We are almost through the first month of 2022. Pulse check for your resolutions? If buying or selling a home was somewhere on your mood board for 2022, we are here to help!
2021 was a whirlwind of median home price highs and interest rate and inventory lows, so perhaps you set your sights on looking for a new home in 2022. It’s a new year, that means there has to be some change, right? As you wait for your right time here are a few tips to help prepare you for the home buying and selling processes:
For home buyers:
Home price and property value is at an all-time high, and it might be a while before we see a change, so in the meantime, check your savings account and take as many steps to save as you can. Bank your tax refund, start using those coupons and take advantage of that overtime shift.
Monitor your credit
Credit scores are like in-laws, you may not understand them or even like them but sooner or later you have to face them. Make sure your bills are on paid on a schedule and you’re meeting the monthly payments. Dwindle your lines of credit to 3 or below. The best mortgage rates are generally given to those that have at least a 720 or above.
Before you start the search, make sure that you have all of your personal files and information in order. Start a folder, a drive or have a safe place for your documents including bank/ income statements, credit information, tax returns, personal identification cards, etc. Having all of these things before you start your search will allow you to jump on the dream home faster with less hiccups.
The process can be long and confusing and sometimes it may feel like you don’t even know where to begin. Luckily, there are real estate agents who can take your wants and needs and turn them into a list of homes based on your preferences. It will cut down the time and research on your end and you will have a confidant for the good and the not-so-great parts of the process.
For home sellers:
Research/Have a plan
The housing market is hot and there may be a good chance that your home will sell for a higher price than in years before, however, inventory is scattered and unpredictable. Make sure that you are informed and prepared to move. Look at real estate reports in your area to get an idea of the market so you can set fair expectations.
Set a timeframe
If it is your goal to move by a certain month or season, set that early and don’t waiver based on market timing. Calculate the time it will take to sell, settle and personally transition to a new home.
Make updates and finish projects
From small feats to large renos – make a list of things that need to be done before selling your home. De-clutter your spaces, paint, replace broken items, etc. to get your home to its highest potential before listing. It has been seen that freshly renovated, clean homes sell faster than those who rushed into getting on the market.
You need an agent who knows the market landscape and the competition. Someone who has a network of professionals that they can connect you with to make the transaction as simple as possible. Choosing a real estate agent is the first step to have a trusted advisor work with you through the entire process to make sure that your real estate goals are met.