Real Estate Industry Secrets to Buying & Selling Your Home Quickly

Buying or selling a home can be a lengthy and challenging process. Suppose you are moving from one primary residence to another. In that case, you will probably have to simultaneously buy and sell a home, thereby combining the inconveniences of both processes. However, if you are armed with some practical background knowledge, you can significantly speed up these processes and deal with fewer surprises. Apply these tips to buy or sell your home as quickly as possible.

In real estate, a contingency is a clause placed in a contract that makes it possible for one or the other party to void the contract if a specific condition is not met within a certain time. The home's condition or the buyer's ability to get financing can lead to contingencies. Research common issues leading to contingencies, and remember that buying and selling go faster without them.

When you are getting ready to sell your home, many things can slow down the process. One common obstacle to getting a home sold quickly is the need for repairs to make the home more liveable. Typically, homes go through an inspection process before being sold, so anything in disrepair will be noted. These flaws can also result in a lower appraisal value for the home.

In some cases, buyers will pass over a home that needs certain repairs, or there may be a contingency in the sale. Keep in mind the importance of making minor cosmetic repairs as well. Cosmetic flaws may not make as big a difference as far as the saleability of your home. Still, they influence a potential buyer’s perception, and some buyers may be deterred.

When purchasing a home, you will most likely require financing to make such a large purchase. Let’s say you are looking into upscale homes in the greater Nashville area, such as Belle Meade real estate or Arrington real estate. When looking at listings in these areas, consider the list prices and whether or not you will be able to make a 20% to 30% down payment. Regardless of when you plan to buy, you can begin today to find out what documents you need and ensure everything is in order (you will likely need tax filings or other income statements).

Also, do your best to keep up your credit score, as this will help to ensure your creditworthiness and possibly make you eligible for a lower interest rate on a home loan. It is recommended to pay off — or at least pay down — any credit cards, loans, or other accounts you may have. It is also advisable to keep your use of revolving credit low. Lastly, don’t apply for new credit or close any old credit accounts in the time leading up to your mortgage application, as either can slightly lower your credit score. If you are not doing so already, find a service that provides free monthly credit monitoring. You can check out the FICO website for some of these resources. Credit Karma is a popular resource for monitoring credit.

Regarding mortgages, pre-qualification generally means that a potential leader has taken a cursory look at your creditworthiness and suggested some possible financial products. Pre-approval implies a more thorough examination of your finances and credit. Getting pre-approved will speed up a home purchase by starting the financing process and demonstrating your creditworthiness to lenders and sellers.

Fortunately, a mortgage broker may be able to get you pre-approved for a mortgage before you are ready to finalize a home purchase. If you are pre-approved before attempting to purchase a home, this will speed up the process and help you to avoid any surprises along the way.

Real estate is not just one big market but many different local markets across the country. Although the market as a whole may follow general trends, local real estate markets vary widely in terms of their level of competitiveness and available inventory.

In areas with higher competition and lower inventory, you are more likely to be outbid by other buyers. You will also have less time to act decisively before another buyer seals the deal. In contrast, you are in a buyer’s market if there is lower competition and higher inventory. In buyer’s markets, you have a better chance of getting your offer accepted, and available houses will tend to stay on the market a bit longer.

Of course, when you go to sell, it is better to be in a more competitive market. Ultimately, even if a given real estate market is hot at the moment, you can snag some property for yourself, but it is worthwhile to be aware that different markets move at different paces.

Getting help from a realtor will be indispensable when buying or selling a home. A realtor can help you understand which houses fall within your budget and then get access to listings in your preferred area. You will want help navigating the competitive markets for Belle Meade real estate, Arrington real estate, or Brentwood real estate, as well as other desirable areas.

It is usually best to contact a qualified real estate agent as soon as you know you are ready to start the process. Whether interested in buying or selling property, a realtor will be your greatest ally. If you are looking into buying or selling real estate in the Nashville area, Janelle Waggener can assist you in the purchase or sale — in Franklin, Brentwood, and any other Nashville area. For a luxury real estate specialist you can trust, reach out to Janelle today.