The process of buying or selling a home is going to be anxiety-producing for anyone, even if you’re experienced with buying and selling a home at the same time. The key to managing stress when dealing with luxury real estate is to keep your priorities at the forefront and to stay true to your long-term goals. But there’s so much more to know.
Fortunately, there’s a more or less straightforward way to navigate the stormy seas of the real estate market. Read on to learn everything you need to know about minimizing anxiety and achieving all your goals in buying and selling your home.
Ask the right questions
The first step to successfully selling or buying a home is understanding what you want to get out of the process. After all, there’s no other way to judge whether the deal went over well than to check in with yourself. Before you set off on your real estate journey, try to come to grips with what you want to achieve at the end of the transaction. As a buyer, ask yourself the following questions:
- What does your ideal home look like (location, size, neighborhood)?
- Which home amenities are a must-have, and which are non-necessary?
- How much time do you have to commit to the home purchase?
- What is your maximum budget allowed for the purchase?
- How involved do you want to be with your real estate agent?
Home sellers will, of course, have a different set of questions to ask themselves:
- Where do you want to relocate to (or do you hope to stay in the same location)?
- How much income do you need to achieve from the home sale?
- What does your timeline look like for finding a new home?
- Will you need to find a new home before or after selling?
Asking these thought-provoking questions is an excellent way to get yourself thinking long-term about your goals.
Connect with a knowledgeable real estate agent
The next step is to reach out to an expert agent who understands exactly what you want to achieve from the home purchase or sale. Take the time early on to inquire into your agent’s history with selling and buying luxury homes in your area. Ask them how they would market your home successfully in your city and what digital marketing tactics they plan to use.
Try to meet with your agent several times before deciding on the right one. Make sure your agent is highly motivated to meet your real estate goals and that they understand all the ins and outs of the local market, including insights into:
- Recent increases or drops in property values
- Comparable houses in your area
- The best professional inspectors, contractors, repair professionals, real estate attorneys, and mortgage lenders in the area
- Plans for any upcoming real estate development in the community
- The details of buying and selling a home at the same time
- Past sales and purchases they’ve made
Above all, make sure your agent has deep ties to the local market and that they can connect you with a vast network of experts in your area if and when you need support or advice throughout your real estate journey.
Learn more about your neighborhood
Once you have an experienced real estate team by your side, it’s time to start learning as much as you can about the local market. Perhaps the best way to eliminate stress while shopping for or selling luxury homes is to understand exactly where the market is heading in your neighborhood. That way, you can better prepare yourself for any sudden swings in housing prices or buyer demand.
As a home seller, make sure to run a comparative market analysis (CMA) for your home and the homes in your area. This is a step your agent will accomplish as soon as possible. The comparative market analysis is crucial because it will give you a snapshot of where home prices sit at the moment and give you an idea of how to price the property accurately and competitively. Look over the history of sale prices, time spent on the market, and the number of homes for sale in the area as well. Buyers should meet with their agent to search for homes that are located near essential amenities, in great school districts, and have a history of increasing property values.
Keep your emotions out of it
This may be the hardest piece of advice to put into use, but it’s essential to a successful, smooth transaction. Buying (and especially selling) luxury real estate is an intrinsically emotional undertaking. However, you’ll be able to make clear-headed decisions and stay focused on your goals if you try your best to keep your emotions out of the equation. Try to imagine yourself more as a businessperson than a homeowner. You’ll find yourself going into negotiations with a clearer mind, and, who knows, you might even come out of the purchase or sale with an unexpectedly good deal.
The real estate journey is rather complex, with multiple moving parts. Preparing for setbacks is essential, as deadlines may not play out exactly as you’d hoped. By having a realistic mindset from the start, you’ll already have a head start on any roadblocks.
If you are selling your home first and then buying second, make sure to give yourself time to put your furniture in storage and find temporary housing. If you’re buying first and selling afterward, ensure that you have the funding in place or the means to obtain short-term financing to manage the gap period between buying and selling.
As long as you’re realistic about your budget, timeline, and moving schedule, you’ll be in an excellent position to evade stress and come out the other end of the deal with a smile.
Reach out to a local real estate agent today
If you have any questions or comments about beginning your journey in Bethesda, MD
, real estate, get in touch today! Contact the trusted pros at The Tom Buerger Team
for more information.*Header photo courtesy of Shutterstock