Summer is a great time to explore buying or selling a home. Many of us have bought and sold homes multiple times, while others are first-time buyers and sellers. It’s crucial for homeowners and home-seekers to realize market trends and understand the latest analysis of the local real estate community. The best way to be educated and stay informed is to employ the expertise of a Realtor.
Selecting a Realtor
Whether buying or selling, the first step is finding a Realtor you can trust and depend on. Many folks rely on the referral of a friend or family member. Sellers often interview several individuals or brokerages and pick the one they feel most comfortable with. The experience can be rewarding with the right team in place.
Saundra Holland, co-owner of Regal Realtors, offers a few pointers.
“Pick someone who loves what they do. It’s also extremely important for your agent to have a working knowledge of the local market and that they are fully aware of the available inventory,” Saundra said. “If you’re selling, you have to pick someone who knows how to properly price your home to sell. Anyone can price and list a home, but it takes the right person to get you the right price.”
Evan Matteson and father Richard, of The Matteson Group at Coldwell Banker Apex, say that a real estate transaction is one of “the top four of the most life changing experiences in most people’s lives.”
Evan expressed his idea of a good “team” to build your listing transaction around. The process is not just listing the property, but “marketing it, regularly communicating market data feedback, negotiating an offer to an executed contract, informing buyers of current market conditions, performing market studies, negotiating amendments and requests of buyers, interfacing with the title company, a home inspector, lender and appraiser, and even contractors who might be doing work on the home,” Evan said. “It’s like watching a good juggler.”
As former Mayor of the City of Heath, Ebby Halliday agent Charlie Pratt offers a unique outlook and helpful insight.
“I feel it is important that the Realtor has a good knowledge of the area – not just the homes, but the schools, the objectives of the City and County leaders,” Charlie said. “The future value of the community is as much about the quality of your growth as it is the quantity.”
Understanding the process
Other parts of the real estate transaction include becoming pre-qualified for a mortgage loan, selecting a loan officer, choosing a title company, the inspection process and the appraisal process.
A loan officer will help you qualify for a mortgage loan as well as find and lock in the best rate. A typical real estate transaction can vary anywhere from 30-60 days depending on the specifics of the deal. You will rely on your lender to make sure the loan is closed on time. The lending institution will also provide a third-party appraisal to support the parameters of making their loan.
Your title company will assign an escrow officer to your file in order to secure “good title.” The “abstract of title” process will also define legal ownership and any applicable liens, judgments or unpaid taxes that might need to be satisfied prior to the property being conveyed by searching the local county real estate records. Prior to executing the contract, you’re also allowed to agree upon an option period or due diligence period. It is customary to use this time to have a home inspection performed on the property, which will give you a full analysis of the property.
Tips for buyers, sellers
As a buyer, it’s important to use the inspection to make an informed decision, minimize surprises and give your family overall peace of mind about your decision. An effective Realtor should be experienced, educated and knowledgeable about these procedures as well as provide connections to other crucial members of your real estate transaction team.
For sellers, it’s important to ensure your home is in the best showing shape possible. This might require thinking outside the box and changing a bit of the way your home looks and feels in order to help potential buyers visualize your home as their own.
Some sellers hire a home staging professional, with others choose to tackle the project themselves. Common home staging tactics include ridding the home of clutter, staging furniture to maximize the size and usable space, proper lighting in certain areas of the home as well as picking the right paint colors.
A lot of ‘moving’ parts
With so many moving parts to the real estate transaction process, the experience can be exhaustive. Don’t try to do it alone. A detail-oriented real estate professional knows how to work through the nuances, helping you avoid rookie mistakes that can cost you time and money, and worst of all – cause you to lose a good deal.
Most good Realtors are full-time. Chances are that you also have a full-time job, too. That means that roughly 40 hours per week, you’re doing something else other than trying to sell or buy a home. Realtors work when you are working – and when you get off! A real estate agent does real estate nearly 24/7/365. They have the negotiating skills, knowledge and experience you’ll need to tap into when buying or selling a home.
By Justin Holland, Mayor Pro Tem of the Heath City Council, whose family has been in the Rockwall real estate industry for 30 years. In addition to public service and real estate, Justin has professional experience in both banking and healthcare construction.
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