You’ve probably heard the phrase, “It’s a seller’s market.” But what does this really mean? Is there a good time to sell your home? We get these questions all the time from our clients who are looking to make a move.

Ideally, a home sale and home purchase transaction takes place simultaneously. However, it doesn’t always transpire that way. There are many steps involved with selling your home and purchasing a new one. Some aspects of the home sale or home buying process take longer than others. To make the transition as seamless as possible, consider these tips from the best loan officer Las Vegas.

To Buy or Sell First?

One advantage of selling before buying, a mortgage lender will tell you, is that you won’t have to juggle two mortgages at once, which is especially appealing if you have a below-average credit score. Furthermore, it is predicted that in 2021 there will be a great demand for housing in the Greater Las Vegas region. Home prices may rise as a result, making it an ideal time to sell a property.

On the flip side, buying a new home before selling your current home can be an intriguing idea for those who are able. This gives you time to organize and thoughtfully move out your belongings into your new home. You also won’t feel rushed during the house-hunting process, which might lead to a better decision when selecting your next home. Keep in mind that if predictions hold true, 2021 will be a competitive year for homebuyers and may lead to a price increase.

Preparing Your Home for Sale

Your home will inevitably need some work before you sell it. It’s a good idea, notes a loan officer Las Vegas, to start repairs well in advance of your intended sale date. You may even be able to get financial assistance for your home improvements through a loan.

Should you touch up the wall color and replace the carpet? Maybe. A realtor can also do a walkthrough of your current property and make suggestions on what you should update.

Have a Backup Plan

The entire home purchase and home sale process has many moving parts. You might not see a delay coming in advance, but you can at least create a backup plan for emergencies, such as securing a short-term rental or moving in with family members while you wait on the closing of your new home.

Buying Too Big

In the excitement of buying a new home, first-time homebuyers may neglect to get a preapproval for their loan. This is a common but significant mistake, as it can make it more challenging to pay off your fixed-rate home loans in Las Vegas.

When you purchase a home that is outside of your means, it may be harder for you to stay up-to-date with its maintenance and HOA demands.

Too Little Cushion

The housing market can be unpredictable. Therefore, your home might sell for less than you planned. Be sure you can afford a down payment on a new home even if your home sells for less. Remember to also factor in closing costs. See our blog, Mistakes to Avoid Before Closing a Real Estate Transaction for additional information.

Compromise

When selling a home, you might need some extra time to make repairs or fix the plumbing. A seller may also need time for the same. Showing a willingness to accommodate a seller’s needs during the process makes for an easier and more amicable transaction.

Using Different Real Estate Agents

Hiring a real estate agent for a home sale and purchase transaction is recommended. But hiring two agents can get tricky. Exceptions apply if you’re moving out of state, or your preferred agent only works with sellers or buyers.

Timing Your Closing

Timing is important for a home sale. It’s best to avoid closing on Fridays and late in the afternoon, as it takes longer for a bank to process the transaction.

Get To Know John Drennen, Las Vegas Mortgage Lender

John Drennen is a loan officer Las Vegas and is passionate about helping clients achieve the dream of homeownership. He has been serving the Las Vegas community since then, by providing excellent financing and customer service to everyone he works with. If you have any questions about how to finance your new home, contact John today.

Updated 1/15/21