What Every New Real Estate Consumer Should Know

Posted by Melissa Case on Friday, January 27, 2023 at 8:31:09 AM By Melissa Case / January 27, 2023 Comment

If you're thinking of buying or selling a home, there's a lot you need to know. Real estate transactions are complicated and there's a lot of money at stake. Here's what every new real estate consumer should know before they get started.

Get a real estate agent that you trust

Buying or selling a home is one of the biggest transactions you’ll ever make, so it’s important to find a real estate agent you can trust. You should look for an agent who listens to your needs and either has had previous experience helping other clients in a similar situation, or offers knowledge and advice about how best to achieve your goals. Additionally, try and gauge an agent's level of enthusiasm for helping you find the perfect property or sell your current home. An agent who is genuinely eager to be of service will make all the difference in making it a rewarding experience.

Have a loan pre-approval in hand

Having a loan pre-approval in hand is like winning the lottery. It gives you a chance to buy your dream home, or upgrade your current living situation without having to worry about whether or not you'll qualify for financing. Reaching this step in the home-buying process ensures that you know exactly how much of a loan you will be able to access, and allows you to make concrete plans for your future with greater confidence. Loan pre-approval is just one of the many steps required before completing a real estate purchase, but its importance should not be discounted. Knowing that you have been approved by a lender can allow you to focus on other areas of the buying or selling process and make sure that everything runs smoothly as you take this exciting new journey into homeownership.

Do your research on the property you're interested in

Doing your due diligence before you decide to invest in a property is absolutely essential. Researching the area, possible tax implications, and other details is an absolute must-do when making such a major decision. Get in contact with locals who know the ins and outs, ask local authorities about any landscaping or construction projects that might be coming up, and speak to estate agents to understand what things may look like in the future. Taking the time upfront to do some investigation can prevent undesirable surprises later on and help you find value wherever it's hiding.

Pay attention to your gut feeling

It is often said that we should pay attention to our gut feeling when making a decision, but it can be hard to trust an intangible instinct. There is something powerful and compelling about taking your intuition seriously, however. When faced with difficult choices, attuning yourself to any subtle sensations in your body, combined with your personal values and prior knowledge, can provide insight on which decision might be the best one for you. Whether you get a warmth in your chest or some butterflies in your stomach, learning to identify and respect your own inner voice allows you to live in harmony with what matters most to you.

Don't be afraid to walk away from a bad deal

It can be tempting to take a deal just for the sake of getting something done, but sometimes it might not be the best decision. Walking away from a deal that doesn't feel right may be hard, but it's important to remember that you are in charge of your own life and ultimately need to make decisions that benefit you. Be mindful and confident when evaluating potential deals, so that if a deal is not beneficial to you in the long-term, you can still trust your instinct and walk away fearlessly. There may always be other opportunities out there, so don't let hesitation or guilt stand in the way of making the right choices for yourself.

Always have a backup plan

Many of us have had to face the disappointment of a plan that didn't work out before. We may have felt like we wasted time and energy in creating our original plan, only to be met with failure. Having a backup plan can be invaluable in those situations and will not just save those resources but also our morale. We can always count on having something to fall back on, instead of feeling lost and powerless. Having a second option means having freedom, creativity and the confidence that no matter what happens, there's still hope left.

When you're ready to buy a property, there are a few things you should keep in mind in order to have a successful and smooth transaction. First, it's important that you find a real estate agent that you trust and who has your best interest at heart. Second, having a loan pre-approval will give you an idea of how much house you can afford and put you in a better position when negotiating with sellers. Third, do your research on the property as well as the surrounding area to make sure it's somewhere you really want to live. Fourth, pay attention to your gut feeling about the property - if something feels off, it probably is. And finally, don't be afraid to walk away from a deal if it doesn't feel right or if the seller isn't budging on certain negotiation points. Always remember that there are other properties out there and chances are, one of them will be perfect for you.

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