Karen Scopetski's Blog
Selling a home can be challenging, even for an individual who is laser-focused on getting the best price for his or her house. Fortunately, we're here to help you achieve the best-possible results during the home selling journey.
Now, let's take a look at three tips to help you obtain the best price for your residence.
1. Study the Prices of Comparable Residences in Your Area
Your home may seem like it is one of a kind, but there likely are comparable houses in your city or town. If you take a look at the prices of comparable houses in your area, you may be better equipped than ever before to establish a competitive initial asking price for your residence.
Also, studying the prices of comparable residences in your area enables you to see how your house stacks up against the competition. And if you find your home pales in comparison to its rivals, you may want to dedicate time and resources to upgrade your house. That way, you can help your house stand out to potential buyers.
2. Conduct a Home Appraisal
A home appraisal commonly is requested by a buyer after a seller accepts his or her offer to purchase a residence and a property appraisal has been completed. However, it may be beneficial for a seller to conduct a home appraisal, especially if this individual wants to get the optimal price for his or her residence.
By conducting a home appraisal, you can receive expert insights into how much your house is currently worth. Then, you can use your home appraisal results to set an aggressive initial asking price for your residence.
3. Collaborate with a Real Estate Agent
If you are unsure about how to price your residence, you may want to hire a real estate agent. Because if you have a real estate agent at your side, you can quickly and effortlessly accomplish your property selling goals.
First, a real estate agent will meet with you and learn about your residence. This housing market professional next will help you establish a competitive initial asking price for your home that accounts for the current state of the real estate market. A real estate agent then will list your home, promote it to potential buyers and set up home showings and open house events. And if you receive an offer to purchase your residence, a real estate agent can help you review this proposal and decide how to proceed.
Of course, a real estate agent will do everything possible to help you maximize your house sale earnings too. He or she will negotiate with a buyer's agent on your behalf and ensure you can get the best price for your residence – regardless of the current housing market's conditions.
Don't wait to list your home and maximize your home sale profits. Instead, take advantage of the aforementioned home selling tips, and you can boost the likelihood of a fast, profitable property selling experience.
Adding a home to the real estate market offers a great first step to sell your residence. However, before you list your house, you'll want to consider the short- and long-term ramifications.
Ultimately, there are several key decisions for home sellers to make before they list their residences, including:
1. What Are My Future Plans?
After you sell your house, where will you live? You'll need to consider life after your home sale so that you can map out the home selling journey accordingly.
For example, if you've recently accepted a new job in a new state, you may need to sell your home as quickly as possible. This also may require you to find a new place to live immediately.
On the other hand, if you already have another residence lined up, you may be able to slow down the home selling process. This will ensure you can take your time, perform plenty of housing market research and do everything possible to maximize the value of your home sale.
2. How Much Is My Home Worth?
What you originally paid for your house is unlikely to match your home's present value. As such, you'll need to understand what your home is worth today so you can price it appropriately.
A home appraisal will make it easy for you to learn about your house's strengths and weaknesses. During this appraisal, a home inspector will examine your property's interior and exterior and identify any problem areas. Then, you can better understand the true value of your house.
Don't forget to look at the prices of comparable houses in your city or town too. This can provide you with valuable housing market data and help you understand whether you're getting ready to sell a home in a buyer's or seller's market.
3. What Can I Do to Enjoy a Fast, Seamless Home Selling Experience?
The home selling journey can be tricky, particularly for those who are preparing to sell a house for the first time. Lucky for you, real estate agents are available in cities and towns nationwide, and these housing market professionals can help you enjoy a fast, seamless home selling experience.
A real estate agent boasts comprehensive housing market experience. He or she can offer tips to help you revamp your house's interior and exterior before you add your residence to the real estate market. That way, you can boost your chances of a quick home sale.
Also, a real estate agent will go above and beyond the call of duty throughout the home selling journey. This housing market professional will set up home showings and open houses, keep you up to date about offers on your home and negotiate with homebuyers on your behalf. And if you ever have home selling questions, a real estate agent is happy to respond to your queries immediately.
Collaborate with a real estate agent as you prepare to embark on the home selling journey, and you can move one step closer to maximizing the value of your residence.
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.
After you receive an offer on your home, how should you respond? Ultimately, there are many questions for a home seller to consider before accepting a proposal, including:
1. What is my home worth?
Did you get your home appraised before you added it to the real estate market? If so, you may want to review a home offer in contrast to your home appraisal. This will give you a better idea about whether the offer is "fair" based on your home's condition.
If you have not received a home appraisal, there's no need to worry. In fact, there are many ways to assess your home to determine whether to accept or decline a proposal.
Check out the prices of comparable residences in your city or town. This will enable you to see how these houses are priced and better understand how to proceed with an offer.
Also, review the prices of homes that recently sold in your area. With this information, you can learn about the current state of the housing market.
2. Are there any other offers to consider?
As a home seller, you'll likely have 24 to 48 hours to respond to an offer on your residence. But if you receive multiple offers at the same time, you'll want to evaluate these proposals in conjunction with one another.
Even if you receive two offers for the exact same price, these proposals may differ.
For example, a homebuyer who has financing in hand will be able to streamline the process of going from homebuyer to homeowner. On the other hand, a homebuyer who submits an offer without financing in hand may require additional time to secure a mortgage from a bank or credit union.
Take a close look at all of the offers on your home. Review these proposals with a fine-tooth comb, and you'll be able to make an informed decision.
3. Does this offer meet or exceed my expectations?
An offer on your home may fall short of your initial asking price, but this offer can still meet or surpass your expectations.
Consider what you hope to accomplish as a home seller as you review an offer.
For instance, if your goal is to sell your home as quickly as possible, you may be more inclined to accept one of the first offers you receive. Or, if you can afford to remain patient, you may want to take a wait-and-see approach to ensure you get an offer that matches or exceeds your initial asking price.
4. What will happen if I accept the offer?
After you accept an offer on your home, a homebuyer likely will want to complete a home inspection.
If the home inspection goes well, the homebuyer probably will proceed with his or her purchase. If it does not, you may need to complete home maintenance or repairs to finalize the purchase agreement.
Remember, if you accept an offer, there are still several steps that will need to be completed before you sell your house. With an expert real estate agent at your side, you'll know exactly what to expect at each stage of the home selling process.
Selling a home may be difficult, especially for those who plan to list a residence for the first time. Fortunately, many real estate agents are available to guide you along the home selling journey.
Although there is no shortage of real estate agents at your disposal, it is important to note that not all real estate professionals are created equal. Therefore, it is essential to allocate the necessary time and resources to find a real estate agent who can help you achieve your home selling goals.
What does it take to find the right real estate agent to help you sell your residence? Here are three tips to ensure you can do just that.
1. Review the Current Housing Market
Take a look at homes that are currently available and the real estate agents who are associated with these properties. That way, you can find out which real estate agents are available in your area.
Also, don't forget to assess recently sold homes in your city or town. This will allow you to learn about the real estate agents who sold various houses and how long it took these housing market professionals to finalize the property sales.
You can always search the web for real estate agents in your area too. By doing so, you may be able to view client reviews that can help you determine whether a particular real estate professional is the right choice.
2. Consult with Friends and Family Members
Friends and family members sometimes can provide insights into their past home selling experiences. As a result, they may be able to connect you with a real estate professional who will go above and beyond the call of duty to assist you.
Furthermore, neighbors may prove to be great resources as you search for the perfect real estate agent. If a neighbor recently listed or sold his or her residence, you may be able to work with the same real estate agent.
3. Meet with Several Real Estate Agents
When it comes to finding a real estate agent, it never hurts to have a face-to-face conversation.
Set up meetings with several real estate professionals. This will allow you to learn about a real estate agent's background and expertise and decide whether you feel comfortable working with this individual.
In addition, try to get client references from real estate agents and reach out to past clients to find out what it was like to work with a particular real estate professional. As such, you'll be better equipped than ever before to make an informed decision.
The search for the right real estate agent often requires hard work and patience. With the right approach, you can hire a real estate agent who can help you accelerate the home selling journey and optimize the value of your residence.
Take advantage of the aforementioned tips, and you should have no trouble employing a top-notch real estate agent.