An exchange of homes in the buying and selling process often results in the two transactions happening simultaneously. Managing both is best done under the guidance of local experts like the agents at Matt Rose Realty Group. For a stress-free homebuying and selling process, follow this complete guide.
Decide to buy or sell first
When buying and selling a home at the same time, decide to either start a home purchase or prepare a current property to list. Those who buy first only have to move their belongings once rather than shuttle them from a temporary living situation to a permanent home. Buyers needing living accommodations by a specific date often buy first. The main disadvantage is that buyers don’t have profits from a home sale to finance their purchase and may have to pay for two mortgages at once.
Those who sell before they buy face less financial stress. With the proceeds of a home sale and no mortgage payment, sellers can easily budget for their home purchase and may qualify for a better mortgage rate. However, sellers must prepare accommodations in advance while completing their home search. This, coupled with the complications of moving and storing belongings in the interim, can cause a rushed home purchase.
Partner with an agent
After deciding to buy or sell, partner with an agent local to the area. An agent should have experience that aligns with their client’s home transaction type and the community. For buyers, agents assist in finding properties that align with their goals. Agents know the area well and can explain a town’s neighborhoods, amenities, and nearby services. Buyers can count on their agents to refer service providers like mortgage lenders, home appraisers, or home inspectors.
Those listing their Candlewood Lake homes for sale benefit even more from an agent’s expertise. An agent can access tools like the MLS, which they’ll use to make a comparative market analysis and price a seller’s home competitively. They know what buyers in the area are looking for and help their clients prepare their houses to impress. Agents also market a seller’s property to increase its visibility and the chances of receiving a serious offer.
Buyers searching the Candlewood Lake area should always research the community to ensure it’s a good fit. If buyers plan on financing with a mortgage, they should get pre-approved before a search.
Research the area
Take the time to research Candlewood Lake’s different communities and amenities before starting a home search in the area. First, look for essential services like healthcare facilities, grocery stores, and schools for those with families. Then review the nearby amenities like shopping centers, outdoor recreation, and restaurants. It’s best to visit an area with an agent to thoroughly understand a community’s atmosphere.
Candlewood Lake is home to many luxury communities right by a lake coveted for boating and other water recreation. The west side of the lake offers serene views of Candlewood Isle and Chatterton Point and access to New York City via Interstate 684. Many buyers prefer the east side for easy access to shopping on Federal Road and Interstate 84 nearby. Homes here vary from expansive waterfront views to more private properties.
After a thorough search of Candlewood Lake, buyers should get pre-approved for a mortgage. A pre-approval letter helps buyers narrow their search and is often required by sellers when making an offer. Mortgage lenders review a candidate’s financial history, credit score, and debt-to-income ratio to determine how much a buyer can afford and an interest rate.
For the most success, sellers listing their Candlewood Lake real estate should prepare the property to impress buyers. When it’s ready to list, an agent will market the property online and in person.
Prepare the home
To show buyers the home has been well cared for, sellers should prepare by making necessary major and minor repairs, completing upgrades with a high ROI, and cleaning the property. Stage with light and neutral colors to appeal to all tastes and depersonalize rooms by taking down photos. Let in plenty of light for a spacious and welcoming look. In areas like Candlewood Lake, where nature is a significant amenity for residents, sellers should also be meticulous about landscaping and curb appeal.
Market the property
When the home is ready, an agent will market the property by taking professional photos and listing a seller’s house on a local MLS. MLS listings trickle onto platforms like Realtor and Zillow, but a good agent should also market the listing via social media, email, or on their website. An agent actively searches for buyers interested in a home showing and does their best to align showings with a seller’s schedule. An agent may also plan an open house for more in-person exposure.
Buyer and seller closing costs
When both buyers and sellers have negotiated an offer they’re satisfied with, the closing process can begin. Buyers in Connecticut should expect closing costs ranging from 2–5% of the purchase price, which covers a home inspection, home appraisal, mortgage finalization, and title insurance, among other things.
Sellers in Connecticut pay closing costs averaging 5.2% of the property’s final sale price. This includes expenses related to title service fees, conveyance tax, and recording fees. Both buyers and sellers should also factor in property taxes, which average 1.3% of a property’s value in Fairfield County and 1.4% in Litchfield County.
Complete a home transaction like a pro
Buying and selling a home is easy with the steps above and professional help. When you’re ready to buy and sell a home in Candlewood Lake, contact experienced agent Matt Rose to guide you. Matt and his team have the resources and expertise to buy and sell houses in neighborhoods like Candlewood Lake, Fairfield County, and Litchfield County. Find out today how Matt Rose can help you achieve your highest real estate goals.
*Header photo courtesy of Shutterstock
*Header photo courtesy of Shutterstock