Is
this the right time to sell my house?
There
are several factors to consider when deciding whether to sell
your home. There are times when you may need to sell, such
as when your job location or lifestyle change, or you have
serious money problems. You may have outgrown your current
home or are now able to afford a better place and are ready
to move up. When the economic forecast is good, you may want
to sell and take advantage of the strong market. Additionally,
if you have inherited a home, it wouldn't make sense to continue
making payments if it will be empty.
What
if I owe more than the home is worth?
As the
market has seen the values of homes drop, many homeowners
find themselves owing more than the current value. If your
circumstances dictate you needing to sell your home it is
what's called a short
sale in which you're asking the bank to forgive some of
your current degt on the home. It can be a complicating and
time consuming process but one that often is the best solution.
What
is the most important factor in deciding to sell?
Be certain! If you are not sure you want to sell, you won't
put forth the required effort or negotiate in good faith.
Beyond being a waste of time, in certain instances a buyer
can force you to honor a signed contract even if you change
your mind. Save yourself the trouble.
How
do I determine the sales potential of my home?
The basic influencing factors include location, appearance
of house and neighborhood, size, condition, view, percentage
of owners to renters in your neighborhood (owners tend to
have a pride in ownership), and crime rate. Contact us if
you would like an in depth
analysis of the value of your home in todays market.
What
are the steps once I've decided to sell?
First, choose a REALTOR¨ and ask for a comparative
market analysis. This will help you determine a fair asking
price--high enough so you get what your home is worth and
realistic enough so you interest buyers. Secondly, look into
the current mortgage interest rates. It will affect what potential
buyers can afford, and what you can afford if you move up.
Also, consider the time of year. The most popular time of
year for families to move is in the summer, when children
are out of school and the holidays are a long way off. Early
spring is usually the best time to list and receive the maximum
exposure. Fix up the overall appearance of your home, with
an eye for the little, easy things like cobwebs in the corner.
More on this below.
How
can I best work with my REALTOR?
Ask about and understand what marketing steps he or she will
take and when they will occur. Define your expectations of
the transaction and communicate them. Disclose problems, keep
your house in good condition and let the REALTOR® take
the lead with buyers. Keep your house clean, the yard neat,
and be ready at any time. Let your REALTOR¨® show
the house, but if you are at home during a showing, look neat
and stay inconspicuous. You probably have less experience,
may make buyers uncomfortable, and may want to avoid hearing
any negative comments buyers may have. Finally, you must allow
inspections, fix anything necessary, and show up at the closing.
What
should I do to get my home ready for showing?
Start by taking a look from the street. This is the first
impression potential buyers will get. Remember what you liked
when you first saw the house. Have you improved on it or let
anything go? Next, walk slowly through the interior. Eliminate
odors, especially pet and smoke. Clean the windows and pull
back the drapes to maximize light, bright rooms.
We've
found a great house at a good price. Should we buy?
You have three basic options. You can wait until you sell
your current home. With this option you risk losing the new
home to another buyer, but you may find one later you like
even more. Secondly, you may add a contingency clause to your
offer, stating that you must sell your current house before
closing on the new one. Third, if you are having trouble selling
your current house, you may consider renting it out or refinancing
it for cash to help you buy. The problems associated with
this third option include finding and managing tenants, trying
to sell the house with tenants, and closing costs and higher
mortgage payments with a refinance.
What
are the important factors when considering an offer?
Consider all of the following: price, terms, clauses, personal
property requested, and the amount and who holds the earnest
money.
What
can I do to help get potential buyers financed?
You may offer to pay points, which will reduce the rate and
interest on the loan. If the buyers have adequate income but
are a little short on cash, you may pay the non-recurring
closing costs at the settlement. Another option, which should
never be taken without fully understanding the risks, is to
hold a second mortgage for buyers who cannot qualify for the
full amount.
Are
there any special considerations when selling a condo?
The most obvious difference is the maintenance fees. You may
want to remind buyers that maintenance fees can often work
out to less money than single-family home maintenance costs
because condo fees are shared by all owners.
