Following these six tips can help you have smooth sailing when it comes time to move.
Packing boxes and moving trucks are a familiar sight for most individuals throughout their lives. Whether it’s pursuing new job opportunities across the country or moving from Santa Monica condos to Brentwood houses, Americans are moving more than ever before.
Research by the Joint Center for Housing Studies at Harvard University found that just over 40 million Americans move each year. That means that 13% of Americans move each year. Read on to learn six essential moving tips for a smooth move.
Reasons That People Are Moving
One of the main reasons that Americans are moving is the ability to work remotely. In fact, if you’re considering moving to Santa Monica, you’ll be part of the estimated 5 million people who have moved due to remote work since 2020. Another 19 million Americans are projected to follow.
While employers have historically required their employees to live where the company is located, the tides have turned, and now, 45% of full-time employees work remotely. Working from home has become a new standard for many businesses, and this shift isn’t expected to go away anytime soon. Americans have also been moving for another reason — the desire for more space.
The Pew Research Center discovered that generally speaking, more Americans are wanting to live in communities with homes that are larger and farther apart, even if schools, stores, and restaurants are several miles away. 2. Get to know the local real estate market.
Whether you’re planning to make a cross-country move or switching up neighborhoods, it’s important to understand how to navigate the real estate selling and buying process. Selling your Santa Monica real estate can be complicated and time-consuming, especially if you’re relocating AND buying a new home at the same time.
For sellers and buyers alike, your first step is to research the local real estate market in order to understand current trends.
We probably aren’t the first to tell you that, right now, it’s a seller’s market because demand for real estate has been exceeding inventory throughout the country. This puts sellers at an advantage, with homes often selling quickly and over the asking price.
Navigating the Process of Selling Your Home
When it comes time to put the “for sale” sign on your front lawn, one of the most important factors in setting your home’s sale price. You’ll want to avoid listing your home too high, as this might turn away potential buyers. On the other hand, if you price your home too low, you run the risk of short-changing yourself.
Thankfully, your Santa Monica real estate agent will be able to help you set your home at the best price point. This is typically accomplished through your Realtor’s® use of a comparative market analysis (CMA), which provides data on the selling prices of recently sold, similar properties. Typically these include at least three to five comparable properties that have sold within the last 90 days.
Landscaping plays an especially important role in increasing your home’s curb appeal and can increase the value of your home. Although it might be difficult, try to be objective and consider your home’s curb appeal from the perspective of an interested buyer.
You’ll also want to make note of any small repairs. Conduct a thorough walk-through of the interior and exterior of your home, and make a list of projects to complete. Rather than a full-scale renovation, focus on minimum improvements that add maximum value to your home. This might include simple upgrades such as a new showerhead or adding outdoor lighting.
Navigating the Process of Buying a Home
The first order of business when buying a home is going window shopping. Whether you’re taking a drive to look at houses for sale in Brentwood or searching for Santa Monica real estate online, it’s helpful to familiarize yourself with what’s available.
Consider making a list of features you are looking for in your future home. This will help your real estate agent find properties that check the boxes. Keep in mind that finding the right home might take a while, especially when the real estate market is hot. These days, more homebuyers are making initial decisions using technology (such as virtual video tours and virtual open houses), which has reduced the number of homes viewed in person before making a purchase.
Once you’ve found a home you like, it’s time to throw your hat in the ring and make an offer. Your Realtor® will guide you through this process and offer advice on what contingencies — if any — it should include. Before closing, it’s always a good idea to get a home inspection. A home inspector will make note of any major issue that needs to be addressed, ranging from the property’s foundation to electrical and plumbing issues.
How to Buy and Sell Simultaneously
According to the National Association of Realtors®, 71% of repeat home buyers owned their previous residences, which means that there’s a good chance you’ll be playing the role of both seller and buyer.
Selling and buying a home at the same time requires a great deal of logistical coordination and patience. Just imagine preparing your Brentwood real estate for sale while looking at Santa Monica real estate and planning your relocation. Keep in mind that there’s no right or wrong way to do this, and everyone’s needs will be unique to their situation. However, there are some tricks to making this process as smooth and seamless as possible.
If you’re buying a new house before selling your current one, ensure that your finances are in order. Buying a home will require money for a down payment and closing costs. You can plan to pay around 3-6% of the home’s purchase price for closing costs. Buyers in this situation often request an extended closing or add a sale and settlement contingency.
If you’re selling your house before buying, you’ll need to find somewhere to temporarily reside. This can help take the pressure off from immediately finding a new house. Also, keep in mind if you’re buying and selling overlaps, then you’ll benefit from the seller’s market but might experience challenges as a buyer.
Hire a Trusted Local Agent
Buying and selling homes at the same time can sound overwhelming, but it doesn’t have to be! One of the best things you can do for yourself is to hire a local Realtor® that you trust, who will guide you through every step of property buying, selling, and the moving process.
When selling your home, a professional real estate agent will help accurately ascertain your home’s value, market your property, and work tirelessly to ensure that your home receives the attention and offers it deserves.
If you are buying a new home, an experienced real estate agent will help you find properties that meet your criteria and negotiate the best offers on your behalf. A local agent will also be able to refer you to other professionals as needed, whether that’s home inspectors or real estate attorneys. Agents adhere to the principle of fiduciary duty, meaning that Realtors® are legally obligated to put their clients’ best interests first.
Whether you’re looking to buy Santa Monica real estate or sell Pacific Palisades homes, experienced local luxury real estate agent Claire O’Connor is there to help guide you through every step of the process. With years of experience in Los Angeles’ most exclusive property markets and an extensive understanding of the needs of the most discerning clientele, Claire is passionate and knowledgeable about helping you find and win your dream home in today’s competitive market. Contact Claire today so she can help you find a place that truly feels like home.
