When it comes to the housing market, Baby Boomers rule. They are the ones that kept it afloat during the recovery and they are the ones that have fueled the latest boom. Sure, the real estate industry likes to talk “Millennials” all the time, but there’s no getting around the fact that Boomers make up 31 percent of today’s homebuyers and 43 percent of sellers.
If you count yourself among this huge generation and you plan on either buying or selling a home in Blaine, read on for a few things to consider before doing either – or both.
1. Your current home
Whatcha gonna do with it? You have a few choices here. You can rent it out or sell it. If you choose the latter you’ll have additional choices to make. Will you buy the new house first or sell the current house first? Or, will you try to do both with a simultaneous closing? They’re tricky, but completely doable.
There are other choices as well, including certain types of loans that help bridge the gap between buying and selling. We’re happy to walk you through your options, just make sure you know what you’re going to do before house hunting for the new home.
2. Will you need financing?
If you’ll be selling your current home you may not need a loan, depending on your equity. If you do need a mortgage, get that part out of the way before looking at homes for sale. Shopping among lenders is the best way to find a good deal on rates and terms. Remember, too, that you want to compare the Annual Percentage Rate (APR) of the products you’re offered, not the daily rate. The APR is the rate with fees and points included.
3. Hiring an Agent
I often speak with Boomers who flat-out can’t stand their real estate agents. They claim that their agent is either condescending or deals with them from a set of dated stereotypes, assuming to know exactly what they’re looking for in a home or, worse, what is best for them.
Since you don’t have one foot in the grave and you are in the driver’s seat when it comes to your decision to buy or sell a home, don’t waste one minute with an agent that treats you any differently than he or she would treat a contemporary.
Keep your expectations high and ensure that the agent you hire knows that you won’t settle for less. Make your preferred method of communication clear, whether that’s by text, email or phone. If you expect lots of communication, even when there may not necessarily be a reason for it other than to check in, make that clear as well.
Then, get out there and buy or sell that house in Blaine!
Kris Lindahl Real Estate