New Year's resolutions aren't limited to health and fitness. They can go beyond making vows to eat healthier, quit smoking, and read at least one book every month.
The annual list of goals might be narrowed down to a specific topic, such as buying or selling a home. Preparation is essential for this undertaking, as the market in 2023 is not likely to be easy to navigate for Waterloo Region buyers or sellers.
As we prepare for those big midnight celebrations that will see us all bid farewell to 2022 and welcome 2023 here is a look at some New Year's resolutions for both home sellers and home buyers that are well worth adding to that resolutions list you are almost certainly brainstorming right now!
5 New Year’s Resolutions for Waterloo Region Home Sellers
Hoping to sell your home in 2023? Well, as it’s almost New Year’s then this is a good time for us to suggest a few resolutions that should help you do just that, and quite possibly far more quickly than you might imagine. Here are five of the best for those getting ready to get into the home selling game soon:
1. Resolve to Research Your Realtor
Every realtor is different. Talk to friends and family members who have sold homes recently. Did they like the realtor they worked with? What did they not like? Do some Internet research.
When you’ve found a likely candidate meet with your potential sales partner. And when you do, ask yourself does this seem like a person I can work with? Actually spend time with? (they are going to be in your home quite often after all) Trust to be my negotiating voice? Finding the right Realtor is a must, so be ready to take your time.
2. Resolve to Draw From Your Home Buying Experience
Take yourself back to the time when you bought the home you now want to sell. Just what was it that made you fall in love with it? Was there anything you didn’t like? What changes have been made since then? This evaluation will help you let your real estate agent know what you think are the best aspects of your home that should be showcased.
3. Resolve to Manage Your Expectations
Your real estate agent will do everything they can to sell your home. However, it may still take some time. The right buyer still has to look at your house at the right time to make an offer. And even then, the offer may not be what you were expecting. Bear in mind that, due to market fluctuations and changes in demand, every home’s value is constantly changing.
4. Resolve to Maintain Your Property
You wouldn’t go on a date without first brushing your teeth and combing your hair, would you? And you know you’d wear your best killer dress or snappy, smart suit. The same goes for your home.
Think of every home showing as a first date. You want the home to look and smell its very best. Keep your home clean, fresh and free of clutter. That goes for the outside of the house, too. Mow the grass. Rake the leaves. Shovel the show. Clean the windows. You want to make a good first impression.
5. Resolve to Start Yesterday
In the world of real estate, the spring season actually starts in January. Since many home buyers want to move into a new home in the real springtime – because that really is an optimum time to do so in many ways – they will begin looking at the beginning of the year, just after all the holiday commotion has passed. If you wait until April to list, your ideal buyer may have already found their home elsewhere.
5 New Year's Resolution for Those Hoping to Buy a Waterloo Region Home in 2023
Looking to buy a new home in 2023? We have some resolutions that you should be making too!
1. Resolve to Save for a Down Payment
Depending on the loan you want to qualify for, you’ll want to save at least 3 to 20% for your down payment, and will probably have to cover another 1 to 3% for closing costs. A New Year's resolution should be how to come up with this amount in 12 t0 24 months, with 12 months the ideal.
To put away as much as $500 to $1,000 per month, try methods like trading down to a cheaper car or picking up a side job. Even doing things like cutting back on takeout and cancelling some of those subscriptions you have too many of can help.
2. Resolve to Organize your Finances
You’ll need a thorough understanding of your income and expenses to embark on the home-buying process. This is partially because you’ll need to be preapproved for a loan by a lender before you can go house shopping.
A preapproval letter provides an estimate on how much you can spend. Before strolling through an open house or making appointments to see homes with your agent, you’ll want to speak with a lender and get a preapproval letter in order to know what you can afford.
Before you contact a lender, you’ll need to put together a list of financial information, including:
Your monthly income
The sum of your total monthly debt payments (auto loans, student loans, and credit card minimum payments)
Your credit score and any credit issues in the past few years
How much cash you can put down
3. Resolve to Find the Best Local Real Estate Agent
We recommend that you secure a real estate agent as soon as it even crosses your mind that you want to buy a home. Purchasing a home is most likely the biggest investment you will ever make and it is so important to have a real estate adviser in the form of an experienced local real estate agent from day one, walking you through and educating you on the buying process from A to Z.
Take your time and choose your real estate carefully, but once you do find the right fit, believe what the agent tells you. For example, take your Realtors’ recommendations on attorneys, mortgage professionals and inspectors. We have gone through this process more than you, your family members, your friends or your service providers.
4. Resolve to Act Quickly
Once you do start looking for a Waterloo Region home in what is still an active market, you'll need to be willing to take quick action. If you, as a home buyer, see something perfect, chances are other buyers think it is perfect too, so you are likely to have plenty of competition.
Don’t hesitate in making an offer if you think there is a chance you could lose a particular property that you have fallen in love with. However, make sure you consult at length with your real estate agent as you do, to help ensure that the offer is one that sellers are likely to be most receptive while not seeing you pay too much or make too many unnecessary concessions.
Having a great real estate agent on your side will prove invaluable if there are negotiations are called for, as they can act with you - and on your behalf - to help you get the great deal on that right for you Waterloo Region home you are hoping for.
5. Resolve to Have Some Fun with the Home Shopping Process
Remember to lighten the pressure as much as you can, as buying a home is an exciting time, and you’ll want to remember the process fondly. Enjoy yourself, because it should be fun.
One way to do that, and be a little adventurous at the same time, is to take excursions to neighbourhoods you’re interested in. Get out of your car and walk around, get something to eat, and see what it’s like there during the daytime and the evening. Hit the stores and the outdoor spaces and talk to some of the locals. And if you don't know where to go to get a better look at your possible new home, ask your Realtor, they'll be happy to help you.
