4 Tips For Buyers And Sellers

The real estate industry is a an entity so incredibly large that seems to be constantly changing. I think that our team can honestly say that no two transactions are ever exactly the same and what works one day might not work the next. Though, having been in the business for so many years, we can see almost exactly where we are headed and want to give you tips on some rules that stay tried and true throughout.

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• 1. Sellers: Get ahead of the process.
  If you know you are going to be putting your home on the market, start the process now so that once on the market, it will sell as fast as possible. So what do you do? Get your home inspected now; there may be unseen major repairs to address. Declutter, clean closets and shelves, store extraneous possessions and furnishings and other stuff that might keep sellers from picturing themselves in your space. Attend an open house or two to get an idea of how to stage yours. And move along: Owners still waiting for the market to peak should beware that this real estate cycle may be shorter-lived than last.

• 2. Buyers: Check your credit.
  Get your credit report and start repairing any imperfections. If your scores are below 620 or so, a conventional loan will be a challenge. But if they’re under 740, you still might not get the best rates. Many buyers get a prequalification letter from the lender, but you can stay ahead of them with a preapproval, which comes after a more thorough review of your finances. A preapproval letter shows the seller that you’re good to go and can close quickly.

• 3. Seller: Renovations may not be the best idea.
  We hear that newly renovated homes are easier sells, and that’s true. So is it time to remodel that outmoded kitchen? Not if you plan to sell soon. According to remodeling surveys, the average renovation project returns only about two-thirds on investment. For example, a major bathroom remodel costing $15,000 yields about $10,000 in resale value. The same goes for a major kitchen remodel. In most cases, it would be cheaper to issue credits to buyers or drop your price a few grand. Lighter jobs like new doors are more practical and return about 85 percent. But feel free to spend a bit on paint (neutral colors), curb appeal and fence replacement to enhance exteriors.

• 4. Buyers: Follow the trends.
  Pay attention to trends and react accordingly. Thinking of laying carpet? Agent surveys in the past few years show homes with hardwood floors or faux wood laminate floors are far faster sells. You still want to be in suburbia? Millennials don’t. Numerous cities — such as Austin, Portland, and Minneapolis — have watched this more environmentally conscious generation flock to “mixed-use” urban districts served by trendy cafes, nightclubs, bike paths, civic events and mass transit. For now, they’re not buying condos, which haven’t recovered like the single-family market. They’re renting — but watching the condo market ever so carefully.

Truthfully, when you work with the best agents, they will set you up for success no matter what side of the fence you are on. If you’re ready to sell your home, have questions about your real estate needs, or you need a recommendation on who to work with while trying find a new home in the San Diego area — just contact Heller the Home Seller’s team today here at askhellerthehomeseller.com.