How to Get Ready Now to Buy or Sell in Spring
As we near the end of 2022, it’s a great time to formulate a strategy to buy or sell a home in 2023. Oftentimes, buying or selling happens very quickly without much time to prepare. That’s certainly OK and very doable, but if you have time upfront to map out your goals, it can help alleviate some unnecessary stress.
It’s no secret the Denver buy and sell market has shifted dramatically since the pandemic buying frenzy. Increasing inventory and higher interest rates have caused some buyers to shelve their plans. For those still in the market for a house find themselves able to be more selective, negotiate and be more confident of their choice. As a seller, you’ll want to plan strategically so that it benefits you both financially and logistically to meet your timeline and goals.
Here is a little food for thought for both buyers and sellers from Usaj Realty broker associate Kristina Casinelli when it comes time to make a move in the Denver real estate market:
BUYERS
#1 Pre-Approval
It is essential you are pre-approved for a loan before you submit an offer. Without it, your offer may not even be considered. Getting pre-approved early greatly benefits your chances of landing the home you desire. Your lender can help you decide the monthly mortgage payment with which you are comfortable, and can also help you plan for your down payment. The pre-approval process can take 24 to 48 hours to complete, which is pretty quick if you are ready to make an offer.
#2 Meet with your Realtor
Once you know the price range of homes you’ll be able to afford, meeting with a realtor from Usaj Realty to make a plan and strategize. The Denver market can be challenging for buyers, so it always helps to talk through scenarios with your agent. Based on your goals, your realtor can share insight on how to best navigate the market.
#3 Search for Homes
Planning ahead also gives you ample time to narrow down the must-haves in your purchase. The good news is that inventory has increased dramatically since last year. Make sure you identify the features that are important to you and those that are nice-to-have but not deal-breakers. Also, you may want to expand the parameters of acceptable neighborhoods.
Sometimes sellers will ask for a rent-back period which could also push your move-in date back by a month or two. Sellers typically need time to find their replacement home and appreciate buyers with flexible timelines. It is usually beneficial to get under contract early, rather than scrambling to find a short-term place to live while you continue your search.
SELLERS
#1 Meet with your Realtor
If you are thinking about selling your home in the spring, it’s a great time to meet with your Usaj Realty broker now. Your agent will pull and analyze important data for your neighborhood and you can decide on the best pricing and timing strategy to sell your home for top dollar. This will give you insight into how many days it typically takes for homes to sell so that you can make and expect a reasonable timeline. You’ll also want to plan around holidays or important life events that you may have on the calendar already. Selling a home is stressful enough without having showings impact your social activities.
A few marketing efforts can also start now. Even though it’s winter, exterior photos can highlight a deck or patio, hot tub and other features that will appeal to buyers. A design consultation with a stager can also be arranged to learn about what can be done over the next couple of months to make your home more aesthetically appealing. And of course, we can help you arrange a pre-inspection so no surprises come up with the internal systems of the home. This is enable you to have time to make any major repairs if necessary.
#2 Make a To-Do List
This is also a smart time to make to-do lists around the house. We recommend making your home as neutral as possible so that the buyers can picture themselves in your home. This includes decluttering, organizing storage areas, and making any cosmetic updates or repairs that are appropriate and necessary. All of this takes time to execute and you don’t want to feel overwhelmed doing it all right before your target list date. Your realtor will also want to schedule listing photos on a nice day.
#3 Find a Replacement Home
Once you sell your home, you will likely need time to find your replacement home. Sometimes this can be negotiated into the purchase contract upfront. Your realtor will give you ideas on how to maximize the best terms for your timeline. There are many important terms in the contract aside from the purchase price that you will want to consider. Sometimes the highest offer isn’t always the best offer, and it’s important to understand the key elements and contingencies in the offer that will best aid you in the transition out of your home.
Usaj Realty broker Kristina Casinelli is passionate about helping people with all their real estate needs. As a former educator, Kristina Casinelli is dependable and service-oriented. Kristina listens carefully to all needs and concerns of her clients and works diligently to uncover solutions. She demonstrates exceptional attention to detail, organization, and communication skills. She strives to make every experience as seamless as possible, keeping her clients educated and informed throughout every step of the process. Contact her today at 775-230-5642.
(Editor’s note: This blog was originally published in December 2020. It has been edited to include up-to-date information).