Buying a home can be an exciting time, but it can also be overwhelming to navigate the complex process of mortgage loans, contracts, and more. For the benefit of our clients, Marx-Bensdorf, Realtors has more than 150 years of experience helping Memphians buy and sell their homes.
If you're looking to buy a home or sell your current home, give us a call so we can help guide you through the process to make sure you're protected and provided for, and if you're looking to buy a home now, follow these 5 tips for buying a home in the summertime.
Guide to Purchasing a Home in Summer
1. Scope Out the Neighborhood
One of the best things about buying a home in the summertime is that you have a chance to scope out the neighborhood while your future neighbors are taking advantage of the summer weather to enjoy outdoor activities.
Interested in buying a home in a particular part of town? Take a walk or a casual drive through various neighborhoods to get a feel for each. Scope out the best venues for dining, shopping, recreation, and entertaining. You certainly want a home you like, but you also want a neighborhood you can enjoy.
2. Take Advantage of Summer Activities
Since many people are actively involved in more vacations, family outings, and outdoor activities during the summer, there may be fewer buyers looking for homes in the summertime. Luckily for you, that means you have a better chance of landing your dream home before anyone else does.
Check the websites of local real estate companies such as www.marx-bensdorf.com to stay up to date on the latest listings in your areas of choice. Due to school calendars and employee transfers, plenty of residential transactions occur during the summer.
While you want to fulfill your own purposes, it is also wise to discover the seller's motivation and schedule. If the owners are planning on taking a summer vacation or they have plans to move or relocate by the end of the summer, knowing ahead of time can help you work with their schedule.
While price is an important factor, so is timing. Some sellers may be more motivated while others may be willing to wait on "the right" buyer to come along. Your Marx-Bensdorf agent can help you figure it out so you can use these bargaining tools to your advantage. Buying your dream home is rarely easy, and that is especially true with the limited inventory of availble homes for sale.
3. Successfully Sell Your Home
If you’re hoping to purchase a new home while selling your home as well, there are a few ways you can get your home summer-ready for potential buyers.
Create Curb Appeal
If you’ve ever watched an episode of any show on HGTV, chances are you’ve heard the term “curb appeal.” But what exactly is curb appeal? Curb appeal is simply the presentation of your home to those who view it from the street or sidewalk. Without question, homes with great curb appeal receive more attention than those with less. And positive attention can translate into more dollars when you sell.
Some neighborhoods are known for the consistent curb appeal of their homes. "Collective curb appeal" enhances the individual home values and results in faster sales. Making sure your home looks great can also add value to your home and money to your wallet down the road. Some ways to add curb appeal include:
- Mowing the grass regularly
- Routinely applying weed prevention treatments and fertilizer
- Keeping lawns and beds adequately watered
- Keeping flower beds free of weeds and debris
- Trimming hedges and trees
- Painting exterior areas that are looking drab or weathered
- Keeping porches and carports clean and free of clutter
- Keeping entry areas, window sills, siding, and other surfaces dust and pollen-free
- Removing leaves from gutters and the roof
Provide Snacks and Beverages
When prospective buyers are touring a home, special welcoming touches like a plate of freshly baked cookies can evoke positive feelings. If the weather outside is hot and steamy, a pitcher of ice water or lemonade may be greatly appreciated. Always have napkins available whatever the treat.
Good Smells or No Smells
The aroma of freshly baked cookies, bread, or comfort food can provide cozy warmth for potential home buyers who are looking to connect with their future home. Pet-related odors or strong artificial scents will evoke negative reactions, so no odors are better than artificial scents, which may seem to be covering unpleasant odors.
Control the Climate
Even if your home is beautiful and has more curb appeal than Chip and JoJo’s latest reno, buyers will be turned off by a home that is either too hot or too cold for comfort. Keep potential buyers happy and interested by offering a relaxing and comfortable environment.
4. Figure out Your Finances
The economy has improved since the housing crisis of 2008. Luckily for both buyers and sellers, interest rates are still affordable. For those with good credit scores, there are a number of very affordable home mortgage options.
How is your credit score looking? Make sure you’re keeping your score as high as possible before applying for a mortgage loan. Here are a few tips to keep your score from falling in the weeks leading up to the home buying process.
Don’t Apply for New Credit
Whether you’re in the process of buying a new home, a new car, or applying for a new credit card, it’s always a good idea to wait for a period of time between the application process. If you’ve just purchased a new car and opened a new credit card, mortgage lenders will view you with some caution
Don’t Wait Too Long
Fortunately for home buyers, credit bureaus don’t penalize you for multiple credit checks if done in a 14-day window, so you can shop around for the best interest rates without your credit taking a hard hit, but if you get denied for a loan and then wait for a period of time before applying for another one, your credit score could suffer substantially.
Save, Don’t Spend
Much like an auto loan, mortgage lenders are looking for home buyers who can provide a substantial down payment. If you’re purchasing your first home, don’t panic. There are federal housing loans that offer you the option of applying for a loan without a large down payment, but the more you can save, the better.
Keep an Eye on Your Credit Score
The best way to know how your credit score is doing is to keep an eye on it. Many credit card companies offer identity theft protection for free or at a small cost in order to help you protect your identity and finances. Set up alerts through your bank or financial institution as well as through your credit card companies to make sure you receive texts or emails when large purchases or made or when a card is used online so you’ll be the first to know if your card has been stolen.
5. Call a Realtor
The best tip for buying a home in any season is to utilize a realtor. As a buyer, you receive the added benefit of having a real estate professional to guide you through the entire process of buying a home without having to pay realtor fees.
Many people still understand the value of having an experienced professional navigate the complex process of filing documents and submitted the proper paperwork. According to the National Association of Realtors, 87 percent of home buyers used a realtor to purchase their home in 2017.
With more than 150 years of real estate experience, Marx-Bensdorf, Realtors agents can help you successfully complete your purchase. Want to buy or sell? Contact Marx-Bensdorf, Realtors to start the process today.
Your Local Memphis Real Estate Experts for 150 Years and Counting
Marx-Bensdorf has been serving the Memphis area for 150 years. Since day one, client satisfaction has been at the forefront of our minds. It’s our goal to answer your questions and guide you through the process of buying or selling a home with as little stress as possible.
Are you searching for homes for sale in the Memphis area? Are you looking for a real estate agent in Memphis who can help you place your home on the market and navigate the process of accepting an offer? Contact us to get started! You may already have a connection with one of our agents. If not, let us hand select an agent to serve your particular needs.