Pricing Tips for a Seller's Market & Buying Your Next Home

 

Hello, As the summer months fast approach, we’re still firmly in a seller’s market, making now a great time to sell your home. However, if you’re hoping to buy in the near future, you can still get an affordable mortgage and find the home of your dreams without giving up your competitive edge. Find out more about buying or selling in the current market below, plus some budget friendly home transformations you can complete in a weekend. Pricing Tips for a Seller’s Market There’s a delicate balance between getting the best price for your home and achieving a fast home sale. How much you ask for your home when it first hits the market can be the difference between selling fast for a great price and missing out on motivated buyers. However, the greatest threat to many home sales is a low appraisal. Mortgage lenders won’t approve your buyer’s bid unless the appraisal supports the price. Given this challenge, how much should you ask for your home? Calculate Your Home Value One of the first things I’ll help you do when you decide you would like to sell your home is evaluate your home and recently sold houses similar to yours to determine a realistic home value for your property.  Ask for the Right Price Most of the awareness for your home will happen within the first two weeks it's on the market. Therefore, an accurate price upfront will attract the pool of potential buyers in your home’s target price range, rather than those dependent on you lowering the asking price. Protect Your Appraisal Value Mortgage loans falling through due to low appraisals is one of the most common reasons a home sale falls through. When comparing your offers, buyers who are prepared to put down 20% or more or who guarantee the sales price regardless of the appraised value are less likely to fall through for appraisal purposes. 3 Budget-Friendly Weekend Renovations Looking for a quick, easy, and affordable way to transform your home? Look no further! Painting, updating your home’s hardware, and rearranging your furniture can make a big aesthetic difference without making a big impact on your wallet. Paint Whether you apply a fresh coat of your current wall color or mix it up with a brand new color scheme, painting your walls can make the whole house feel newer. If you’re feeling adventurous, try adding a statement wall using stencils or geometric patterns for a bold addition to your living spaces. Update the Hardware After living in your home for a while, it’s easy to overlook the door knobs, drawer handles, and light switch covers. However, sometimes all it takes to fall back in love with your home is a little personalization. Just head to a local hardware store to pick out new hardware for your kitchen, bathrooms, or even whole house. Rearrange the Furniture No one said something a little different has to cost money. Rearranging the furniture in your home is completely free (with the help of some strong friends) and can make you feel like you’ve moved into a whole new house. Getting Ready to Buy Your Next Home Buying your first or next home is a big commitment, but it doesn’t have to be difficult or stressful. Before you start searching for homes in your area, make sure you’re ready with these simple steps. Check Your Credit Collect copies of your credit report and review them for potential errors and see if there are opportunities to improve your credit score.  Save Up Buying a house typically requires earnest money, a down payment, and closing costs. Make sure you have money set aside to cover these costs to ensure a smooth transaction. Get Preapproved Getting preapproved for a mortgage will give you a good idea how much you can realistically spend on your new home. It will also show sellers that you’re serious about your offer to buy the right home. Contact Me Buying a home is much easier with a real estate agent by your side. If you or someone you know is looking to buy or sell a home in the next few months, give me a call!

Rene Hills, Associate Broker Real Estate One 511 E. Front Street, Traverse City, MI 49686 Email Me: rene@renehills.com Website: www.renehills.com