Navigating Real Estate in 2024: Tips for Buyers and Sellers

As we step into the real estate landscape of 2024, both buyers and sellers are faced with unique challenges and opportunities. At Verdant, we recognize the importance of preparation and knowledge, to ensure a smooth transaction. If you are looking to buy or sell this year, you should consider these tips tailored to the key aspects of the real estate journey.

1.   Financing Wisdom:

For Buyers and Sellers:

• Connect with a Lender Early: If you are planning on taking out a loan to finance your next move, it is imperative to connect with a lender early. Working with a lender will give you clarity and insight into your financial health, as it relates to the market and your ability to purchase your next home.

• Explore Loan Options: The lending landscape evolves, so explore diverse loan options. With recent declines in the overall number of transactions, lenders are getting creative with incentivizing home buyers to utilize their services. In turn, many new loan programs along with grant money are being offered to help the everyday buyer secure their home at an affordable cost. As your lender what programs are available for your situation.

• Prep Your Finances: Ensure your financial house is in order. Clear outstanding debts, as this can enhance your creditworthiness along with boosting your credit score which can lead to better interest rates. Prioritize paying off debts and ensuring your credit report is accurate. Last but certainly not least, save cash. When it comes to buying a home, everyone focuses on saving for the down payment, but most overlook closing costs. Closing costs, along with the down payment, will make up your total cash needed to close.

• Understand the Market: Not all markets are created equal, and what’s taking place in one area, may not be the same in another. Housing supply, interest rates, macro & microeconomics and local trends all influence your market. Therefore, you should look to connecting with a local real estate professional to get clear insight.

2. Choosing the Right Agent:

For Buyers and Sellers:

• Research Extensively: When choosing an agent, it’s important to gather all the facts and look beyond the surface. Investigate an agent's track record, client testimonials, and expertise in your specific market. The most efficient way to do this is by conducting your own online research and then interviewing a handful of agents to get a feel for who will represent you and your goals the best. A good place to start when looking for an agent is asking for a referral from someone you know who has bought or sold real estate recently. 

• Communication is Key: Choose an agent who prioritizes communication. The journey of a real estate transaction can be a long one, with many steps. Open and transparent dialogue ensures everyone is on the same page. Be sure to establish a clear understanding of how communication will be executed between you and the agent early in process. Above all, don’t hesitate to ask questions.

3. Crafting a Game Plan:

For Buyers:

• Define Your Priorities: Clearly define your priorities and deal-breakers. Often buyers get caught up in the confusion between “wants” and “needs” – be sure to clearly list out these items, along with ensuring that everyone involved in the transaction is on the same page. This will streamline your search and help your agent find the perfect match for you.

• Get Pre-Approved: There is a reason why the first part of this blog highlights the importance of financing. (See above) Connecting with a lender and having a loan pre-approval not only strengthens your position but also expedites the closing process. Once more, your loan pre-approval acts as your “Golden Ticket” to securing a house. Not only will you know how much house you can afford, but you will be able to shop with confidence with your agent.

For Sellers:

• Prepare Your Home: Once you decide who your agent will be, work with them to get a clear game plan in place as to what and how you should prepare the home for a successful sale. Some plans might include, investing in minor repairs and enhancements, staging the home, depersonalizing, and decluttering the space etc. Above all, a well-maintained home stands out in the market and your first impression needs to be the best impression.

• Strategize Your Listing: Work with your agent to determine the optimal time to list, considering local market trends. Not every sale has the same goal in mind, some may prioritize maximum profit, some may prioritize a speedy transaction. Because of this, the game plan you create with your agent needs to adhere to the primary goal at hand.

4. Inspections Matter:

For Buyers:

• Go Beyond the Surface: Don't hesitate to delve into inspections. Beyond the standard home inspection, consider specialized inspections for areas like roofing, plumbing, and electrical systems. This is your one chance to get a full diagnosis and health check, of the property in question. Consult with your agent as to what inspections you should consider before purchasing a home.

For Sellers:

• Pre-Listing Inspections: Consider preemptive inspections to identify and address potential issues of your house before they become negotiating points. Nine times out of ten, your prospective buyer will be conducting their own inspection, so why not get ahead of any potential issues early on to prevent issues or delays while under contract. Once more, conducting a pre-listing inspection will give you the opportunity to set your home apart from the rest with confidence.

5. Asking Questions Throughout:

For Buyers and Sellers:

• Stay Curious: Don't shy away from asking questions. Whether it's about the lending process, neighborhood, the inspection report, or the closing process, informed decisions start with thorough understanding. You’ve taken the time to hire professionals to assist you in your journey, utilize their knowledge and expertise to help you cultivate a confident understanding of every aspect of the transaction.

Wrapping Up:

In a dynamic real estate environment, staying informed and adaptable is key. These tips serve as a compass, guiding both buyers and sellers toward successful transactions in 2024. Whether you're embarking on a new homeownership journey or transitioning to a new chapter, let these insights pave the way for a seamless real estate experience.