TIPS TO BE CONSIDERED WHEN SELLING YOUR HOME
Selling a home can be a difficult, and often exhausting, experience. There are many issues that must be considered during such a complicated transaction. Prospective real estate sellers are often not aware of the many aspects that can impact a sale: One wrong decision, or attempts to correct errors after the fact, can result in delays in selling your home, and may ultimately decrease your home’s selling price. There are, however, several tips that will assist in avoiding pitfalls and enable sellers to garner the most for their home. Contact Murry today for your FREE copy of an exclusive DVD entitled “IS YOUR HOME FIT TO SELL” – a program designed to help you prepare your property for sale, enabling you to sell faster for a better price.
Buy or sell first?
Deciding whether to buy or sell first can be tricky. If Murry finds a buyer for your existing home before you’ve found a new one, and convenient closing dates cannot be negotiated, you may find yourself living out of a suitcase . If you find your dream home before you sell your old one, you may be forced to carry two mortgages at the same time.
To manage the challenges of the buying and selling process, contact Murry. He generally recommends that sellers start their new home search as soon as their existing home hits the market.
Murry can assist you whether you’ve already bought your next home or if you’re still looking. An important tool available to home sellers is the use of Clauses in the Purchase and Sale Agreement. Clauses in the agreement allow the seller to set conditions under which the sale can be completed, such as pending the purchase of a new home. This is one method of ensuring a practical timeline for the sale, and can give you peace of mind that you will not be without a place to live. These kinds of conditions are common but easy to overlook without the advice of a real estate professional.
There are many reasons why people choose to sell their homes, but every seller has one goal in common: to sell their home for the highest amount possible, in the shortest amount of time.
When you are ready to sell your home, take inventory of the reasons why you are choosing to sell. These factors will help guide you when looking for your new home, as well as giving ideas for staging and small upgrades. Contact Murry for advice about all steps in the process of preparing a home for sale.
When should you sell?
Everyone wants to take advantage of the housing market when it comes to selling your home. Unless you are buying and selling strategically for investment, the best time to sell is when your existing home does not meet your current or future needs.
Another key factor to consider is the economy. The economic health of the country affects many aspects of the real estate market. Mortgage rates are often influenced by the state of the economy. A higher interest rate may encourage you to stay with your current home as the increase in mortgage payments may change your financial situation. A lower interest rate may mean that you can upgrade to a larger home with minimal impact to your current mortgage.
Keep in mind that holidays and weather may impact the sale of your home as well. Winter holidays and the peak summer season keep many potential buyers busy and not looking for homes. Buyers with school-aged children often choose to move during the summer to minimize the challenge of changing schools in the middle of the school year.
Costs involved with selling
There are costs involved with selling your home. Some minor repairs and upgrades can make your home more attractive to potential buyers, and may increase the price of your home.
Here are some costs involved with selling your home:
- A professional home inspection
- Closing costs (lawyers’ fees or unpaid taxes)
- Mortgage discharge fees may be levied by your lending institution
- Sales commissions
- Staging based on recommendations from your RE/MAX agent