When it comes to real estate, resolutions don?t?necessarily apply as it?s unlikely that you do a real estate transaction each year.? Furthermore, you can?t actually resolve?to buy your neighbor?s house or sell your $350,000 home for $1 million. Well, you could, but you?d probably be setting yourself up for?disappointment?right from the start.
Some things are simply out of a would-be buyer or seller?s control. But, as a would-be buyer or seller, you can learn from and make resolutions based on those who have gone before you. There exists a former buyer who, if he could, would resolve to have done more legwork before buying. Conversely there?s a current seller who resolves to take the next under-asking-price offer from a buyer more seriously.
Whether you plan to buy or sell, there are some real estate resolutions that buyers and sellers can ? and should ? make. Here are five to get you started.
Buyers: Resolve to get your financial house in order
Planning a home purchase takes time and effort, so you should consider meeting with a mortgage professional early in the year. Know your credit score and?understand?what?your financial?situation?looks like from a lender?s perspective. If?you?have?credit issues, identify what?they?are and the necessary steps to correct them. Sometimes, it can take six months to see your FICO score move up the much-needed 20 points to get you a better mortgage rate. A good real estate agent can recommend an experienced, local mortgage processional. Local is always?important,?because?many real estate deals are made on relationships, and being able to meet face-to-face with your mortgage professional can be a big plus.
Sellers: Resolve to think of your home as a product
When it comes time to sell, your home becomes another product on the?market. Buyers will compare it?and?its price to competing properties. You must put your best foot forward, because the properties that are priced right and show well sell the quickest. Pricing will get worked out once you?re ready to list, but showing well can start way in advance. A home that shows well is free of clutter, clean and as up-to-date as possible.
Start?clearing?out old stuff now. If there are things deep in?your?closets that you?don?t?think you?ll use between January and the time you move, consider a storage locker or making space?in the?garage. Does your real estate agent suggest that the basement needs a?paint job??Get some painting bids now. Have you always hated how the bathroom vanity takes up so much space? Consider changing it now so buyers will perceive your bathroom as bigger. This will also help you spread out the costs of home repairs and changes over several months.
Buyers: Resolve to start feeling out the market early
You may think you only need to go to open houses once you?re ready to buy. But in reality, a buyer needs a couple of months?learning the?marketing, understanding home values, the prices per neighborhood and the market in general. Going to open houses in?the?neighborhoods where you want to buy will allow you to start?feeling out?the?market.?It may also be the best way to meet your future real estate agent. Many agent/buyer?relationships?are forged at open houses.
Once you engage an agent, you may make several offers before you get into your dream home. Having your agent along for the ride will allow?you?to?compare and contrast homes you?ve visited to the home you?eventually?buy.?The homes you see and your?experience?feeling out?the market will serve as the building blocks toward becoming an informed buyer and making your best offer.
Sellers: Resolve to understand your timing and exit strategy
One of the biggest stresses?on a?seller is trying to plan a?purchase?and a sale at the same time. Can you afford to close on the new home before selling??If so, for how long? Do you need to sell the property first? If so, will the potential sale price support a home purchase?in the?neighborhood you want to be in??If not, what other areas?should?you be looking in??Selling and buying at the same time brings up all kinds of?financial, emotional and physical stress.
Uprooting?yourself?from your home is not easy. What if you have to go into short-term housing? How will you get that set up and how long would you need to commit for??If you can afford to purchase and then sell, do they need to happen quickly? Are there things you can be doing in your current home so that once your new home closes, you?ll be ready to list? It?s a lot to think about and plan for, and it helps to have a strategy in place well before you have to take action.
Buyers and sellers: Resolve to engage a real estate agent now
Planning a home purchase or sale takes time.?Engaging a real estate agent early in the process will allow you to have an expert on hand as you start to put the pieces together. A good real estate?agent?doesn?t?just show?and sell homes: They can be your strategic adviser, even well in advance of any actual transaction.
On the?seller side,?if you pulled a permit to install some new windows or replace some dry rot in 2005, likely the contractor issued a permit. But did he close it out? A good agent will figure that out and clean it up before it becomes a transaction issue. You should use your agent to literally get your house and listing in order.
For buyers, having an agent?with you from the start is like having an experienced, second set of eyes and ears. Having so many?transactions?under the belt and years of market knowledge in their head, a real estate agent?s opinions,?thoughts?and ideas can save you a lot of time and money. What?s more, they can keep?you?on the?right path toward identifying the best home, and they?ll see you through the process all the way to the closing.
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Brendon DeSimone is a Realtor, a regular HGTV contributor and one of the nations leading?real estate experts. He has collaborated on multiple real estate books and his expert advice is regularly sought out by print, online and television media outlets like FOX News, CNBC and Forbes. An avid investor, Brendon owns real estate around the US and abroad and is licensed to sell in both California and New York. You can find Brendon?online?or follow him on?Twitter.
Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.
Source: http://www.zillow.com/blog/2012-12-21/5-real-estate-resolutions-for-2013/
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