If asked to describe the real estate market over the last few years in one word, 'challenging 'sums it up nicely. Over the last few years, we have watched the inventory shrink, the prices remain strong and stable, and the mortgage interest rates hit over 7%. We have watched buyers and sellers drop out of the market, waiting to see where the crazy post-COVID economy would take us. If ever there was a time that a professional realtor could be the difference between success and failure in a transaction, that time is now.
Whether a buyer or a seller, 2025 is the balanced market of opportunity that we have all been waiting for. The new year has brought a much more favorable inventory than we have seen in years, and lower interest rates are the icing on the cake. If you've been thinking about a move, here are some tips to get you from where you are to where you want to be.
The first and most crucial step is to understand your financial position. Call an experienced agent to walk through your property to help assess your home's condition and pinpoint its current value in today's market. A walk-through can help determine if your home is show-ready or if a bit of furniture staging or home updating could increase the value of your property.
In addition to showing you how your home stacks up against the comparable properties in the area and suggesting a listing price, your CMA valuation can also be used to quickly calculate the approximate net proceeds you will clear after closing costs to help determine what funds you will have to use for your next home.
Once you have determined your financial position and have a clear idea of where you are thinking about moving, your realtor can help recommend qualified lenders in the area that offer the types of loans most beneficial for your transaction. Different financing options may be available in the city or a more rural setting, just like for a detached single family home or a condo.
Understanding the types of financing that can be used can make a world of difference in terms of convenience for your move. A perfect example may be a bridge loan, which allows you to buy your new home before you sell your current home so that you don't have to worry about matching up contract timelines and can move when it is most convenient for you.
Once you have a solid grasp of your financial picture, you are ready to prepare your home to list. Here are a few tips to consider when buying or selling:
Seller/ Listing Tips:
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Address any repairs necessary before listing. If surface-level, buyers will notice issues when walking through your home and submit lower offers; if the repair items are more significant and possibly less visible, they will come up during the inspection. Completing repairs beforehand allows for a smooth transaction and more money in your pocket in the end.
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Professional photography is a must. Buyers fall in love with your home online before they see it, so make sure the photos are bright and clear and show your home in the best light.
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Price intelligently based on market comps, not emotion. When you price yourself out of the market, and your home sits, you will lose much more in the end. Your price can be strong
and competitive yet still realistic.
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Create space in your home. Clutter, oversized furniture, full cabinets, and closets make your house feel much smaller than it is.
5. Deep cleaning your home is often overlooked but so very necessary. If you don't have the time, your agent can recommend a company to come in and help.
Buyer Tips:
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Make sure that you have a current pre-qualification from a lender. Knowing what you are comfortable spending is imperative for making quick moves in a fast market.
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Negotiate wisely. A skilled agent can offer non-monetary options to help create a compromise between buyer and seller needs to craft an unbeatable offer.
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Keep your mind open to options outside your idea of the perfect property. Clients are often surprised to fall in love with a home that wasn't what they had pictured. An experienced agent will listen throughout showings and be able to present unexpected options but an ideal fit.
Whether the time is now, next month, or in a few years, start speaking with an agent to get property and market updates sent to your inbox a few times a year to keep you in the know. Realtors have great tools to share with our clients and are always happy to help.
Happy house hunting!
Jennifer Lasco Owner/Broker
Lasco Real Estate Group
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