10 Tips for Home Buyers and Sellers in 2014

10 Tips for Home Buyers and Sellers in 2014

New-construction home sales are up, previously underwater Properties are in positive equity again and investors are turning their attention to "secondary markets" to find value. Economists expect house prices to rise another 4 percent to 5 percent in 2014, meaning remaining bargains will get even more sparse. With that in mind, here are 10 tips befitting the up-market of 2014.

Sellers: Jump-start the process.

You may be an avowed procrastinator, but if you want to sell a house this year, start planning now.

Buyers: Be credit-ready.

There's a lot of competition out there for Homes, so tarry not. Get your credit report and start repairing any blips. If your scores are below 620 or so, a conventional loan will be a challenge.

Sellers: Vet your real estate agent, then follow the agent's advice.

Sellers lose time and money by hiring poorly. Interview several potential agents. You'll want a full-timer who is Web savvy and uses mobile technology, because at least 4 in 5 buyers view their homes first online.

Buyers: Adjust your negotiating expectations.

Lowball offers are off the table in this environment and could eliminate you from consideration. Respond to counteroffers quickly to keep other buyers from entering the picture; you don't want to encourage a bidding war. If one breaks out, be prepared to get fewer concessions and pay more money.

Sellers: It's your market (finally) so make the most of it.

At long last, it's a seller's market! While you're interviewing agents, be wary of those offering too-good-to-be-true price opinions because they may be trying to "buy" your listing. And don't jump at that first (seemingly) generous offer, especially if sellers are getting multiple offers.

Buyers: Find life after foreclosure.

Have a foreclosure in recent years? Join the crowd. Though you might think you have to wait seven years to get another conventional mortgage, Fannie Mae, Freddie Mac and the FHA say they actually require just a three-year waiting period if the foreclosure was caused by extenuating circumstances.

Sellers: Hesitate to renovate. We hear that newly renovated homes are easier sells, and that's

true. So is it time to remodel that outmoded kitchen? Not if you plan to sell soon. According to remodeling surveys, the average renovation project returns only about two-thirds on investment. For example, a major bathroom remodel costing $15,000 yields about $10,000 in resale value.

Buyers: Ask and you won't receive (an unpleasant surprise)

You'd be dismayed at the things sellers aren't obliged to disclose in most states, including on-premises felonies, suicide, murder or a neighboring sex offender. Don't be afraid to thoroughly question the selling party in writing before signing the contract

Sellers: Tailor your local game.

Folks who base their selling decisions on trends on cable news are often left wondering, "Why can't I sell at this price?" The truth is, all markets are different and all real estate is local, and prices can vary greatly even in adjacent subdivisions.

Sellers and buyers: Heed changing trends.

Pay attention to trends and react accordingly. Thinking of laying carpet? Agent surveys in the past few years show homes with hardwood floors or faux wood laminate floors are far faster sells.

ABOUT US Akshaya was founded in 1995 under the stewardship of Mr. T. Chitty Babu,

a leading light of the real estate industry in India. It has grown into one of the most awarded companies in the country acclaimed for its transparent business practices and innovation. The journey over the last 19 years has seen the company excel in both the home and commercial domains by building more than 150 magnificent edifices in South India.

CONTACT USAkshaya Services Private Limited

Capitale, No. 22, 2nd Street, Nehru Nagar, Adyar, Chennai - 600 020.

Tel: 044 - 2445 1818Website: www.akshaya.com