Real Estate Tips: Smart Buying And Selling In 2016

Are you looking for a house and don't know where to start? Are you planning on selling a property and don't know the ins and outs of the local market? There are ways on how to go about it.

Jonathan Smoke, chief economist for realtor.com, said house-hunters this year need to "keep an open mind and be prepared to move quickly" when you finally come across a home that meets your needs. And for sellers, you should understand the ins and outs of your local market "so you can optimize the price of your home and close quickly."

Here are some tips for buyers:

1. Move quicky, don't wait.

Buyers who start hunting for a home early will face less competition and would have many homes for sale to choose from.

2. Don't take the first rate-quote you receive when it comes to mortgage.

Talk to more than one lender. A lower interest rate could mean thousands in savings over the life of the loan.

3. Try looking at new homes.

Construction of new homes is expected to rise this year, with an expected 16-perccent increase in sales of new homes year-over-year. Buying a new home may cost more but this would mean you have less competition and you'd have a wider selection of houses.

4. Check out the prices in the Midwest or South.

There are more likely a number of affordable options for home buyers in the Midwest and South this year, so you should check that as well.

Here are some tips for sellers:

1. List your property during the prime spring and summer months.

According to a report from realtor.com, sellers who list their home during the prime spring and summer months, which usually begins in April and reaches a peak in June, would benefit from a larger population of buyers.

2. Price your home adequately.

If you want to sell your home, you need to price your home adequately for the market and should be based on comparables.

3. Don't forget to offer incentives.

If you can throw in something extra to entice buyers, do so. Be open to negotiate beyond the price.

4. Look into selling a property in California.

Realtor.com stated that California right now is quite known "as having the most markets that will likely tilt in the favor of the seller." The Golden State is seeing job growth, rising home prices and limited inventories.