Buying & Selling Real Estate

Buying a Home

Purchasing a home may be the largest and most complicated process you will make in your lifetime. We would love to work with you if you are buying a home in either a Stark or Summit Counties. Buying a house may be the most complicated financial process of your entire life. Luckily, we’ve broken it down into straightforward steps below.

Choose Your Realtor

Two Chairs in a Relaxing Nature — North Canton, OH — Pikus Real Estate & Property Management

There are many steps, and over 20 professionals that will work on your purchase before you are closed. Knowledge is everything. Surround yourself with the best information that you can. Contacting our office is the first step. We will connect you with the team of reliable professionals to guide you through the process from “Contract to Closing.”

 

In Stark County, and its’ many suburbs of Jackson, North Canton, and Plain Townships, to name a few, you will have many choices in choosing your realtor. You will be working closely with your chosen agent, so you will need to be comfortable with their style and be able to communicate clearly with him or her. This works best if the realtor you use is knowledgeable, available, and dedicated to your success. If you don’t find someone that fits all these qualifications, keep searching for the right realtor for you.

When you find the right one, do not be afraid to sign a buyer’s agreement. This means that he or she will represent your interests in any real estate-related transactions that you enter for a specific period. Signing this agreement shows the realtor that you are a serious buyer and that you are as dedicated to your realtor as they are to you!

 

Be sure that the professional that you choose, has specific knowledge in the geographic area that you want to purchase. Your agent should also have experience with the type of purchase you want to make. If you want to buy in Jackson Township, be sure that your realtor has the experience and knowledge to help you find a home in that area. Similarly, if you are looking for an investment property, you may want to find an agent with this type of experience. Never be afraid to ask questions.

Find a Lender

Your realtor can be the key to the best lenders in your marketplace. You can also consider your local bank but be sure to compare your options. Most first time buyers will need to finance their purchase. The lender can be a crucial part of your transaction. The lender should provide you with a pre-approval. This means that they have looked at your bank statements, taxes, income, and credit, and feel reasonably confident you are prepared to be a homeowner. Do not mistake the pre-qualification with the pre-approval. The pre-qualification is merely an opinion that the information you provided the lender is complete and accurate. There are often errors and corrections that need to be made to your file prior to you start shopping and making offers on homes. Be sure you are ready.

Search for Homes

Focused searching on the internet will help you educate yourself on the prices of homes in the areas you are interested in. You will be able to see what homes with the amenities that you are looking for are currently selling. Your realtor will help you narrow your choices and show you the very best of the homes that you have chosen. Remember that the loan type may narrow the properties that you can purchase. Consult with both your lender and your realtor for specifics.

Choose a Home

While no one can know for sure what will happen to the housing values, if you choose to buy a home that meets your needs and priorities, you’ll be happy living in it for years to come. Your realtor will provide you with a comparative market analysis to help you compare the property you have chosen with the properties previously sold, and with the ones currently available on the market. This process will help you understand the value of your property. It is also a guideline to help you with the offer process.

Inspections

Always consider Inspections that may uncover information about your chosen property that you need to know. Many of the items found in the inspection are informational in nature and will help you to understand the maintenance that may be needed years from now. The inspection may also reveal issues with the home that even the seller is not aware of. You will need to consider the information revealed through inspection and decide if you want to move forward with the purchase, renegotiate the contract, or walk away from the property. This is a very important stage of the process.

Financing Your Property

Once you have an agreed contract price, your lender will be underway working on the financing of your property. They will ask you for details about your finances and documentation of your income. It is imperative that you provide your lender with the information that they need in a timely manner. It will ensure that your transaction closes in as scheduled.

Closing

The closing process is also known as “settlement” or “escrow.” This is the time when you will sign your final mortgage papers and pass the balance of the funds that you owe to the title agency or real estate attorney. In turn, the responsible party will be sure that there is a clear title to your property and will make sure that the property is filed in the appropriate manner. Now you are a homeowner. Enjoy your new home.

Search for Available Homes

Selling a Home

Whether you decide to partner with a realtor or not, is a personal decision. If you have the expertise in the many areas of knowledge that are required, as well as the time to dedicate to the sale of your home, it may be to your benefit to sell on your own. About nine percent of the real estate sales in any given year are FSBO (for sale by owner).

 

The prime motivation for not using a realtor is to save that commission fee. The commission, of course, is avoided, however, the average FSBO goes on the market at a reduced price and then sells at a price that is lower than the median market sales prices. What this really means is that the owner is likely to break even at best or may close for a higher net sale price and could have saved themselves time and aggravation. 

 

When you choose to use an agent, choose carefully. It can save you time and headaches. Be sure that you interview several agents and ask them questions. Below are some of the questions and the logic behind asking them. 

Selling FAQs

  • How many real estate transactions have you been involved in?

    Everybody must start somewhere, and it is fine to give the "new guy" a chance but be sure that he or she meets the rest of the criteria. Some of the biggest agents in the market barely have time to speak with you. You want to be a priority to your agent. 

  • How long am I obligated to list with the agent?

    An industry standard is six months. It takes longer than 60 days for the marketing to fully get your property integrated. Anything short of a 90-day listing makes no sense.  If you have a 90-day listing and all is going well with the agent extend your listing contract. It is easier than starting the process over again, losing valuable time on the market while interviewing new agents. 

  • What happens if I am unhappy with my realtor?

    Some real estate brokerages will consider assigning a new agent to your home or will release you if you are unhappy. Chances are, if you are unhappy with your agent, your agent is also unhappy with you. In some cases, it is best to move into a new relationship. The most important thing is to get your home sold.

  • What marketing will be done to sell my home?

    Ask your candidates what they will be doing to get your home sold. Your primary advertising will be the ads that are online. Ask to see current or previous listings that the agent has done. Look at the quality of the photos, the number of photos, and the presentation online.  The first showing of your home is online. If the online appearance is poor, you will not get as positive a market response to your listing.


    Ask if the marketing will include an open house. This is really a personal preference of both the realtor and the owner. The percentage of homes that are sold at open is relatively small.  There are, however, some buyers who are hesitant to call an agent. It is always possible that they will walk into your home and fall in love. One open house every four to six weeks is more than appropriate. In most marketplaces, there is a high percentage of properties that are sold by co-broke. This is when another agent is working with a buyer and has suggested that the buyer see your home.  Again, this is where it is important to have good information and photos in your listing.  Your agent is marketing to both the public and to other agents. Choose an agent that can set your property apart from the others. 


  • How many listings do you have and whom will I be working with throughout the transaction?

    In a quick preview of the marketplace, I found agents with as many as 70 listings. This is a lot for any one agent to handle. Agents carrying this many listings generally form teams. This can be a good and a bad thing, depending on how the team is managed.  


    You have only one transaction that is important to you. What you want to know is who is my transaction important to. Who will answer my questions when I have them, who will handle the problems when they occur, and can I speak to that person prior to signing an agreement? A team is as good as its leader and a leader is a good as their team.  


  • What will be the commission rate?

    This is always a hot subject, but it is one that should be given a serious thought. Please remember that when you are paying a commission it is generally split between two agents. If you are paying a seven percent rate, three and a half percent is going to your listing agent and three and a half percent to the agent who brings the buyer. Negotiating your rate is a good thing if it saves you money but be sure that it is not costing you a sale. Find out what the average rate is in your market placed. If your property is priced below the average rate, and the property next door is commissioned at a higher rate, the buyers' realtor has a perceived bias toward the property with the higher commission. Be sure that you consider all aspects of the commissions and the effect they can have on the sale of your home.  

  • What will be our means of communication and how often will I be updated on activity?

    Unfortunately, in some transactions, there is not always news to give to the seller. If nothing is happening and you have no showings, there is not a lot to discuss. You should have set intervals where you touch base with your agent. It's a good practice and excellent realtors are pleased that you are a caring and motivated seller.  


    You will also want to know how the agent will communicate. Do you prefer a call, a text, or an email? Your agent needs to know how best to meet your needs. Remember that you are essentially an employer and the agent you choose is your employee, but they can only do what they are told. Be sure to share your expectations.

For help with buying or selling a property, give us a call at (330) 451-6242.