When Buying & Selling Homes, Here’s What You Need to Do First

When Buying & Selling Homes, Here’s What You Need to Do First

  • Alex Rice
  • 11/13/22

Are you getting ready to sell or buy a house? It can feel overwhelming when you want to move but aren’t sure how to buy and sell simultaneously. To get ready, there are a few things you need to do first to ensure you are prepared. Learning about the market where you plan to buy and sell will help you make significant financial decisions quickly, and having an excellent real estate agent will support you through the process. Here are some ways you can prepare yourself for buying and selling homes.

What you need to know about the local real estate market

Understanding the local market is key to making the right decisions while buying and selling homes. You should be able to do a comparative market analysis to set a good selling price and make a reasonable offer. Plus, when you can explain why you decided on a listing price or an offer, you can justify it to the opposite party.

Understand buyer’s vs. seller’s market

A seller’s market is when there are more buyers than sellers. The demand for homes is high, and buyers are willing to pay a higher price for a house. On the other hand, a buyer’s market is when the sellers outnumber the buyers. This makes it more difficult to sell a house since buyers can afford to be picky and offer lower prices. Figure out which type your local market is in right now to know where you have the advantage.

Do your research

Start by looking at the historical data of the area where you want to buy and sell. Try to learn everything you can about the market: the population, major employers, job growth, local housing market activity, etc. Even the quality of life rankings can help predict the demand for real estate in the future. Make sure you use multiple sources with varied perspectives as you study the market. Observe the neighborhood quality and amenities, such as crime levels, schools, parks, public transit, and shopping centers.

Next, choose at least six homes that can act as comparables for the house you want to sell or buy. Find homes that are in the same area with the same number of bedrooms and bathrooms, a similar lot size and shape, a similar construction date, etc. Using the prices of these comparables, you can determine a ballpark price of the home you want to sell or buy. For example, if you are looking at a condo in Washington Park, search for Washington Park condos for sale and find many condos similar to the one you want to buy. Compare them and decide if the price is fair.

How to find a great real estate agent

The right real estate agent can make a big difference in how fast you can buy and sell. Sometimes, the same realtor can help you through both processes. Before hiring someone, make sure you meet with them and determine if they have the qualities you want in an agent.

Find a local pro

Having a real estate agent who is an expert in the local market where you want to buy and sell will help you make the right financial decisions. Choose someone who is experienced and has sold homes like yours before. Their specialized knowledge will ensure that you will get the best return on your investment when selling and the lowest price possible when buying.

Ask questions

Meet with your real estate agent before starting the process and ask them questions to ensure they are the right person for you. Ask them about their marketing strategy, their recent sales, how they vet a buyer, and what they think you can do to get your home ready. They will be your contact throughout the process, so be sure you can ask them anything and that they will have the answer.

Things to do before you sell

Before selling a house, be sure it is in good condition and looks presentable. If you live in the house, take some time to declutter, repaint the walls to neutral tones, and depersonalize the space by removing any family photos or bold artwork. Staging the house is a great idea to make it more desirable.

Your real estate agent should be able to recommend home improvement projects that will result in a higher asking price. Replacing the shutters or sprucing up the landscape can affect buyers' perception of the house. Try to focus only on improving things that will make a difference to the buyer rather than getting distracted by things that may not be noticeable to them.

Things to do before you buy

Before buying a home, you will need to understand your finances well. Know your credit score and how much home you can afford. These factors will help you avoid wasting time on homes that are too expensive or too cheap for what you want. Get a preapproval letter to show the seller that you are financially ready to buy, and they will be more likely to accept your offer. Be prepared for extra expenses by saving up before starting the process and talking with your realtor about charges that might come up, such as needing an inspection.

Are you ready to start your move?

Buying and selling homes can be a lot of work. That’s why having a great real estate agent to support you can make all the difference. If you are ready to start the process, reach out to Alex Rice in Denver, CO. Whether you are looking for Washington Park condos for sale or a Cherry Creek luxury real estate agent, he can help you understand the market and find your dream home.

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