The real estate market can be tricky to navigate, whether you’re buying your dream home in West Lake Hills or selling a property you’ve outgrown. With so much information available, you’ve probably turned to Google with a ton of questions. To save you time, this guide covers the most frequently asked questions about buying and selling real estate this year — and gives you the straightforward answers you need.
What Are the First Steps to Buying a Home?
If you’re buying a home, the first thing you should do is get your finances in order. Start by checking your credit score, as this will play a major role in the mortgage approval process. A mortgage pre-approval from a lender can help you understand how much you can afford and make you a stronger buyer when you’re ready to make an offer.
Once your finances are squared away, start determining your must-haves. Do you want to be close to work, shopping, or green spaces? Knowing what’s most important to you will narrow down your options.
Should I Buy or Sell First?
This is a common dilemma for homeowners. If you buy a new home first, you risk carrying two mortgages if your current property doesn’t sell as quickly as expected. On the other hand, if you sell first, you might feel rushed to find a new home.
The right approach depends on your financial situation and the market. If you can afford it, buying first gives you the flexibility to find the right home without pressure. Otherwise, consider negotiating a rent-back agreement, in which you sell your home but rent it back temporarily from the buyer while you search for your next place.
How Can I Prepare My Home for Sale?
Preparing your home for success on the market involves more than just tidying up the space. Start by decluttering, depersonalizing, and deep cleaning every room to make your space feel larger and more inviting. Pay attention to minor repairs as well — fixing leaky faucets, patching holes, or replacing outdated fixtures can make a big difference.
Next, focus on the curb appeal; consider freshening up the landscaping, repainting the front door, and adding beautiful potted plants. Inside, neutral decor and proper staging can help buyers connect with the space. Finally, conducting a pre-listing inspection can help you identify and address any outstanding repair concerns that might deter buyers.
What Are Contingencies, and Why Do They Matter?
Contingencies are conditions that must be met for a real estate deal to proceed. Common contingencies include home inspections, appraisals, and financing approval. They’re designed to protect you as the buyer, allowing you to back out of the deal if something unexpected comes up. For example, if a home inspection reveals major issues you hadn’t expected, you can renegotiate with the seller or walk away from the deal.
While waiving contingencies can make your offer more appealing in a competitive market, it’s not without risks. Always weigh the potential downsides carefully.
How Should I Handle Multiple Offers?
If you’re selling a home in West Lake Hills and receive multiple offers, it can feel exciting and overwhelming. Start by reviewing all the offers received with your agent. Look beyond the price to consider factors like the buyer’s financing, contingencies, and closing timeline.
Your agent may recommend asking for “highest and best” offers, wherein buyers have a chance to improve their terms. Once you’ve reviewed everything, choose the offer that best aligns with your goals. Remember, it’s not always about the highest price; the right offer is the one most likely to close smoothly that aligns with your goals.
Why Is the Home Inspection Important?
A home inspection is a crucial step in the buying process. It involves hiring a licensed professional to evaluate the property for any issues, from structural problems to plumbing or electrical errors. The goal is to identify potential concerns before you finalize the purchase.
If the inspection reveals issues, you can negotiate repairs with the seller, adjust the price, or ask for a credit to cover the repair cost. An inspection gives you peace of mind and can save you from costly surprises down the line after you move in.
What Happens at Closing?
Closing is the final step in the real estate process. For buyers, this stage is when you sign the paperwork, pay closing costs, and receive the keys to your new home. For sellers, it’s when you transfer ownership and receive the proceeds from the sale. Before closing day, you’ll review the closing disclosure, which outlines all the financial details involved. On the big day, be prepared to sign a stack of documents. Once everything is finalized, congratulations — you’ve officially bought or sold a home!
Ultimately, buying or selling real estate is a big decision, and it’s normal to have questions. Whether you’re taking your first steps or finalizing a deal, understanding the process will make everything smoother.
If you’re striving to achieve your goals in West Lake Hills, Austin, real estate, connect with
Jeannie Garr Roddy today for expert guidance.
Are you looking into California luxury real estate? Jeannie is also licensed as a California real estate agent. Browse her new properties
here.
