When is the right time to sell?
Times are changing and you’re thinking about moving the family into a
new home. But before you start searching for your next dream home,
you’ll need to figure out when you’re going to sell your existing home.
The decision is a complex one, especially considering the unpredictable
economic environment you’re living in. And while there’s no magic
formula for determining the best time to sell a home, there are several
factors you should consider.
The wrong time to sell
likely won’t come as a big surprise: you should avoid selling your home
during the winter holiday season. Tensions run high during the holidays
and budgets run low. The result? No one’s really itching to buy, and
offers that do come in are often low. So as a general rule of thumb,
avoid the months of December and January when selling a home.
The best season for selling
wisdom dictates that spring is the best time to sell a home. In spring,
the holidays have past, the new school year is still a while away, and
gardens and other outdoor spaces tend to look their best. And while
spring is the season that sees the largest amount of buyers, it’s also
the season when inventories are highest. This means lots of competition,
so if you’re going to sell in spring, you really need to get your
property to stand out with effective marketing and staging.
The best day for selling
to research, Thursday is the best day of the week to list your home for
sale. By listing your home for sale on a Thursday, you can make it
available immediately for weekend showings. Come Saturday – the busiest
day for real estate – your home will have only been on sale for two
days, which is great for attracting full-price offers. In general, the
shorter amount of time your home remains on the market, the higher the
offer you’ll receive.
How can an agent help me buy a home?
Buying a home can be an overwhelming process. From financing to
negotiating to closing, there are a lot of moving pieces that can leave
A real estate agent can help guide you
through each step of the buying process, offering sound advice along the
way. By working with a professional agent who knows the ins and outs of
the real estate industry, you’ll not only end up with a great home, but
you’ll also walk away with a great experience.
Here are some of the key areas that an agent can help you with:
Getting pre-approved by a lender
providing your real estate agent w6ith some basic information about
your income, savings, and debt, he or she can assist you in getting
pre-approved by a reputable lender. The lender will then go over your
financing options, what monthly payment amount you can afford, and what
you can expect for down payment requirements and closing costs.
Choosing a home
most buyers, choosing a home is an emotional process. An agent can
assist you in this process by offering objective information about each
property you look at. From local community information like schools and
zoning to home-specific details like condition and amenities, an agent
can help you find exactly what you’re looking for.
Making an offer
you’ve found the home of your dreams, an agent will research recent
comparable sales of similar homes in the area to help determine a fair
selling price. Based on those comparable sales, as well as other factors
like inspections and repairs, an agent will then help you structure an
offer and negotiate to get the very best deal possible.
or settlement, can be a complicated process. In some areas, the escrow
or title company handles the closing process, while in other areas an
attorney handles it. Regardless of where you’re buying, a real estate
agent can help ensure that everything goes smoothly.
Four questions to ask before buying a home:
Whether you’re a first-time homebuyer or a seasoned real estate
investor, buying a home is a an exciting process. However, there’s also a
lot to consider when you decide to buy. So before you begin your search
for the perfect property, here are four questions you should ask
What do I want?
Take the time to figure out what
type of property you want to buy. From single-family and multi-family
homes to condos and co-ops, there are many different options on the
market and it’s important to choose the type that best fits your needs.
Figuring out the town or neighborhood you want to live in is equally
important. While a property might have all of the amenities you’re
looking for, factors like crime rate and proximity to highways can
impact the overall home-owning experience. A good idea is to list out
and prioritize your needs (e.g. large backyard, great school system)
before you begin your search.
What can I afford?
The rule of
thumb is that you should never spend more than 30% of your monthly
income on a mortgage payment. An alternate rule states that you can
afford to buy a property that runs about two-and-a-half times your
annual salary. For a more tailored look at what you can afford, use an
online mortgage calculator to see what your monthly mortgage payments
would be if you bought a home today.
Am I financially prepared?
few months before you start searching for a home, review your credit
history and make sure it is in good standing. Get copies of your credit
report, ensure that it’s accurate, and fix any issues you discover. It’s
likely that you’ll also want to get pre-approved for a home loan, which
will put you in a better position to make a serious offer once you find
the right property. Pre-approval from a lender is based on your credit
history, debt, and income.
How do I make the best bid possible?
your research! Your opening bid should be based on the sales trends of
similar homes in the area. So before making your opening bid, get online
and review the selling prices of comparable properties. If these
properties sold for less than the current asking price of the home
you’re looking at, you can feel comfortable make a bid that’s slightly
lower than what the seller is asking.