4 answers
kayalani
Student
Miami Gardens, Florida
3
Questions
Updated
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How can I sell/buy a home in a competitive market?
#business #career #realtor
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4 answers
Dawnyale Oliver, MBA, PHR
Senior Recruiter
35
Answers
Fort Worth, Texas
Updated
Dawnyale’s Answer
Hello Kaylani,
A good practice is to research upcoming developments in the area of the home (theme parks, shopping centers, schools being built) that will add to the value of homes in the area. Since I don't plan to live in my home through retirement, my realtor positioned my home to me as an investment that would help me grow my portfolio should I decide to move and lease it out.
I would think about the fact that potential buyers typically have a good idea of what they're looking for, even if they don't extensively express it. Knowing the questions to ask will help to narrow down the number of homes needed to view prior to making a decision - which is important since homes will sell quicker in some areas than in others, and in some cases, it will sell hours before or after a viewing.
1. What type of flooring do you prefer throughout the home? Is there a specific countertop/cabinet combination that appeals to you?
2. Would you prefer a two story or one story? Why or why not?
3. How do you feel about HOA's?
4. Have you viewed the crime rates in the neighborhoods you prefer?
4. Some homes have a furnace unit in the basement or attic, would that be an issue for you?
5. Do you want the home to be exactly how you like or would it benefit you so make home repairs to make the home more suitable to you?
6. Who else might be living in the home with you? Will their needs require consideration?
7. What type of neighborhood appeals to you? A family-oriented community or one for young professions?
8. What types of landmarks would you like to live near and what distance would be too far? (Grocery stores, restaurants, gyms, freeways, etc.)
I hope these questions help you while you determine some of the key factors involved in selling and buying a home!
Thank you,
Dawnyale
A good practice is to research upcoming developments in the area of the home (theme parks, shopping centers, schools being built) that will add to the value of homes in the area. Since I don't plan to live in my home through retirement, my realtor positioned my home to me as an investment that would help me grow my portfolio should I decide to move and lease it out.
I would think about the fact that potential buyers typically have a good idea of what they're looking for, even if they don't extensively express it. Knowing the questions to ask will help to narrow down the number of homes needed to view prior to making a decision - which is important since homes will sell quicker in some areas than in others, and in some cases, it will sell hours before or after a viewing.
1. What type of flooring do you prefer throughout the home? Is there a specific countertop/cabinet combination that appeals to you?
2. Would you prefer a two story or one story? Why or why not?
3. How do you feel about HOA's?
4. Have you viewed the crime rates in the neighborhoods you prefer?
4. Some homes have a furnace unit in the basement or attic, would that be an issue for you?
5. Do you want the home to be exactly how you like or would it benefit you so make home repairs to make the home more suitable to you?
6. Who else might be living in the home with you? Will their needs require consideration?
7. What type of neighborhood appeals to you? A family-oriented community or one for young professions?
8. What types of landmarks would you like to live near and what distance would be too far? (Grocery stores, restaurants, gyms, freeways, etc.)
I hope these questions help you while you determine some of the key factors involved in selling and buying a home!
Thank you,
Dawnyale
Drew Fong
Recruiting Manager
8
Answers
Atlanta, Georgia
Updated
Drew’s Answer
Selling: Paint neutral colors if needed. Clean, declutter inside and outside. Price it right (do not overprice)-- look at what comparable houses have recently sold for in your area. Sometimes listing it at a lower price will drive more activity and you might end up having buyers get into a bidding war for your house and therefore increasing the price. Fix anything that needs to be fixed. Have an inspection already done on the house. Work with a realtor who has a strong network and plan to market and show your house.
Buying: Be ready to make an offer quickly when you find a house you want, in a real competitive market, good houses do not last long. Be ready to have the house inspected on your own dime quickly therefore you can safely remove contingencies in your offer is needed to make your offer more competitive. Write a heartfelt letter to the sellers. Make sure you are already pre-approved for the loan and all of your finances and paperwork are in order so that you can close on time and quickly.
Buying: Be ready to make an offer quickly when you find a house you want, in a real competitive market, good houses do not last long. Be ready to have the house inspected on your own dime quickly therefore you can safely remove contingencies in your offer is needed to make your offer more competitive. Write a heartfelt letter to the sellers. Make sure you are already pre-approved for the loan and all of your finances and paperwork are in order so that you can close on time and quickly.
Mark Morgan
Telecom Engineer/Truck Driver
148
Answers
Newburgh, Kentucky
Updated
Mark’s Answer
Hi kayalani!
It's going to be important to have your client clean and declutter the house. If there is a need for any minor repairs, they should all be taken care of. It will be important to pull comps and price the home competitively. Pay attention to the outside of the house as curb appeal is key. Many realtors will hire a person to stage the house to define the space. Take lots of great photos!
Hope this helps!
Mark
It's going to be important to have your client clean and declutter the house. If there is a need for any minor repairs, they should all be taken care of. It will be important to pull comps and price the home competitively. Pay attention to the outside of the house as curb appeal is key. Many realtors will hire a person to stage the house to define the space. Take lots of great photos!
Hope this helps!
Mark
Pete Ameljanczyk
Project Management
3
Answers
Woodstock, Maryland
Updated
Pete’s Answer
I have recent experience in both. The first thing I would say is set a list of absolute will dos and won't dos for each. Things will move fast and between making offers and/or comparing offers, many decisions will need to be made on the fly and you won't have much time to ratify the right contract. Know what the lowest you'll sell your house is, how much work you're willing to put in to prepare & stage. While it's a seller's market now, the tide is likely to soon turn. If you sell soon, you'll likely get your asking price or more, however, that might put you in a place where you can't afford to move right away, so have a backup plan. Also, be very honest about any flaws in the home you're selling. With things moving so quickly, you don't want to find yourself in a position where you are ready to close on a new home and at signing for the sale of your old home, something comes up in final walk through and leads to a no sale.
Similarly for the purchase of a new home, have your limits ready and, at least in today's market, be ready to make the best offer. Many are missing out because they're coming in low and someone ends up with what would be your perfect dream house. Finally, I'd add, if you can get insights from agents for homes that haven't yet hit the market, talk to the owners and see if you can strike a deal before their home hits the mls.
Similarly for the purchase of a new home, have your limits ready and, at least in today's market, be ready to make the best offer. Many are missing out because they're coming in low and someone ends up with what would be your perfect dream house. Finally, I'd add, if you can get insights from agents for homes that haven't yet hit the market, talk to the owners and see if you can strike a deal before their home hits the mls.