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HOW DO YOU KNOW WHEN IT’S TIME TO SELL YOUR HOUSE?

(Published on - 9/19/2018 10:08:05 PM)

Is it time to sell your house? Or should you wait and see if home values continue to climb? Knowing when it’s time to sell your house can be tricky. But we have some tips to help. Here are the best indicators that it’s time to sell.

You’ve built equity in the house.

The most important factor in deciding when it’s time to sell your house is your home equity. How much money would you be able to keep from the sale of your house after you pay off any remaining mortgage loan and your closing costs?

If your sale price is high enough to break even on those costs, you’re clear to sell. But if you can keep enough money from the sale to put 20 percent down on your next house, you’re golden! That amount of equity is a great indicator that now is the time to sell your house.  

Your local market is hot.

Trying to time the market perfectly is a fool’s errand. But it’s certainly better to sell your house when your market’s hot. In a hot market, you have more buyers than listings. So the buyers compete for the limited housing inventory, which means higher home prices. That’s great news for sellers.

Thanks to low mortgage interest rates and a well-recovered national economy, there are hot markets all over the country. You local Realtors® can explain your current market conditions and provide insight as to how hot your local market is.  

You’re emotionally ready for the next phase of your life

Market conditions mean nothing if you’re not emotionally ready to sell.

Are you ready to move onto the next phase of your life? So ready that you’re willing to invest the time and effort in preparing the house for sale, scheduling your week around showings, working through the sales paperwork, and actually moving?

These short-term inconveniences lead to a reinvigorating fresh start. Are you ready to take that big step?

What about the season of the year?

Traditional wisdom is that spring and summer are the best time of year to list your house for sale. Buyers are looking to make a move while the kids are out of school, there are more hours of daylight to spend house-hunting, and the weather is conducive to touring properties, moving, and even tackling move-in renovations.

But if you’re in a geographic area that doesn’t experience all four seasons, time of year will have a much lower impact on your ability to find qualified buyers. You could even experience a surplus of buyers motivated to get settled in their new home before the holidays!

If you’re on the fence about selling, talk to a local Realtor®. They can explain local market trends to help you decide, with certainty, if now’s the time to sell your house.

This post is intended for informational purposes only and should not be taken as professional advice. The point of view and opinions expressed in this post are those of the author and do not necessarily reflect the position of Realty Executives International. This post was written by Michelle Clardie. Michelle is a professional real estate blogger, specializing in ghostwriting Realtor® blogs. Her engaging content helps real estate agents become more visible online, generate more qualified leads, and increase their revenues. You can learn more at www.michelleclardie.com


RED FLAGS TO LOOK FOR WHILE HOME SHOPPING

(Published on - 9/19/2018 10:02:50 PM)

It can be so easy to get caught up in things like curb appeal and low prices while searching for a new home. While these things are definitely enviable qualities for any new home, they also tend to distract potential home owners from other, more unworthy elements a house on the market might be hiding. Buyers should always be mindful of these red flags:

Neglected Septic Systems

A surprising number of homeowners will put their house on the market with a septic that hasn’t been serviced in years. As a general rule of thumb, buyers should always ask the seller for documentation showing the last time they got their septic serviced, inspected and pumped—which should be every three to five years.

Rotting Wood    

There are a handful of issues that buyers can work with after purchasing a home. Rotted wood isn’t one of them. Wood that has been subjected to vast amounts of moisture over extended periods of time isn’t just a pain to replace, it could also jeopardize your health (read: fungus exposure). Buyers should always carefully inspect the kitchen, bathroom, exterior, deck and trim for signs of rotted wood.

Faulty Repairs  

It might be hard to tell exactly what has been worked on over the years in a home that has recently placed on the market. Even still, buyers must keep an eye out for any incomplete or flawed repairs throughout the house they’re looking to purchase. Faulty plumbing, electric and even appliance repairs will cost buyers more time, effort and money in the long run after buying a house that has them.

Poor Drainage    

When a home has an improper drainage system, it opens a can of worms that not even the most optimistic Fixer-Upper lover will want to deal with. If a seller confides in a buyer that their house is subject to drainage issues, it usually means that there is poor drainage surrounding the home’s exterior. This will almost always lead to extra water leaking into spaces like the basement and garage—and will seriously affect the foundation of the home.  

Old Heating and Cooling Systems     

Heating and cooling systems are a pretty important element of any home, whether it’s in a residential development or a townhouse community. Aged heating and cooling systems are usually found in older homes on the market, and will leave buyers with a lot of pricey maintenance fees. It gets worse: Heating and cooling systems that are damaged and worn can also produce harmful carbon monoxide fumes. Buyers should either rule out these older heating and cooling systems, or make sure that the seller will fix any issues with it before making any final moves.

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5 Reasons You Shouldn’t For Sale by Owner

(Published on - 2/23/2018 7:11:00 PM)

Some homeowners consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). We think there are several reasons this might not be a good idea for the vast majority of sellers.

 

Here are five of our reasons:

1. There Are Too Many People to Negotiate With
Here is a list of some of the people with whom you must be prepared to negotiate if you decide to FSBO.
The buyer who wants the best deal possible

  • The buyer’s agent who solely represents the best interest of the buyer
  • The buyer’s attorney (in some parts of the country)
  • The home inspection companies which work for the buyer and will almost always find some problems with the house
  • The appraiser if there is a question of value
  • Your bank in the case of a short sale

2. Exposure to Prospective Purchasers
Recent studies have shown that 92% of buyers search online for a home. That is in comparison to only 28% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?

3. Results Come from the Internet
Where do buyers find the home they actually purchased?

  • 43% on the internet
  • 9% from a yard sign
  • 1% from newspapers

The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.

4. FSBOing has Become More and More Difficult
The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 9% over the last 20+ years.

5. You Net More Money when Using an Agent
Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real commission. The seller and buyer can’t both save the commission. Studies have shown that the typical house sold by the homeowner sells for $184,000 while the typical house sold by an agent sells for $230,000. This doesn’t mean that an agent can get $46,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.

Bottom Line

Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.


What are disadvantages of pricing my home on the high end?

(Published on - 2/23/2018 7:10:39 PM)

Several factors may come into play:

 

  • You might help sell similar homes that are priced lower.
  • Your home may be on the market longer.
  • You could lose market interest and qualified buyers.
  • You might create a negative impression of the property.
  • You could lose money as a result of making extra mortgage payments while incurring taxes, insurance and unplanned maintenance costs.
  • You may have to accept less money.
  • A potential buyer may face appraisal and financing problems resulting from the inflated price.

 

is not recommended to sell your home any higher than the appraised value unless demand is high in your area. Ask you real estate agent which price would be right for your home. Also make sure you get a Home Value Request to assist in determining the best sales price for your home


Can A Home Depreciate In Value

(Published on - 2/23/2018 7:10:12 PM)

Many factors affect home values nationwide including consumer confidence in the economy, demand for real estate, interest rates and job growth. Your home’s actual value, however, is dramatically affected by a combination of local factors that can cause its value to depreciate. Some factors are within your control.

A residential property in serious delinquency or foreclosed on by a bank can bring neighboring residential properties down by as much as 1 percent in value, according to the Federal Reserve Bank of Atlanta. Additionally, a high concentration of foreclosures in a neighborhood can repel buyers, especially if the properties aren’t maintained well, are vacant for too long, or are perceived as contributing to a rise in neighborhood blight.

Location Value

A house located closer to schools, grocery stores, public transportation and business or shopping districts will tend to be in greater demand than houses located too far out of the way. On the other hand, houses that are too close to loud areas such as busy highways, airports or train stations can be a turn-off for people in the market to rent or buy. While most houses aren’t moved from where they sit, the value of the location can still fluctuate. A 1 percent decline in a city’s population can bring down house prices in that city by more than 4 percent over a three-year period, according to the Research Institute for Housing America. A decline in employment in the city can also dramatically reduce home values, according to the study.

Lack of Upkeep

A house’s value is ultimately what someone is willing to pay for it. Damage to your home caused by mold or bug infestation, fire or weather damage, sewage problems, or structural problems especially in the basement or the roof will devalue a property. Renovations done properly can increase property value, but if you’re looking to sell, the costs of damage that hasn’t been properly corrected can eventually land on the property’s buyer and end up costing you in terms of sales price.

Trouble Next Door

Nearby factors such as an antagonistic neighbor, loud parties, a neighbor’s barking dogs, or rising incidences of street crime and vandalism can dilute a property’s value. A registered sex offender living nearby can bring a house’s value down by as much as 17 percent, according to James Larsen of Wright State University. Certain structures such as abandoned factories, hazardous waste sites or landfills nearby can also devalue a property by as much as 25 percent.


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