Staying Ahead in the Real Estate Market
The current pandemic has forced sellers and real estate agents alike to find new ways to give tours and advertise listings.
Buying a lake home in an evolving and competitive market can be intimidating. Fortunately, advances in technology have made it easier than ever to find a house you love. This can be hugely beneficial during the pandemic, which has forced sellers and real estate agents alike to find new ways to give tours and advertise listings.
When you’re ready to sell your current home, look for a professional agency that will help you make a quick, uncomplicated sale. Here are tips to get through the buying and selling process as smoothly as possible.
Remain flexible
With the housing market being so competitive, it’s important to stay flexible both on the buying and selling end of things. Finding new ways to do business has become paramount in real estate over the past year, so you may need to arrange for virtual chats and tours. Home inspections and appraisals may take a little longer than they used to, so patience will be required. You’ll also need to think about how you’ll sign documents and share important paperwork. These days, most of that is done digitally. You can download apps and find online resources that will help you create a legal, digital signature.
Take the guesswork out of the equation
In such a competitive market, it’s essential to do some planning ahead of time to make sure there are no wrenches thrown into the process. Getting pre-approved for a loan is one step that will make a big difference. So start looking into interest rates and potential loans. And consider all of the scenarios. Do you plan to buy a home where you’ll live for decades, or do you plan to pay off your home as soon as possible? Consider 15, 20 and even current 30 year mortgage rates to get an idea of what’s out there.
In addition to knowing what you can spend, know exactly what you want in a home. While staying flexible is important, it’s also crucial to know exactly what you’re looking for and what you absolutely don’t want to deal with. Do some research on DIY fixes and upgrades so you’ll be prepared. The last thing you want is to start the buying process without a clear vision in place as this will only take up more time.
Sell your property first
Buying and selling at the same time can be a challenge, and it can be next to impossible to line up the closing dates. Selling your property before moving on to the buying process can be helpful both in saving time and stress, so ask your agent to assess your property so you can get the ball rolling. Think about your options for that in-between time too, such as finding a short-term rental, staying in a hotel, or staying with family until you can close on your new lake home. This will come with additional costs, including storage for your belongings, so it’s important to make plans ahead of time.
Be mindful too about any necessary repairs or upgrades to ensure your home doesn’t sit for too long. Issues with a roof, HVAC system, plumbing or electrical can be major deal-breakers, so connect with local contractors right away to address repairs. Simple search terms like “roofing companies near me” can help you connect with local pros with stellar reviews and ratings.
Getting involved in a competitive real estate market takes a lot of patience and some careful planning, so consult the professionals before jumping in. By remaining flexible and open to change, you’ll find the process much easier and faster.
*Photo courtesy of Adobe Stock.
