Spring Has Sprung! Five Things to Consider Before You Buy

Are you getting ready to make the most of the spring buying market? If so there are a few things you may want to consider first – and those aren’t limited to cleaning up your current place. See below for five savvy tips that will ensure that you’re as prepared as you can be for the long process that is buying a home.

1. Research your local housing market. Whether or not you have flexibility in terms of when to buy, you should explore the market by looking into what has been sold in your desired area recently. Are prices going up or down? Are certain trends appearing – perhaps homes on XX Road are selling for a bit more because of the new shopping area down the street? Are homes selling in the fall actually going for higher prices than those in the spring? Explore the market, see where you think you’d like to land in terms of price point, and consider different advantages and/or challenges of buying now. All of this research will not only help you ensure that you’re selecting the right time to buy, but will also allow you to determine how you want to price your home (if you’re planning to sell).

2. Selecting a real estate agent is going to be one of your most important tasks! You’ll want to consider if you want a team or an individual agent, what type of agent you’re looking for, personality-wise, and what types of sales tactics you’re on board with. Some agents and teams tend to be more aggressive, while others will be more mellow. Perhaps you want someone who is willing to get a little scrappy, or perhaps you prefer a more refined, professional approach. The type is totally up to you, but just remember that you want someone who represents YOU – your style, your opinion, your needs.

3. Gathering paperwork is a necessary evil. To put an offer in on a house, you’ll likely need paystubs, W-2’s, bank statements and, if you have self-employment income, copies of your last two tax returns. If you are selling your home at the same time, and have an outstanding mortgage balance on your current home, you should gather that for the realtor to review. You’ll also want to have documentation that shows the age of your roof, of your appliances, of your central air conditioning, and of your hot water heater. You may have additional documents like certificates of compliance or instruments surveys – get those out too!

4. Get to know the new tax laws. Whether you like it or not, the purchasing and selling of a home does require some awareness of tax laws, as your deductions will be impacted by the new rules. For example, moving expenses are no longer deductible, and the capital gains exclusion remains at $500,000 for joint filers or $250,000 for single filers so long as the homeowner has lived in the residence for two of the past five years.

5. Are you selling at the same time? Prepare your home with a few finishing touches. Little things like power washing the exterior of the home, cleaning the windows, clearing out clutter from the interior, and tidying up the landscape can make all the difference in giving your potential buyers the best first impression. Of course, you will want to weigh your options – perhaps a significate update to the landscape doesn’t make the most sense just before selling, but a quick leaf cleanup or pruning may! In short: while making small updates to “refresh” your home and prep it for sale, just remember to keep all potential profits and losses in mind, and don’t forget that you may be required to make other repairs and upgrades following the home inspection.

Of course, all of these “to-do’s” can be discussed and reviewed with a real estate professional who can help you prioritize, create a plan of attack, and move forward in the home-selling process. For more information or inspiration, please check out https://www.meadowsedgeatwhitneyfarm.com/ or contact Sue McDonough of the Meadow’s Edge team at Susan.McDonough@Raveis.com.