Buying or selling a home is a big step in anyone’s life, and it can be a daunting experience. Advice from experts can make your real estate experience less confusing and stressful.

This month’s best real estate articles offer fantastic and informative advice to help you make better decisions when buying or selling your home.

Best Real Estate Articles September 2024

Things You Should Know Before Signing a Listing Agreement

Hiring a real estate agent is one of the first steps you’ll need to take when selling your home. You will have to sign an agreement with the Realtor. It’s easy to overlook how vital contract details like this are.

Bill Gassett draws on his extensive experience as a Massachusetts Realtor to show you the things to know before signing a listing agreement. His article will help you better understand the details of a listing contract wherever you are located.

There are pros and cons to the different contracts you could sign with the Realtor or their agency. The commission structure will be explained in detail. The length of the contract and how it can be canceled will also be covered.

Your real estate agent will likely offer you an exclusive contract, giving them the sole rights to market your home. But what does that mean to you during your sale? Bill covers what you need to be aware of when signing a listing agreement so you won’t be surprised by what happens.

While an exclusive agreement means the agent may work harder on your behalf, you will pay their commission even if you find the buyer.

Bill recommends asking detailed questions before you decide to sign the listing contract. You should fully understand how the agent plans to market your home and what to expect under the contract terms.

Choosing the Right Neighborhood

While you might have a good idea about the type and size of property you want to buy, have you considered your ideal neighborhood? More options are available than you might imagine, and they can make a profound difference to your experience living in the home.

Luke Skar explains 12 different types of neighborhoods and how to choose one to live in. He reveals the pros and cons of living in these various communities, helping you choose the best place for you and your family.

Perhaps you believe a suburban neighborhood would fit the bill, but there may be better options like a master-planned neighborhood. A master-planned neighborhood might be a better option if you would benefit from a more walkable community with parks, stores, and better access to amenities.

Even if you think you know the correct type of neighborhood for you, there are other things to consider before searching for a home. The crime rate, transport links, walkability, and the available schools should be regarded as well. Luke helps you through the decision-making process so that you will have a better understanding of where you want to live.

How Long Does it Take to Close on the Home You Are Buying?

The homebuying process involves many steps, and it can be a frustrating experience. Many of these steps are out of your control but will significantly impact your purchase.

So, how long does it take to close on a house? Kevin Vitali demystifies the process by outlining the stages and their typical length.

The longest stage is usually the mortgage approval, which could take as long as 45 days. Kevin explains the factors contributing to this, like the appraisal report and the buyer’s finances.

Many of the stages in the process overlap, and there are things that the buyer can do to ensure the process doesn’t take longer than it needs to. If the buyer is ready and able to make decisions and provide necessary documents, many delays can be avoided. Kevin’s article also gives tips on what sellers can do to prevent delays in the process.

Kevin states that closing typically takes between 30 and 60 days. Many things will influence the closing time, and Kevin’s information removes some uncertainty. For instance, cash buyers are likely to close faster, but if there are any issues with the title or necessary repairs, these issues can slow things down significantly.

Home Remodeling vs. Selling

When deciding whether to remodel your home or sell it and buy a new one, it’s essential to consider the benefits and drawbacks of each option carefully. Paul Sian does an excellent job of pointing out the pros and cons.

Both choices have unique advantages and potential downsides, depending on your circumstances, financial goals, and personal preferences.

Remodeling your home offers several significant advantages. One of the primary benefits is customization; it allows you to tailor your current home to better suit your needs and tastes without the stress of moving.

In many cases, renovations can also be more cost-efficient than the expenses associated with selling and buying, such as agent fees, closing costs, and moving costs.

Additionally, particular renovations can increase the property value, providing a potential return on investment if you decide to sell later.

However, remodeling has its downsides. The process can be highly disruptive and time-consuming, sometimes taking weeks or even months to complete.

There is also the risk of unexpected costs, as renovations often come with unforeseen expenses that can quickly escalate the overall budget. Furthermore, even extensive remodeling may not address certain features or changes that would be easier to find in a new home.

Is Selling a Better Option?

On the other hand, selling your home and buying a new one has its own set of pros and cons. One of the main advantages is the ability to immediately upgrade to a house that better fits your current needs in terms of features, size, or location—something that may not be achievable through remodeling.

Moving also avoids the hassle and inconvenience of living in a construction zone and can provide a fresh start in a new environment.

Additionally, selling in a strong market could yield a significant profit, which could be reinvested in your next home. However, this option comes with higher costs, including real estate agent fees, closing costs, and moving expenses.

There is also the uncertainty of finding a new home that fits your criteria, especially in a competitive market. Finally, there can be an emotional toll associated with leaving a house filled with personal memories.

Ultimately, the decision to remodel or sell should be based on your unique situation, considering factors like personal needs, finances, and plans.

Should You Downsize After Retirement?

Downsizing to a Smaller Home

When you retire, your lifestyle will change, but should you consider selling your home and buying something smaller? You will want to maximize your retirement years, and selling offers many advantages.

Buying a smaller property should provide financial benefits and give you a more suitable home for your new situation. Downsizing can simplify your life, offering more safety, security, and freedom.

Chris Highland from Frederick Real Estate takes you through 7 reasons to consider downsizing after retirement.

While you might not want to consider your changing health as you age, this should affect your decision. If you live in a multi-story home, the stairs might not always be as easy to use as they currently are.

Moving to a community that offers better access to healthcare providers will make things easier as you get older. If you don’t live as close to your family as you would like, downsizing to an area where you can stay in closer contact with children and grandchildren may be attractive.

Living in a smaller home reduces your outgoings and mortgage payments. If you buy a cheaper house, you can also add to your retirement savings. This adds to the money you can use to enjoy your retirement or help with unexpected expenses.

Chris certainly gives you a lot to consider if you are nearing retirement. Planning to downsize can help you enjoy a better quality of life and take advantage of new opportunities.

What Will the NAR Settlement Mean to You?

In a recent lawsuit, a group of homeowners won their case against the National Association of Realtors for paying inflated commissions. As a result of this lawsuit, changes have been made to how homes are bought and sold. New commission rules are now in place for agents, buyers, and sellers to understand.

Vicki Moore addresses how the NAR settlement affects you, whether you are a buyer or seller. For instance, it was common for Realtors to work with buyers based on a handshake agreement, but this is no longer the case. Now, a written contract must be signed with the agent before you can begin looking at homes.

While the sale proceeds usually paid both agents’ commissions in the past, this might change. The seller could now refuse to pay the buyer’s agent, which could lead to problems for the home buyer.

There are other changes for home sellers as well. Compensation for the buyer’s agent will now need to be negotiated during the offer and not simply stated in the MLS. The seller can offer concessions to cover paying the buyer’s agent, or the buyer can request this during negotiations.

These changes might seem confusing if you’ve previously bought or sold a home. Vicki does a great job explaining what the National Association of Realtors settlement will mean in practice for most buyers and sellers.

Selling a Home with Solar Panels

More and more homes are being sold with solar panel installations. Thanks to the reduced costs, tax credits, and rebates some states offer, homeowners can reduce their reliance on the grid and protect themselves against rising prices.

When you come to sell your home, solar panels can increase the value. This isn’t always the case, however. How solar panels have been financed plays a significant role in how and if it will improve the value of your home.

In this article, Joe Boylan guides you through what you need to consider when selling a home with solar panels. They explain the differences between buying your solar panels outright, leasing them, using a solar energy purchase agreement, or a shared solar agreement. They also cover the steps you must take when selling your home based on these arrangements.

While selling your home with solar panels will be more complicated, there are things you can do to make the most of the situation and get the best price for your home.

Final Thoughts

Real estate transactions can be complicated, and there’s always more to learn. The best real estate articles for September will help many buyers and sellers better understand the process.

PREVIOUS REAL ESTATE ROUNDUPS

View other roundups from the last few months.

• Real Estate Roundup for August 2024 – see the tips from Realtors last month to help when buying or selling.
• Real Estate Roundup for July 2024 – find expert advice from professionals who have been in the industry for years.

About the author: Luke Skar wrote the above roundup of the best articles from August 2024. Luke is a 20+ year veteran of the mortgage industry. He strives to stay updated with the latest changes and trends in mortgage lending and real estate.

Through his mortgage blog, websites, and social media accounts, he aims to help the community with as much factual knowledge as possible that benefits all parties in real estate transactions.