As we enter unknown territory concerning the strength and speed of a robust real estate market what recommendations would be necessary to achieve a smooth transaction?
Recent numbers from the National Association of Realtors illustrate how tight things really are. On the national scale: median list price is up 11% year over year, days on market are down 18% year over year, with active listings down 39% year over year.
If you are in the market to purchase a home take time to be certain you are pre-approved and submit a clean contract that does not raise red flags with sellers. There are many subtleties in real estate contracts that can move the minutia in your favor, examples would be HOA transfer fees, closing fees, limiting inspection to health and safety or other large cost items. Your real estate professional should be willing to sit down and go over the contract with a fine tooth comb in order for you to understand how to sweeten an offer without necessarily having to come up with more cash on the table. The pre-approval portion of this paragraph is important, get pre-approved not pre-qualified! Pre-approval shows the seller that you have taken the proper steps to prepare, and that you are a serious contender in this competitive market.
If you are entering the market as a seller consider what you can do now that will help move a transaction steadily toward the closing table and not raise red flags with buyers. Once you have followed the steps to listing success (shameless RealEstateByGordon Blog plug) consider a few additional items to really show off what your home is worth. Have a pre-inspection done then take time to address the issues that present themselves in the inspection report. As you correct the issue, take time to show your work, or the work of the licensed professional who was hired to perform the fix. This allows the buyer confidence in knowing that the home they are purchasing is not going to become a money pit.
If you need to find a replacement home have one in your sights and maintain a clear understanding of the path that you need to take with your real estate professional to ensure there are no snags that will upset the apple cart and risk losing a pre-approved and viable buyer.
To function at a high level and have a smooth real estate transaction it will take planning, tenacity and a clear set of goals set out to achieve what you set out to achieve, let me help you make this happen.
