Must Know Tips From Real Estate Insidersby Nicki Jenns Solo Traveler
Real estate is many things. A commercial piece of property can provide people with an income if they rent it out. They can also use any property they own to create a business that can also generate much needed profit. A homeowner can build home equity over time as they pay off a mortgage.
Most people will buy and sell at least one home during the course of their lifetime. Real estate can serve a great means of diversifying any fiscal portfolio and while many people have at least some passing knowledge of this industry, there's still a great deal to be learned from those in the know. Professionals may understand things that others do not.
They know that real estate is a complicated field that requires a great many skills in order to be successful. Some generous insiders have chosen to share some of their best inside tips. It's a good idea to listen to their advice before doing anything else.
Careful attention to detail and an understanding of specifics such as each person's risk tolerance level are vitally important before making any decision to enter this industry. In general, certain things are true no matter where the property is located.
You Need to Understand Timing
As in so many other industries, timing counts for so much when it comes to real estate buying and selling decisions. Like many other industries, real estate also has brisk periods that are far more fallow. For example, in many areas of the country, there's a spring rush that means lots of new housing is on the market.
During this time of the year, buyers will often see many kinds of residential properties on the market. Sellers want to get their personal properties sold so they can be in their own homes by the start of the fall school year. Spring is also when the weather tends to be nicer.
A home often looks more attractive when surrounded by lush gardens and beautiful plantings rather than old leaves and a boring field of grey mush. Likewise, winter tends to be quite a slow sales season in much of the country.
Colder weather means people aren't thinking about going outside much, let alone to look at houses for sale. People don't necessarily want to trudge out in the ice and snow. The holiday season is also typically quite slow when it comes to any housing market. People are thinking about holiday and seasonal celebrations.
One real estate professional offers the following advice that sellers and buyers should heed carefully:
Nicki Zvik, Real Estate Expert and Investor, Co-Founder of Green Solar Technologies and Founder of Spectrum Holdings says, "In real estate, as in all kinds of industries, you have to be careful because the different parties in a transaction have different interests.
For example, what the realtor takes home is a small percentage of the selling price so they have less of an incentive to push for that extra 30,000 higher price for you. If the commission percentage is 3%, that extra $30,000 means only $900 more commission to the realtor's company which translates to only maybe half that in the actual pocket of the realtor.
Wealtors will rarely tell you for $450 to wait for the right time 6 months from now to sell your house.
They just want to hurry up and sell your house and in the winter, they are less busy so they don't have as much of an opportunity cost. It's not worth it to them to wait for the right timing but it definitely is for you!"
Online Plays an Even Larger Role
Selling and buying homes is very much a hands on process. At the same time, many people will choose to look first online. This is where they go to see what's on the market in their immediate area as well as any surrounding communities that interest them.
All sellers need to take full advantage of this fact and put their best foot online. Professional pictures are must. The same is true for professional videos. Buyers respond to home details and to good views. Good video that shows off the best features of any home will stand out well from the competition.
Today's buyers expect to be able to see the home online before they step foot inside it. They also want to see the backyard and the entire neighborhood. A good agent and a seller will let them inside. Studies show that buyers who tend to look online are not only qualified but also often highly motivated.
They typically know what they want. When they see that a home they like online, one that shows well, they are often motivated to call up and ask to see it in person.
Not All Home Improvements are Worth It
Improving any home is often an ideal way to get a great home in a great neighborhood. Taking a rundown property and transforming it is also a great way to earn extra money. Many people love the idea of taking a house and making it their own in every way.
At the same time, it's important to keep in mind that not all home improvements will pay off. Any potential home improvement project needs careful thought. Some home improvement projects can pay off handsomely.
In many parts of the country, for example, a home with only one bath will sell for a much lower price than a home that has at least one and a half baths. The same is true of a home that has at least three bedrooms.
While these improvements are useful and will often pay off, not only home improvements are created equal. As is true in such much of the real estate field, location is everything.
A newly refurbished home may not sell for much if the neighborhood is less than ideal or unsafe. It's a really good idea to do as much homework as possible before doing any kind of home improvement. It's also a good idea to know as much about the property in advance.
A buyer may find out that what appeared to be a simple, easy job is nothing of the sort. Instead, the project takes far more time and money than they had anticipated. A good home inspector is a must for anyone who is thinking about making any changes to their home.
Let them know of your plans as they examine the home. They can offer useful advice before you begin that can save you money and help you earn a profit if you do go through with your plans.
Created on Jun 14th 2018 14:03. Viewed 585 times.