How to Choose the Right Time to Sell Your Home

How to Choose the Right Time to Sell Your HomeQuite often, while deciding to sell your home, you’re never really sure about the right time to do it. You probably think that there’s nothing like a good time to sell a house. But you couldn’t be more wrong. It is always important to plan well in advance, because only proper planning can get you the deal of your choice.

Apart from low interest rates and high buyer demand, there are other factors that play a key role in determining the best time to sell your home. Here are 4 factors that can help you decide when to strike a deal.

Pleasant Weather

Believe it or not, selling your home when the weather is pleasant can really benefit you. Nobody likes to go house hunting during monsoons! Generally, potential buyers tend to look for houses for sale when the weather is fine. Your house can look more appealing on a pleasant day and the deal is very likely to end on a positive note. So make it a point to put your house up for sale when the skies are clear.

Reliable Real Estate Agent

Finding a good and dependable agent can work wonders for you. They can get your home sold out really quickly. A well qualified and experienced real estate agent can maximize your home value by stressing on the plus points of your home, as well as the locality, thereby attracting potential buyers to choose your home over others. An agent who knows your locality inside out is the agent you should be looking out for.

Interior Renovation

It is not only important to sell your house at the right time, but prepare your home in a manner that will grab the attention of the potential buyers.

While selling your home, make sure your house leaves a good impression. Check for leaks in the ceilings, ensure the windows don’t have any broken seals, mend the showers and sinks, check for rodents and other insects, repaint your home; basically do anything and everything you can, to make sure it looks presentable.

When to Put Your Home On the List?

Once you have fixed the repairs, the next thing you should think about is the right time to put your home on the list. However, if you’ve taken a home loan, make sure you repay it before putting it on the list.

Check with the recent sale prices of homes sold in and around your locality to have an idea of what to expect, and then set your prices accordingly. Make sure you have thorough knowledge about the current market situation, so that you have an idea about how long your home might take to sell.

The Very Best Continue Formats.This mainly obsolete file format wants to provide qualifications that connect with the specific place

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Each individual boasts an original pair of skills, abilities, abilities, expertise, and instruction; as a result, you have to think about all aspects to be able to figure out the best method.

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Crucial Steps Before Home Selling

Crucial Steps Before Home SellingIt is wise to create a home selling plan before you start making repairs, renovations, selling your home or setting the dates on your calendar. Although, your aim is to sell your home at its highest possible value, you should also think about how to avoid costly selling mistakes during the selling process.

1. Motivation to sell

Understand your reason for selling. Maybe you just woke up one morning and feel you want to move to the other side of the town. If you are not that really committed or motivated to selling, then you are setting yourself up for a big disappointment. You need to completely think the process through and know for sure that you are ready to sell.

2. Buy A New Home

You may want to sell your home to buy a new one. If so, create a list of neighbourhoods where you want to live in and visit each one. Attend open houses and compare the prices of newer homes with older homes. Weigh your options carefully. You may realize that you do not want to sell your home after all.

3. Contact Real Estate Agents

Communicate with several real estate agents, at least three in the particular neighbourhood. Require each agent to provide you with a marketing plan showing their strategies to market your home. Additionally, ask the agents to formulate a comparative analysis for you and ask for tips on:

Preparing the Sale of Your Home – Compare the suggestions of various agents and choose the advice that works best with your needs.

Repairs Before Selling – Not all repairs and renovations will pay off. Make sure not to overspend on repairs and improvements. Focus on repairing the most obvious maintenance issues.

Home Staging – You can choose to hire a professional home stager, seek assistance from your agent or do the home staging yourself.

Home Pricing – Do not select an agent just because the agent accepted your suggested sales price. There are agents that accept a listing even though they know the home is overpriced. This is part of their game plan and will usually recommend that you lower the price after your home sits on the market for too long.

4. Find a Lender

Firstly, call your current lender to determine exactly how much you need to pay off. Request a beneficiary statement and then look into new financing offers from your lending companies and credit unions. Ask for a GFE or Good Faith Estimate and compare the rates and fees. In addition, ask for referrals from your agents for mortgage brokers. Usually, mortgage brokers are more competitive as well as know more about discount rates.

Acquire a loan preapproval letter in order to determine the amount of mortgage you can qualify for. You do not need to get the maximum mortgage. A lower mortgage payment may be less stressful in the long run. Compare various types of mortgage loans and choose wisely.

5. Sell Before Buying

The moment your home goes on the market, you might be tempted to bounce around online looking at homes on the web. Next thing you know, you’ll want to make an appointment to view a few homes. Don’t get carried away by virtual tours and beautiful photographs of your dream home. It is almost always more profitable to sell before buying.

Valuation of Property and the Benefits It Provides

Valuation of Property and the Benefits It ProvidesWhen people come to think about buying or selling a house, they move on to the procedure of Independent house valuation, which helps them understand the value of their house as per the rates of the market. Though they are not quite aware of the details of property valuation in detail, they make it a point to evaluate their house only at the time of selling or buying. It has to be understood that there are a lot many theories that are included with the valuation of a property these days.

What is Income Method?

Income method is a type of property valuation method that estimates the worth of a property according to the revenue potential. The income that is generated that is calculated can either be from the rental income or from the re sale value. This method is pretty complicated, but is used widely by investors when they are about to place a value on any kind of property investment or to assess whether what they are investing will be profitable in the coming future.

For being accurate with the help of income method, one has to rely upon certain assumptions. They are:

• Resale value of property
• Income that will be gained from renting the property

How to calculate the value of property

For calculating these assumptions the current data of properties similar to the one owned is made use of, for getting a good idea on the value of the property. Valuation of this kind comes into reality when the income generated should be set against the capital so as to find out how property will become profitable for us, for estimating the property’s profit, is should be compared to a similar investment or same capital expenditure. This will help in assessing whether the property guarantees investment in future.

Can you calculate the risk factors?

The most difficult part of any kind of investment in property is to calculate the risk. Though we can research about the past, we will not be able to get the right solution for the same. It is a true fact that predicting about the property market is simply an impossible task. Though we can put an estimate on the property by taking a look at the current data and trend, it is extremely difficult to predict the speed or magnitude of the risks.

Income valuation method does not attempt to find out the current market situation. On the other hand, it depends mainly on the property value in the coming future. It takes the value of the future and compares it to the price that has to be paid at present. The estimate of the final sale value and the income for rent mainly depends upon predicting the market, which is to an extent very difficult.

The Single Most Important Factor to Consider When Selling Your Home

The Single Most Important Factor to Consider When Selling Your HomeTo understand the importance of setting the right price, you first need to understand the market place. When selling your home, your market place isn’t a specific location, instead it’s more of a worldwide economic system for exchanging goods and services. More specifically, the market place for home sales is more a figurative place than a literal place. None the less, in either case, the market place is where the law of supply and demand operates. Understanding how the law of supply and demand affects your home value in a competitive market place is key to setting the right price.

Let’s make sure we are all on the same page when it comes to the law of supply and demand.

1.When supply of a good increases but, the demand for that good stays the same, prices go down.

2.When supply of a good decreases but, the demand for that good stays the same, prices go up.

This fundamental rule of supply and demand is the foundation on which home values rest on. As simple as this principle may seem, it’s worth noting that most Realtors and likewise, most homeowners don’t have a true understanding of how it operates in their market place. As such, homeowners end up pricing their home incorrectly. Of all the things that can happen to an incorrectly priced home, the most frustrating to homeowners may be the fact the home either gets withdrawn from the market while they search for a new Realtor or, they go through an endless cycle of price reductions. It all ends up frustrating everyone involved, including the Realtor.

Pricing your home is just as much an art as it is a science. Many homeowners however, never get to see the science behind how the Realtor came up with their list price. Sadly, most homeowners don’t even know that they can request an actual copy of the written science. It’s been my experience, the Realtor knocks on the door, tells the homeowner their home is worth $XYZ.00 and the homeowner makes a valuation determination based on feelings, speculations or even worse, a complete lack of personal knowledge. It’s true, ask any Realtor you know, most people never see the numbers. They simply trust the Realtor who tells them the highest number, going on faith that the Realtor knows what they are doing because, what they said “all made sense.” I even had one homeowner tell me once that he believed the Realtor knew what he was doing because he drove a Mercedes. In the back of my head I thought to myself, if all it took to be successful as a Realtor was to go buy a Mercedes… I have been doing this wrong the whole time. My point is, a good Realtor will prove their price by showing you numbers on what your home is worth. A good Realtor will prove their case and leave no room for speculation. A good Realtor will remove the emotion and deal in the fact. A good Realtor will show you his case in black and white and leave you with your own copy of how he came to your homes value.

I said pricing your home is as much an art as it is a science so; let’s focus on the art of home pricing. Unfortunately for us, the real estate market is reactionary to changing market conditions. What I mean is, it’s not a good predictor of what may or will happen. Instead, it responds to changes and does so very slowly. For this reason, Realtors can’t ever predict a home’s value. Simply put, we don’t have a crystal ball. Our home valuations are based on completed sales and therefore, our valuations are what has happened and not what could happen.

Enter the “art” of pricing your home. I heard the cliché, “Beauty is in the eye of the beholder” and it can’t be any truer when it comes to real estate. Your home may work very well for you, the colors on the walls may truly reflect you and your family however, when others walk in, they may find it offensive. A good Realtor will be able to find these potential pricing pitfalls and have an open, honest dialogue with you about those things that are going to drag down your price. This is where the Realtor is as much an “art” critic or… a home critic as any other. Sure, the numbers we brought you are reactionary and scientific but, our knowledge of what buyers want and are looking for in your market place is predictive and interpretative. What I am getting at is, as a Realtor, I have to focus on both the numbers and the intangible when pricing your home. The numbers will give me a reasonable expectation of what your home is likely going to sell at and the intangible will allow me to rely on my knowledge of the market to convey to you, what changes, if any should be made to raise your price higher.

As always, no one can guarantee a price prediction but, armed with reliable data and equipped with an understanding of the market place, a Realtor in the act of pricing a home should be both a scientist and an artist.

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