Tips for buying and selling houses
So I am no realtor or house selling guru, but I am on house number 4. I have learned a few things along the way I'd like to share.
Selling houses:
Selling houses:
- Be prepared to negotiate and do what it takes to sell
- Get a good realtor
- Do some fixing up
- Clean and declutter
- Be ready for a showing at any time
- Get professional pictures taken
1. Prepare to Negotiate
Selling a home will attract many different people with many different personalities and circumstances. With the houses I have sold I've experienced some interesting and difficult buyers. Some people get hung up and focus on the strangest things. For example, I got an offer from some buyers that wanted some really nice cabinets removed from the garage as part of the agreement. Why not just remove them after you move in? Well, sometimes you need to be ready to do random things to make the sell. That being said, also don't be afraid to counter an offer. You could go back and forth several times before coming to an agreement.
Be ready and open to give and take negotiations. It can go a long way to make people feel better about the deal.
2. Get a Good Realtor
Good realtors charge a commission for a reason, selling a house is a lot of work. You want to be sure you have someone on your side ready to fight the battle. One of the most important things is market visibility and this is what a realtor can help with. The more traction you get coming through your listing and house the better. Luckily I've had great realtors to help me sell, but I've seen some challenging ones dealing with buyers. A good realtor will help keep negotiations grounded and not run wild. A good realtor will help pick the best listing price and that can depend on a lot of factors! List too high and you get no showings and could stay on the market longer. List too low and it goes fast but you've left money on the table. Most importantly a good realtor is nice to lean on during the roller-coaster ride of selling a house. Believe me it will get stressful!
Remember a good realtor will keep a transaction running smooth and get you the best results.
3. Do Some Fixing Up
This is probably the next most important thing. You don't need to go spend a fortune totally renovating your place, but some simple things like patching up walls, replacing light fixtures, painting, door hardware, light switches and covers, and so on. Just doing some of these small things can go a long way to making your house more appealing. For example if someone walks in and sees brown old light switches or worn out door knobs, they will judge the entire house based on that. The house could be completely structurally sound, but people will judge by minor things. So do some things to make the house look maintained.
Also do some landscaping. Replace old woodchips, edge driveways and sidewalks, trim trees and shrubs, keep lawn mowed, repair broken fencing, and so on. Anything you can do to boost your curb appeal will pay off, especially if its not a costly task.
In summary do what you can to make your house look the best it can without breaking the bank.
4. Clean and Declutter
Cleaning and de-cluttering can make or break an interested buyer. Be sure to minimize clutter on shelves, appliances, cupboards, bathrooms, and walls. Shampoo your carpets and mop floors. Buyers look at a messy house and immediately judge that the house has not been maintained. Clutter and messes can turn them away and mask other selling points of the home that buyers could otherwise be interested in.
Keep in mind unless someone is an investor looking to flip a foreclosure, a dirty cluttered house will turn people away.
5. Be Ready for a Showing at any Time
Does this mean your house needs to be spotless 24/7? Probably not possible, but you should be ready to tidy up and get out at a moments notice. Technically there is a 24 hour notice rule of thumb, but if you can cater to a last minute showing, that could be your sell and offer you've been waiting for. If you leave and plan on being out for any amount of time, make sure your house is show ready. I can't tell you how many times we were out and about and got a showing request. It's great to be able to say "sure send them on over" and not have to worry about the condition of the house.
Being ready for a showing at the drop of a hat can mean the difference between a sell or a pass. That other house the buyers were looking at could end up the winner.
6. Get Professional Pictures Taken
One thing that drives me crazy when house hunting is finding a house online with good specs, but crappy or no pictures. If you want people to come look at your house you need good pictures online to get them to the next step of scheduling a showing. Most realtors have photographers to take pictures. If not, get a new one! They should have a professional photographer come and take good pictures.
To recap bad pictures can lose showings and a potential sell.
Buying a House
Here are some things I've learned in buying my houses. Hopefully it can be helpful to someone else.
- Get pre-qualified
- Get a good realtor
- Know what your looking for
- Organize showings by area
- Home inspections
- Making an offer
1. Get pre-qualified
It's a good idea to know what you can afford before you even start looking. When you go to make an offer a prequal is usually needed. It's no fun to find a house you love then need to get a prequal letter before you can submit an offer and loose it either because someone else got one in sooner or you ended up not qualifying.
2. Get a Good Realtor
Just as it is important to have a good realtor to sell a house, it's important to have one to buy one. The good news is that a buyer agent is free to the buyer :). So why not have one? They can be very helpful to set up showings for houses you want to see. They create and send the offers and deal with all the back and forth that happens. They are advocates to make sure you are getting the best deal. Be sure to find a good one that will push for the best offers on the places you are interested in.
3. Know What you are Looking for
You want to be sure to know what you want before you start looking. Write out a list of wants and must haves. Realtors will be happy to show as many homes as you want, but remember, be fair with their time. They should know what a reasonable offer is and help you put together the best deal. We have had several tricky situations trying to sell a house and buy a new one at the same time. Our realtors have been vital to working through the challenges.
4. Organize Showings by Area
If you want to go look at multiple homes, try to focus on one area and set up showings close together so you can get as many in at a time. It can be very challenging to look at showings and have to drive back and forth across town to see different houses.
5. Home Inspections
What can I say, this is very important. Before you close on a house you should have an inspection done. In most cases you have 10 days after an offer is placed to get this done. Once that time passes and you find anything wrong with the house, you may not be able to get out of the contract without losing your earnest money. So spend that first 10 days to really check the place out and have a licensed professional inspect it. Things to watch for are roof issues, plumbing issues, electrical issues, pests like termites, and any other structural problems. I wouldn't sweat the small stuff they find but focus on any big problems as those can be very costly down the road to repair.
6. Making an Offer
You've found your dream place, it fits in you budget, it's in the perfect location and you are now ready to put in that offer. What things should you be sure to include? Well your realtor should handle helping you get the required stuff in there, but sometimes you can put your own touch on it. Most of the time people want like 1-2% earnest money, but on a high value home that can add up to a lot. Don't be afraid to offer something lower that better fits your budget or comfort level. Another thing is requesting closing date. Typically they can't go much faster than 45 days, however in some cases you may want more time. Don't be afraid to ask for more like 60 days if needed. You can also put things in it like appliances you want, money towards closing costs, and/or even money towards repairs. Just remember it is a balancing act to make your offer look appealing while giving you a deal to meet your needs. I have offered asking price or even a bit above and requested closing costs so it's less money out of pocket to close.
In Conclusion
Selling and buying a home can be a stressful, complicated and daunting task. If you take a step back, find out what you want and follow some of these tips, then things will work out. It can be one of the most rewarding things to buy your first home or your last.
It's a good idea to know what you can afford before you even start looking. When you go to make an offer a prequal is usually needed. It's no fun to find a house you love then need to get a prequal letter before you can submit an offer and loose it either because someone else got one in sooner or you ended up not qualifying.
2. Get a Good Realtor
Just as it is important to have a good realtor to sell a house, it's important to have one to buy one. The good news is that a buyer agent is free to the buyer :). So why not have one? They can be very helpful to set up showings for houses you want to see. They create and send the offers and deal with all the back and forth that happens. They are advocates to make sure you are getting the best deal. Be sure to find a good one that will push for the best offers on the places you are interested in.
3. Know What you are Looking for
You want to be sure to know what you want before you start looking. Write out a list of wants and must haves. Realtors will be happy to show as many homes as you want, but remember, be fair with their time. They should know what a reasonable offer is and help you put together the best deal. We have had several tricky situations trying to sell a house and buy a new one at the same time. Our realtors have been vital to working through the challenges.
4. Organize Showings by Area
If you want to go look at multiple homes, try to focus on one area and set up showings close together so you can get as many in at a time. It can be very challenging to look at showings and have to drive back and forth across town to see different houses.
5. Home Inspections
What can I say, this is very important. Before you close on a house you should have an inspection done. In most cases you have 10 days after an offer is placed to get this done. Once that time passes and you find anything wrong with the house, you may not be able to get out of the contract without losing your earnest money. So spend that first 10 days to really check the place out and have a licensed professional inspect it. Things to watch for are roof issues, plumbing issues, electrical issues, pests like termites, and any other structural problems. I wouldn't sweat the small stuff they find but focus on any big problems as those can be very costly down the road to repair.
6. Making an Offer
You've found your dream place, it fits in you budget, it's in the perfect location and you are now ready to put in that offer. What things should you be sure to include? Well your realtor should handle helping you get the required stuff in there, but sometimes you can put your own touch on it. Most of the time people want like 1-2% earnest money, but on a high value home that can add up to a lot. Don't be afraid to offer something lower that better fits your budget or comfort level. Another thing is requesting closing date. Typically they can't go much faster than 45 days, however in some cases you may want more time. Don't be afraid to ask for more like 60 days if needed. You can also put things in it like appliances you want, money towards closing costs, and/or even money towards repairs. Just remember it is a balancing act to make your offer look appealing while giving you a deal to meet your needs. I have offered asking price or even a bit above and requested closing costs so it's less money out of pocket to close.
In Conclusion
Selling and buying a home can be a stressful, complicated and daunting task. If you take a step back, find out what you want and follow some of these tips, then things will work out. It can be one of the most rewarding things to buy your first home or your last.
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