Homebuyers and sellers: How to prepare for the busy spring market I think it’s safe to say we’re all eagerly anticipating the arrival of spring as the snow melts and the days grow longer.
It's a season of renewal, not just for nature but also for the real estate market as both homebuyers and sellers come out of hibernation and prepare to make their next big move.
If you plan to count yourself among one of these groups—or maybe both—the following are some tips to help ensure a smooth and successful process as either a homebuyer or a home seller.
For homebuyers
1. Secure a mortgage pre-approval: Starting the home buying process with a mortgage pre-approval is crucial. It not only gives you a clear idea of the budget you have to work with, but also positions you as serious contender in the eyes of sellers and may protect you in the event rates start to rise. Gather your financial documents early and give me a call so I can help you fully understand your borrowing capacity.
2. Understand the market: Familiarize yourself with the local real estate market trends, including average home prices, inventory levels and the average time homes spend on the market. This knowledge can help inform your search and negotiation strategy and help set appropriate expectations. If you need a referral to an amazing realtor, I’m happy to connect with you with one.
3. Consider future needs: Think long-term about your housing needs. Factors like family planning, work-from-home requirements, and lifestyle should play into your decision-making process. Investing in a home that meets future needs can prevent costly moves down the line.
For home sellers
1. Get a mortgage pre-approval: As a seller, you should also secure a mortgage pre-approval. This step is vital for understanding how much you can afford in your next purchase and for making timely offers once your current home is sold.
2. Investigate mortgage porting: If you have an existing mortgage, understanding its portability is essential as porting a mortgage may offer financial benefits and ease the transition to a new property. As a broker, I can help you understand your current mortgage's portability features and any applicable fees or conditions that may be involved. Additionally, if your mortgage is not portable or if it makes sense to break your existing mortgage term, I can provide the necessary information to help you decide the best timing of your sale.
3. Find a reliable Realtor partner: Choosing the right real estate agent is critical for a smooth sale. Look for agents with a strong track record in the local market, excellent negotiation skills, and a comprehensive marketing plan. A good agent can significantly impact the selling price and how quickly the property sells. I’d be happy to make an introduction for you.
4. Prepare the home for sale: Prepare your home for the market by addressing repairs, decluttering, and possibly staging the property. A well-presented home can attract more buyers and lead to higher offers. Investing in professional photography can also showcase the property in its best light online, where most buyers start their search.
By following these steps, you’ll be in a position to navigate the spring real estate market with confidence.
If you’re planning to buy or sell this coming spring season, don’t hesitate to reach out. I would be happy to go over additional tips that could help you as either a buyer or a seller.
Call me today!
Brian Patey
Mortgage Broker
(709) 632-9800
brian.patey@mortgagegrp.com
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