Everything listed under: Seller advice

  • Relocating? Tips For Buying and Selling in Varying Markets

    Zillow featured a blog post on tips for buying in one market while selling in another market.  The bottom line of the post was do your research ahead of time and know the local markets almost as well as your realtor.  The more you know, the more time and headaches will be saved down the line in negotiating.  Also a lot depends on whether a local real estate market favors a buyer or or seller at the moment.  

    How to Sell in a Buyer's Market

    A buyer's market is one with a high level of inventory of homes for sale, low demand from buyers or a slow economy.  Selling in this atmosphere may be more difficult.  That's why it's imperative to heed to the advice of a realtor that does his homework and knows the current climate of a local market.  Pricing your home to sell and preparing your home for listing before it goes on the market are two examples of ways to sell faster in a buyer's market.  Zillow's blog stated, "strongly consider any suggestions your agent makes for slight cosmetic fixes or staging" and we agree.

    How to Sell in a Seller's Market

    A seller's market is one where demand is high and there are a lot of buyers looking for homes, with lower level of inventory.  Although it may seem intuitive that this real estate climate is a "walk in the park" for selling your home, sellers still need to take precautions.  For instance, choosing the right buyer among a few offers is imperative to avoiding having to put your home back on the market.  The "right" buyer is one that has usually seen the home a few times, is pre-approved for a loan and/or has been looking in the market for a while.

    How to Buy in a Buyer's Market

    A buyer in a buyer's market may feel like a kid in a candy store...there are lots of homes to choose from and sellers give full attention to a prospective buyer.  But, before signing that contract, ask as many questions as possible through your agent to the seller.  Why is the seller moving?  How long as the seller lived there? What's the timeframe for moving?  These questions can unearth which properties have the best values and the buyer can get the best deal possible.

    How to Buy in a Seller's Market

    Competition is the name of the game here.  Few homes on the market and lots of hungry buyers looking at these few homes.  To give your "team" the best chance at winning, build a team!  Make sure to be represented by a buyer's agent and have a mortgage pro on hand.  Don't wait for open houses.  When a home comes on the market, have your agent contact you immediately and set up a showing of the home.  However, don't move too swiftly.  Sellers are aware of the desperation in many buyers.  And foregoing inspections or contingencies for the sake of "winning" a home is not the right approach.  Do your due diligence.

    To read the full post on Zillow, click here and as always contact us with any real estate questions you may have!

     

     

  • Should I Stay or Should I Go? 3 Things to Consider in Deciding Whether to Remodel or Buy a New Home

    Should you stay or should you go?

    Before making the decision to remodel your current home or buy a new home, consider these 3 factors according to Realty Times:

    1.  Local Market Conditions:

    There are 2 parts to buying a new home usually - selling your current home and then getting a good price and rate on a new one.  Check with your local real estate agent on the current market conditions in your area and the area you want to buy in.  Home prices and inventory can play significant roles in this process.  Some markets may be favorable to selling your home and then using the proceeds for a down payment on a new home... but some may not.  It is important to do your research on market conditions before making this decision, to avoid having to back out of a deal down the line.  You don't want to commit to a purchase and sale contract to  buy a new home, only to realize your current home either won't sell for the amount you need to purchase the new home or won't sell in the current market conditions in your area.

    2.  Counterproductive Upgrades:

    Homeowners should only consider remodeling if the upgrades will increase the value of their home over time.  Adding upgraded smart home appliances, energy efficient windows, and lighting for example are the most common upgrades that increase home value over time.  Remodeling can be less expensive than buying a home, but coming up with the capital to do so may require a home equity loan or line of credit, which creates new debt.  Be sure that the project(s) you undertake are not money pits and remove as many unknowns from the equation of remodeling as possible (ie get inspections or opinions of contractors if necessary before ripping up an area of your home!).  

    This is a very useful Cost vs. Value 2014 report in evaluating what remodeling projects to take on in your current home:

    Cost vs. Value 2014 Report

    3.  Future Market Conditions:

    Do your homework on future market conditions in your area and the area where you want to buy a new home.  Is the property walking distance to schools, parks, malls or other amenities?  If so, this will increase the value of the home, rather than if a home is only driving distance to everything.  If you see or hear of a new construction project being built near your current home or new home, inquire further about it.  Although construction in the short-term may be a pain to deal with, it may add value to your home or new home and should influence your decision whether to stay put or move to a new home.  

     Bottom line: Do your due diligence in deciding whether to remodel or buy a new home.  And contact us with any questions you may have about current or future market conditions in your area. 

     

     

  • Sell Your Home This Spring

    With inventories low in parts of Seacoast, here are 3 reasons to put your home on the market to gain a competitive and financial edge.

    1.  Demand Is About To Skyrocket

    It's obvious that the spring and summer months are the hottest months for home sales.  Hoping to beat the rush, many smart buyers will be out early this spring.  And there were a lot of buyers who put their house hunting on hold with the severe winter weather around the Seacoast.  They are now ready, willing and able!

    2.  There is Less Demand... For Now

    Home sellers will be putting their homes on the market in late spring and early summer.  There may also be more home sellers that now can afford to move with returning positive equity as home prices have risen again over the last year.  If you wait until the summer to list, there will be a lot more competition with an increased supply of houses coming on the market.

    3.  There Will Never Be a Better Time to Move-Up

    Moving to a more expensive home will be more affordable this spring than later this year or next year.  Prices are projected to appreciate by approximately 4% this year and 8% by the end of 2015. If you are moving to a higher priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock in your 30 year housing expense with an interest rate at about 4.5% right now. Freddie Mac projects rates to be 5.1% by this time next year and 5.7% by the fourth quarter of 2015.

    Thanks to KCM's blog for providing great insight on the advantages of selling right now.  Contact us today to list your home or ask us questions about anything real estate related!



  • 6 Things Real Estate Agents Wish You Knew

    This slideshow is very informative for both buyers and sellers.  In a nutshell:

    1.  Want to sell quickly? Price it just under the market.  The longer a house is on the market, the less likely you are to get fair value for it.

    2.  The preapproval letter is just the beginning.  Never get new loans or start using credit cards more heavily until after you've actually closed on the home.  A lender will re-examine your credit right before closing.  Better yet, wait a few months after closing to start spending until you get a hold of how much your new home will impact you financially.

    3.  Selling a house probably takes longer than you think.  Underestimating the timeline adds stress.  A smart seller anticipates a minimum of four to six months to sell.  And that's if the home is priced correctly in a good market and gets a solid offer that makes it to closing.

    4.  Not all "buyers" are able to buy.  Smart buyers will get "preapproved" rather than rely on a "prequalified" letter they received.  Being "preapproved" means they have applied for a loan, the bank has verified their financial information, and it promises to loan a specific amount at a specific rate.

    5.  Yes it really does have to smell good.  A seller's home should be kept showroom-ready at all times.  A mess or bad odor leaves an impression with the buyer that is hard to overcome.

    6.  We don't make as much as you think.  Unless your agent is handling both sides of the transaction, figure your agent is getting only a quarter of the total commission.  

    View the full article at Bankrate.com here!

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