Disclaimer :: LEAGUE Real Estate crafted and sponsored this post to share information about its services with our readers.
In real estate, you will frequently hear people use the terms “buyer’s market” or “seller’s market.” If it’s a “buyer’s market,” it means that prices are low, interest rates are low, or maybe there are so many houses on the market that sellers are willing to drop prices in order to compete. If it’s a “seller’s market,” it often means there aren’t as many houses on the market so buyers are willing to pay top dollar for the houses that are available. While we would certainly be happy to talk through the nuances of whether the current economic climate in Fort Worth is a buyer’s or seller’s market, we think there’s a better question for you to ask: Is it the right time for you?
The Right Time to Buy?
The first and most simple thing you have to ask yourself: Can I afford to buy? This may seem like a simple question, but there are many factors to consider:
- Long-term financial goals
- Current employment status and outlook
- Amount of debt you are currently carrying, plus your expenses
The first thing we recommend is to get a pre-approval letter from a financial institution. This will tell you exactly how much of a loan you will qualify for. But, just because you qualify for a certain amount, doesn’t mean that you want to rush out and buy a house at the top of your loan approval rate. Like we said, it’s important to consider many other factors.
Next, and closely aligned with the first step, is determining your priorities. If it’s just you making purchasing decisions, then ask yourself: What is most important to you when it comes to lifestyle? Do you need a big yard? A certain number of bedrooms? Great public schools? A short commute? If you’re making this decision with a partner, it’s important to compare priorities and compromise on the areas that are most important to your partner. Once you’ve established an idea of what is most important to you, you can compare the houses that meet these criteria to the dollar amount you feel you can afford and decide how well your goals and current financial state mesh. You may have to give up a few things or you may be able to get more than you bargained for. You won’t know until you’ve examined what you can afford and what you want!
The Right Time to Sell?
There are times when selling your home isn’t really a matter of debate, such as a change in job status or marital status. But if there is some flexibility about when you place your home on the market, many people end up wondering when is the best time to list? While there are certain times of year or certain national economic factors that can play a role in establishing the best time to sell (and we’d be happy to discuss these things with you), the most important question is: Are you ready?
This question has many parts. Are you ready emotionally to sell your home? Are you ready to move on to the next stage (whatever that may be)? Is this the best decision for your family at this stage? Will you better be able to achieve your goals if you sell this house? Then, of course, there are the practical considerations. It’s important that you have readied your home for the sales process. While a trusted agent can certainly help you identify a priority list when it comes to presenting your homes well, there are a few basics that are fairly universal. For now we will stick to just two — structures and surface features.
You first want to determine if there are structural issues that need to be addressed before you list your house. Is your AC on its last leg? Are there foundation concerns? Sure, if you have financial flexibility, you can choose to ignore these things, but most likely they will come up down the road in negotiations. It’s important to at least consider what kind of work you are willing to do to prepare you house for sale. Surface features is about aesthetics. Some people choose to completely repaint their home and remove personal touches to prepare it for the market. Others just give the house a decent cleaning and call it a day. These things can make a difference in the sales price and the speed at which the home sells, so always talk with a trusted agent about what tasks might be most important to consider before you list your home.
Do I Need Help?
The truth is, in the age of DIY, you could make all of these decisions and begin all of these processes on your own. However, we would humbly offer that there is no good substitute (even if you read 300 websites) for a knowledgeable, experienced, and servant-minded realtor. From the beginning a genuine and humble realtor can help you talk through the particulars of your situation. They can offer advice based on their experience and training, and they can even recommend professionals from the loan officer to the plumber. Let’s face it, you have quite a few things on your plate and making big decisions such as this can be daunting. It would be our pleasure to serve as your ally and your advocate in this process.
Whether now is the right time for you or not, we are always #readytoserve.
LEAGUE Real Estate is a local agency focused on excellence in service and innovative marketing. It equips service-oriented agents with media-driven marketing skills to effectively list, market, reach, and sell real estate. Its culture is built on innovative collaboration to empower agents to create and nurture long-term relationships with customers, providing meaningful service, and impact to the community through its core values and distinctives.