Home for the holidays: Tips for buying and selling real estate
HONOLULU (HawaiiNewsNow) - The holidays aren’t typically the busiest time of year for buying or selling real estate, but homebuyers in the market out of necessity could benefit from less competition.
Ruthie Kaminskas, real estate professional-associate with Compass, joined HNN’s Sunrise with advice for property buyers and sellers.
Kaminskas has managed record-breaking deals, including one of the most expensive home sales on Oahu at $24.38 million.
She said buyers shouldn’t be deterred by current mortgage rates, which are hovering between 6-7%.
“The pandemic brought us low record breaking interest rates. We have now normalized and we are in the same arena as before the pandemic. It is true that interest rates fluctuate but I wouldn’t not buy a home at current rates. If the rate is high, it will be made up in the purchase price. If you lock in at the current rate and it drops in the future, you can always refinance and take advantage of the lower rate. If interest rates continue to increase, you’ll be glad you purchased when you did,” she said.
She suggests buyers meet with a trusted lender and real estate professional to gauge what they can afford.
“Before anyone can go looking for a house, you need to know what your budget is. I see too many buyers think they know what they can afford, find the home of their dreams, just to find out they can’t afford it,” she said. “I also see the opposite. Many buyers are surprised that they can afford much more than they thought.”
Kaminskas advises buyers to ask their Realtor for all the homes in their desired parameters. Once in contract, buyers should get a home inspection, an important tool for negotiation.
“Even if you are a cash buyer and a lender isn’t requiring it, always have a home inspection. Your inspection and the seller’s real property disclosure are two of the most important elements in making sure you’re not buying a lemon. Or if you want to buy a lemon, at least you know what it is going to cost you to turn it into yours at the right price.”
For sellers, Kaminskas advises working with a trusted Realtor to prepare their home.
“I always advise my clients to allow me to do a walkthrough of their home to get a clear picture of the value of the home. Then we look through a CMA (comparative market analysis) to see the comparisons of recent activity and sales,” she said. “Then comes the house prep. I always recommend hiring a trusted home inspector to look the house over from top to bottom. This way you can intercept any foreseeable problems that might cause a home sale to be cancelled.”
“I also like to advise the seller on the concept of ‘less is more.’ Many of us have a lifetime of items and memorabilia that we have collected over the years. I work with the seller to get those items all packed up,” she added. “We also focus on furnishings and art. I am happy to help stage a home and make sure we put our best foot forward. With a home that has a clean bill of health, that is tidy and looking attractive, we can proceed with making the most money for the seller while having the buyer excited for their purchase.”
For more information, visit compass.com/agents/ruthie-kaminskas.
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