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Buyers want to see a clean home with lots of potential and few repairs. Before you sell, consider giving your entire house a deep clean and hiring an inspector to look for possible problems.
You may have heard the term “seller’s market” before. In a seller’s market, demand for homes rises and sellers can get a lot more money for their house. The following factors may contribute to a seller’s market:
No one wants their house to sit on the market for too long. A house may take anywhere between 30-45 days to sell depending on the market. If a market is hot enough, sellers could find their home off the market within a week. If the market is slow (or the house is overpriced,) the number could reach triple digits. Exposure, negotiations, and the condition of the home will also affect its ability to sell fast.
Whether you are buying or selling, you may find yourself doing some Internet research to see the value of homes in the area. But before you accept the first number, know that not all online calculators are accurate. Everything from new appliances to construction down the street can affect your home’s value.
The best way to figure out your home’s current value is to reach out to local professionals. Real estate agents or professional appraisers can give you an estimate through a consultation or competitive market analysis.
Again, online calculators are just a rough estimate of your home’s value.
Since there are many different metrics that can predict a home’s value, you may see some differences. Homeowners pay property taxes based on their home’s assessed value. But this number is not always accurate compared to the market value. Market values fluctuate more than assessed values. When you are getting ready to buy or sell a house, pay attention to the market value. You will only need to worry about the assessed value when calculating how much you will pay in property taxes.
Absolutely! There is usually a difference between a home’s list price (how much it is on the market for) and the sale price (how much it sells for.) In a seller’s market, buyers who want to negotiate should be careful. High demands leave little wiggle room for negotiation. If you want to negotiate, talk to your real estate agent about what you should offer.
Selling a home comes with a handful of costs. Expect to give up at least 10% of your home’s sale price. These costs include:
Not all real estate agents offer 6%...but sellers shouldn’t jump at the first discount agent they meet. Discount agents may offer fewer services or list their clients’ houses on fewer services. When sellers have more exposure, they generally get more offers (and more competitive offers.) Talk to a range of different discount and traditional agents before you decide what is best for you.
Or, better yet, reach out to a flat fee listing service that matches buyers and sellers with high-quality agents without high commission fees.
As we mentioned before, the seller’s real estate agent usually gives half of the 6% commission to the buyer’s agent. If you are a buyer and find an agent that offers a home buyer rebate, you could get some of that money.
Homeowners may have different reasons for selling their home. Maybe they are ready for something new or want to downsize. Other homeowners may just want to expand their portfolio or acquire an investment property. If you want to put up a high down payment and secure good interest rates on your next mortgage, selling is encouraged. If you can afford the down payment for your new home and want to wait until the market changes, you don’t have to sell your home. Talk to a real estate agent about your options (or a financial advisor about turning your current home into an investment property.)
Before you even start window shopping, get approved for a mortgage. Buyers may need to look at their credit scores and assess their current financial situation to make sure they qualify for a mortgage and can fit monthly payments into their overall budget.
The list price that you see online is wrapped up in one number, but the reality of buying a house comes with closing costs, a mortgage, and other considerations. Before you begin the searching process, apply for a pre-approved mortgage. This will give you an idea about how much you can afford and what you will have to pay in the next 15, 20, or 30 years. Plus, many sellers may require that buyers are already pre-approved for a mortgage. If you are fighting for the house of your dreams, you will need to do everything you can to get ahead.
The costs of buying a new house can be overwhelming and hit you all at once. But if you back out of buying a house, you’ll have to pay. Buyers with cold feet may have to forfeit around 1-2% of the home’s sale price if they want to rescind their offer.
Real estate agents have the experience, connections, and knowledge to help you sell or buy a house for the right price. If you are selling, a real estate agent can:
If you are buying a house, a real estate agent can help you:
It is possible to buy or sell a house without an agent, but you can trust that a real estate agent will get you the best deal and save you money down the line.
Have more real estate questions? (We thought you might.) Reach out to a real estate agent in the area who can answer specific questions about the local market and what you should consider before you enter this next step in your life.