Tips From A Real Estate Professional

Bonnie Hart

Buy and sell your house successfully with tips from a real estate professional.

For people looking to buy, now is a very good time, she says. "With the all-time low mortgage interest rates, it is the perfect time for first-time buyers, investors and existing homeowners who are looking to upgrade to purchase a property." Interest rates are predicted to rise in the coming months, and with the new HST looming, you'll want to move fast.

We got Bonnie Hart's best advice for weathering the still unsteady economy. Whether you're a buyer, seller or both, check out these tips for navigating the real estate market successfully.

Think about a condo

There's a surplus of inventory in the condominium market, so your realtor should be able to negotiate a good deal for you when it comes to buying a condo, Bonnie Hart says. If you're buying as an investor, rather than a first-time homebuyer, you will want to consider leasing out your suite for the next four to five years before selling.

Know your credit rating

It's best not to just assume your credit rating is in order. To avoid getting any surprises before you meet with a lender, check your rating first so you have time to resolve any issues that might stand in your way of buying.

Know your price range and stick to it

Meet with one or more mortgage lenders to obtain a pre-approved mortgage before you start house hunting, Bonnie Hart says. Once you know how much you can spend you can narrow down your choices. It's safer to buy within your budget, no matter the economic situation.

Head out of the city

Young families are heading there to buy affordable and newer resale homes. Sometimes it pays to go further afield depending on what you're looking for. If you want more space and more property, but have a budget to stick to, a downtown location won't do. You have to widen your circle of prospective locations.

Refresh and beautify

Getting your home ready for sale is crucial. Bonnie Hart suggests considering a consultation from a professional stager so your home's potential is maximized when potential buyers see it. Think about getting rid of clutter, adding stylish accents to tired furniture and tidying the yard for curb appeal.

Upgrade and update

You don't have to completely renovate your home, but consider updating areas that are tired, such as replacing a kitchen counter and sink or replacing worn carpeting. Adding hardwood to a room or two is also helpful as this upgrade is becoming very popular to buyers.

Make sure the price is right

Price your property right the first time, according to the current market conditions in your area. Some sellers believe that if they overprice their property, they have more room to negotiate or they can always reduce it later, Bonnie Hart says. "This strategy can really hurt the seller." Prospective buyers will search for homes within their price range. If your home is listed too high, buyers may skip over it.

Don’t worry about a closing date conflict

If you receive a great offer on your home but the closing date is up to 30 days later than the closing date of the property you already purchased, don't sweat it Bonnie Hart says. Most mortgage lenders will approve bridge financing for approximately 30 days, if all conditions have been removed and you have a firm sale. For peace of mind, speak to your current lender prior to listing your property to confirm this, she suggests.

Get the best representation

Your home is most likely your largest investment so you'll want to feel comfortable when you go to sell it. Start off right by selecting a real estate agent who you feel you can trust, Bonnie Hart. Find someone who has a solid marketing plan plus a proven track record of successful negotiated sales.

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