Corken + Company has been in the real estate game for over 20 years. Throughout that time we have learned a lot about mistakes that are made while buying and selling properties. Our job is to help you go through your real estate process seamlessly and avoid some of the common mistakes. Here are some of the easy mistakes to make in the home buying and selling process:
Buying a House for the Decor
Remember that when you are viewing a home you are not going to be able to keep the furniture. Be looking past the decor and more at the bones of the home. This can actually be flipped as well, for example, if a home has a horrible paint color, that can be changed. Buy the house for the floor plan and square footage instead.
Easy Access for Showings
When selling your home make your house easily accessible to potential buyers. If there’s nowhere to park or it’s difficult to get into, buyers may just skip it and look at someone else’s property.
Treating Real Estate like the Stock Market
When the real estate market is really hot and is appreciating quickly, people tend to look at it like it’s the stock market. But playing real estate is nothing like the stock market; when you invest in real estate, you really need to take a long-term approach.
Not Thinking About Resale
When you are renovating or decorating your home it is important to think about what will appeal to a broad audience. You want to always be thinking 2-3 steps ahead.
Buying Without Seeing the Property
It’s really easy to buy a house without seeing it because of the Internet and virtual tours, but virtual tours can be deceiving. Plus, it’s really hard to actually get a sense and feel of a home by only looking at it online. You need to actually walk through the place yourself.
Picking the Wrong Agent
Choosing the right agent is crucial in buying and selling your property. A team like Corken + Company has years of experience that will make your experience a lot easier and more beneficial in the long term.
Not Hiring an Agent
There’s a lot more to selling a house than just putting a sign on the front lawn. If you don’t have an agent, you will not get your property listed on the multiple-listing service (MLS). That means that other agents are not going to know that your property is for sale. And this is just one benefit to an agent, check out a recent blog we wrote about the other benefits to hiring an agent.
Not Setting a Realistic Budget
Just because the bank pre-qualifies you for a loan amount of $400,000 doesn’t mean you can afford to make that payment every month. Before hitting the streets for a house hunt, you should sit down and make a monthly budget of what you spend every month. Come up with a number that you are comfortable spending on your mortgage payment, aside from those other expenditures. Corken + Company is happy to help you find a trusted lender to help you make these financial decision.
Skipping the Loan Pre-Approval Step
When you are pre-approved, the bank is saying, “We will give you a mortgage of up to this amount, so now all you have to do is find your home.” Some sellers only allow real estate agents to show their house if someone has a pre-approved letter.
Falling in Love Too Soon
Many homebuyers, particularly first-time homebuyers, fall into the trap of falling in love with the very first house that they see. You need to at least look at three more houses in the area to get an idea of what the comparables are in that price range. You want your real estate agent to show you homes comparable to what you saw. At the end of the day, re-evaluate.
At the end of the day, working with a trusted and experienced team is key. Our realtors at Corken + Company have been providing Real Estate Solutions without Limits for over 20 years in Colorado. We have helped hundreds of clients buy, sell, lease, and invest in the real estate market. Call us today!
