, not all agents are equal.
Indeed, partnering with a trustworthy and dependable real estate agent is paramount when you’re buying a home or selling your existing one. It’s a time-consuming task and demands a lot of dedication, attention, and understanding.
The best realtors are practically a part of your family during the home-buying or selling process. A trustworthy agent will respect your boundaries and listen to the needs and desires of your family to help you find the perfect new home or buyer.
Know Your Top (and Bottom) Dollar
When selling your home, there are a number of ways you can go about appraising its value and choosing a selling price. Whatever the determined dollar amount, though, be careful to price your home fairly.
These days, the market may be “hot,” but it’s not that hot. Even in a so-called “sellers’ market,” don’t expect buyers to fork over extra cash and pay significantly over your home’s appraised value. Your listing agent will help you pinpoint a selling price that doesn’t dip below your “bottom dollar” and is fair to both you and your buyer.
If you’re buying a home, it’s vital that you know your budget and stick to it. Free resources like NerdWallet’s Mortgage Pre-Qualification Calculator can help you determine what you’re likely to be offered from a lender based on your income, credit score, and other financial factors.
Talk with your agent and do what you can to gain mortgage pre-approval before looking for your next dream home in the perfect neighborhood. This will help you put your budget into perspective and ensure you purchase a home that won’t strain your finances.
Be Prepared for Surprises
As the old saying goes, “Whatever can go wrong will go wrong.” The same is true when buying or selling a home.
Home inspections often turn up sudden (and unwanted) surprises for both sellers and buyers. Sometimes, these call for minor fixes, and often agreements on who’s responsible for repairs can be handled in the closing process.
But other times, major and costly issues are identified that could cause buyers to walk away or sellers to refuse to make necessary updates. As a buyer, it’s wise to have some of your budget reserved for making unexpected home repairs shortly after you move in.
As a seller, it’s not a bad idea to invest in a home inspection before listing your home on the market. This way, no one — you, your real estate agent, or your buyers — are unpleasantly surprised.
Trustworthy Agents Can Make the Home Buying or Selling Process a Cinch
Buying or selling a home doesn’t have to be stressful. In fact, it can be a fun and rewarding experience! Start by finding a top real estate agent near you that you can trust. With the right help, you’ll be at a closing meeting and moving in no time.