Mary O'Brien's Blog
When it comes to selling a house, it helps to plan ahead. By doing so, a home seller can identify and resolve potential home selling hurdles right away.
With the right approach to selling a house, any seller can minimize problems along the way. In fact, the right approach may increase the likelihood that a seller can enjoy a speedy home selling experience.
Now, let's take a look at three tips to help sellers streamline the home selling journey.
1. Price Your House Competitively
What is your house really worth? This question is difficult to answer for a home seller, as many factors impact the value of a home.
A home's age and condition likely will play important roles in your residence's value. Furthermore, external factors like the crime rates in the city or town where your home is located or your house's proximity to parks and schools may affect your residence's value.
To establish a competitive price for your house, you'll want to study the local housing market. Look at the prices of available houses that are similar to your own; this data can help you define a competitive initial asking price for your residence.
In addition, it frequently helps to perform a home appraisal. During a home appraisal, a property expert will assess your house and provide a property valuation. Then, you can use this valuation to determine the ideal asking price for your house.
2. Conduct a Home Inspection
Although a home inspection generally is completed after a seller accepts a buyer's offer on a house, there is no need to wait. Instead, a home seller can conduct an inspection prior to listing a residence to learn about a house's strengths and weaknesses.
Review the results of a home inspection closely – you'll be glad you did. After a home inspection, you can identify any underlying problems with your house and take the necessary steps to resolve these issues. That way, you can prevent such problems from cropping up after a buyer submits an offer on your house.
3. Hire a Real Estate Agent
If you are unsure about how to price your house or complete other home selling tasks, there is no need to worry. Remember, you can always hire a real estate agent who can provide plenty of support throughout the home selling journey.
A real estate agent understands the ins and outs of selling a house. As such, this housing market expert can teach you about the real estate sector and ensure you can achieve the best possible home selling results.
Typically, a real estate agent will set up home showings and open house events, negotiate with a buyer's agent on your behalf and simplify the home selling cycle. With a real estate agent at your side, you should have no trouble receiving expert responses to your home selling questions too.
Ready to add your house to the real estate market? Use the aforementioned tips, and you can reap the benefits of a speedy home selling experience.
The home selling market can be fierce, regardless of where you live. However, there are lots of things you can do to rise above the house selling competition, and these include:
1. Learn About the Local Housing Market
Take a look at some of the available houses in your city or town – you will be glad you did. If you analyze available houses in your area and see how they stack up against your residence, you may find ways to differentiate your home from the competition.
Also, it may be beneficial to assess recently sold houses in your area. If you find out how quickly houses are selling, you can determine if a buyer's or seller's market is in place. Then, you can map out your house selling journey to ensure you can showcase your residence to the right groups of buyers.
2. Perform a Home Inspection
A home inspection is a must if you want to gain a leg up on the house selling competition. If you understand your house's strengths and weaknesses, you can prioritize home repairs. Next, you can take the necessary steps to transform assorted home weaknesses into strengths.
Following a home inspection, review your inspection report. If you have any questions about the report, reach out to the inspector who provided the report. Finally, when you determine how you want to upgrade your house, you can start to complete various home improvement projects.
3. Price Your Home Competitively
If your home is priced competitively, you should have no trouble stirring up interest in your residence as soon as it becomes available.
To establish a competitive price for your house, you may want to conduct a property appraisal. This evaluation enables you to receive a property valuation that you can use to determine the right initial asking price for your residence.
For those who want to streamline the house selling cycle, it may be a good idea to hire a real estate agent, too. This housing market professional can provide you with an immediate competitive advantage over rival home sellers. Best of all, a real estate agent can help you achieve your desired home selling results without delay.
A real estate agent won't take shortcuts, and instead, devotes the necessary time and resources to teach you about the house selling journey. First, he or she will help you establish house selling goals and plan for the property selling journey. A real estate agent next will schedule home showings and open house events that allow buyers to view your residence any time they choose. Furthermore, if you have any home selling questions, a real estate agent can respond to them.
As you prepare to list your home, it helps to do everything possible to obtain a competitive advantage over rival house sellers. Thanks to the aforementioned tips, you can plan ahead for the house selling journey and boost the likelihood of enjoying a successful home selling experience.
You got a reverse mortgage on your home to help with your retirement, but now, you want to move out. Maybe its because your kids want the house, or it just doesn't work for you anymore due to the climate or just how far away your family lives. Makes sense, when you were younger your life changed all the time, that doesn’t stop after retirement. So, are you stuck? Or can you sell it?
First, what is a Reverse Mortgage?
A "reverse mortgage" is a special form of home financing that pays out based on the equity of your home. While you continue living in the home, the loan pays either a single lump sum, as a line of credit, monthly payments, or in some combination thereof to help cover the cost of your retirement. In the United States, the home must be the primary residence, and the homeowner must be over the age of 62 to qualify. While originally started to allow seniors to keep a more stable income, the IRS doesn't see it that way and instead looks at the income as a "loan advance" and taxes it accordingly.
Paying off Your Reverse Mortgage
Typically, the point of a reverse mortgage is for the income. That means you defer payment of the loan until you die, though it comes due when you sell the home or if you live elsewhere for a whole year. That means it usually falls to your heirs to handle it. They can pay it off, refinance it or sell the home. As a last resort, they can give up the property to the lender in place of repayment, but they give up all the rights of ownership to the property. Its possible to get a Home Equity Conversion Mortgage (HECM) from the FHA restricted to the value of your home. This type of loan protects your heirs since the mortgage can't be more than the value of the house, which means all they have to do is hand over the property and they are free and clear.
Selling Your Home Under the Reverse Mortgage
Selling your reverse mortgaged home can be complicated. Your reverse mortgage compounds interest over its whole life on both the owed interested and the borrowed amount. That means the mortgage could be substantially higher than the original borrowed amount. If you want to sell the home, no matter if its family or open market, first start by figuring out just how much remains on the mortgage. Include the whole borrowed amount, owed interest, compounded interest and any fees your lender may charge. Double check that number by requesting a payoff amount from the lender. They will send you an estimated payoff amount based on your current status and will only apply for a specific date range. Keep in mind that regardless if you sell the home for the original amount, if it takes longer than you originally planned, those numbers could go up.
Want to know if your home is a good candidate for a reverse mortgage sale? Refer to your local real estate agent to find out if the market value of your home is high enough to make it a good idea.
Selling a home may seem exceedingly difficult, particularly for those who are adding a residence to the housing market for the first time. Fortunately, there are many quick, easy ways to streamline the home selling process.
Now, let's take a look at three tips that you can use to become an expert home seller.
1. Examine Housing Market Trends
The current state of the real estate market may play an important role in your ability to maximize the value of your residence.
For example, a buyer's market may feature a shortage of property buyers. When this happens, home sellers may compete against one another for property buyers' attention more than ever before, leading to below-average home prices.
It is essential to consider how a seller's market works too.
In a seller's market, there is a shortage of home sellers. This means you may be in a great position to optimize the value of your residence, particularly if you have maintained a high-quality property. In fact, you may wind up receiving multiple offers on your home as soon as it reaches a seller's market.
To find out whether you're operating in a buyer's or seller's market, you'll need to study the real estate sector closely.
Look at the prices of recently sold homes and find out how long these properties were available before they were purchased. Also, you should check out the prices of comparable homes that are currently available to find out how your house stacks up against the competition.
2. Consider the Homebuyer's Perspective
How will a homebuyer feel when he or she sees your residence for the first time? Ultimately, the first impression may dictate whether a homebuyer moves forward with your home or decides to pursue other properties.
Allocate plenty of time and resources to enhance your home's curb appeal – you'll be glad you did. Completing home maintenance tasks like mowing the lawn and clearing exterior walkways may help your house stand out in a competitive real estate landscape.
Don't forget to declutter your home's interior as well. By doing so, you can make it simple for homebuyers to imagine what life would be like if they purchase your house.
3. Consult with a Real Estate Agent
Becoming an expert home seller rarely, if ever, happens overnight. Instead, you may need additional help along the way.
Lucky for you, real estate agents are available to teach you about the intricacies of selling a home.
A real estate agent is happy to respond to your home selling concerns and queries at any time. He or she can offer guidance throughout the home selling journey and ensure you can get the best results possible.
When it comes to selling your home, it is important to do everything you can to optimize the value of your property. And with extra support from a real estate agent, you should have no trouble stirring up plenty of interest in your residence.
Use these tips, and you can become an expert home seller in no time at all.
Although a home seller wants to enjoy a quick, seamless home selling experience, problems sometimes can arise along the way. And if a home seller is not careful, these issues may cause him or her to encounter one of the dreaded home selling worst-case scenarios.
Ultimately, there are many home selling worst-case scenarios that a seller should try to avoid at all costs, and these scenarios include:
1. A home is priced too high.
A home seller should establish a competitive price for his or her residence from the get-go. Because failure to do so could force a residence to linger on the housing market for weeks, months or years.
To determine a competitive price, it helps to conduct plenty of real estate market research. Looking at the prices of recently sold houses in your city or town can help you determine whether you're preparing to enter a buyer's or seller's market. Also, examining the prices of comparable houses in your area can help you narrow your price range.
Furthermore, a property appraisal is a viable option for all home sellers, at all times. During an appraisal, a home expert will assess your residence and provide a property valuation. Then, you can use the property valuation to price your home accordingly.
2. A homebuyer requests a price reduction or major repairs after an inspection.
A home inspection generally takes place a few days after a seller accepts a buyer's offer on a residence. If this inspection reveals a wide array of home problems, it could jeopardize a potential sale.
It often helps to complete a home inspection before listing a residence. This inspection allows a seller to identify any home problems and resolve these issues immediately.
In addition, a home seller should understand his or her options after an inspection that reveals myriad home problems.
If a buyer requests a price reduction or home repairs after an inspection, a seller can agree to the buyer's terms or counter a buyer's proposal. Or, if a seller feels a buyer is being unreasonable, he or she can walk away from a home sale and relist his or her residence.
3. A home seller hires a real estate agent who lacks comprehensive industry experience.
If a seller hires a real estate agent who lacks comprehensive industry experience, he or she risks a long, arduous home selling experience.
There is no need to hire an inexperienced real estate agent. In fact, dozens of top-notch real estate agents are available nationwide, and these housing market professionals can help you achieve your home selling goals in no time at all.
The ideal real estate agent will know the ins and outs of the housing market. Plus, he or she will be able to guide you along each stage of the home selling journey and do whatever it takes to promote your residence to the right groups of buyers.
Enjoy a fast, profitable and worry-free home selling experience – consider the aforementioned home selling worst-case scenarios, and you can minimize risk throughout the home selling journey.