The real estate industry is wringing its hands over how to attract Millennials to the market. In the meantime, the Baby Boomer generation is actively buying and selling homes. In large part, the National Association of Realtors is responsible for the disregard being paid to the very real impact Boomers are having on the industry.
The latest Home Buyer and Seller Generational Trends report, for example, claims that at 32 percent, Millennials make up the largest pool of homebuyers in the United States. What the organization doesn’t mention, though, is that even though the Baby Boomer pool is smaller, they broke it in half in the study, which makes the numbers appear smaller. Truth be told, Boomers lag Millennials in the home-buying market by only 1 percent.
But that’s only half the story. When it comes to home sellers, the Boomer generation is large and in charge, representing 43 percent of home sales. If you are planning to be a member of this group, and it’s been a while since you dealt in real estate, take these steps first to make sure you have a smooth road to the successful sale of your Southern Maryland home.
Planning ahead is especially important if you’ll be buying another house. The loan process will be more challenging because you already own a home, but the process becomes even trickier if you need a simultaneous close – in other words, timing the closing of both homes at the same time.
There are several solutions to the “should I buy or sell first” predicament, and we are happy to share them with you.
If you’ll be buying another home, get the financing going
Once you know how you’ll deal with your current home, you’ll be in a better position to determine the loan you’ll need for your new Southern Maryland house. It’s time to choose a lender and get professional advice and a loan pre-approval.
When you’re comparing mortgage rates, remember that the advertised rate typically doesn’t reflect the rate with fees and points included. Ask for the Annual Percentage Rate, and use that number to compare loan offers.
Hire a real estate agent
If you’re buying and selling, take your time when you’re deciding which Southern Maryland real estate agent to hire. This is not the time to base your decision on family ties or friendships. These transactions can either positively or negatively affect your finances. You need the services of an experienced professional.
We know that Baby Boomers typically have high expectations of the professionals they hire to protect them, and you should make these expectations clear to any agent you interview. All real estate agents should give excellent customer services, but the truth is that not all of them do. Ask for references, and talk with these former clients to make sure their recreations were met in a timely and professional manner.
Make it known to your agent if you expect phone calls to be returned promptly, quick action to view homes, or clear communication every step of the way.
Lastly, we know you aren’t an old doddering fool, and we hope that you never work with an agent who treats you like one. This is a vibrant and important phase of your life, and the agent you choose should be someone who gets this and does whatever they can to help you down the road to your new life.
Waldorf MD Homes for Sale and Real Estate Services in Southern Maryland. You now have a search engine to help you with your Southern Maryland home search! And I’m ready to provide you with a custom home valuation if you’re considering selling your home. Let’s connect to discuss how I can help you. Contact Kimberly Bean at 301-440-1309
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