Real Estate Logic: What Comes Before the REALTOR®

Dated: May 21 2022

Views: 131

Article by Shirley Martin, 
Image via Pixabay

Buyers and sellers agree that the real estate process is exciting! As a buyer, you are probably filled with overwhelming excitement as you think about putting down roots in a new home. Sellers are looking forward to moving out and moving on to the next big thing. When you work with KP Edgestone Realty, it’s their job to help you through this. However, before you connect with your agent, there are some things you need to take care of on your own first.

Buyer’s Logic

Get on the Same Page
This might sound like common sense, but according to Psychology Today, the best thing a buyer can do before hiring a real estate agent is to make the decision to move and ensure all parties in the household agree. You may find that you, your spouse or your kids are feeling a little wishy-washy about moving or can’t decide on where to live. For adults, it’s easy to have a conversation and discuss the reasons to move, but children think of the friends and places they will leave behind. Talk with your child about the possibility of moving, and keep them in the loop at all times. Understand that there may be tears and tantrums, and that’s completely normal.

Get Finances in Order
As soon as you know that a move is imminent, it’s best to meet with a lender to get pre-approved so that you not only know how much house you can afford but fix any issues should you be denied. Your agent should be able to recommend a few good Brokers you can work with. Keep in mind that the qualifications for a mortgage vary by lender, so feel free to apply again if you are denied and feel that the reason was a little harsh. However, if you are denied for the same reason, it’s time to fix the situation, whether that means paying off debt or improving your credit score.

It’s a good idea to access your options regarding a home warranty. Start by trying to find out if a home warranty is worth it for you. Then compare home warranty coverage options and determine your needs. A good home warranty will cover the costs of many home system repairs, saving you out of pocket expenses.
When the time comes to secure a mortgage, realize that it involves several steps including knowing your monthly debt-to-income ratio. Lenders consider this number to determine how much you can afford to borrow. Generally speaking, your total debt including a new home payment should not exceed 43% of your income.

Seller’s Logic
Do Your Homework
Before you ask your real estate agent to help you price your home to sell, do a little bit of homework on your own. Sellers should research homes selling in the neighborhood to learn about home's potential value.

In order to accurately price your home, HGTV suggests taking a look at past sales for similar homes in your neighborhood. Try to get into a buyer’s mindset and consider what things in your home might affect the price such as the outdated carpeting or the view of the highway.

Keep It Clean
What can you do early in the process to make your agent’s job easier? It’s a good idea to declutter and keep your home tidy enough for a random showing at any time. Clean your home—even the obscure corners you typically skip—so that you aren’t rushing around frantically when a buyer schedules a last-minute showing with only two hours for you to clean and get out of the way. Get a handle on the clutter as well so that it doesn’t become a distraction.

Carefully Weigh Upgrades
There are a lot of factors that can help you decide whether to make certain upgrades. Usually it comes down to cost and what will bring the most return. One of the most common areas for upgrading is the kitchen, and depending on what you do, this can bring a significant ROI.

However, a kitchen update can be quite costly and tends to take several months to complete. So it’s best to get a good idea of what makes the most sense. And while not everyone has a budget for a major remodel, even a low-budget makeover can up the wow factor. Check out sites like Kitchen Views Blog to get some ideas, and then, once you have an agent, consult with them about what exactly is worth updating.

Another popular upgrade these days is a basement renovation. These have become especially desirable thanks to the pandemic, with everyone spending more time at home. A basement transformation can truly have a great ROI, but like a kitchen reno, you still need to do your homework. This starts with determining exactly what you want in a remodel, and then you’ll need to outline your budget. Once you have a vision and a budget, it’s time to connect with local contractors. Read reviews, determine what other customers have said, and look for portfolios to get an idea about workmanship.

Real estate is a world of its own, but by taking the proper steps, you can navigate it with ease and make it smoother for your agent. Buyers need to agree on moving and get finances in order, while sellers need to consider pricing and cleaning. Once you’ve taken these steps, it’s time to reach out to the real estate experts at KP Edgestone Realty. 732-307-3200
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The Kagan Pascua Team

Jeffrey Kagan & Joel Pascua are Broker-Owners of KP Edgestone Realty established in April 2018.  We have been licensed real estate agents for 10 years providing services in buying, selling an....

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