A Cheatsheet for Buying & Selling Your Home with Less Stress

Buying or selling is a large task for anybody to undertake, and in many instances, these processes occur simultaneously. Whether searching for homes for sale in Old Lyme, CT, or listing your home for sale, there are steps that do and don’t overlap. Follow this cheatsheet for a less stressful home transaction process.

There are a couple of steps that buyers and sellers should always complete. First, review if now is a good time to leave your current property behind by researching the local market and reflecting on personal obligations. Then, partner with a local and skilled agent to guide you through the process.

Research your local housing market to see if it’s the right time to buy or sell. Currently, Old Lyme is a seller’s market, putting sellers at an advantage. Median sales prices in the area are on the rise. However, buyers do have some advantages, as the total monthly inventory is increasing. Since last year, inventory is up 47.6%, new listings are up 20%, and units sold in August 2022 are down 12.5%.

Although it’s important to research the local market, personal factors can push buyers and sellers to act in unfavorable conditions. Be mindful of aspects like your commitment to your current or future job, your child’s school schedule, and other family or friend obligations. Also, ensure you’re ready to leave your current property behind, as not doing so can complicate both processes.

Another step both buyers and sellers should take is partnering with an experienced real estate agent local to Old Lyme. For buyers in the area, an agent will have a deep knowledge of what listings meet your needs and wants and can guide you to those properties. They’ll also have connections to services you may need, like a mortgage lender or a home inspector.

For sellers in the area, agents can help you prepare your home by offering staging advice and providing professional photographer services. They’ll also help you competitively price your property for the best chance of receiving a good offer. Houses for sale in Old Lyme, CT, currently average $568,000, although an agent will adjust that figure based on your property’s particulars. When you start receiving offers, they’ll help you with the negotiation and closing process.

As a buyer searching for homes for sale in Old Lyme, CT, there are a few integral steps to take. Before starting your search, be clear on what you want from a property, get pre-approved if you’re using a mortgage to finance your offer, and know how to make an offer and close.

As a buyer, it’s important to know what you want from a property and an area. There are several desirable neighborhoods in Old Lyme, such as Laysville, which features many lakefront properties and access to outdoor areas like Rogers Lake, Hains Park, and Towns Woods Park. If you’re interested in locations closer to Downtown Lyme’s dining and shopping, start your search in neighborhoods near Lyme Street and Halls Road.

If you’re financing with a mortgage, get preapproved (not prequalified) for a mortgage. Getting preapproved strengthens any offers you make, as it shows sellers you can finance the property. Preapproval will help narrow your home search. Although interest rates are trending higher nationally, research different lenders in the area to secure the best option.

After viewing several properties in the area, when you’ve found a home you love, make an offer and close. Your agent can help you write an offer letter that includes aspects like price, contingencies, and closing dates. Prepare for negotiations with the seller, and when you reach an agreement, complete closing steps like getting a home inspection, completing a home appraisal, and scheduling a final walkthrough.

As a seller, essential steps to take when listing houses for sale in Old Lyme, CT, include preparing your property, marketing your home, and negotiating buyers’ offers. Follow these steps to sell successfully with less stress.

When preparing your home, consider getting a pre-home inspection to uncover any repairs that may affect the home’s sale or value. Also, complete minor repairs like fixing leaky faucets or filling holes in walls. If you plan on upgrading your property, choose projects that have a high return on investment. Then, thoroughly clean and declutter your home, stage important areas like the kitchen, primary bedroom, and living room, and increase curb appeal by maintaining landscaping around your property.

An agent can help you list your home online for maximum visibility from buyers and their agents. Include professional photos and a detailed listing description highlighting your property’s features and surrounding location. For properties in Old Lyme, consider mentioning perks like its surrounding shoreline, its lakefront park, and breathtaking colonial architecture. Then, align your schedule with your agent for showings and remain flexible to accommodate as many buyers as possible.

After marketing, you should start receiving offers on your home. Work with your agent to accept, counteroffer, or reject buyers’ offers, paying particular attention to aspects like contingencies and closing dates. When you’ve reached an agreement, complete closing steps like a home inspection, a home appraisal, and a final walkthrough. A sale isn’t complete without signing a contract, and your agent can explain the legal language to you so you know what you’re agreeing to.

There’s a lot to know about the buying and selling process, and with this cheatsheet, you’re better equipped to complete it with less stress. When you’re ready to list or search for properties in the area, contact trusted local agent Nancy Mesham to guide you through the process.