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Posts tagged ‘selling a home’

Buying and Selling When It’s Hot

It’s heating up outside so how do we maximize our buying/selling results in the heat? Here are 5 Summer Real Estate Tips from Jamey Wolbert that will help us attack the summer season. There are typically more active buyers and sellers during the summer months. Here are some tips and trends to make your summer season the most effective.

1. Sellers: Don’t Forget the Outside

During summer, landscaping and outdoor space are especially important aspects of your home sale. Maximize the space by keeping the exterior clean, organized, and inviting. Pressure washing, lawn care, and other regular maintenance tasks can do wonders for your bottom line.

2. Buyers: Don’t Forget the Inside

It can be easy to get swept away by a great fenced lawn, pool, deck, and other exterior features, especially when you are house hunting at the peak of summer. But don’t let visions of outdoor relaxation and entertaining distract you from other essential home features or sway you into overlooking interior concerns.

3. Sellers: Know Your Competition

With more houses on the market, knowing what you are up against is key. Being aware of other homes for sale in your neighborhood can help you define your home’s own weaknesses and strengths. Reviewing information on area listings can also help ensure that you price your home right.

4. Buyers: Remember Your Goals

When a surge of homes come on the market at the start of summer, it can be easy to get overwhelmed by all of the options. Don’t lose sight of the features that are most important to you, and try to set reasonable expectations that suit your budget, lifestyle, and overall needs.

5. Everybody: Don’t Get Squeezed by the Season

Even though summer is a prime time for buyers and sellers, don’t let the seasonal time frame become an added stress during your house hunt or home sale. Both buyers and sellers can find success throughout the year!

If you have questions or are looking for more tips, feel free to contact me directly!

Happy Summer!!

Cheryl

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5 Reasons to SELL SELL SELL!

The KCM Group posted a great blog giving 5 reasons you should sell now.

If you are thinking about selling you are probably back and forth with the idea debating if now is the right time or not. Well let me tell you…IT IS!

Here are 5 great reasons to justify my feelings:

1.) This is when your house will get the most exposure 

The spring, and particularly the month of May, is when most buyers enter the real estate market. This surge of buyers dramatically increases the exposure for your house. The best chance of getting quality offers (perhaps even multiple offers) is RIGHT NOW!

2.) Foreclosures and short sales will increase in about 90 days

The good news is that the number of people paying their mortgage on time is increasing. This will lead to less distressed property sales later this year and throughout 2012. The not-so-good news is that there is still a large inventory of existing foreclosures and short sales that will still be coming to market.

As an example, LPS reported in their latest Mortgage Monitor that:

  • There are still twice as many loans going 90+ days delinquent as are starting foreclosure
  • There are almost three times the number of foreclosure starts as there are foreclosure sales
  • Distressed property inventory levels are almost 45 times the rate of monthly foreclosure sales 

This means that there is a backlog of properties which will start coming to the market in about 90 days as banks clear up their paperwork challenges. These properties sell at dramatic discounts. They will be your competition. Both Fannie Mae and Freddie Mac have recently discussed the magnitude of this challenge.

3.) Interest rates have risen over the last six months

Interest rates have stabilized recently. However, in the last six months, interest rates have climbed over 1/2%. Every time the rates increase 1/4%, approximately 250,000 buyers are eliminated from qualifying for a mortgage. In an environment of volatile rates, waiting could mean that there will be fewer buyers eligible to purchase your house. It also could mean that you will pay a higher rate on the next home you buy.

4.) Qualifying for a mortgage is about to get even more difficult

Besides increasing rates, there are other factors that will hinder a buyer’s ability to qualify for a mortgage as we move forward. Lending standards have been getting tighter over the last year. And as the government debates the new proposed guidelines (QRM), banks are gearing up for even more stringent standards.

Morgan Stanley recently stated:

“Recent developments in issues such as GSE reform, Dodd-Frank securitization rules, and foreclosure settlement issues suggest a tighter and more expensive environment for mortgage credit.” 

This may impact any potential purchaser for your property and may also impact your next purchase.

5.) It’s time to get on with your life 

Probably the most important reason to sell is so you can get on with your life. You placed your home on the market for a reason. Do not allow a less-than-stellar housing market prevent you from reaching your goals as an individual or as a family. Think about the reasons you decided to move in the first place. Are these reasons still important to you? If you have to take less than you were originally hoping to get for your house, your family has a question to ask each other: Is the dollar difference in sales price worth putting off our plans? Only you and your family know the answer to that question.

Did that give you enough to want to sell now? I believe the reasons above prove that selling now makes more sense than waiting. Contact me today and I will be more than happy to help you full understand your best option!

Cheryl