What to Expect During the Residential Buying and Selling Processes
It doesn’t matter whether you’re buying or selling a home: there’s much more to consider and do than you think, especially if you haven’t been through it many times before. But don’t worry: the Recckio Real Estate & Development, Inc. team is here to help. We’ve assembled this comprehensive guide to show you how the process will go. Keep reading to learn more!
The Residential Buying Process
If you’re looking to buy a home, familiarize yourself with the process, especially if you’ve never been through it. Do plenty of market research to see what type and size of home you can afford in the area where you’d like to live. Make a list of things you must have in a home as well as things you can afford to compromise on. If you’re currently living in another home you own, you’ll have to prepare to sell it, but let’s not get ahead of ourselves.
Once you’ve done your prep work, you can browse listings and schedule tours of potential homes. A professional real estate agency such as Recckio Real Estate & Development, Inc. can help you widen your search with access to the MLS listings in your area. This is also the time to start budgeting for other costs that don’t involve the property purchase, such as moving expenses.
Once you’ve found a home that meets your needs at a price you can afford, it’s time to make an offer on it. For best results, get approval for a mortgage beforehand, so you know exactly what you can afford. You should also schedule a home inspection to ensure there are no hidden or potential long-term issues with the property. As you go through the offer process, you may be required to bargain a bit with the current owner to get the home you want. Simply put, expect the unexpected.
Finally, we come to the closing stage. This is where you will sign the official property transfer documents, finalize your mortgage, and purchase homeowners’ and title insurance policies. Then, it’s time to pack your things, move, and enjoy your new home!
The Residential Selling Process
No matter why you’re looking to sell your home, the first step in the selling process is to have your home assessed to see what it may be worth on the open market. Once you have an assessment, you can begin to calculate your equity, estimate your potential profit from a sale, and clean up your home to get it ready for moving.
Next comes the search for a real estate agency you can trust to help you with the sale. To pick the right agent, contact multiple agencies instead of just going with the first one you find. Look for an agent with plenty of selling experience in the local market. For best results, consider using an agent-matching platform. Of course, you can always try to sell the house yourself if you feel confident enough to navigate the process without help.
Once you’ve done all the appropriate research and had your property assessed, it’s time to come up with the initial listing price. If you wish to sell sooner rather than later, you may put in the listing that only cash offers will be accepted. You’ll also want to schedule an appointment to have your home inspected for any hidden issues.
After you’ve determined the listing price and had the home inspected, it’s time to prepare for the potential sale. Make any necessary repairs to your property and start the decluttering process room by room. Recckio Real Estate & Development, Inc. can help you stage your home, presenting it to potential buyers in the best and most effective way possible as well as taking high-quality photos of it for the listing. Your agent will promote your home, and they will schedule showings and open houses for potential buyers. As offers come in, you’ll review them and select the best one for you.
Once you have selected the offer you plan to accept, you’ll need to pay attention to the finer details of the sale, such as the final walkthrough, the title clearing, and the settlement statement. You also must determine if any taxes are owed on the sale. At that point, it’s time to pack your things, transfer utilities, set up your new forwarding address, and move!
