IS 2015 THE YEAR TO SELL YOUR HOME? According to experts, 2015 is on track to bring something the housing market hasnt seen in a while: a return to normal. After a decade of economic extremes, normal can seem, well, boring—especially if youre banking on sharp price increases to sell a home. We havent seen a normal housing market since the turn of the 21st century, so perhaps a refreshers in order. Heres a peek at what you can expect going into 2015: Home prices continue to rise—but at a steadier pace. We may not see the heated price jumps that marked 2013, but the National Association of Realtors sees this as a sign the market is finally experiencing healthy levels of growth. Jobs are up and unemployment is down. Thanks to a banner year for job growth in 2014, consumers are gaining confidence. In fact, a recent Fannie Mae survey found that 68% of consumers say its a good time to buy a home—great news for sellers! Of course, national trends are nice. But when it comes down to it, selling your home is personal. The following questions can help you decide if the time is right for you. Do You Have Enough Equity? This is the million-dollar question for most folks. Ideally, you want enough equity to cover the down payment on your next home. To calculate it, simply subtract your mortgage balance from the current market value of your home. Lets say your home is worth $150,000 and you owe $120,000. That means you have $30,000 in home equity. So is $30,000 enough? That depends on how much you plan to spend on your next home! Dave recommends putting at least 10% down, but 20% is even better because youll avoid private mortgage insurance (PMI). A word of advice: Dont try to figure out what your homes worth on your own. This job calls for a pro who knows firsthand what buyers are paying for similar homes in your area. Ask an experienced real estate agent for a free comparative market analysis (CMA) to ensure youre working with accurate numbers. (Hmmm, I think we can find someone to help you with this). Can You Afford the Prep Work? Most people know home equity has financial sway in your decision to sell. But its not the only factor to consider. You also need room in your budget to make your home look (and work) its best. Start by hiring a certified home inspector to assess your homes condition. A presale inspection might cost a few hundred dollars, but its well worth the investment. Why? Because it can keep you from losing big bucks at the negotiation table or, even worse, a home deal. Dont worry about checking off every single to-do on your home inspection report. Work with your real estate agent to prioritize findings so you know where to focus your dollars. Big-ticket issues—like a saggy roof or limping HVAC system—can scare buyers into asking for way more money than it actually takes to fix it. If you have room in your budget, take care of those before planting the for-sale sign in your yard. Once youve tackled repairs, its time to spiff things up. Thankfully, you can knock cleaning and decluttering out on your own to save money. But its also important to create a setting buyers cant resist. Set aside a few extra dollars to make your home really shine. This might include things like fresh paint, landscaping, updated fixtures—or all of the above. Get the Real Deal From a Pro Selling your home is a big decision. Before you make your next move, ask a real estate agent you trust to provide honest advice so you can do whats best for you and your budget. Look for someone who puts service before sales—but knows how to get things done when its time to sell. Looking for an expert to guide you in the right direction? What are you waiting for? Call us today.......702-274-1068
Posted on: Tue, 13 Jan 2015 17:33:14 +0000
Trending Topics
Recently Viewed Topics
© 2015