2025 Real Estate Resolutions

December 09, 2024

As 2025 approaches, the real estate market is poised for another dynamic year and the Rodney Carroll Team is ready to guide both sellers and buyers. While factors affecting the market may change by the minute, there are several actions that both sellers and buyers can take to guarantee success in the new year. Whether you are looking to buy your first home, upgrade, downsize, or sell a long-term property, there are several keys to preparation, including partnering with a real estate team knowledgeable about local market trends.

Resolutions for Home Buyers: Purchasing a home is stressful both for first-time and seasoned buyers. Take these steps for a positive experience:

Understand Your Finances: When buying a home, your financial health will be scrutinized. Improve that health by reducing debt, building savings, and understanding your credit score. A strong credit score will lead to a better mortgage rate and terms. Checking your credit early can also reveal any discrepancies, offering more time to resolve before submitting a mortgage application.
Pre-Approval vs Pre-Qualified: In years past, it was enough to be pre-qualified for a mortgage but in today’s market, pre-approval is the way to go. Pre-approval shows sellers that you are a serious buyer and that you have gained financial backing from a reputable lender. This means the lender has already reviewed your income, credit, and assets and has agreed to lend you a pre-determined amount.
Weigh Your Budget vs Priorities: Perhaps the most important step in homebuying is defining a monthly budget that includes the numbers beyond that mortgage payment. Include utilities, insurance, and property taxes in the number in addition to the mortgage payment. If there are must-have features (size, location, amenities), a well-defined budget will help steer you to the appropriate neighborhood.
Access Your Realtor’s Knowledge Base: The Rodney Carroll Team studies local market trends year-round. This allows us to guide our clients on fluctuations in inventory, price predictions, infrastructure planning, and more.

Resolutions for Home Sellers: When selling a property, some simple steps can help increase returns starting with a thorough assessment of its market appeal.

Repair and Maintenance: Address obvious issues like roof repairs, plumbing fixes, and faulty electrical systems. Buyers today are often wary of homes with major repair needs.
Refresh Paint and Landscaping: A fresh coat of neutral paint can modernize a space and appeal to more buyers. Invest in basic landscaping to enhance the exterior’s appearance.
Declutter and Depersonalize: To help potential buyers envision themselves in your home, keep the interior clean, minimal, and free of personal items.
Consider a Pre-Listing Inspection: A pre-listing inspection allows sellers to address any hidden issues upfront, making your property more attractive. For example, it can reveal structural concerns or outdated wiring that might be a deal-breaker for potential buyers.
Set a Realistic Price Point: This is another step in which a realtor, such as the Rodney Carroll Team, is essential. Overpricing can deter potential buyers and lead to a slower sale process while underpricing may speed that process up but leave money on the table.

Resolutions for Everyone! Timing and Market Awareness are essential for both sellers and buyers in a dynamic real estate market such as here in central North Carolina.

Understand Local Seasonal Trends: Typically, home sales increase in the spring and summer which can quickly deplete inventory while driving prices upward. This may give sellers an advantage in the chillier months and remove bidding pressure for buyers who would prefer a less stressful experience.
Monitor Interest Rates Closely: A better understanding of how the Federal Reserve’s actions affect mortgage costs can help both buyers and sellers make timely decisions. This may mean locking in a lower rate (buyers) or adjusting sales pricing (sellers).
Have Flexibility with Contingencies: Both buyers and sellers can benefit from flexibility in contingencies. In a competitive market, buyers may opt to eliminate a few contingencies in their offers to appeal to sellers. On the flip side, sellers may attract more positive offers by projecting flexibility on certain buyer contingencies, like extended closing timelines or inspections.
Use a Trusted Real Estate Professional: Whether buying or selling, the importance of partnering with a real estate professional cannot be dismissed. A knowledgeable agent will offer market insights, negotiation skills, and a network of contacts that benefit both buyers and sellers alike.

Will the new year bring a new home into your life? Or, will you dabble in both sides of the real estate market as you sell one property while simultaneously finding your next? The Rodney Carroll Team is ready with a strategic approach to finding the perfect new home or selling an existing one!

Reach out today for help in defining your 2025 Real Estate Resolutions.