The real estate market can fluctuate a great deal. This can often leave a buyer or a seller very confused and sometimes unsure if they should buy or sell a property. Here are 7 best real estate tips to help you make a sound decision.
Buyers: Don’t overreach – Try to avoid overbidding on inflated prices. This can cause a problem when reselling your property. Instead look at properties with similar characteristics in comparable neighborhoods. Then set a price ceiling and stick to this when bidding.
Sellers: Stay within the market price – You should price your property 5%-10% over the market price to get a close offer to your property’s real price. Try not to overprice a property, as it will deter potential buyers from bidding for your property.
Buyers: Be ready – It is best to get your loan ready and then look for houses in your price range. Get your preapproval letter before looking at properties to buy.
Sellers: Know your agent’s commission split – Know that your real estate agent will require 6% commission and be ready to pay it. If you are a seller who offers a lesser commission, your agent will be less willing to sell your property.
Buyers: Buying new – If you’re buying new, it is best to hire an independent contractor to oversee construction.
Sellers: Know your influential rooms – Upgrades often don’t pay for themselves; however pay attention to your kitchen and master bath to add value.
Buyers: Beware of hidden costs – You will have added costs like origination fees, property taxes, appraisal costs and other pre-occupancy costs. Include all these costs in your total cost before confirming an offer.