When you are dreaming of moving to a new home but not yet ready to make the leap into your future, it’s a good idea to consider the details of what that future life will look like. As you get closer to starting the process, you should have a well-rounded idea of your wants and needs for that home. Setting expectations for yourself ahead of time will help you narrow down the search once you are ready to take the leap to purchase a new home. 

So, what will your life in your new home be like? Here are 7 features to kickstart your imagination.

Budget First

Before you start looking, have an ideal price range in mind so you do not end up falling in love with a home you cannot afford. Leave room for money you may put into renovations and personalization's to the house as well. You'll need to get pre-approved for a mortgage before starting your search so that when you find the home, you want you can take action right away. Whatever your budget, keep it in mind throughout your house hunt. If you have to sell your home before you buy a new one, you'll want to consider your equity as well. 

Location, Location, Location! 

The location should be one of the top features when looking for a home, as it is the one thing you cannot change. It is important to consider not only the town or city but also the neighborhood and its proximity to your frequented spots. 

Downtown -  Is it essential for you to be within walking distance of the nightlife and local restaurants, or do you prefer a quiet street removed from the activity?

Schools - If you have children, you will want to pay attention to schools in the area, your future home’s proximity to them, and the school district's quality. 

Commute - Think about the length of your commute and the mode of transportation you will be taking; will you need to be close to a train station or the highway? Or if you work from home, you'll want to consider the space you'll need for that.

Community - Take note of the type of community and what it has to offer, including parks, beaches, lakes, organizations, and anything else you need to thrive.

You should love the place you live in, so whether you want to be nestled in nature or right in the middle of the activity, find a location that makes you excited to move there. 

Home Exterior 

You should consider the home exterior the same way you would choose what outfit to wear for an average of 8.05 years. It’s the first thing others, and yourself will see when arriving at your home. From Colonial style to ranch or cottage style, think about what design you want your home to present to the world. Once you have a general idea of what exterior style you want to go for, you can start brainstorming the details. This can include paint color, window frames, and if you want to have shutters. Take some time to look at options at your local home improvement store, so you can later recognize them when looking at homes. Finally, you will want to consider what is around the exterior of the home. This will affect your home’s curb appeal, which is the overall attractiveness of the property when viewed from the street. This will contribute to the personality of your home and will also be important in the long run if you ever decide to put that home up for sale.

Think back to the last time you were searching for homes... If you're actively working to find a home, that may have been just a few minutes ago. 

Chances are you saw terms while searching that you may or may not know the true meaning of. This can be frustrating, especially if you've found a home that you love that has been marked "under contract."

Similarly, if you're thinking about selling your home, you may be wondering what the different stages of the process are once you've accepted an offer but before you've handed over the keys. 

This blog post will peel back the curtain on 3 key real estate terms so that you know exactly what you're looking at while buying or selling.

Under Contract

A home is considered under contract when the buyer submitted an offer to buy the property and the seller has accepted the offer. This means that both parties have committed themselves to proceed with the transaction, and it will proceed once any contingencies are met or waived by either party.

If a property is under contract, there is a chance that the deal can fall through due to unforeseen circumstances. In some cases, you may still be able to still make an offer on a property listed as under contract. 

Contingent

Once your home is under contract, but some contingencies need to be met, your property is considered contingent. A contingent contract means that some condition hasn't yet been met, and both parties have not agreed to move forward with executing the deal as planned. This could be because of financing, inspection reports coming back unacceptably high, or if the offer depends on the buyer selling their home or the seller buying a new one. Once those problems are addressed, the deal can continue as planned. A contingency is anything that needs to happen before the deal can actually take place.

If you're selling your home, setting contingencies protects you if something comes up with either buying another property or finding an acceptable offer from someone who wants to buy yours. Setting these conditions makes sure everything goes as planned before entering escrow.

Pending

Now that the seller and the buyer have agreed to each other's terms and all contingencies have been met, the home is marked as pending and taken off the market. The deal hasn't closed yet, but being in the pending stage is the finish line of the deal. 

While there is a chance that a property with the pending status can return to the market due to an inspection, appraisal, or financing issue, the chances are lower at this stage. 

Independence Day is right around the corner! If you’re not sure how to celebrate this year, don’t worry — we have a complete list of fun activities that are guaranteed to make this 4th of July the best one yet. From camping to barbecues to fireworks, there’s something for everyone to enjoy. 

1. Have a Backyard Barbecue

It wouldn’t be an American holiday without a backyard barbecue, would it? Invite some friends or neighbors over and start up the grill to enjoy an American classic: hot dogs and hamburgers. Don’t forget to grab a speaker to play some music and get grilling!

2. Plan a Patriotic Road Trip

Take advantage of the holiday falling over a weekend this year, and plan a road trip to celebrate! Visit some places you’ve never been to and stop at some of America’s historic landmarks. What could be more fun than a road trip while learning more about American history? A few notable landmarks include the Lincoln Memorial and National Mall in Washington DC, Freedom Trail in Boston, Ellis Island and the Statue of Liberty in New York City, the Liberty Bell and Independence Hall in Philadelphia, and the Pearl Harbor National Memorial in Honolulu (which may be a bit further than a road trip), just to name a few. For a complete list of America’s historic landmarks, click here.

3. Go Camping

Sleep under the stars, sit around the campfire, and make s’mores! If there isn’t a campsite near you, setting up camp in your own backyard is just as fun. As long as you have some fun music, good food, and a campfire set up to make food, you’ll have a great time. Just don’t forget the bug spray!

4. Make a Patriotic Treat or Cocktail

It wouldn’t be a holiday without enjoying some delicious food and tasty drinks, would it? Make a flag cake, a traditional apple pie, or a patriotic-themed cocktail if you're over 21. This refreshing watermelon sangria is perfect for the 4th of July. Cheers!

5. Have a Lake or Beach Day

Get outdoors and enjoy the beautiful nature that America has to offer. Grab some friends, a cooler of snacks and refreshments, and head over to spend a day on the water. Rent some tubes or a boat if you’re looking for some extra fun on the lake.

6. Attend a Firework Show

Bring a pop of color into your Fourth of July by attending a firework show. A simple google search of your local area will help you find where your town is putting on a show in the sky! If that doesn’t yield any results, then this is the perfect excuse to buy a bunch of fireworks and put on a private show for your friends and family. You can find fireworks at most big shops. But you can also shop locally by stopping at an outdoor stand if there is one near you. Of course, follow instructions and be safe!

Here is our roundup of firework shows around the United States to give you an idea of how big some cities do it!

7. Throw a Themed Party - Everyone Dresses as a Historical Figure

An activity that will add extra fun to your Fourth of July party incorporates a historical theme. This will help your guest get into that extra patriotic spirit. A great suggestion for your theme is to have everyone dress up as historical figures. Imagine grilling hot dogs with Harriet Tubman and Benjamin Franklin! You can also test your knowledge of your county by playing American history games. Amazon has some American Trivia games available for ages 14 and up.

8. Shop 4th of July Sales

For some of us, shopping is a celebration within itself. That’s why we suggest taking advantage of all the sales available on the Fourth of July. Think ahead by making a list of what you may need in the coming year ahead. Buying matching Christmas Pjs for the family in July (on sale!) never hurt anybody!

Here are some favorites:

• Gap
• Home Depot
• Best Buy
• Old Navy

If you’re still hungry for more, Reader Digest breaks down 30+ Best 4th of July Sales You Won’t Want to Miss.

9. Learn Something New 

Learning something new about our country's history and reading stories about the past can be a great way to celebrate such a historical holiday. This Fourth of July make an activity out of learning by consciously searching up a part of history you’re not entirely familiar with. There is a lot of history that gets overlooked, so this can be a way to enlighten yourself and those around you about everything that happened for us to get to where we are now.

10. Get Active

Remember field day from elementary school? Of course, you do! And If you never had the chance to experience it, imagine all your friends gathered specially for the opportunity to compete and subsequently earn bragging rights. Made up of several physical and mental challenges - Winning field day requires both teamwork and performance.

For a successful field day, there are a couple of things you want to do in advance: 

Decide How to Measure the Competition - This includes how many members can be on one team, how many points to win, and the prize. 

Find the Right Challenge Level - the same as measuring the competition, this is going to depend on the age group and competitive level of your friends and family. This will help you decided which games to choose and how hard you will make winning them.

Keep the weather in mind - make sure to have a backup plan in the event of bad weather. This could be an indoor space that fits your group or overhead covering outside that will allow you to continue the event.

Plan your games and the order in advance - this is for the sake of keeping the stress of the host and the attendees down. There will be no guessing the day of,  and everyone will know what members to choose for challenges in advance. Here are 52 Field Day Game ideas on Pinterest.

Whether you decide to do some shopping or go all out and plan a family field day, these 10 activities will make your Fourth of July celebration unforgettable!

The #MARCUMsold Show: Season 3: Episode 2: The Richmond Chamber of Commerce

Today on The #MARCUMsold Show, Amanda sits down with Mendi Goble the President/CEO of the Richmond Chamber of Commerce. It is all good news as Richmond/ Madison County returns to "normal"!!

#BHHSFosterRealtors #MarcumSoldShow #RichmondKY #BuyLocal #InTheKnow #TheNewStandard #NewShow #Kentucky #RealEstate #MadisonCountyKY #Realty #RealEstateTeam #CentralKentucky #Marketing #RealEstateMarketing #Home #House #RealEstateForSale #HouseForSale #KentuckyHome

Catch up on our past episodes of The #MARCUMsold Show!

The #MARCUMsold Show, Season 3: Episode 1

Today on The #MARCUMsold Show, Amanda sits down with Kentucky State Senator Jared Carpenter of District 34. Let's see what all they accomplished during this trying year. 

 #BHHSFosterRealtors #MarcumSoldShow #RichmondKY #BereaKY #InTheKnow #TheNewStandard #NewShow #Kentucky #RealEstate #MadisonCountyKY #Realty #RealEstateTeam #CentralKentucky #Marketing #RealEstateMarketing #Home #House #RealEstateForSale #HouseForSale #KentuckyHome #BuyLocal

Catch up on our past episodes of The #MARCUMsold Show!

Picture this... You won the bidding war! But did you get caught up in the moment, and now you have regrets? See how you can avoid buyer’s remorse before bidding gets heated.

Set and stick to concrete limits when it comes to budget

Don't bid on a home you don’t want just to beat out the competition. Consider your priorities and what matters most. Once you've set your budget, build in some artificial wiggle room if you can by looking at homes that are priced $50,000-$75,000 below the top of your budget. That way, you have some flexibility to go over asking in your offer if needed. 

By setting a firm budget, you'll know that if the bidding war goes above that threshold, you'll need to move on from that house no matter how in love you are with it. Getting into a deal that you ultimately can't afford comfortably will pan out to be worse in the long run than walking away from a house you love. 

Prioritize your non-negotiables 

For example, if it's important to you that the home has a yard for your dog or children to play in, make sure all homes you consider meet these criteria.

Make a list of everything you want your ideal home to have and break them into two sections: non-negotiables and nice ones.  

The second list might not be the first priority, but it'll give you a better idea of what's out there. If the home you buy has the items on your non-negotiables list, you'll know that you're in the right place. Put your home wishlist on paper and refer back to it periodically so that in moments when buyer’s remorse is creeping up on you, you can remind yourself about all of the things this house does have that make it perfect for you.

Surround yourself with supportive friends or family members who will help keep buyer’s remorse at bay by reminding you why buying a new property is an exciting and rewarding opportunity.

Stop looking at houses once your offer is accepted

You may have difficulty living in the home you bought or getting excited about moving in if you're on the market for an average of five days. It's important to make sure that this is where you want to live before signing any papers, and it's best not to be distracted by other options. Once your offer has been accepted, stop looking at properties because buyer’s remorse is most likely to set in when we are still trying out different houses during our house hunt; now is the time for serious decision-making!

Stop reading about real estate prices going up or down and instead stay focused and grounded with these tips. Now that your search is over, start getting excited about what's to come and plan for your future. Instead of looking online for homes, try looking at new furniture, home maintenance tips, or decor ideas.

Trust your gut and your agent

When it comes down to it, you have to trust what you feel is right for yourself and your unique situation. If it doesn't feel quite right or if you're having a tough time making a decision, there may be a reason why your gut is telling you to hold back. Your real estate agent should have your best interest at heart and be educated about the market as a whole. They'll be able to guide you to the right decision as an unbiased third party. 

If you're looking for a real estate agent who can help you navigate this market and help you achieve your goals, we'd love to help. Click here to schedule a call with us to see if it's the right fit. Or, if you're interviewing agents, we have a list of 15 questions that you should ask. Get all 15 questions here. 

Secure your peace of mind

Experiencing buyer's remorse, especially after making a purchase as large as a house, is a completely normal feeling. A Trulia survey from 2017 found that 44 percent of Americans had regrets or buyer's remorse about their current homes, which may be even higher for Millenials. At the end of the day, there are ways to ensure that you're protected should your sense of buyer's remorse turn into actual regret. 

Perhaps you'll want to opt for an additional inspection before closing, and if issues are uncovered, you may be able to pull out of the deal before things get too far. Make sure to invest in homeowner's insurance from a company that you trust.

If you’ve been thinking about selling, it may be time to speed up that decision. Low inventory and low mortgage rates are still creating the conditions for a seller’s market this season. When homes hit the market, they generally go fast. 

While this is great news for potential sellers, there’s something that may be in the way of being able to jump into the market — literally. We’re talking about stuff in your home. Whether you’re dealing with decades’ worth of memories or just the everyday pile-ups that pop up in rooms (and in closets), clutter can complicate the selling process.

For one, clutter makes it difficult to even think about selling due to just how overwhelming and time-consuming it can be to deal with. Second, clutter makes rooms feel smaller and overwhelms buyers so that even in a hot market, your home may not get what it’s truly worth. Third, clutter is just a pain to move.

The best solution to all of the above is the simplest: Put (most of) it in a storage unit and get it out of your way. To make it even easier, opt for an offsite storage pickup service. Typically, these companies drop off a big storage container to you and then pick it up when you’re finished to store it in their facility. Other companies simply pick up your boxes to store in their own offsite facility. When you need your stuff, the company delivers it to your new home.

Here’s an overview of a few of the more popular services:

PODS

You’ve probably seen the big PODS-branded white containers in driveways around your neighborhood before. There are different sized PODS available, ranging from ones small enough for a studio’s worth of items all the way up to a two-bedroom home. (If your home is larger, you may need to arrange for multiple PODS.) When you’re done, the company picks up the PODS container and stores it in one of their offsite facilities or brings it to your new place. Good to know: You may need to get a permit to “park” a PODS container.

Rent a POD

U-HAUL U-BOX

Similar to PODS, U-Haul U-Box drops off standalone containers to your driveway so you can pack at your pace. You can arrange for the U-Boxes to be delivered to U-Haul’s offsite storage facility or your new home. However, the main difference is that U-Boxes are all standard size (U-Haul states that each can hold about a room’s worth of items.)

Rent a U-Box

An industry that is millions of real estate agents strong comes with its own set of compliments and complaints! In fact, as of October 2020, there were 1,451,031 members of the National Association of Realtors. Buying or selling a home is the biggest financial transaction that you'll have in your life, so of course, who you work with during that transaction matters. Just like with any job, there are expectations placed upon real estate agents, but when they are not met, they may leave you with a sour taste in your mouth.

Our goal is always to be transparent, so you'll find the top five concerns that folks may have about real estate agents so that you can ensure you hire the right agent to help you. Your experience should be as stress-free and smooth as possible, and that is what we strive to achieve. 

Lack of Communication

It’s safe to say that one of the biggest complaints about real estate agents is a lack of communication. Of course, just like in any relationship, good communication is the most important component for success. On the flip side, if it lacks, it can ignite a chain reaction of unpleasant and awkward experiences for the client that ultimately lead to an unsuccessful partnership. 

Full-time agents often get calls, texts, and emails at all hours of the day, and for some, it can be difficult to manage. A skilled agent knows how to juggle communication and their other commitments and make each client feel like they are their only one. Communication expectations should be realistic and set up front to maintain a successful relationship. Answering questions promptly won’t necessarily help the home sell faster but keeping the client in the loop is always necessary and, in turn, increases their confidence in choosing the right agent.    

Of course, agents don't intend to fail or fall short of expectations. Many agents start responsive and with the best intentions when signing the listing agreement and the first few weeks of activity and showings. But once showings and interest start to taper off, the agent may feel that they have nothing to report to the client. They say no news is good news, but that couldn’t be further from the truth in this aspect. When there’s no news to report, the last thing the agent should be doing is not returning calls (i.e., ghosting). This is an opportunity to be transparent and show the client what they are doing behind the scenes to sell their home and restrategize if necessary. There is no excuse to drop the ball on communication at any point in the journey but especially not in the middle when the client has the most questions and concerns.

Lack of Real Estate or Area Knowledge

One of the most important things that your real estate agent should not lack is knowledge of the market area. This can become a major pain point when it comes to pricing a home properly. You want to work with someone who is an area expert. If the agent does not use their area expertise, understanding of the current market, and comparable sales near you, but instead gives the sellers a price that will make them happy just to attract business can lead to a domino effect. Overpricing your home can increase your chances of not finding a buyer or staying on the market longer than necessary. 

Your agent should also be a wealth of real estate knowledge. When it comes to going through the paperwork and legal documents, your agent should be able to explain most of the terms and language you may encounter. They should be able to guide you through the tough parts of the transaction with confidence and excellence. An agent that seems confused when explaining transaction details or cannot tell the seller what documents or contracts contain will naturally make the sellers feel uncomfortable.

Doesn’t Have the Client’s Best Interest at Heart

While we know every real estate relationship starts with the best intentions, there are times when a buyer or seller can feel their agent isn’t keeping the client in mind throughout the process. This feeling can fester for a multitude of reasons. Sometimes, clients and their agents don't align for one reason or another throughout their communication and interaction. Then, the client can sense their wants and needs are not being thoroughly listened to. The perception can be that the agent is more interested in serving their own interests, such as timeframe or a commission check after closing. It is, unfortunately, a bit too common to hear that a representative has been hasty in evaluating or coaching a client to sell or buy even when they were not completely ready. Instead of carefully and considerately waiting to find the right opportunity, they attempted to push their client into something they were not sold on.

In any real estate transaction, your agent must always thoughtfully listen and adapt to your desires and concerns at all times. No matter how long it takes to find the right buyer for your house or for, you to fall in love with your next home, your experience matters. An agent obsessed with creating joy for their clients will always have a bit of their heart in the game. 

Doesn’t Take Marketing Seriously

Many sellers are concerned that their agent will simply “post and hope,” meaning the agent will list your home on the MLS and sit back, hoping for potential buyers to reach out. A talented agent will not just post and hope. They will actively market your home. Your agent should use marketing channels best fit for your property, including social media, email campaigns, open houses, and more. Some agents may hire a marketing firm to expand their efforts to raise awareness about your house as well. Remember, you hired your agent to attract as many potential buyers as possible, so a smart agent will hire help where they know they will need it.

You can ask your agent about their marketing plan for your home, and they will explain why they chose some channels over others. Your real estate agent will know how to best market your property based on its location, price, and top features. 

Lack of Professionalism

Finally, your agent should be professional and treat not only you but all of the other parties involved in the transaction with respect. Here are the signs of an unprofessional agent:

They Have Few Testimonials. When interviewing your future agent, you will want to chat about their past transactions and experiences working with clients. They should recall specific details of their previous deals and have testimonials for you to reference. Not being able to discuss their past success is a sign that they haven’t had much. 

They're Profit Focused. If your agent is only focused on what they are getting out of working with you (and portraying that to you), they are definitely unprofessional. Your agent should be focused on your needs to ensure a successful transaction. 

The Part-Time Agent. This agent will make it known that this is merely a second job to them. They tend to seem split between two places at once. This can cause mix-ups that you don’t want to happen when going through something as important as a real estate transaction. You want someone who is completely dedicated to the profession and you.

They're Late or Don't Show Up. This is by far the most obvious way an agent can display unprofessionalism. By either being late or not showing up to a showing, they aren't displaying respect or professionalism.

Over the past year, the real estate market has been so hot that it’s not unusual for homes to go off-market in days. (The lack of inventory is to blame.) When even homes that need serious work are breaking price records, it is easy to feel discouraged if you’re trying to buy right now.

Don’t give up, though. Getting your offer accepted isn’t necessarily about coming in with the biggest bag of money. It’s really being able to anticipate what, exactly, the seller’s goals are and creating the offer that solves all of their problems. While your agent will weigh in with a strategy based on your market, there are a few common ways you can make your offer stand out. Whether you’re dealing with competition from investors or want to be sure you are making the best impression as a potential buyer, here are a few things that’ll increase your chances of a successful offer.

Hire an agent with connections

A large part of getting an offer accepted is the communication between your real estate agent and the seller's real estate agent. If your agent has connections or can communicate effectively, the deal is more likely to move forward. Your agent should be asking the seller's real estate agent what their client needs to get out of this deal. Is it the most money possible? Is it a specific timeframe, or do they need to rent the property back while searching for a new home? Knowing those needs and submitting an offer that meets them is vital.

Get in early

Staying in touch with your real estate agent pays off big. They’ll let you know as soon as homes enter the market, especially if they have many connections to other agents. Sometimes, agents will hear directly from other agents about a home that’s about to get listed — or that won’t enter the MLS at all (this is typically called a “pocket listing”). Regardless of how your real estate agent finds the home that fits your needs, be the first to book a showing and get ready to make an offer on the spot.

Be prepared to go over asking

In a seller’s market, it’s rare to find a bargain. While there are scenarios where you may end up successfully offering under-asking price (local market trends will inform our strategy), expect to offer a little more for the home you really love.

Offer earnest money

Earnest money is a cutely-named deposit made to the seller and held in escrow. It’s made after the seller accepts your offer and shows that you’re serious about buying. It’s not “extra” money because it’ll eventually be applied towards your deposit and/or closing costs. The typical amount is 1-3% of the purchase price and due within a few days of the seller accepting your offer, so make sure this money will be ready if you’re offering it.

Write a letter to the sellers

When you make your offer, enclose a handwritten letter to the owners thanking them for their time in considering your bid. But don’t stop at a simple thank-you. This letter is about building a personal connection that normally isn’t made when sellers just look at a bunch of numbers. Expand on why you love the home and what caught your eye. If there’s a feature that sparked your interest, it’s an opportunity to build a personal connection. For example, a lovingly-tended garden or a kitchen with all the bells and whistles that a home cook would love. Above all, be honest and genuine.

Be flexible

If you’re open to the seller choosing the closing date, you may just get an edge over other offers, especially if the home just went on the market. Think of it this way: Sellers are also usually trying to find another home while selling theirs and may need more time. If the seller is in this boat, the idea of having extra time may be worth more than the extra money another buyer is offering.

Nix the contingencies — when it makes sense to do so

A contingency is something that makes your offer conditional based on something happening. The three most common contingencies in a buyer’s offer are loan, inspection, and appraisal. Making an offer contingent on getting a loan, an inspection with minimal issues, or appraising for the amount you’re offering, presents multiple opportunities for the transaction to fall through. If you’ve been preapproved for a loan, the seller has had the property inspected by a reputable company, and you’re confident that the property wouldn’t appraise at a lower value, discuss with your agent whether or not you need these contingencies.

Beat out investor interest with a strategic offer

If you’re in an area that’s caught the attention of investors and flippers, don’t lose hope. Winning out over these types of offers is a matter of thinking of the downsides of accepting investor offers. For one, investors tend to offer all-cash but make lower offers because they’re offering cash. Second, they often want the property ASAP, forcing the seller to consider a quicker timeframe than they’d like. You can potentially beat investor offers by making an offer at the asking price (or slightly higher) and emphasizing flexibility on time frame.

Consider an escalation clause

An escalation clause in your offer means you’ll increase your offer to a certain price if another offer comes in. (It’s kind of similar to how, in an online auction, you can set a price limit, and bids will be entered automatically until that point.) This can be a risky thing — the seller may just counteroffer your price maximum or raise the asking price entirely. For properties that have multiple offers on the table, this may be something to consider.

Make sure you have your ducks in a row

Ensuring that you have your paperwork sorted, earnest money put away, your downpayment funds ready to go, and your real estate agent ready to write an offer as soon as you find "the one" will make the entire process go as smoothly as possible.

The first types of offers that sellers will likely reject are ones from only pre-qualified buyers for a mortgage. Pre-qualification means that a mortgage company has really just taken a glance at your financials to give you a rough estimate on what the amount and interest rate would be. (Often, pre-qualification doesn’t even involve a credit check.) In a seller’s eyes, this means that a lot of things could sink the transaction. 

Instead, get a pre-approval. This is a more rigorous process that will look at your credit report, verify pay stubs, bank statements, and other financial documents. If you pass their underwriting requirements, the lender will give you the actual numbers for the loan you’ll be able to get once you find a home (and then provide you with a letter to provide as proof).

If you’re very serious about getting your dream home, you may be able to get a pre-underwriting letter. This is a more thorough process that includes a thorough examination of financials and other documentation needed for a mortgage.  

BONUS

Don’t ask for anything

Even if there’s a gorgeous chandelier you’ve spent years searching for, keep it out of your offer. The key to getting your offer accepted in a heated market is to present the easiest, stress-free scenario for a seller. While they may be open to including particular items in the sale, making requests may give the impression that there will be a lot of back-and-forth with the transaction.

Here’s the month-by-month breakdown of what you can expect if you’re buying or selling by the end of the year. 

Whether 2020 put off your plans to sell your home or enter the market as a buyer, or you were aiming to do either this year already, 2021 is shaping up to be a great year to make your move(s). For sellers, there are plenty of interested buyers out there — in fact, more buyers than there are available properties in many markets. Buyers, don’t let that put you off of making the leap to homeownership. Sellers are seeing the steady demand and becoming more eager to list their homes.

Of course, achieving your goal doesn’t happen overnight. If you’re realistically looking at buying or selling in 6-9 months (the most common timeframes for buyers and sellers), here’s how you can best break up the months ahead with minimal stress.

Month 1-2: Making Goals & Going Over Numbers

If you’re buying: One of the biggest mistakes potential buyers make is focusing on the type of home they want instead of its location. Yet, location determines everything from how much house you can afford to the length of your commute to your lifestyle. While you can always change a home, you can’t change its location. So, narrow down the locations you’d like to live in. If you’re still having trouble deciding, make a list of what you’d like in your ideal neighborhood (or your deal-breakers) and let it guide your research. 

Your other priority will be developing your financial picture, so to speak. What are your debts? What are your assets? What’s your income-to-debt ratio? Where will the down payment come from? Ultimately, what would you like your monthly mortgage payment to be?

If you’re selling: Many sellers think that once they make up their mind to sell, they can call up a real estate agent and have them handle everything. However, an agent can best help you meet your goals when you’re prepared to answer what those goals actually are. Is your goal to get the highest price for your home — and you’re willing to make possible changes that may be needed to achieve that? Are you comfortable with your agent hiring a stager, or do you prefer to be heavily involved with the staging process? Or, would you prefer to focus your attention on your upcoming move rather and do not want to get too involved in making changes? Do you have a timeline for a move? 

Everything you can do right now to give your real estate agent a strong idea of who you are, your goals and your expectations will help them develop the best action plan tailored to your needs. While you’re taking time to answer the above questions, we can start by developing a CMA (comparative market analysis) to help you understand what your home may sell for today.

Month 3-4: Getting Your “Team” Together & Putting a Plan Into Action

If you’re buying: The real estate market continues to move fast. Tight inventory means that homes sell in days. So why speak to an agent now when you’re months away from seriously looking for a new home? Because you’ll be able to take the time to interview a few agents to see who is the best fit for what you’re looking for, without the pressure of potentially missing out on a promising home. 

Though the market might change when it is time to buy, it’s also good to get an idea of the trends in your desired areas when you speak to agents. Are cash buyers dominating? Have there been a lot of flippers? Are there signs that inventory is getting better? Are there properties that are getting overlooked? 

If you’re on a 6-month timeline to buy, month 3 is a big one: It’s when you should decide on an agent, set a budget for your potential home, select a lender and go through the prequalification or preapproval process for a mortgage. (Preapproval is more thorough and will be more time-consuming.) If you’re on a 9-month timeline, consider month 6 to be your working deadline for these tasks.

If you’re selling: Selling your home starts with hiring a real estate agent you can trust. Our recommendations and testimonials are full of stories from clients that we've helped over time. Check them out here.

You may want to interview multiple agents to see who will work best with your situation. Pay less attention to promises about price and more about the plan for achieving your goal. Does the agent listen to your concerns? What’s their track record for selling homes similar to yours? Will they give honest feedback about your home’s strengths and weaknesses — and have a plan for overcoming any weaknesses?

If you’re on a 6-month timeline to buy, shift the interviews to month 2 and have an agent in place for the beginning of month 3. You may need the time to make changes to your home, whether it’s decluttering completely (and renting a storage unit) or making a necessary repair. If you’re on a 9-month timeline, work towards the goal of having an agent in place for month 5. The only exception would be if your home will need extensive work, or you anticipate seasonal weather to impact your ability to make necessary changes — then the sooner, the better. 

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Month 5-7: It’s Go Time — or Time to Get Ready for Go Time

If you’re buying: If you’re on the 6-month timeframe, your search begins in month 5. In a busy real estate market, you will likely have to compete with more buyers than there are homes. If you’re in a Groundhog Day of making offers that don’t get anywhere on multiple properties, regroup with your agent to see what you can do to stand out from the competition. 

If your offer has been accepted, it’s time for a brief celebration. Then, you’ll go into escrow and begin the countdown to closing. A lot happens during this time: Inspections, appraisals, finalizing your mortgage, and plenty of paperwork. 

If you’re on the 9-month timeline, this period will be when you’re finishing up hiring a real estate agent and getting your mortgage prequalification or preapproval. Resist the urge to rush and jump into the market out of fear of missing out because there was a reason you wanted to go with a 9-month timeline in the first place. Keep your eye on the prize.

If you’re selling: For sellers on the 6-month timeframe, get ready for the days to fly by. Month 5 will likely be spent putting the finishing touches on staging and photographing your home for its market debut at the end of the month. Make it clear to your agent what times are off-limits for showings, then have a plan in place on where to go (and where to put day-to-day clutter) when impromptu showings do happen. At this point, though, your agent will be doing the majority of the legwork for selling your home. They’ll guide you through the offers received and everything that happens after you accept an offer. 

If you’re on the 9-month timeline, months 5-7 are when you have a real estate agent in place and are spending a lot of time getting your home in its best shape to sell. You’re decluttering, packing up rooms, making repairs (or renovations if needed), and getting ready for staging. If you’re more hands-on here, expect to paint your rooms in neutral colors, think a lot about landscaping and other curb appeal projects. 

While time is on your side, ask your agent if you should consider a pre-market inspection. This is a thorough inspection that can surface any and all issues that would normally come up during the inspection that occurs after you accept an order. Doing a pre-market inspection allows you to correct any issues and gives you a firm footing if negotiations come up. 

Month 8-9: The Other Finish Line

If you’re buying or selling: If you were on the 6-month timeline, congratulations! You’ve either successfully bought or sold a home. If you’re on the 9-month timeline, scroll back up to month 5-7 to see what those on the 6-month timeline experienced and prep for the same. 

In the end, achieving your dream result starts by creating a plan. Whether you’re buying and selling, the process seems far less daunting when you know what to expect and when. While you can’t predict everything — and wasn’t 2020 a great lesson about that? — having a plan in place means that things will get done no matter what.