Are you scared of selling your home?
Let’s Chat! Here are common items that worry home sellers.
Low Inventory
Low inventory can be scary but rest assured you do have more options now than you did earlier this year – and that’s a welcome relief. You also need to know where to look, from off-market opportunities to a community you may not have considered, as an experienced professional it’s my job to identify your needs and bring you results. That said, today’s market is still highly competitive and even if you are entering a multiple bid situation, you need to be prepared and have “all ducks in a row” … essentially have a fully ratified buyer on your home, seems simple right?!?!
This isn’t the time to slow your search. It’s actually the season when the number of homes available for sale tends to peak. Focus on the additional options with renewed energy this season and be prepared!
Updates/Repairs needed in your current home
We get it, life gets in the way and the “honey todo list” sometimes doesn’t get completed (Or even started)... In today’s seller’s market, it’s unlikely that sellers will lose deals over minor repair needs. In fact, faced with bidding wars for limited housing stock, a growing number of home buyers are opting to forgo home inspections in order to make their offers appear hassle-free. This is great news for sellers, especially if there are projects and/or repairs that need to be completed... Of course “freshening” up your property with new paint and/staging - will always net you more money even though buyers are still paying top dollar and are not deterred from repair items needed. Here’s a few things you can do to prepare:
Make a short (keyword here is short) list of repair items you have been considering, like painting the front door, painting the powder-room, replacing outdated flooring in one of the rooms, etc.
Let Jonathan identify the musts on your list. Creating a plan for staging and execution before hitting the market so you receive top dollar and less headache.
Can I Sell a Home When Major Repairs are Needed?
Yes! The simple answer is…. Be transparent from the beginning. Buyers are more open and accepting if they are informed right off the bat. Of, course not all buyers may want a home with major repair needs and that’s ok. It’s better to sort that out with the right information and eliminate the potential buyers that may walk away. Here’s a few things you can do:
Get repair estimates from local contractors. Proceed with selling as planned and disclose problems as required by law. Be prepared in the event the buyer’s of your home perform an inspection, don’t just assume because of market conditions there will be no home inspection contingency. In the event there is a multiple bid situation, you most likely won’t have to worry about inspection contingencies, however it’s best to be prepared.
Sell your house “as is.” Don’t make any repairs or improvements, but price your home lower than its actual value to reflect the home’s condition and offset the cost of repairs. In today’s strong seller’s market, you may still get market value even when repairs are needed.
There’s no “one-size-fit-all” solution to identifying the most important repairs sellers should make, but as long as you identify your goals, you’ll enjoy a much more successful selling process.
Interest Rates
Although mortgage rates are dynamic, they are at a historic low. If you plan to buy a house, now is an excellent time to secure a fixed rate. Before you purchase a house, remember to think about your personal needs and financial situation - Jonathan can connect you with the area’s best experienced lenders and find the best one for you. Take a look below at a bit more information about mortgage rates as of Nov. 4th at 6:00am:
30-year fixed-rate mortgages
For a 30-year, fixed-rate mortgage, the average rate you'll pay is 3.14%, which is a decrease of 5 basis points compared to one week ago. (A basis point is equivalent to 0.01%.) The most frequently used loan term is a 30-year fixed mortgage. A 30-year fixed rate mortgage will usually have a lower monthly payment than a 15-year one -- but typically a higher interest rate. Although you'll pay more interest over time -- you're paying off your loan over a longer timeframe -- if you're looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.
15-year fixed-rate mortgages
The average rate for a 15-year, fixed mortgage is 2.44%, which is a decrease of 2 basis points from seven days ago. You’ll definitely have a larger monthly payment with a 15-year fixed mortgage compared to a 30-year fixed mortgage, even if the interest rate and loan amount are the same. However, as long as you're able to afford the monthly payments, there are several benefits to a 15-year loan. These include typically being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.
If I sell my home before buying a new home, where will I go?
Remember the days of… Does a quick sale take precedence, or is your main goal the highest obtainable selling price? Well, sellers are in a unique position today to receive top dollar and the best time frame suits their situation! Jonathan & team has successfully managed/executed many clients upsizing (Or upselling) in this market. In most cases it’s important to successfully ratify a buyer on your current home, with the flexibility and protection that works best for you. Simply, allowing you 8-10 weeks to search for your new home, then proceed with the normal time-frame on both transactions and/or making the sale of your house “Contingent upon sellers finding suitable housing”: which essentially means if you are unable to obtain a new home you can not process with the sale and/or need to extend the closing date. In some cases, buyers are willing to purchase the home and “rent back” to the seller after closing for 2-3 months (maybe longer) to allow time to identify and purchase a new home.
Of course everyone’s situation is unique and Jonathan is here to identify what works best for you. If you’re considering selling your house, realize that while growing, inventory is still low. Selling now means you’ll be in a great position to negotiate with buyers – and competition among buyers is good news for your bottom line.
Sell Your Home With Help From a Professional!
No matter why you want to sell your home, as an experienced professional Jonathan Power can help you make a plan that matches your unique needs and connects you to potential buyers.
Need advice? Let’s talk about the best way to sell your home!
