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Friday, August 28, 2015

Buying or Selling a Home: Begin with the end in mind.

Buying or selling a home is no different than any other important task.  Success most often depends on the proper planning.    Begin with the end in mind (define your goal).

If selling your home is the goal then consider these points. 

When....   Depending on the type of transaction the time required to sell a home once a contract is in place is somewhere in the 30-45 day time frame.  If the median days on the market stand about 30-45 days then working backwards the process could take about two to three months from start to finish.

Now think preparation...  What must be done to prepare your home for the market?  While many sellers think their home is move in ready it still takes item to prepare a home for the market.  It may simply be a case of cleaning and handling some  of the cosmetic details.  Or there could be some repairs that may be needed.  Or maybe its time to get rid of "stuff."   In cases of older homes it is often helpful to have a pre-listing inspection done.  And if there are problems, address them or disclose them. can be from a few days to months.  However one wants to word this point - set your goals, define your  a home is no different than any other task...proper planning prevent poor performance.  In the case of a house purchase - rejection!

Take time to interview real estate agents....   I recommend a minimum of three real estate agents be interviewed before deciding who will manage your sale. 

There are multiple other steps in a well planned marketing plan.  The key point for anyone desiring to sell their home is consider the above items as the initial steps in meeting your goal.  Your real estate agent should be able to fill in all the steps in your plan.

If buying a home is the goal then consider these points.

When....  Are you ready to purchase a home?   Do you have stable employment?   Will you be in place for the next four to six years?  Will your family circumstances or needs change soon?

Now think preparation...   Pull your free annual credit report each year to make sure there are no surprises (erroneous negative entries).   Talk with a lender about your credit history and the various types of home loans available based on your circumstances.   Sometimes, if necessary, your lender will become a partner with you in developing a plan to correct issues and better position your credit score for a mortgage.  Think of available funds for down payments and other costs associated with home ownership (taxes, insurance, inspections, survey, etc).

Take time to get your own real estate agent...  As a buyer you do not pay anything to have your own real estate agent.   The usual practice is for sellers to pay the buyers' agent (even new construction!).   Your real estate agent will develop a plan to focus your efforts within the defined time and budget parameters to begin the search.  Your real estate agent is on your side.  Your real estate agent will be available to answer your questions abut the process.  Your real estate agent will likely communicate with your lender directly if there are issues or questions about your loan program specifics.   Your real estate agent is key to meeting your goal.

While none of the above provides a detailed description of the process of buying or selling a home the steps outlined provide a good starting point.

Whether buying or selling a home success is most easily achieved when one begins with the end in mind.

Whether buying or selling a home in Florida, call me at 321-693-3850 if I can help.

“Target House Shows Purchase Property Mortgage Success” by Stuart Miles

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