Are you one of the millions of people in the United States looking to dip their toes into real estate? Maybe you want to become an agent, or maybe you want to get into the business of flipping houses. Perhaps you are looking to become a landlord! No matter which of these applies to you, this article will contain some valuable information.
Admittedly, a lot of it can seem really complicated at first. If you do not do your research before diving in, you could end up drowning in the proverbial swamp of real estate. That is why experts like Jake Leicht do their best to offer some advice on how to get your start. Really, you can look to any of the top movers and shakers in this field to get an idea of what you are in for.
With all of that said, though, one thing to do is to look at the resources that agents use (especially if you are trying to become a flipper). Consider trying one like this, https://www.parealtors.org/housing-report, before you finish this article. Once you have taken a peek, come back and prepare for some more valuable insights!
The State of the Market Right Now
At the moment, we are seeing a slow dip in the extreme rise of activity that was occurring in real estate in early 2022. However, we should not take this as a bad thing. Rather, it is the normal ebb and flow of the field considering there are few people who want to make big moves in the dead of winter. While that may not be especially relevant in certain areas in the country, it is definitely something to consider for the north.
The next question that we should ask, though, is what people seem to be looking for right now. Naturally, this can vary depending on where you live. What is appealing in one state may not
work at all in another one. Basements and attics are a great example of this, since there are plenty of properties that do not have one or the other (or either) based upon the region.
Interior design as a whole is another factor to take into account. Looking at the above image, do you like what you see, or would you prefer a color that is less bold? Those are the things that we need to be pondering if we are trying to purchase properties and renovate them to sell them again at a profit.
A kitchen like the one pictured may not be the right sort of appearance with wide appeal on an open market. So, changing to color or switching out some of the appliances and cabinets could be one thing on the docket in terms of renovating. Of course, you may find someone who is really drawn to them, so it is not always the case. Just do not rely on that luck, generally speaking.
What is Popular?
Modern, sleek designs seem to be garnering the most attention and netting the most offers. White, beige, or variations of those light colors are also quite trendy at the moment. On the other side of the pendulum, though, there remain many people who prefer the traditional styles instead.
If the property you are looking to flip is an older one, do not worry. Many buyers would prefer that you retain the charm of the home rather than completely modernize it. This gives you a bit more leeway in regard to the renovation process, since you will be able to leave some things as is or simply retouch them rather than completely replace them.
Take note of the few things that you should always update, though. These include appliances (think the refrigerator, oven, washer, and drier, as just a few examples) and bathroom fixtures.
As you can see when you look for Jake Leicht information, most influencers would suggest processes like those.
Obviously, giving the walls a fresh coat of paint can also make a home more interesting to buyers. If there are already cracks or chips, then you should certainly try to fix that. Wallpaper tends to look outdated these days, as well, so removing that may be a step in the right direction.
Remember that you are trying to create a marketable space rather than one that you want to live in yourself. Now is not the time for maximalism or personal touches. The family that purchases the property from you will want to do that themselves!
As I have said, you can take a few approaches to your journey into this market. Despite that, though, some knowledge should be held by everyone. This includes the different types of properties, for one thing. Before you list yours, you should be vaguely familiar with all of them at the very least.
Obviously, most of us will be working with residential properties. However, there are also corporate, industrial, and empty land properties. They may not seem relevant to house flippers, but there is always the chance that you will expand into other territories.
Know who the players will be. Typically, two real estate agents are involved – the one working with the seller and the one working with the buyer. Your goal should be to get as familiar with the process as you possibly can be, after all, so this is a critical component of that.
Keep in mind that even once you reach an agreement with a buyer, there will be some further steps involved. The mortgage broker will have to approve the transaction, of course. Additionally, a house inspector will get involved to determine if there are any unseen issues in the property. That is a big deal, so you may want to consider having an inspection done before you list on the market at all.
As you can tell, there are many nuances to real estate. With guidance from the top influencers involved, though, you should be able to find your way!