The real estate industry is like a Ferris wheel, constantly revolving; constantly changing. This constant change affects both sides of the coin: the buying and the selling side.
As buyers rely on gut and stats to make purchases, sellers solely depend on strategy and salesmanship to close more deals. But to stay abreast of the thriving industry worth over 23.5 trillion much before plunging into this billion dollar deep ocean either as a seller or buyer.
This article provides expert advice with 20+ years of experience in the real estate market with scars and trophies to serve as proof, to serve you the very best, most insightful information to guide your buying or selling decision.
Buyer and Sellers: What should inform your decision?
With over 20 years in the real estate market, one very common problem faced is what exactly informs their decision.
With over 1.6 million realtors, the seller market is swamped, almost leaving the buyer in a state of dilemma.
Moving? Here are things to avoid
One of the most stringent activities a real estate agent faces is moving, and there are common mistakes (that can be avoided) many realtors make that cost them time and money.
If you don't have time and money to spare as share waste, you may want to take a look at this:
● Never try to move yourself
● Before you hire a moving company, do your research
● Ensure there is a moving insurance coverage
● Set a Budget so you don't overspend
● Create a detailed checklist of everything you would need to move
Renting to own? Here are things you must know
It's not hard to find strong contemplations between renting and buying a home, and it's quite understandable as there are a lot of factors to consider.
Tough call right? It doesn't have to be... really. With the rent-to-own contract, buyers can easily transition from rent to property owners, if there is any iota of doubt in the early stages.
However, it is advised to seek legal counsel before diving into this contract, to provide bases of security for both buyer and seller.
Resist the temptation of overspending
The thought of finally having to own your dream home is exciting and brilliant!
But sometimes it can get too exciting…
A lot of times many buyers get into bloody bidding wars over their dream homes which may not likely end well in the long run and here's why:
● It may be difficult to resell a home at a profit with an overly inflated price in the future
● Why pay a high price for a home you won't live in for a long time?
● If you don't set a price limit for yourself before diving into the search process you might get burned
Do your homework: Research
It is likely the most important thing you'll read in this article. So you don't join the 64% of millennials who regret buying their homes because of little or no research. This is often referred to as seller's remorse
Ensure you have accurate information on the particulars of the home buying process (e.g if there would be a need for a mortgage) before you approach an agent.
Get it right early enough so you don't waste time and money.
Pro tip: The research phase can be tiring, especially if you don't know where to look. Seek professional support
Pictures are deceiving
You must come to terms with the fact that not everything you see is as it is.
What you find may not be your dream house; perfect and all, but it can be... eventually. So try not to set unrealistic expectations in your purchase/search for a new home.
It doesn't matter whether it's a brand new home or a chip off the block, every house has its funny sides. So it's very unlikely that you will find a perfect home without flaws.
But one thing you can do to avoid getting ripped off and sold trash for dollars is to get professional service from an independent inspector to ensure that the home meets standards.
Hire the right agent or real estate company
As of 2020 1.46 million real estate agents were recorded in the US alone. That means there are literally thousands of agents to choose from, but how do you find the best one for you?
Face it, searching for anything is no fun, especially when it comes to real estate agents, it can be a drag.
But this process can easily be streamlined using trusted services that act as real estate search engines
Greenville SC real estate is a generation of high-performing real estate agents with 20+ years of experience under its belt. While the average realtor sells 7 houses annually, Lee the chief realtor sells an average of 40 homes per year.
Proof of funds
If it's your first time buying a house this can be a very sensitive point for you. You must be ready to make the purchase.
The moment you find a good fit, there's a need for speed. This is most especially for hot targeted areas, where you have just a couple of days (max 3 days) to make an offer because someone else grabs it.
To always remain on top of the game, we advise home buyers to ready their certain proof like mortgage pre-approval and proof of funds.
Improve the marketability of your home with Curb appeal
Making the outer part of your home look great is one key factor to putting your home right on the edge.
A survey showed that 76% of high-end realtors agree that improving curb appeal is the very best thing a homeowner can do to increase the chances of their home being sold.
Don't wait till you're asked. Ensure before your house is listed on the market, you request an inspection.
What this helps avoid is buyers finding things out themselves and choosing not to purchase the house.
Once your house is inspected you have a cost projection as well as a detailed list of things you can put in place to better position your house for sale and charge higher prices.
Pro tip: Buyers won't price you down if they can't find anything wrong with the house. Especially if you have proof of inspection.
Seller? Location is important
Ideally, in the real estate business, there are hot spots with an exponentially high market value in comparison to other locations.
You should strategically locate such areas to get a higher percentage as an agent fee.
Stay ahead of the competition, upgrade.
If there is a common slant in buyers’ taste, it would be the kitchen and bathroom. invest in real estate with little money in these areas of a house, upgrading them (fully or partially) is a big plus.
It is proven that buyers respond better to clean well-kept bathrooms and kitchens, so up your game by setting this in motion.
The fact is there are more buyers than sellers in the real estate market, this makes it possible for real estate agents to have the upper hand in such transactions.
Because of the seller market scene, realtors are open to multiple offers, avoid closing costs, and can determine terms of sale. Knowing this, it is important to price your homes fair and square.
Always have a replacement property nearby
The real estate market is highly competitive, no doubt, but the moment you put up a home on the market for sale, you should do property research.
Your offer should be simple and sweet
Your offer is the hook line and sinker of your sales game. If you don't have a good offer you will lose potential customers. So what do you do?
Yes, you have to if you're going to make a sale. See contingencies as perfect opportunities to close a deal, as buyers as most likely (because of TRUST issues) choose an offer that is believable and less risky.
The market is LARGE, too many fishes in this ocean. Competition is crazy. You need to craft an offer that will grab your target customers by the throat and down your funnel.
Here are a few things to consider when crafting that offer:
● The total amount you're willing to pay
● Level of compromise (to what extent, be specific)
Craft a strong offer price
Asides from the skillful use of contingencies, your offer of the sale price is another important ingredient in this recipe.
How do we know? Money speaks, volumes!
Who doesn't like a large payout?
So in crafting your offer, consider your asking price first (see if it meets your budget).
To Sum It Up
As a buyer, doing your research and having a budget just may not cut it. You need the right influence to make the best decision and that is where the Cunningham Team comes in.
Unlike many real estate agencies, The Cunningham Team gives you a 3D interactive home tour. For sellers, your buyers can conveniently experience your home online, giving you better opportunities to sell your home.
Be among the best and get value for your money. The Cunningham Team can get you the best home in Greenville SC estate.