Sanford's NH Real Estate Blog
In many areas, the inventory of homes for sale is having a hard time keeping up with the demand of potential buyers flooding the ever-improving market. The time to buy is now, but inventory shortages may make getting that signed contract on your new home a bigger challenge.
- Loan Pre-approval. This should be your first step. The mortgage process is more complicated now than in the past. In a multiple offer situation you will likely need to present a pre-approval letter and not having it ready can make the difference between acceptance and rejection of your offer. Regardless of how sure you are about your finances, the seller will need a pre-approval letter to prove it.
- Find yourself a qualified Realtor® to represent you. Your odds of success greatly increase when working with a professional. Buying in a seller’s market may mean you need to be well educated, need to act quickly, and need an agent who knows the area, local Realtors®, and their listings. Your agent is the best source of advice you will have on making the right offer and getting that home.
- Knowledge is power. Ask your agent all you need to know about the offer process and contracts. Know what you will need to do and how much it will all cost ahead of time.
- There may be pitfalls. If it is a seller’s market where you are searching for a home, it is possible you will have an offer you made rejected. Counter back if you can, or move on and expand your horizons and know it was not the right property for you. But if you continue to lose to better offers, it’s time to change strategies.
- Compromise when you can. If you plan to remodel and fix things in the home you buy, don’t be too picky about small things on the inspection. Are you flexible to move anytime? Tell the seller. A flexible closing can make a big difference for some home sellers who need to move in a particular time frame.
In stark contrast to this time last year, the housing market is chugging into 2013 with a head of steam.
Read the complete Wall Street Journal article...
National Pending home sales rose strongly in October with mixed regional results, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 5.2 percent to 104.8 in October from an upwardly revised 99.6 in September and is 13.2 percent above October 2011 when it was 92.6. The data reflect contracts but not closings.
If you are getting ready to buy or sell your home, you probably have begun looking online to research and educate yourself regarding home listings and getting a property ready for sale. You may be wondering if you should try sell your home on your own or if you need to invest in an agent to help you through the stressful and sometimes confusing process of marketing, contracts, disclosures, and negotiations. We all look for ways to save money, so it is not uncommon to push aside an instinctive need for professional assistance in order to try and save on your bottom line. But the question is, will you actually save money? Even if you save a little, will it be worth the added work and stress you will have? And the big question really is, will you will be able to handle the challenge on your own?
It is true that some who represent themselves may do alright, but many who try to go it alone do not fair well. The sale or purchase of your biggest investment should not be something you gamble with. Here are a few things to consider when deciding:
- The Endless Details: There is a lot that goes into properly marketing a home for sale. It is not simple and it requires some tools of the trade that you will not have on your own for free. The Multiple Listing Service (MLS) is a regional listing database that is made up of all the homes for sale that are listed with a real estate company or agent connected to the service. When you sell you own home without an agent, your home does not get placed on this list. Your REALTOR® will place your home on this list as well as plugging it into a network of professionals that they know and are in contact with. This means a fairly large pool of potential buyers’ agents looking at your listing. Then there is the paperwork involved. The purchase and sale agreements are long, usually 10 pages or more and can be confusing. A mistake or an omission can cost you. Agents manage these every day, so having a professional represent you is a smart decision when entering any legal contract.
- Experience is Vital: Education is what you need to make smart and economically sound choices when it comes to buying and selling real estate. Experience is next on that list of helpful tools you will need. You can best equip yourself with both through the help of a REALTOR®. Hiring an agent brings both attributes to any contract negotiation or issue that arises in the process of buying or selling your home. No matter how much you read online about doing it yourself you will probably struggle to bring the same level of diligence to the table. Agents have seen many contracts, handled many negotiations, and handled unexpected delays, which can happen during the buying and selling process.
- Is the Price Right?: This too requires research, experience and statistics to determine a home’s true market value, where to list it and how much to offer on your new home-while still being reasonable. An agent’s job is to advise.They don’t say what to offer or how much to list, but they do provide the educated advice of a price range the client should consider. It is based on real, presentable data and is a realistic amount that the property is worth. Accurate pricing is also what helps a home sell in a fair amount of time.
- Your Own Personal Negotiator: When you sell it is best to weed out the crop of unqualified potential buyers as well as market your home to its highest potential. This is side work you may not have time for if you are selling on your own. As a buyer your agent can guide you to properties that truly match your needs and desires so you don’t waste precious time looking at homes you would never want to buy. Agents can negotiate well, not just because of their skills, but because they are not emotionally involved in the transaction. They are trained professionals, hired to present their clients’ offers in the best light and keep client information confidential from competing parties.
- Knowing the Competition: Whether buying or selling, you need to know the current market. A REALTOR® knows the area and how fast homes are selling and what they are selling for. They know what your competition looks like and they can provide you this inside information to help you compete as a buyer or a seller.
One of the biggest stress producing events of your life is when you sell or buy a home. Having an experienced Realtor handling all the details and negotiations can make it an easier and less stressful process and allow you to enjoy one of the biggest moments of your life!
As the economy goes up, so go mortgage rates.
Patriots calanders went out this week. In case we somehow missed you let us know and we will get one out to you
Interesting is the fact that one of my listings this month had two potential buyers tour that are looking for a second home. Great indicator that this Spring may finally be the one that sellers have been waiting for!
Second home or “vacation home” buyers tend to materialize when the real estate storm is perfect. The perfect storms I speak of are low property prices and, low interest rates that are rising.
Good news for all because as the real estate market awakens from its slumber, so will the economy!
Press on my friends!