Real Estate Market Re-Entry

Many soon-to-be retirees own a home, have paid off their mortgage and haven’t been in the real estate market for a number of years. A lot has changed with the process of buying and selling real estate in recent years. Though technology and the flow of information have dramatically altered the process of buying and selling homes, at the heart it’s still an enormous undertaking, no matter your age or generation. Here are some tips for baby boomers and others who find themselves entering the real estate market for the first time in a while.

You can and should begin the process independently

Many of today’s buyers and sellers leverage the Internet and mobile apps to begin the research phase. While you may still prefer a good old fashioned live person, it’s helpful to understand that it’s common for initial search and discovery to begin independently. Aside from listings and photos of homes for sale, you can uncover real estate advice, statistics and forecasts that will help inform your home search or sale.

A good local real estate agent still adds a lot of value

It’s easy to think that spending a few hours searching online is all that’s needed to make a real estate decision today, but a good local agent can still make a huge difference on a real estate purchase or sale. The data and information found online is meaningless without some context behind it. For example, you may see a home that recently sold for a lot less than one you are interested in making an offer on. A strong local agent would know that the reason was that there was an issue with open permits or violations, that it wasn’t a true arm’s length transaction or there was some other factor that made it less valuable and, in fact, not a comparable sale. A good agent will have the inside track on the day-to-day changing local market. Good agents earn their keep not by having access to the listings, but by having years of experience and local market knowledge under their belt.

The actual transaction and paperwork can happen without meeting in-person

When it comes time to make offers and negotiate a contract, buyers today can do so without ever having to meet with their agent in person. No more faxing documents back and forth. Today, mobile applications and technology allow buyers, sellers and agents to collaborate, review documents, sign contracts and complete the paperwork portion of the transaction without ever having to meet in person. Here’s where that good local agent again adds value to the process: A good agent is knowledgeable about the documents and process involved, and is able to clearly explain them to you.

Few people pay any attention to real estate processes and technology when they are not personally involved in a transaction. Knowing what to expect before you get started can help make re-entering the market a lot easier. Even though a lot has changed, some of the basic reasons for buying and selling have not. Real estate will always be a highly personal and emotional experience, not to mention financial. NewLook Realty Company consistently gets high ratings from our clients and ranks as a top closer of sales in our service area. Team up with us for a first rate buying or selling experience; you will benefit from our knowledge and expertise.

— Source: Zillow Blog