Lessons for Buyers & Sellers

Buying a home is considered one of the most complicated and stressful financial transactions a consumer will ever make; and selling a home is equally straining. However, there are guidelines that both homebuyers and sellers can follow to make their deal as efficient as possible.

First, homesellers should be realistic in setting the price by studying comparable home prices. At the same time, homebuyers should keep their offer simple, focusing on the sale price and closing cost liability. The buyer can also ask the seller to assist in paying closing costs, which will not only provide some relief for the buyer but also make it easier to sell the home. Buyers must also remember that their original offer will not always be the actual price, and they should begin negotiating at about 90 percent of the asking price.

In terms of resources, buyers should recognize the importance of their real estate agent; and they should also use the Internet to evaluate the local market, while relying on an agent or lender for the rest of the transaction.

Financing is also important, and homebuyers should start by obtaining a credit score. If they do not plan on living in the home for a long time, buyers should consider an adjustable-rate mortgage. They may also want to limit the size of their down payment and use the money in other areas.

Buyer Resources

Seller Resources

Finance Resources

Northeast Weekly Mortgage Rates Provided by Freddie Mac 30-yr fixed: 6.10% 15-yr fixed: 5.65% 1-yr ARM: 5.06%