Real Estate Advice

 

Real estate is a booming industry that involves the buying, selling, and renting of properties. Whether you're looking for a new home or a commercial property, the real estate market has something for everyone. With the rise of online property search engines and virtual tours, finding your dream property has never been easier. Real estate investment can also be a lucrative opportunity for those looking to generate passive income or build wealth over the long-term. However, it's important to do your due diligence and work with a trusted real estate agent or broker to ensure a successful transaction. Whether you're a first-time homebuyer or a seasoned investor, the real estate market offers endless possibilities for those looking to make a move.

Real Estate Advice for Investment 

Whether you’re buying or selling a home, there’s a lot to think about or consider, and if it’s your first time in the real estate market, sometimes you need so much to know because it can be so challenging. It’s natural to have many questions about where to start or what the best strategy is so that you can go to the next stage. If you’re looking for real estate advice to purchase or sell your next property, this guide will point you in the right direction.

Here are some tips for both homebuyers and sellers to help you get started within the real estate forum.

REAL ESTATE ADVICE FOR FIRST TIME BUYERS

It is so exciting to know that you are about to purchase your dream home, your first house, the feeling is overwhelming and amazing, you may also be nervous about all the steps in the process. While this can be stressful at the same time, especially in a highly competitive market like Zimbabwe, you can take steps to make the homebuying process easier and enjoyable.

Do your due diligence  

Start by figuring out how much house you can afford in line with your budget, what real estate agent you want to work with, and what you’re looking for in a home. Check out www.property.co.zw a nationwide network of more than 20 real estate agents.

Getting prequalified for a home is an excellent way to determine a base home price you can afford. But keep in mind, you may get prequalified for a home that’s actually out of your price range., so It’s very helpful to know how much a lender will prequalify you for, but remember, only you can understand how much you can afford within your monthly budget. Consider what else you need and want to spend your money on, so you’re not "house poor" with a mortgage that’s taking up too much of your income

Also, understand that this isn’t a time for radical changes. When underwriters review your loan application, they want to see a picture of stability. With that in mind, don’t change jobs, buy a car, open more credit accounts, or make any major money moves when you’re looking to buy a house.

Remember that there’s no perfect time to buy a house

While real estate experts have plenty of data about the market, keep in mind that there’s never going to be one right time to buy a home — so don’t get discouraged by the current market. The market is fluid, and the only thing certain is change, so "timing the market" may be a futile exercise.

Target homes on the lower end of your budget 

By considering properties below your price limit, you’ll have extra room in your budget to make counter offers in a competitive market. You’re also more likely to present an acceptable offer to sellers if the home fits comfortably within your budget, and you’ll prevent heartbreak when looking for a home.

What’s more, purchasing a less expensive home means your mortgage will be smaller and easier to manage than a more expensive mortgage?

Make an offer earlier in the week 

You may get a better deal by making an offer on a Monday, Tuesday, or Wednesday, when there’s significantly less competition than on the weekends. Realtors typically don’t hold open houses during the week because homeowners are busy with work and their children’s schedules. 

Since sellers are less likely to get showings and receive offers on a Monday, Tuesday, or Wednesday, they may be more quick to review and negotiate your offer on these days than on weekends.

Consider working with a mortgage broker

A mortgage broker is an intermediary between you and potential lenders, which can be beneficial to you as a buyer. The mortgage broker will compare lenders on your behalf and find the best interest rates for you. Since they work with many mortgage lenders, brokers can match you with suitable lenders and loan programs to address your needs. 

Of course, brokers require a fee or commission for their services, typically between 1% and 2% of the loan amount. The cost can be paid upfront by you or the lender, or the fee can be rolled into your loan. Another option is to use a free online marketplace, like Credible, to compare interest rates from multiple lenders.

Keep a poker face when touring home   

When you find a home you think could be "the one," it’s natural to get excited and share your enthusiasm with your agent. But if the owner or their agent is within earshot, you could lose some negotiating power.

REAL ESTATE ADVICE FOR FIRST TIME SELLERS 

If you’re selling a home, you already have some experience buying in the real estate market. That experience will come in handy, though you may be new to selling and need some tips on how to go about it. Here are several ways to make the selling process go more smoothly.

1. Boost your home’s appeal 

Before listing your home for sale, invest some time in preparing your home for showings. That extra effort could improve your odds of receiving offers shortly after your home hits the market. 

Here are a few things you can do to help ensure your home sells as quickly as possible.

1. Make repairs. 

Normal wear and tear is to be expected. But when buyers see a large number of necessary repairs, even if they’re minor fixes, they may use the problems as bargaining chips. Or they may decide your home is too much work and walk away without making an offer.

2. Paint where it’s needed. 

A fresh coat of paint can make your home pop and provide curb appeal. But if you don’t have the time to repaint your entire home, consider painting the front door and entry, where first impressions matter.

3. Stage your home.

Staged properties sell 88% faster and for 20% more than nonstaged ones, according to www.property.co.zw . Consider hiring a professional to help with home staging. Your real estate agent should be able to provide references for a reputable stager. If you can’t afford to hire a professional, some quick staging tips include rearranging furniture, putting out fresh flowers, and cleaning up your lawn.

4. Consider hiring a professional to take pictures of your home and cast it in the best light. Stage your home strategically to inspire homebuyers, and make sure your real estate agent is doing their best to market your house online and in other places.

5. Resist the urge to overprice your home.

Even in a highly competitive market, setting a price that’s too high for your home can be risky. Buyers and their agents are savvy and can recognize when a home is overpriced. As a result, you may get fewer showings — or none at all. That’s not how you want to hit the market. 

Remember, your negotiation leverage with potential buyers is at its highest in the first few weeks after listing your house. The longer your home stays on the market, the more buyers wonder what’s wrong with it. Get it right by setting a competitive price from the start. Ask your real estate agent or realtor to perform a comparative market analysis of home prices for comparable properties — often referred to as "comps" — in your neighborhood. You can also hire a professional home appraiser to estimate your home’s value.

Get it right by setting a competitive price from the start. Ask your real estate agent or realtor to perform a comparative market analysis of home prices for comparable properties — often referred to as "comps" — in your neighborhood. You can also hire a professional home appraiser to estimate your home’s value.

6. Make your home as available as possible   

It your home is competitively priced, you should increase your odds of an offer with each showing. By offering more showings, even if it’s not convenient for you, you’re more likely to receive at least one offer. It’s also important to show your home during the week, and not just on weekends. Some real estate agents like to list a home during the week so that buyers’ agents can tour the home and preview it for their clients. Then your agent can have an open house on the weekend to generate more traffic and potential buyers for your home.

While it can be annoying to drop everything when a potential buyer wants to see your home, remember that the buyer could end up putting in an offer. You won’t generate any buzz around your property if you don’t make your home available often. On the other hand, turning down showings or asking potential buyers to reschedule could put them off and ruin your chances of a sale.

NOTE; If you’re just starting your homebuying or selling journey, search for a real estate agent through www.property.co.zw to find the right one for you.

Guest and Tanner Real Estate (Pvt) LTD