So, the time has come to sell your home and you may be wondering how you can get the best price for the home that you have loved (or hated) so much. Today, selling a home isn’t easy. Mortgage companies are making it more difficult to get a home, believe me, been there done that. Fortunately, home values have rebounded over the past few years and it has made it easier for homeowners to sell their home for a profit. Even though you may be able to make a profit off of your home, actually getting your home sold may be tough, but here are a few things you can do to get it sold for a good price.
One of the most important things that you can do when pricing and getting your home sold is to do your homework. This means that you should look up what homes in your area have sold for in the past 30-60 days and how long they have been for sale. You will also be able to see if those homes had been sold for more or less of their original asking price. You can do this on websites such as Zillow.com, Redfin.com and Trulia.com. It also wouldn’t hurt to reach out to a network of buyers’ agents.
Your home may not sell as soon as you put it on the market unless there is a high demand for homes in your area. If it isn’t selling, don’t worry, be patient. Some sellers may be tempted to list their homes for way more than what other homes are going for in their area and this can steer potential buyers away from your home. Your home may have everything they want, but if it is 50 thousand dollars over their price range or over what other houses are estimated at, they are going to look for something else. The best thing to do when trying to sell your home is to price it fairly to avoid having it on the market for too long. If it is on there for too long it becomes “stale” and people are going to ask themselves why it has been on there for so long and then they get it in their head that there is something wrong with it when really, there isn’t, you’re just asking too much.
When selling your home, it is best to stick with an agent that knows your neighborhood. They will be in the perfect spot for knowing which transactions are in the works but not yet available for public records. While you are evaluating the possible agents, you should also find out the price of their most recent sales to see whether the home was sold for more or less of the original asking price. You want to know what your agent has done for other homes in the past because they will most likely repeat their tactics.
Listing agents will usually ask for a 5 or 6 percent commission on the sale price of the home. It is then usually split between the selling and buyer’s agent even though many listing agents split their own share with their brokerage. Sellers can negotiate for a lower commission but then your home may become less of a priority for the agent. The best thing to do is to work with a listing agent that is asking less of a commission.
The value of real estate, theoretically, does not depreciate. When you buy a piece of real estate at a certain price, you can expect to get gains over a period of time. These gains are very important when it becomes necessary to sell the property for whatever reasons that could necessitate such a sale.
In actual practice, however, there are possibilities that could cause your property’s value to go down instead of up, as expected. It helps to be aware of these five issues that may cause your home’s value to sink to prices lower than the cost of acquiring it.
It’s fun to design your interiors and the outside areas of your property. After all, we all want to make everything we own to be customized to our own preferences or personalities. You could find yourself installing an eccentricity or two in your front yard as a means to express yourself. That, however, can affect the actual value of your home when it’s time to sell. If you installed too many things that the next owner will not find useful, then it will be difficult to sell because prospective buyers will start thinking about the extra costs of removing those quirks of personality that you leave behind.
The only constant thing in this world is change, they say. Hence, you can expect your neighborhood to change with the times. Unfortunately, some changes could negatively affect the value of your property. The construction of a cell tower nearby, or close proximity to infrastructure that can cause light or noise pollution could also bring down the resale value of your property.
You might want to remove that candelabra that has been a centerpiece of your property for so many decades, or cover up the fire place. Maybe you’re just trying to make the home look modern, but that can actually lower the value of your property. Houses that have features that reflect the period of its construction can actually sell at a better place than those properties that have been “modernized” by removing those period features.
You may want to think twice about removing a bedroom in a property or turning it into non-essential space. Buyers are particular about the number of bedrooms in a property and, if you have converted a bedroom into a stockroom, for instance, buyers will be conscious of buying as it means additional expenses to turn it back to a bedroom.
Taking a sizable front space for granted and stuffing it with clutter is not only aesthetically an eyesore, but will be a factor to discourage potential buyers from acquiring your property when the time comes. Make sure that there’s still plenty of space left your landscaping, and avoid as much as possible putting up too big a shed or too many potted plants.
If you’re having trouble with your mortgage and is thinking of selling, why not contact a mortgage broker instead? These professionals can help you find refinancing options that will give you fair interest rates and ease your financial burden.
When you are buying a house, an inspector has to come out and inspect inside and outside of the home in search of any issues that may prevent the bank from approving your loan. It is your responsibility to take over the issues once you purchase the house, this is why the home inspection is so important. It is important to know what issues are in your home so that they can be fixed.
Roof problems are one of the most common issues found during a home inspection. A damaged or poorly maintained roof can lead to major problems in the future, such as water damage. Whole roof repairs can be expensive and should definitely be factored into the price of the home. Most buyers are not willing to compromise on the roof because they are so expensive to repair. If the roof still has a few years of life left on it, you shouldn’t expect the current homeowners to replace it.
Environmental issues are huge among inspectors and have become increasingly strict. If there is radon, lead-based paint, mold and asbestos in a home that you are potentially buying, they may need to be removed before you can move in or before the bank will approve you. These are all health concerns and are very dangerous. The same goes for a home that has well water. You are going to want to get your well tested to make sure it does not have iron, copper, manganese, etc in it. These are things that are going to make your home inspection not go well.
Poor ventilation is another common issue that home inspectors find. A home that does not have a significant amount of airflow has the risk of developing mold problems. One of the most common imperfections is a bathroom that is vent dumping into the attic and not through the roof. This makes for the perfect environment for moisture and mold growth.
Another common issue that is found during inspections is foundation issues. If there are any kinds of foundation issues on the home, a bank will most likely not approve your mortgage. This is because it is a liability to the bank. You want to make sure the foundation can be repaired and if possible, try to get the cost of the repair taken off the sale price of the home or make the current homeowner pay for the repair and leave the price of the home alone.
Electrical safety concerns are also a major problem found during home inspections. Older homes may not have electrical systems that are up to codes such as ground fault breaker outlets and grounded outlets throughout the house. These are all necessary for a safe living environment, especially when you think about all of the appliances that need to be plugged into these outlets. If your future home has knob and tube wiring, a lot of insurance companies are not going to insure the home.
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If you are buying a home, keep a look out for these issues. The home inspector is going to point them out, but it will also help if you are also keeping an eye out for any other issues that you may think will stop you from buying your home.