Welcome to our resource center. Here we
provide good information to help you begin the buying or selling
process. Please feel free to contact us at anytime with
specific questions. We look forward to serving all your real
estate needs.
The best time to sell is when you are ready, or when you must. That
is, when you have outgrown the space in your current home, or you
prefer to trade down to something smaller. Perhaps your martial
status has changed, which necessitates a move, or you need to
relocate for a job. Market conditions also play a role, as do
seasonal conditions. For example, your chances of getting top dollar
for your home are more likely in a seller's market, when demand
outweighs supply, than in a buyer's market. Local and national
economic factors also may dictate when to sell. If a major employer
in your area is laying off workers, it may not be a good time to put
your home up for sale.
People will be cautious about buying
when the future seems so unpredictable or bleak. Most agents agree
the best time to sell is in the spring. This is when the largest
number of potential buyers hit the market. Your home is likely to
sell faster and at a higher price, although sales begin to pick up
as early as February and start to slack off in July, the slowest
month for real estate transactions.
What should I do to prepare my home for sale?
Start by finding out its worth. Contact us for a comparative market
analysis, an informal estimate of value based on the recent selling
price of similar neighborhood properties. Or get a certified
appraiser to provide an appraisal. Next, get busy working on the
home's appearance. You want to make sure it is in the best condition
possible for showing to prospective buyers so that you can get top
dollar. This means fixing or sprucing up any trouble spots that
could deter a buyer, such as squeaky doors, a leaky roof, dirty
carpet and walls, and broken windows.
The "curb appeal" of your home is
extremely important. In fact, it is the first impression that buyers
form of your property as they drive or walk up. So make sure the
lawn is pristine, the grass cut, debris removed, garden beds free of
weeds, and hedges trimmed. The trick is not to overspend on pre-sale
repairs and fix-ups, especially if there are few homes on the market
but many buyers competing for them. On the other hand, making such
repairs may be the only way to sell your home in a down market.
What else should I know?
Once your home is available to be shown strive to keep it in tip-top
shape. This will require a lot of effort on your part, but you want
buyers to feel welcomed and not turned off by unmade beds, cluttered
floors, and grungy bathrooms. Realize, too, that your life will be
temporarily inconvenienced. When an agent, yours as well as others,
calls wishing to bring a buyer to see the home at the last minute or
on the same day, respond favorably. Remember your goal is to get the
home sold, and that can only be accomplished if people get to see
it. Flexibility is the key to a quick sale. Plan not to be present
when buyers pass through. It is awkward and unsettling for them to
have the owners present. If you cannot leave, sit in the backyard.
But do not attempt to have conversations with the buyer. Speak only
when spoken to; be brief and polite. Finally, pay special attention
to pets, particularly dogs. They can be intimidating. Put them on a
leash and in the backyard. Better yet, when possible, take them with
you. And be keen to pet odors. They can turn buyers away.
Should I sell my home first or wait until I have bought another
home?
This is a tough decision, but the answer will depend on your
personal situation, as well as the condition of the local housing
market. If you put your home on the market first, you may have to
scramble to find another one before settlement, which could cause
you to buy a home that does not meet all your requirements. If you
cannot find another home, you may need to move twice, temporarily
staying with relatives or in a hotel. On the other hand, if you make
an offer to buy first, you may be tempted to sell your existing home
quickly, even at a lower price. The advantage of buying first is you
can shop carefully for the right home and feel comfortable with your
decision before putting the existing home on the market. On the flip
side, the advantage of selling your existing home first is that it
maximizes your negotiating position because you are under no
pressure to sell quickly. It also eliminates the need to carry two
mortgages at once. Talk with your agent for advice. Discuss the pros
and of each and whether certain contingencies written into the
contract can ease some of the pressures.
Are there tips for selling a vacant home?
Yes. Once furniture is removed from the home, you will notice all
kinds of imperfections you never paid attention to before; rips in
the carpet, holes in the walls, and dinginess. In an empty house,
everything stands out. What you see is what potential buyers will
also see. So you may need to paint, tear up old carpet, and replace
the kitchen floor. To get rid of the "empty house" feeling, leave a
few pieces of furniture behind, simple things like a lamp, chairs,
and a table will do. Pay special attention to maintenance. Someone
will need to dust and vacuum, leaves will need to be raked, and the
grass cut. In the winter, consider having the heating system shut
down and drained to save money. But keep the electricity running
because lights will be needed to show the house. Watch out for that
musty smell, particularly during the summer months, that settles in
from having the windows sealed and locked. And beware of pests such
as mice, squirrels, ants and bats.
What are some costs associated with selling my home?
Besides the costs related to making repairs and improving the
overall appearance of the home, as the seller you will also need to
pay the following:
A real estate commission.
Advertising costs, marketing
materials, and other fees if you sell the home yourself.
Attorney, closing, or other
professional fees.
Title insurance
Excise tax for the sale.
Prorated costs for your share
of annual expenses, such as property taxes, homeowner
association fees, and fuel tank rentals.
Any other fees normally paid by
sellers in your area, including points, survey, and appraisal
fees.
To get a better handle on all costs,
contact us. We deal with this information daily and can give you a
pretty good estimate of the closing costs you can expect to pay.
What are some costs associated with buying a new home?
Basically, the costs are no different from when you purchased your
existing home. They include moving expenses, loan costs, the down
payment, a home inspection, title work and policy, and paying for a
new hazard insurance policy. Your lender can give you a disclosure
of estimated costs when you apply to be pre-approved for a home
loan.
Do I need an attorney to sell a home?
Although most sellers can handle routine real estate purchase
contracts, some experts say it is a good idea to be represented by
an attorney, particularly if you are selling on your own. You should
choose one with expertise in real estate transactions. Before hiring
someone discuss all the details of the transaction, including all
legal costs you will incur. A good attorney will assist you in
completing the deal swiftly and with confidence.
Start by creating a prioritized list of features you want in your next home and
the reasons why. Use it as your search guide, but remember that depending on
your funding, you will probably need to make some compromises. In addition, talk
to us about where you want to live. Location is a huge part of any move. We are
experienced to help our clients narrow down their choices by sharing market
trends and local information like neighborhood statistics and community links.
Figuring Out What You Can Afford
Now that you know what you want, it's time to see what you can afford. You can
start by crunching the numbers yourself using our selection of
calculators.
When you're ready to move to the next step, you can get pre-approved for a
mortgage. This process can often be performed in under an hour and it
accomplishes two important goals. First, it will tell you how much house you can
afford and what your monthly payments would be. Second, it tells the seller that
you can afford to buy their home.
By definition, a pre-approved buyer has an approved mortgage subject to an
appraisal of the property. Many times a buyer can use this pre-approved status
as leverage during the negotiation process.
Shopping For Homes
Once you know what community you'd like to live in and have an idea of how much
house you can afford, its time to start checking out actual properties.
Beginning this search online can help save you time since it can help you target
homes that meet your search criteria. We can even email you when
properties come on the market that meet your search criteria.
Next, begin visiting homes in person. Ask us to arrange visits and attend open
houses that are in your target area and price range. When comparing homes, make
sure to look at all aspects of the property. Is the property tax approximately
the same? Are both the houses renovated? Do they both have the same amount of
bedrooms and bathrooms? Are both houses located on the same or similar streets?
Does either house have any encumbrances?
Making An Offer
Once you find the home you want, you need to make an offer for the house.
Typically this is a very difficult and trying time since both parties have
totally different goals. In most cases it is better to have a third party, such
as a real estate professional, negotiate the offer. If you have any personal
interaction with the homeowner, don't give out any information about your move,
your current housing status, financial status or your feelings about their
property - positive or negative. This could hurt you in future negotiations.
This might also be a good time to consider purchasing a home protection plan.
These insurance policies can be purchased by the buyer or seller and help
protect against unexpected costs or home repairs during the listing period or in
the initial years after a home has been purchased.
Inspection & Insurance
After your offer is accepted you will need to set up, coordinate and interpret
various inspections, including insect, radon, building quality, oil tank, title,
etc. You will also need to arrange for homeowners insurance and finalize the
mortgage.
This is a major step in the buying process and there are many potential problems
that can be discovered during this period. These include a leaky roof, radon
gas, termite damage, a foundation problem, and wall cracks, to name a few. These
problems happen all the time. The difference between closing on your dream home
and starting the process all over again is what occurs during the negotiations
between you and the seller.
We can help make these discussions go more smoothly. You will also have the
option of a "walk through" before the closing. This is your last chance to make
sure that all of the items that you have agreed upon were completed to your
satisfaction.
The Final Closing
Before you arrive at the closing, make sure all the necessary paper work and
deposits have been completed. If the mortgage, title work, homeowners insurance
and other items necessary under local and state laws are not completed and
brought to the closing table, the closing may not happen on time. And, depending
on what the contract says, this could result in further action including
financial penalties and even the loss of your rights to the home.
Once you close, it's official - you own the house! But there might be a few
things you want to do before you lay out the welcome mat. These include
arranging for an alarm system, turning on the electricity, subscribing to the
local paper, cleaning or replacing the carpet, arranging for lawn services, etc.
This could also be a good time to make some needed renovations.
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