Many people who want to sell their home dream of a stress-free sell where they only have to list their home, find a qualified buyer quickly, collect money and hand over the keys. This is just but a dream, selling a home involves several steps some you’re in control of while others aren’t in your hands. Here is a list of five steps to effectively market and sell your home.
Recognize that Every Market is Different.
You can’t compare your town with what is happening miles away. Price your home around the average selling price in the neighborhood. Putting your home on market with $25,000 more than the average selling price is not going to sell. If the home is next to social amenities such as schools the price can be a little higher due to its great demand. To price your home accordingly you get an idea on how homes around you are selling.
Before calling a real estate agent, inspect your home. Fix all the issues the inspector is going to identify. Repairs and other home prep works fasten the selling process. By the time you list your home for selling it will be drama-free hence attracting many buyers.
Spruce Up Your Space
Prepare your home to receive another owner. Remove all your stuff from the house, this gives the prospective buyers a chance to imagine their stuff in your home. Clear the shelves, tuck away cords and wires and tidy up your outdoor space. You can lose a chance to negotiate if your home isn’t appealing. Lush landscaping, clean entryway, and clean walls can make your home stand out.
After your home is ready and sparkling schedule for a photo shoot. Look for a professional photographer who has a good portfolio and knows how to make rooms appear brighter, bigger and more attractive. The photographer should use drones to capture the aerial view of the home. Attractive photographs will attract more buyers while dim photos will turn them away.
Hire an Agent
Many homeowners are tempted to avoid broker fees by going for a real estate agent instead of selling their home themselves. In most cases, the agent will ask for 6% of the selling price. Avoiding brokers limits how much your home is exposed to the broadest. If you’re not an experienced seller you may end up breaking laws. Go for an agent who’s in the neighborhood day in day out and an agent who is active. Don’t go for an agent with more listings but few sales.
Making a quick sale is the dream of every home seller, nobody wants to get stuck with a house on the market for months. It is possible that you could list your home for sale and within a few days, you already made the cash and on your way to doing other things. So what happens when your hopes of making a quick sale are stalled for weeks or even months? You will definitely have to consider dropping the asking price on your house to attract potential buyers.
Making a quick sale means you have to be competitive in the market. You need to set the right conditions for your listing with the price being a significant factor. Below are the indicators that will alert you on the need to make a change on that price tag,
Price offers in your vicinity
Study your surrounding areas well and find out the prices on houses for sale. It is possible that you may have overpriced your listing hence making buyers shun away. For you to be competitive as possible make sure that your price is in line with the current market price. Of course, every seller wants to realize as much profit as possible, but remember the competition is fears you need to make adjustments to fit in. Here is how to look at comparable houses in your neighborhood.
When you are getting views on your listing, but noticeably no offers are made, know that price has something to do with it. Buyers are looking for houses to buy every day, but it is unlikely that they will put up any offers if they don’t find a good home at a favorable price. Once you notice this, it is the right time to lower your cost.
You are not getting showings
The number of people coming to view the property is a good indicator that your pricing is reasonable. The number of visits to your house increases the chances of its sale pretty fast. But with a low turnout the indications are as bad as you thought. However, you may still be getting showings, but the interest dies off once they leave, the reason could be your price. It is working against your efforts.
The other reason that may require you to lower your asking price is a home appraisal. It is essential to have a home appraisal to arrive at the best asking price. Usually, clients seek services of home appraisers to get a view of the price listed on your property. If the appraiser finds that your home is overpriced, it is a good reason to know why you are not selling.
But before you lower the price on your house, there are factors to consider. Do not rush your decisions, study the market well and make sure that price is the real factor affecting your listing.
The home ownership process can be very difficult, but you’ve managed to make it through the home owner process. You’ve passed the lengthy credit worthiness test, you secured a down payment, and you’ve selected the home of your dreams. Many people have went down the same road that you’re on, but very few people have been able to make it this far. It’s not an easy process when you’re trying to qualify for a home loan. Your family is one step closer to moving into their new home, and you’re proud of your accomplishment. However, as the seller, what really happens after you accept an offer for a house?
You’ve Accepted an Offer on a Home, Now What?
According to the US News & Home Report, it’s not easy sitting around waiting for potential home buyers. In fact, some seller’s sit dubiously waiting for their house to be sold and to get the best asking price. You’re listing price only provides the expectations of what you’re asking for by giving the buyer insight. The value on the property and the renovations isn’t included in the asking price or the offer for the home. However, some seller’s will agree to make repairs on the home as conditions on any offer that’s made to buy their house.
After establishing an offer, the seller will set a deadline for the down payment to be made. You should weigh the home value to see how much you need to pay off your mortgage on the home. If you no longer owe a mortgage, you can accept an offer that will help you purchase a new home (if that’s what you want). When you both have reached a price that you can agree on, the seller can move on with the deal. The seller should always keep the buyers preferences in mind.
At this point, it’s time to sign the documents that will indicate intent to buy the home. You will establish a closing date (this is the time for the buyer to make note of any potential repairs or renovations). However, just because you’ve signed the paperwork doesn’t mean the deal will go through. Due diligence has specific laws in every state that will allow the buyer to back out of the deal. More importantly, if the buyer wasn’t honest about their finances, has bad credit, or something comes up on their report, it will cause the seller to back out of the deal and the house will end up back on the market.
Securing your finances for a home is the first part of home ownership and can take some research and dedication. You have to ensure that you’re also doing your part by maintaining a positive credit score, managing your mortgage points, and securing a mortgage lender. The type of mortgage that you chose will determine the actual down payment of your new home. The following guide is the top mortgage options explained in brief detail.
A Few Mortgage Options Explained
Adjustable Interest Rates
When you buy a home, you decide how your interest rates are treated. With an adjustable interest rate, you get a 5 year locked interest rate and it adjusts annually over the next 25 years. An adjustable rate is called a “5/1” adjustable rate mortgage. You only get a lower interest rate and monthly mortgage for the first few years.
Fixed Rate Mortgage
A fixed mortgage rate stays the same the length of your loan agreement. You will have the same size mortgage rate and interest the time it takes for you to pay off your loan. However, according the Federal Housing Administration (FHA), a fixed rate mortgage may be higher at first and may not be the best option for low to moderate income first time home buyers.
15- Year Mortgage
A 15-year mortgage allows you to pay off your loan fast and cost far less than longer term loans. You have lower interest rates with a 15 year mortgage. However, it does come with a higher monthly mortgage than a 30-year fixed rate. Unfortunately, this may take you off of your budget if you want to save on your monthly costs.
A 30 year mortgage is set for 30 years and comes with a higher interest rate than a 15-year mortgage. However, your monthly rates are lower which may be a great option for someone that’s on a budget. However, keep in mind the interest is spread out over the duration of the loan and may not be as bad as it sounds if you set a financial course.
You should thoroughly weigh your options before you choose a mortgage rate. There are many online resources that will help you get a narrative of your mortgage options in detail. However, a mortgage broker or real estate agent can professionally help you assess your options before you sign on the dotted line and become obligated to a contractual mortgage agreement.