Real Estate Agent Reveals Top Secrets
Considering the abiding fiscal projections of disaster and darkness, it is definitely not the right time to purchase or sell a home. At least no one sensible would dare to imagine this in the present context of the continuing economic slump worldwide. Nevertheless, some people do appear to be optimistic even in such unsteady fiscal conditions and suggest this is no reason why one should not engage in real estate transactions. They say that despite the economic gloom, it is not necessary to hang about as far as selling and buying of homes is concerned.
It is true that these days properties listed for sale are staying much longer in the market and that on the whole there has a regression as far as the prices at which properties are being sold. But then, it is also true that properties are also being sold and purchased where the selling price is appropriate. As we move towards the spring market, there ought to be more number of potential buyers in the market that before. This is being anticipated considering the abysmally low interest rates prevailing in the market.
Hence, this should indeed be a good time for people who are looking to acquire new homes. Considering the historic low mortgage interest rates, this is undoubtedly the ideal period for the first-time home buyers, investors as well as the present home owners who are eager for advancement to purchase a new real estate property.
Irrespective of whether you want to buy or sell a property or both, explore the top tips provided below to enable you to successfully steer through the real estate market. We are sure they will be beneficial for you.
Tips for property buyers
- Location is of utmost importance
- Irrespective of whether you are buying a property for the first time, are a real estate investor or a home owner, it is important that you comprehend the value of selecting the best locations for putting your money in. Remember that purchasing a relatively smaller house on a busy or important street is much more worthy than buying a large house on an insignificant or less desirable street. You will be able to realize the worth of the small house on an important street when you want to sell the property. On the other hand, if you are a real estate investor and planning to acquire a condominium, try to get one that is closer to public transit or a university as this will reward you in future.
- Contemplate buying a condo
- Compared to other types of homes, there are a great number of condominiums waiting to be sold. In such a situation, your real estate broker ought to be capable of bargaining a good transaction for you if you desire to buy a condo. In fact, real estate investors would benefit more than a first-time home buyer in purchasing a condo. This is primarily because a real estate investor would prefer to lease out the suite for the subsequent four to five years before he or she really wants to sell the condominium. It is anticipated that the condominium market will really pick up sometime around 2013 and if the investor sells his or her suite during this time, it will really reap them a good reward.
- Be aware of your credit rating
- There is no reason to simply take it for granted that your credit rating is satisfactory. Hence, you need to ensure that your credit rating is actually in order and if there are any issues that may be a hindrance for you to purchase a home before you meet a lender and negotiate a loan. In order to verify your credit rating, you may call Equifax Credit Information Services Canada or Trans Union of Canada.
- Know your price and hang on to it
- Prior to beginning a house hunt, try and meet not one, but a number of mortgage lenders with a view to acquire a pre-approved mortgage. Once you are aware of the amount of money you are in a position to spend to purchase a house, you will be able to restrict your options and focus on them. Always bear the fact in mind that irrespective of the prevailing economic conditions, you will be more protected when you purchase a house within your budget than exceeding your financial capacity.
- Go out of the city precincts
- While the real estate market is practically in the doldrums in other places of Canada, the scenario is entirely different in Milton, Ontario, where the trade is flourishing. As result, many young families are now making a move towards Milton to acquire reasonably priced homes as well as resale homes that are relatively new. Often, it is rewarding when you move a little away from the hub to acquire what you are seeking. In the event your budget is limited, but you desire to buy a spacious property, it is not wise to look for it in the city center. In such an event you necessarily need to broaden your area of potential locations for your new home.
Tips for property sellers
- Rejuvenate and redecorate
- Selling your property is really an important task and it is even more important to properly prepare your home for sale that would fetch you the utmost price. When you decide to sell your home it is advisable to consider seeking the services of an expert stager who will be able to maximize the potential value of your home when prospective buyers come on an inspection visit. At the same time, contemplate on how to dispose of untidiness and give prominence to the old and used up furniture as well as shipshape the yard to allure the potential buyers. There are numerous other things that you can do to enhance the value of your home before the prospective buyers, think about them.
- Upgrade and update
- If the above idea leaves you a confused lot, just relax. You actually don't need to refurbish your home entirely before selling it, but just think about modernize the things that have become outdated or worn out. For instance, you may consider replacing a kitchen counter, the sink in the kitchen or changing the shabby or tattered carpeting. You may also contemplate adding some hardwood furniture in one or two rooms as this is not only a current fad, but will also help in upgrading your home. All these would definitely go a long way in enhancing the value of your home before the prospective buyers.