If you’ve decided it’s time to go ahead and make the move to buy or sell real estate you may be asking yourself.. Where do I begin?

Whether you are buying or selling, please consider contacting a professional Realtor for a consultation to discuss your goals and how to reach them.

Real Estate can be the most exciting, and costly transaction you will make in your life. Some of us will experience it once, or twice, some will have many sales. Either way, a real estate deal is significant.

When you are thinking about selling your property, or purchasing a new property, there are many important decisions to begin to make.

Let us look at both types of transactions and talk about what to expect once you begin the process.

When selling…

Prepare the property for sale

Should you make any upgrades in order to get the most money from the sale? Maybe, or maybe not - depending on the “as is value” compared to the “as done value” and what it will cost to do the work. Making upgrades prior to selling may take more time than you have and cost out of pocket money you’re not in a position to spend. In some situations, it may be best to sell the home as is and price accordingly so the buyer can choose their own décor.

In many cases value can be added with a little paint and cleaning that will not cost a lot but may allow a higher asking price.

If there are condition issues that may inhibit financing, it may be worth making the repairs in order to open your buyer pool to those who are financing. Your professional Realtor will be able to guide you through these options.

When is the best time to list the property?

As I am sure you are hearing and reading, this is a great time to sell residential real estate. There are not enough listing opportunities for the number of buyers out there looking to purchase a home utilizing low interest rates currently being offered. Spring is traditionally a good time to list since the yard and homes look prettier with green grass, colorful flowers etc., and buyers are making their family move after children complete their school year. Market conditions will drive the activity somewhat; however there will always be a need for folks to move for one reason or another.

What is the best price for the property?

In a market such as we are currently in, many sellers want to list high so they aren’t leaving money on the table. As a Realtor of 20 years, it is my experience and advice to price your property within fair market value. If the buyer is financing the purchase there will be an appraisal process required by the lender to determine property value based on recent comparable property sales in the local area, as well as property condition. If the appraisal result is at least equal to or greater than the purchase price, the property will qualify. If the appraisal value is determined to be lower than purchase price, the buyer and seller may need to renegotiate the deal. This can create delays to the closing process or often times the deal will be off and everyone has to start over. By this time buyers have spent money on inspections and the appraisal, and sellers will have begun their moving process and their future plans will be delayed as well.

Do you need to find another property prior to selling your current home?

If you are looking to purchase a property but need to sell your current home in order to finance the new purchase, your sale and purchase will be contingent upon both factors. This is an important discussion you will have with your Realtor and lender in your planning stage. A well-coordinated strategy will be critical to the successful transition.

If buying…

Now more than ever it is important to work with a professional who is representing you and working in your best interest. The current real estate market is very competitive as so many buyers are looking and making offers on the same few listing opportunities. Sellers will analyze multiple offers with their realtor to determine which buyer will get them to the closing table with the least amount of roadblocks while bringing in the most dollars. Sometimes it is a matter of who can offer the most money. Other times it is the best terms of the offer that will benefit the seller’s situation. Maybe they need time to find their next home, or to settle an estate. Some will not have the means to make repairs or prepare the property for closing. Allowing the seller to complete their transaction with the least amount of stress can add value to your offer. How you are paying for the property is of great importance to the seller. Buyers with strong financing and no contingencies are attractive to sellers.

What price range are you able to purchase?

The most important part of your home purchase is financing. I will always recommend buyers begin by seeking out a reputable purchase focused lender who will provide a variety of loan options that will best fit their financial situation and goals. Your Realtor can recommend lenders who will provide great service and get you to the closing table smoothly and successfully.  As mentioned earlier, buyers with a reputable lender can be the difference between getting your offer accepted or not in multiple offer situations.

Where do you want to make your purchase?

Location, location, right? It is important to think about where you want to live. This may not be your forever home and you might want to resell in the future. The location may be the difference between a good investment for the future or not. Think about the area and future potential for stability in value, improvement to the area or area digression. 

What type of property are you looking for?

Are you looking to purchase a single family, multi family, condominium? Your realtor can create searches in MLS (Multiple Listings Service) for whatever property type you are looking to purchase and generate email alerts to let you know what is for sale in your price range. Staying on top of the market will be important especially now as new listings that are priced appropriately in decent condition in a desirable location will sell quickly, sometimes within the first few days!

As you saw there are many things to consider when deciding to enter a Real Estate Transaction.

Your experience will be exciting successful and stress free, with the right team of experts on your side.

Choose wisely and best luck!

Donna DeLauro is a Realtor at RE/MAX Real Estate Center in Coventry. She is also a Senior Real Estate Specialist and the Proud Founder of Mature Matters.