The best way to ensure you have a positive experience during the real estate process is to educate yourself before to jumping into the real estate market. Whether you plan on buying or selling real estate, there are many terms used during the real estate process that you may not be familiar with. Knowing these terms and what they mean will help you communicate better with your lender and real estate agent, which in turn will make the home buying or selling process easier. Plus, it will give you more negotiating power since you will be better prepared.
One of the most difficult things to manage during the home buying, selling, or closing process is time. According to the National Association of Realtors 2015 Profile of Home Buyers, the average buyer spent ten weeks searching and looked at a median of 10 homes.
With competition and house values on the rise, it's tempting to jump in and buy the first bargain you come across. After all, if you put a little money into it and fix it up, you'll have a beautiful home that is worth much more than what you paid for it. Instant equity, right? Well, underestimate the cost of repairs, and you could end up with a money pit.
Right now we are experiencing the hottest sellers markets I've experienced in my 17 years selling real estate. Although inventory is low and home prices are on the rise, there are still mistakes made by sellers that cost them a sale. In a sellers market, buyer demand outweighs the current housing supply. Since there are fewer homes for buyers to choose from, sellers can ask and receive a higher price for their home. This can give sellers a false sense of security which can affect their decision making, and that can cost the seller time and money.
There was a time when foreclosed homes dominated the Gwinnett County housing market. These homes were often abandoned properties that were not maintained and been stripped down. To many homebuyers, these homes looked uninhabitable, but to investors, they saw dollar signs. The banks were holding so many of these properties they were trying to unload them as fast as possible in order to minimize their loss. So Investors would buy these homes with plenty of equity, then fix them up and put them back on the market for sale, or they would hold onto them and use them as rental properties.
Follow These Tips To Maximize Your Home Value
One of the most important steps in the home selling process is staging your home to highlight the strengths, downplay any weaknesses and appeal to the greatest number of potential buyers. This part of the home selling process is often overlooked, but it definitely pays to stage the house before putting it on the market. After all, when you put your home on the market, the goal is to sell it fast and for the most money possible.