Whether you’re planning to buy or sell a home, you’ve come to the right place. Here are a few things you should know about these two crucial processes.
Buying a house
If you’re thinking of purchasing a home, consider the following factors before taking the plunge.
Your financial capacity
Before you start shopping for a home, determine how much you can afford to pay per month. Take into consideration the estimated monthly amortization, plus taxes, utilities, and maintenance.
You can start by looking at local home prices. In Gulfport, for example, the average home price is $862,744 while the median listing price of houses for sale is $225,000.
Assuming that you’ll be taking out a mortgage, search for the latest mortgage rates as well. Request a credit report to gauge your current credit score to determine if you fall within the qualifying range.
Your reasons for buying a house
If you’re uncertain on why you want to buy a house, you may come to regret your decision. Make a list of what’s important to you in a home and ask yourself the following questions:
- Do you long for a sense of security?
- Does it make financial sense for you?
- Are you ready to take on the responsibility of home ownership?
Local market indicators
One of the most important factors to consider when purchasing a home is something which you have no control over: the local market.
You must keep in mind that you might not be able to find properties in your price range or in your desired location. Depending on current market conditions, there might be an over- or under-supply of homes for sale. This will impact home prices and your chances of scoring a great deal.
Furthermore, some market indicators determine whether owning a home is even an option. While it is becoming more affordable to own rather than rent in some markets, there are still some places where renting is preferable.
Selling a house
Like buying a home, there are multiple factors to consider before selling your home. Here are a few things to think about.
Your emotional status
You may be excited to purchase a new home after selling your current one. But remember that you must be prepared to leave a home where you may have spent years creating memories. This is one factor that people tend to forget when they’re planning to move.
Moreover, the selling process can be difficult and stressful. Take the time to prepare yourself mentally and emotionally before you take the leap.
Finding and working with reputable local agent
While you have the option to sell your home by yourself (a method called for- sale-by-owner or FSBO), nothing beats working with an experienced Realtor in marketing and selling your property.
Aside from finding a selling agent you feel comfortable working with, choose the one who is tech-savvy — the one with many great tools to get your house sold, especially if you want to sell your house fast for market value this new normal.
Preparing your home for sale
A lot goes into selling your home. Before you can market it and start entertaining offers, you will have to prepare it. That includes cleaning, making repairs, and if you decide to, adding features that may improve your home’s resale value.
It is best to come up with a game plan. Have your home checked by a licensed inspector. Identify what needs to be repaired or updated. Then, look for reputable contractors to help you prepare your home for sale.
Staging is also a great strategy especially if you want to sell your home fast. Hire a professional to stage your home or do it on your own if you have an eye for design.
Once your home is ready for sale, it’s ready for showings or virtual tours. It will be easier for buyers to see why your property is worth every single cent.
Buy or sell a home with the real estate specialists from Owen and Co. Real Estate
Owen & Co. Real Estate is a group of hardworking individuals who are dedicated to providing unrivaled service to their clients. Whether you are buying or selling, Owen & Co. Real Estate will help you with your residential, investment, and commercial real estate needs.
Contact them today at 228.822.9870 or send an email to info(at)owenandco(dotted)com to get started on your real estate journey. To learn more about the best ways to sell your house fast, feel free to check out the blog.
