What are your top 10 tips for home sellers and buyers?

Just like a former late night host, I have a top ten list. However, my list won’t make you laugh. What it will do, is help you achieve your goals and optimize your chances of success. With an active real estate market, this article will help you avoid common pitfalls made by many sellers and buyers.

Sellers

⏩ Did you know that overpriced listings tend to take an unusually long time to sell, and will likely end up being sold at a lower price? Don’t overprice your home.

Pack up your valuables and ⏩ ensure the home is ready to be shown. Your Realtor may suggest the installation of a lockbox. Appointments to view your home, including lockbox access, are always made through your Realtor. Don’t limit showings.

⏩ First impressions are critical! Do clean and stage your house. Don’t wait to be instructed by your Realtor to pack up the clutter. With the excess “stuff ” gone, a prospective buyer can properly evaluate and appreciate your house.

⏩ Eliminate any need to offer “repair credit” in advance. Do make all needed repairs prior to a listing the property.

⏩ Real estate documents often can be confusing. Know what you are responsible for before signing any contract. Don’t be afraid to ask questions.

Buyers

⏩ Many buyers want to find the “perfect” home prior to obtaining a pre-approval letter. Ultimately, you will need a pre-approval letter with any offer to purchase. ⏩ Make two lists: one with items you can’t live without and the other with features you would like to have. Redefine the lists as your search progresses and remember nothing is perfect. Do have a realistic idea of the property you will eventually purchase.

⏩ After an accepted offer to purchase, hire a licensed home inspector. Any problems along with their costs can be negotiated with the seller. Do not waive your right for a home inspection.

⏩ A difference of even half a percentage point can mean a considerable savings over the life of the loan. Do be a smart consumer and comparison shop for the most favorable mortgage terms.

⏩ Purchasing a home could be the most important financial transaction you will ever make. Do take care when selecting a Realtor, as they will be with you throughout the entire transaction.

Carol Cusano, William Pitt Sotheby’s International Realty, (203) 430-9643, ccusano@wpsir.com