Why Wait? Buy Up, Move In and Live It Up – Before This Year’s Holiday Season

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Almost everyone is aware of the ever-present news about real estate and how prices are falling, interest rates are at their all-time low and inventory levels far exceed demand.  Traditionally the peak season to sell homes, regardless of whether it is a down market or in an upswing is during the spring months and into the summer.  As we head into winter and leave autumn behind, for most people the thought of buying a house just does not occur to them.

But think again.  This is one of the best times ever to buy a home and why not seize the opportunities that exist as an extra edge by buying during the off-peak season? Here are some great reasons why now is the perfect time to be considering a new home, a buy-up, an investment property or even a first-time starter house.

I See Your True Colors

During the warmer seasons it is easy to camouflage a host of issues that may exist with homes on the market such as leaking roofs, inadequate heating and cooling systems or structural issues that are not commonly visible to most people.  But a house’s true colors are often visible when it is viewed during the cold, wet winter months because there are the elements to contend with and faults that otherwise would not show up if viewed during warmer times.

I’m Tired of Waiting

For many homeowners who might have been trying to sell their house for many months during this down market, there is a good chance that the days on market is significantly high at this point of the year.  For a buyer this presents the benefit of a worn out seller who may be willing to offer just about any concession under the sun to get that house sold.  By carefully timing your purchase, you may be able to get some great deals on your dream home – all because of buying during an off-peak time of year.  Keep in mind, the people who are selling are usually those who are in the market to buy another home and the idea of moving during the dead of winter is simply not appealing so they too want to sell before the holiday season approaches.

Things Sure Are Getting Tight Around Here

The more time that goes by the harder it is to obtain a mortgage.  This is mainly because lenders are extremely wary of potential litigation in case of default, seeing the exacerbated number of foreclosures and short sales during the past 18 months.  Lenders are exercising stricter guidelines and extremely detailed underwriting processes to make sure all the t’s are crossed and i’s are dotted. Buying now only ensures that you are getting in on the mortgage process before things heat up even more.

They’re HOW Low?

Yes, interest rates remain to be one of the strongest motivations for buyers to buy no matter what time of year it is.  And with the last reported month’s figures showing a significant increase in home sales from the previous year to this one, it only further demonstrates how many people are cashing in on these very low interest rates.  Not only that, as Freddie Mac recently reported, due to the current economic situation in the US and Europe, interest rates dropped two weeks in a row.  There is no telling how long this will last – so naturally if you are even remotely in the market to buy a new house or upgrade from an existing one, now is definitely the time before the mortgage rates start to climb back up again.

New Memories in a New Home

Imagine celebrating the holidays in your new home.  And imagine celebrating the great deal, buying more house with less money.  For savvy homeowners and prospective buyers who seize these opportunities that only come around once in a lifetime, nothing could be greater than to be able to focus on the real things that matter in life – life and living in a happy home.

Making the Decision To Sell For a Better Price Vs. a Faster Sale

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There are different approaches to selling a home and depending on your goal a couple different ways you can go about achieving that goal.  For homeowners looking to sell quickly so that they can relocate for a job, for instance, the option to sell as quickly as possible would be a viable one.  For families who have invested in their home for the long haul and had hoped to carry this investment through to the next property, hoping to maintain equity in their asset – selling with price in mind seems the better choice.

Either way, as we are in a current economic downturn that has lasted more than several years now, it is no secret that selling will not be as easy as it used to be.  By following some of the strategies listed below, you can count on an edge over other sellers who many not be savvy on the ins and outs of selling successfully.

Selling Your Home to Yield a Better Price

PRICE YOUR HOME REALISTICALLY.

The single biggest mistake sellers make during a soft market is to price their home too high.  Working with me we will investigate market trends in the immediate vicinity of your home.  In this link you will find information regarding a CMA.  (Comparative Market Analysis) As always I am happy to supply you with a personal CMA to gain an in-depth look at what other sellers are selling like kind homes for in your area, average Days-On-Market statistics, housing values and more.

Click here for your own personal CMA. >

SHOW OFF THE HOUSE.

Very surprisingly, a significant number of sellers have no idea that they should prepare the house for sale by highlighting its attributes.  Beginning with curb appeal, then the entrance of the home and finally throughout the rest of the space – any and all noteworthy features should be highlighted.  The home should be attractive; everything in working order and it should be set up in a way that potential buyers can imagine themselves living in the home.

RESOLVE ANY ISSUES.

Taking care of any outstanding concerns with the home, whether functionally or aesthetically, is a sure-fire way to get a better price.  Start with the major issues and then work your way down.  Unless you are willing to accommodate the price of repairs on a major problem such as a leaky roof, ineffective plumbing or an old furnace – resolve these issues. Remove all clutter that is in plain sight and “depersonalize” the space so that buyers can imagine their own things in the home.  A fresh coat of paint and replaced carpeting in neutral colors can go a long way as an effective selling tool.  Remember, the less a seller has to do once they move in, the better price you will achieve.

Selling Your Home Faster 

MARKET YOUR HOME EFFECTIVELY.

Anyone can put a house up for sale – but not everyone can get the word out and market it as effectively as needed to sell it fast.  One of the traits of a successful Realtor is going above and beyond the traditional methods of marketing real estate and actually selling the home.  Working outside the box will have a huge impact on your success – and it goes without saying that the more people know about your listing, the more likely it is to sell.

BE WILLING TO GET CREATIVE.

One of the best advantages you can have over other sellers is to realize that it is a buyers market at the moment.  If there are issues that you cannot resolve, be prepared to offer a rebate for the amount of repairs. Be wiling to contribute to closing costs – a feature of FHA loans – financing that many homebuyers are tapping into these days, home warranties are also helpful.  If you have an assumable loan, communicate it to the prospective buyer as this is an excellent tool to help sell quickly.  Provide as many amenities as possible so that the home is move-in ready; leave appliances that are already hooked up and include as many appliances in the deal as possible.  Some sellers even offer to pay the first year’s homeowners’ insurance.

REMAIN FLEXIBLE IN YOUR EXPECTATIONS.

If your primary goal is to sell your home as fast as possible, one possibility is auctions.  Though not the best way to yield the best financial return on the sale, auctions definitely provide the peace of mind that your home is sold almost instantly.  There are some disadvantages to auctioning a home – and other than price they are mostly restrictive to the potential buyer.  You must be very clear on your contract that the sale is “as is” since there will likely be no time for inspections.  Maintaining buyers’ expectations can be difficult in an auction but on the other hand you can present your home and expect an answer almost immediately.
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Not sure which approach you want to take?  Now that you have some tools and techniques – making the decision based on your needs should be an easier one.  Keep in mind you can also try to accomplish both, of course.  Regardless of the choice you make, it is essential to have a solid team backing you and one such pivotal member of your team will be your Realtor.  Be sure to choose a Realtor with whom you can feel comfortable, trust to take on the approach you feel is best for you – and one that will not be afraid to be honest with you in all ways to ensure the most success.

To Sell Or Not To Sell – Which Side of the Fence Are YOU On?

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With so much talk about this being the best buyer’s market our real estate industry has witnessed in a long time, there hasn’t been too much focus on whether one should consider selling right now. And if they choose to do so, what benefits or liabilities do they face in the wake of today’s economic downturn?

We take a look at both scenarios, so that if selling your house is an absolute must and waiting out the market is not an option – you can gauge the potential ramifications. Likewise, if you can wait the market out, what exactly can you expect to accomplish and in how much time?

When In Need, All Else Doesn’t Matter

The majority of home sales on the market today are those of people who are in an impossible situation. This could mean that they have to relocate for their job, the local economy has caused job loss, medical emergencies have arisen leading to the inability to manage the home or worse, total financial breakdown for any or all these reasons. Distress sales have recently become a growing phenomenon that is hardly possible to avoid during this current economic state.

Given that the national home prices outlook is bleak at the moment, this is a very difficult position to be in for these sellers. Often, they are people who obtained mortgages during the “golden years” of real estate when almost anyone could easily be approved for a home loan. Though not always the case, a lot of families who got themselves into homes thinking that economy would last forever – have now found themselves in an impossible situation.

DOES IT MAKE SENSE TO SELL RIGHT NOW?

Keep in mind that eventually property prices will rebound – so whether through creative financing, alternative arrangements with lenders, or even converting your property into an income-generating one, seek out ways to avoid selling.

If you can answer yes to any of the following questions, it is safe to say that selling is unavoidable:

• Do you need a significant amount of cash?
• Are you finding it harder to maintain your rental property?
• Is the estate in question an inheritance where all parties do not agree on what to do with it?
• Has a partnership dissolved, resulting in the need to split the assets?
While there are alternatives [http://thecincyblog.com/2008/01/18/three-alternatives-to-selling-your-house/], if property owners are unable to avail those opportunities, then there is no option to wait for the market to recover and the property in question must be sold.

WHAT ARE THE IMPLICATIONS OF SELLING NOW?

It is a buyers’ market after all – which means that homes are being sold. So if you do need to sell, you must stand out from the rest of the competition to find success.

Keep in mind that with inventory levels as high as they are in most markets (an average of about 8 months currently), buyers have a lot to choose from. This means that sellers have to offer many incentives for buyers to choose their property on top of existing factors such as neighborhood and schools system, area amenities or the type of housing community.

What’s Stopping You From Upgrading Into Something Bigger and Better?

As mentioned above, the majority of home sales these days are those surrounded in unavoidable circumstance. The rest of the home sales taking place nowadays are for people who want to seize the buying opportunities out there right now, getting in on historically low interest rates and equally as historic low housing prices. Combine both these factors and it makes good sense for many Americans who can afford it to move out and move up. The primary advantage for these people is of course that they save tens of thousands of dollars on mortgage interest and they get to live in a better home for about the same that they are already paying.

IF SOMETHING BETTER IS IN STORE – SELLING NOW IS A GOOD IDEA

Assuming that your home is sold, this could not be a better time for families to upgrade. When one home is vacated – the next one is occupied – those people then have to find a home, only for it to be vacated and those people have to find a home. This process is one of the driving forces of a well-oiled real estate machine that begins to affect local markets and eventually stabilize prices, contributing toward market recovery.
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Put very simply, if you have to sell and have no choice – you will suffer the consequence of yielding less than what you had anticipated. And if you can afford it, selling now is one of the best decisions you can make for you and your family because it will translate into a sizable investment once the market does recover.