When you are in the market to upgrade your home, you’ll be participating as both a buyer and a seller in the local real estate market. As if one of these transactions weren’t stressful enough, you’ll soon be busy getting your own home prepped for sale while at the same time scrambling to find your dream home. But if you follow these tips, you’ll be able to be better organized as you approach these transactions in a systematic way.
Preparing your current home for the market
The first steps you’ll take in getting ready to sell your existing home will set the tone and pace for the entire process. While some folks will go about this on their own via the For Sale by Owner (FSBO) route, it’s encouraged that you at least consult a real estate professional to see what your options might be.
But whether you are on your own or selling with the guidance of an agent, you will need to get your home prepared
to sell. This can be a bit time-consuming and even challenging if you are occupying the property while it sells. But with a little planning and discipline, you’ll soon be on the way to getting your house listed.
Begin by making a list of cosmetic repairs and deferred maintenance items you believe will make the property more appealing. Once this list is complete, consider hiring a contractor to take care of the ones that you aren’t comfortable tackling on your own.
The home should be cleaned from top to bottom. A good and thorough deep cleaning is highly suggested. Afterwards, keep it tidy. You never know when someone will want to view the home. It’s also important to remember the outside of the home. Keep the lawn neatly trimmed and edged and the yard free from any clutter. After all, the curb appeal you can achieve will go a long way to making a positive first impression!
List your home and get ready for an open house
Once your home is prepped to sell, you’ll want to get it listed. If you’ve chosen to use a real estate agent, they’ll be able to list your home on the MLS and give it plenty of exposure to potential buyers and their agents. He or she will also work hard to market your property and weed out buyers that will not be qualified.
An open house
is a great way to make viewing your home an event that will attract potential buyers. But an open house will also accomplish much more. Buyers’ agents will routinely view homes during open house tours so that they can familiarize themselves with the homes and suggest them to any of their qualified clients.
Once a buyer has made an offer and the terms are agreed to, you’ll move forward to closing. Now you’ll need to buy your next home if you haven’t already.
Working with a realtor to find your new home can involve careful timing
A reputable Pueblo West real estate agent will work hard to find your new home in a timely manner. Before you begin the search, you should already have gotten prequalified for a mortgage from an approved lender. Any hiccups on your credit will need to be addressed and remedied before a loan amount is offered.
It’s recommended to begin this part of the buying process while you are trying to sell your existing home. Once that is completed, you’ll begin looking for homes that you qualify for. Timing is very important here. Many buyers won’t be able to get financing on a new home unless their current one sells. So if you put an offer on a home beforehand, some lenders will only make a loan approval as contingent on the existing property selling.
If you find a buyer for your home and are able to find and schedule a closing date on your new home in the same timeframe, that’s great! But it doesn’t always work out that way. If there is going to be a gap in the sale of your existing home and the date you can take possession of your new one, you’ll need to consider alternative plans on where to live.
Consider a short-term lease or a rent-back agreement
When this happens, some buyers will work with an agent to get a short-term lease. This will give them plenty of time to locate and make an offer on a new home. Though no one wants to pay rent, a short-term lease is a great option for any buyer who wants or needs to take their time buying a new home.
Alternatively, you can ask your buyer for a rent-back agreement
. This contingency would allow you to stay in your existing home after it sells. You’ll be paying the seller fair-market rent, of course. This is generally done when you, as a buyer, need a little extra time to get your new home closed.
A real estate professional will make both buying and selling more enjoyable as well as more profitable
Whether you are buying or selling a house, a Pueblo West real estate agent will work hard to make the entire process as seamless as possible. A seasoned professional like Casey Edwards will work hard to market your existing property to the right pool of hungry buyers while at the same time using your list of wants and needs to find your new dream home. From start to finish, using the skills of a professional agent will reduce your stress levels, make transactions happen more timely, and will lead to you making more of a profit off of your current home. Consider Team Gary Miller
when you are ready to begin looking for Pueblo West homes for sale.
*Header photo courtesy of Casey Edwards