TIPS FOR SELLERS
Occasionally, one can see “For Sale By Owner” signs, and some owners think that selling their own home will not only save them money, but believe they have an advantage over the sellers that have their home listed by a reputable Real Estate sales professional. Before you decide to take on this very important and legally complicated process remember not even most Real Estate Lawyer’s recommend selling your own home yourself in today’s market. Here are a few of the reasons why:
1. You are limiting your exposure to potential buyers which theoretically means your home will take ten to fifteen times longer to sell on the market.
2. The longer a home is on the market the lower the selling price is. Why? Because most buyers think that if the home has not sold after this long there must be something wrong with the home.
3. The selling/buying process begins after the buyer leaves your home. Most sellers think that all it takes is for someone to see their home, fall in love with the great decor. and the offer automatically will follow. Remember that the buying process begins after they leave your home. If a real estate sales representative does not represent the buyer, and they are looking on their own they usually leave the home and start to talk themselves out of the buying process. Real estate professionals are trained on how to overcome buyers remorse a very common occurrence.
4. Because of the limited exposure you will very likely end up with a lower selling price. Remember, in order to generate the highest price possible for your home selling means exposure. You need the maximum exposure possible, to generate the highest price possible.
5. Most buyers find it extremely awkward to negotiate or even to talk directly with sellers and therefore avoid FSBO propertie
TIPS TO BUY HOME
If you are a first-time homebuyer, you may be unaware of the process and the amount of time necessary to complete each step from starting out to moving in. This timeline can help you avoid surprises and be prepared. If you have some experience with buying, read on you may find information that can simplify your next purchase.Countdown: Six Months and Earlier Even before you start shopping for a home, take a look at your financial picture. At least six months before you plan to buy, pay down your credit card debt. Credit card balances not only incur steep interest payments, mortgage lenders look unfavourably on outstanding debt.
If you have more than one credit card, for example, a major credit card and a secondary card such as a store credit card, consider paying off and closing the account with the store. Your spouse should do likewise. Most stores offer relatively unfavourable interest rates. Mortgage lenders may also consider two credit cards double the potential debt risk.If you have any other outstanding debts, you may need to pay them before obtaining a mortgage. Lenders will be viewing your credit report. You can obtain a copy of your credit report from a few sources including Equifax, TransUnion Canada and Experian .In order to pay off debt and save for a down-payment and other fees, you will most likely need to devise a budget. There is no hard and fast rule about budgets each person and family has their own unique spending patterns. As a good rule of thumb, try to save at least one-third of your current rent each month. This may mean cutting back on restaurant meals, new clothes or the “extras” that seem insignificant but add up. An excellent way to keep track of expenses is to use a spreadsheet to record expenses, income and purchases. This way you will know where your money is going and where to make cutbacks.3 to 4 MonthsThis is the stage at which you should consider your needs and wants. Make a list of what you consider essentials in a new home and those features that are optional.