April 1st marks the beginning of seller’s season for residential real estate, a four month span during which more than 37 percent of homes for sale in Tampa Bay region will get new owners.
Right now, it’s a seller’s market, but that doesn’t mean those putting their homes on the market don’t have to spruce up and make repairs before sticking that sign out front.
The first thing sellers need to do is look at their house with a critical eye. They really need to look at curb appeal and also make sure that all major systems in the house are functioning, including electrical, plumbing and air conditioning. Take a critical look at your roof – the typical lifetime for a roof is 15 to 17 years.
Realtor.com suggests all homeowners do their own walk-throughs. Look for leaks under sinks around toilets, water stains on ceilings or near doors and windows, wood rot around outside doorframes or window ledges. Cracks in walls and floors or doors that don’t shut correctly can be red flags to buyers. Inspect these things inside and outside the house. In between all of that, eliminate the clutter. Too much stuff and boxes in corners need to go. Patio areas, especially in Florida, can really sell the home. Make sure the patio is pressure washed, get rid of the weeds between pavers and put out some flowers. Another tip is to get professional photos of the house that can be posted on the Internet. That’s where buyers will first find a house they are interested in purchasing.
For those looking to buy their first home, a pre-approved home loan is number one. It tells you how much money you will need and that you have no problems with your credit. Most lenders will tell you to not make any major purchases while you’re shopping for a house. Major purchases can change a buyer’s debt ratio.
The next step is to define the areas of search, including target schools for the kids. Sometimes it’s nice to have two areas where you target, therefore if something goes wrong you can branch out your search. Once locations are nailed down, consider the commute time to work. Try the commute before you buy.
Lastly, know your surroundings. Sometimes, buyers get carried away with the house’s looks. What if it backs up to a major road or railroad track? What is the zoning on that vacant property nearby? You can back up to a really nice piece of property that two years from now could be developed into a Walmart or KMart.
If you are buying or selling, get ready to go by April 1st. The 2016 market is forecast to continue as a sellers’ market with increasing home sales and relatively low inventory.
Among the advice it gives : price a home to the market and offer incentives, like paying a portion of closing costs, which could move the house faster. Buyers should be prepared to move quickly, exceed the asking price and be flexible. Pay a compliment to the space you are considering and connect with the owner, who may be willing to sell to someone who will occupy the house rather than invest to an investor.
