How to Sell Your Home When the Market is Down

When the market is down, the easiest way to sell your house fast is to lower the price. But lowering your asking price isn't the only solution. You can also attract buyers by adding new features that enhance the value of your home.

Here are a few tips to sell your house at the best price:

Differentiate your home from your neighbors

You can attract buyer attention by differentiating your home from your neighbor's. For example, custom additions such as a new roof, landscaping, or high grade windows can make your home stand out from the rest. These features not only make your house more attractive but also enhance its value.

 

While adding new features, it’s best to opt for designs and colors that will impress most people. Any new feature should complement your home. For example, building a patio next to your outdoor swimming pool is a great idea.

However, resist the temptation to overspend. Of course, enhancing the appearance of your home may attract buyers, but it is not always easy to recover all the costs while you sell it. There is absolutely no example to prove that the new shingles on your roof will substantially increase the value of your home. If you're planning to invest a lot of money in improving the appearance of your home, do some research and add features that are more likely to recover their costs.

If you have recently added some interesting custom features, don't forget to include them in your home's listing. 

Clean the clutter

Make sure that your home is free of clutter when potential buyers come to see it. Clutter turns off people immediately. You can make your rooms look larger by removing some furniture. Also put away personal items and family photos. And if your budget permits, you should consider hiring a stager. Be willing to shell out a few thousand dollars if you are planning to rent modern furniture for showing your house.

Sweeten the deal

You can attract more buyers by sweetening the deal. You can, for example, offer to pay the buyer's closing costs. These deal sweeteners will help you to attract more buyer interest. You can also consider offering a transferable home warranty.

Improve curb appeal

Don't overlook the need to enhance your home's curb appeal. When a buyer takes a look at your house, the first thing they see is its external appearance. So make the exterior as attractive as possible. Apply a new coat of paint before listing your home for sale. You also need to keep your garden and lawn in good condition. Appearance means a lot in real estate.

Make sure that your home is ready to move in

Make sure that your plumbing and electrical fixtures and appliances are in working order. They should also comply with existing building codes. When potential buyers visit your home, they should get the impression that the home is ready to move in.

Price it right

Your home should be priced appropriately. You should consult a real estate agent to know what comparable homes in your area are selling for.

Your home doesn't have to be the least expensive home on the street. That said; it must still be reasonably priced.

 

The bottom line

It is not exactly easy to sell your house when the market is down. However, by adding a few interesting features and keeping your home in great shape, you can improve your chances of finding a buyer.

Home Makeover Tips to Make Your Home Look Awesome

So you have got your home listed and firmly implanted that “For Sale” sign in the front yard. But is your home ready to be toured by would-be buyers? Ask any real estate expert and they will all tell you why it is important to give your home a nice makeover before showing it to potential buyers. First impression really matters.

Even if you are in a market where houses sell quickly, first impression is very important. So it’s a good idea to spruce up your house – it would convince the would-be buyer that it is well worth every penny you are asking. You can give your home a great makeover without having to spend a fortune.

If just a few homes are available on the market, you will probably not feel the need to spend loads of money on aesthetic improvements. Still, there are several relatively inexpensive things that you can and should do to attract buyers.

Here are a few things you should do to improve your home's external appearance:

·         Make sure that your lawn is well-maintained; don't forget to tidy up your landscaping.

·         Place a nice potted plant close to the front door. It will make your door area more attractive.

·         Make the doors look new by applying a fresh coat of paint.

·         Clean the windows to a sparkle.

·         Install a new doorknob. It will create a sense of greater security.

·         Your street numerals should be in place. Make sure that they are polished. You can also invest in a brand new set of numerals. 

·         Hang a seasonal wreath on the door.

·         If there are any loose shingles get them fixed before showing the house to potential buyers.

·         Repair your gutters and paint them.

The interior is as important as the exterior. When potential buyers enter the house, you should still be able to leave a positive impact on them. Here are a few things you need to do: 

·         Remove clutter. Clutter kills positive energy. It also makes your home look cramped and unattractive. Keep the toys well organized in closets or shelves. Leave the countertops in your bathrooms and kitchen empty. If that is not possible, remove as many items as you can.

·         If you have a lot of family photos, you need to remove them as well.

·         Hang fresh towels in the bathroom.

·         If the walls have rough spots, touch them up with paint.

·         Get your carpets cleaned before potential buyers walk in. You should vacuum clean the floor each morning.

·         If the faucets in your bathrooms or kitchen are leaky, get them fixed. You should also replace all non-functioning bulbs.

·         Open all curtains and blinds to let light in. Don't forget to turn the lights on before each showing.

·         If you have a lot of furniture, remove some of it.

·         Place some flowers and nice plants in attractive containers.

·         Clean your fireplace.

Of course, each one of us has our own sense of style. By doing these things you are not trying to fool potential buyers into believing that your home is the best. Instead, you are trying to show a simple and clean house with great potential.

Selling your home means that you should know the true value of the property. You can obtain a free home valuation report from Neighborhood IQ to find out how much a home is worth. Also, the Home Loan Advisor can analyze your property, current market conditions, local market comps, and other variables in our proprietary algorithm, and match you with potential lenders.

5 Options to Consider if You Can’t Find a Buyer

Selling a house can be difficult if there are too many houses in the market. If you have a home for sale, you probably already know how difficult it is to find a serious buyer in the existing real estate market scenario. Now, in case your search for a buyer is taking longer than you expected, here are a few options you can consider:

Rent the house 

Renting allows you to generate some income from a property that has been in the market for a while. Of course, you can't make a lot of money by renting, but this is definitely an option you can consider if you feel that finding a home buyer is taking longer than usual. What's more, if you place it on rent for long enough, the market conditions in your locality may improve. People who hold on to their property during a slump will be able to sell it for a higher price when the economy recovers.

Not every seller will want to rent his house. They suspect that the renter will not take proper care of the property. What's more, renting your house to the wrong person can invite a lot of trouble. Evicting a problem renter may take many months and cost a few thousand dollars.

Lease the house

Leasing your home is another option you can consider. When you lease your house, you will receive an extra fee besides the standard monthly rent. Of course you will have to sell the house to the renter at a later time in the future for a pre-determined price. Now, in case the renter decides not to buy the house later, you can keep both the rent and the extra fee.

Rent the house for short periods

If your house is in the vicinity of a tourist spot, you can consider renting it for short periods. Some companies also rent homes to provide accommodation to their non-permanent employees. In popular tourist areas, you can find brokers specializing in short-term rentals.

Sell the house to a realtor 

Some big realtors buy homes and later sell them for a profit. Since they have huge cash reserves, they will have no trouble holding on to the property until they find a good buyer. However, you can't expect these buyers to offer a good price. You may consider this option only if you are desperate to sell or are willing to accept a lower price.

Short sale

This is the least attractive of the five options we discussed here. Lenders want to avoid foreclosures at any cost. So if you are unable to pay off your home loan, the lender might even consider selling your home for a price less than the actual value of your loan. This allows the bank to get a bad loan off their books. They also save the expenses involved in the foreclosure process.

The bottom line

Depending on the market conditions, finding the right buyer may take a year or more. None of the options discussed in this article are ideal; nonetheless they allow you to generate some income while you are still holding on to your property.

Remember, you can always rely on a free home valuation report from Neighborhood IQ to help you in the selling process. Also, the Home Loan Advisor can analyze your property, current market conditions, local market comps, and other variables in our proprietary algorithm, and match you with potential lenders.

Can New Flooring Add Value to Your Home?

Flooring is one of the most noticeable features of a room. It has the potential to affect your home’s look and feel, which is especially important if you are thinking about selling your home. You can greatly enhance your home’s overall look with a floor upgrade without a total home remodel.
Flooring such as bamboo and hardwood floors are surefire bets to give your home value a boost.

The thing to keep in mind when considering new flooring is whether or not it would add perceived value or not to your home’s appraised value. If an appraiser says that the overall condition of your home will be raised from average to very good, then new flooring is a fantastic addition. If you are selling your home, it’s also important to keep in that buyers can be picky when it comes to flooring, and it can affect their overall decision to buy or not to buy.
 

The perfect flooring additions are visually impressive while providing considerable ROI. The perfect combination in a home would be laminate wood flooring in living areas, high-grade marble in bathrooms, and Berber carpet in the bedrooms. But the key is to choose flooring that fits your home’s style.

What types of flooring can add value to your home?

If you are replacing your flooring and budget isn’t an issue, does a specific type of flooring add more value? Of course! Here are a few types of flooring that are great investments to your home:

·        Hardwood- Hardwood floors have a natural beauty that serves as a great addition to a home’s interior. Any living area, kitchen, or bedroom can benefit from hardwood flooring. They are a smart investment that has the potential to give a home a polished look as well as boost the overall value.

·        Bamboo- For sustainable flooring that is durable and requires a low amount of maintenance, bamboo flooring is a great choice. They have the ability to give your home a modern appearance, and they are naturally resistant to moisture and bacteria.

·        Cork- Cork flooring is environmentally friendly since it is sustainably harvested from the bark of the cork oak tree without harming it. Cork floors are antimicrobial, sound-resistant, and great for providing a soft and cushiony feel.

·       Parquet- Parquet flooring is a wonderful way to add contrast and texture to a floor. Popular woods for solid parquet flooring include oak, walnut, cherry, and pine. Stains and finishes enhance the contrasting colors and grains of the different woods.

It’s a good idea for homeowners to know the true value of your home before and after your new flooring is installed. You can obtain a free home valuation report from Neighborhood IQ to find out how much a property is worth, especially after your fall and winter home improvements and maintenance projects are completed. Also, the Home Loan Advisor can analyze your property, current market conditions, local market comps, and other variables in our proprietary algorithm, and match you with potential lenders.

 

7 Habits Every Home Seller Should Have

Putting your home on the market and getting it sold for a decent price is not easy. In fact, selling a home can be quite stressful. However, you can reduce your stress levels by following these highly effective habits.

1. Be Realistic

Your neighbor probably sold their house for top dollar last month, but it doesn't matter now. You didn't sell your home when the market was at its peak. Right now, your only concern should be getting your home sold for a reasonable price and that won't be possible unless you are realistic.

When selling a home, don't expect to recover every cent you spent on it. It is not always possible. So be realistic about the value of your home, the quality of your neighborhood and current market conditions. There is hardly anything that you can do to improve the neighborhood or the market. Nonetheless, you can improve the way your home looks. Make it clean and repair the parts that need to be repaired.

2. Listen to suggestions and advice

You probably don’t have much experience in selling a home; however, your agent has. A good agent sells many homes a year so they should understand the process better than you. Listen to their advice. Of course, it is nearly impossible to do everything that they suggest. Nonetheless, listen to them and do whatever you can to present and market your home in the best possible way.

3. Be Available

You don't have to be physically present during showings. In fact, the presence of the home owner may make the buyer uncomfortable and force them to rush through the process. Nonetheless, your home should be easily accessible to buyers. You must be willing to vacate the premise whenever your agent asks you to so that potential buyers can view it. This improves your chances of selling it.

4. Be Smart

Knowledge is power, so gain as much information as you can about the home buying and selling process. Of course, you are not buying, but you should still be able to know what the buyers are going through. Also understand the real estate market. If you have doubts, ask your agent to clarify them.

5. Don’t let emotion cloud reason

All of us are emotionally attached to our home. We are also proud of it and expect it to be sold for a price that is reflective of our pride. However, market conditions and location often determine the price. If you don't get the price you are asking for, you should be willing to lower it.

6. Be Reasonable

While selling a home, price shouldn't be the only consideration. You must also take into account the buyer's eligibility for a loan. If buyers request for repairs, you should consider every aspect closely. Don't risk losing a potential buyer by refusing to repair a leaky faucet or something just as trivial. That doesn't mean that you have to give into every demand. Be reasonable. That's enough.

7. Ask Questions

During the selling process you may hear many terms that you don't normally use on a regular basis. If you don't understand anything, don't hesitate to ask for clarification. 

These seven habits will not only reduce your stress levels but also increase your chances of getting a good price for your home.

To assist you in pricing your home to sell, you can get a free home valuation report from Neighborhood IQ and find out what your home is really worth.

Thinking about refinancing? You can find lenders that can help you with a refinance on your home loan. Let The Home Loan Advisor help you today!

Top 5 Reasons Why It’s a Good Idea to Sell Your Home Now

Selling your home is a big decision. Your house is most likely one of the most expensive investments you’ve ever made, and deciding to sell involves a weighing of pros and cons. Some sellers are wary of the unstable housing market, but with the proper preparation and information, it could be the best time for you to sell your home since property is at all-time lows right now.

There is a difference between needing to sell and wanting to sell. If you must sell your house due to financial difficulties, it is entirely understandable. However, if you simply have the desire to sell, now is a great time to begin the process. Consider the following reasons why it’s a good idea to sell your house now:

Buyers are serious. There is currently a strong demand in the housing market, and buyers have cash to accommodate the market. Houses are selling at increased paces the last few years, so take advantage of this time when home buyers have the money to spend and are serious about buying.

You are having financial trouble. If you are having trouble making ends meet with your mortgage and the other costs associated with owning a home, if may make perfect financial sense to consider housing that costs less. Maybe you have too much consumer debt or you are facing events such as medical problems or divorce. Whatever the reason for your financial problems, selling your home may be just what you need right now.

You are retiring. You may have too much space than you really need, or perhaps you can’t afford the house payment because you are not working full-time anymore. You can free up some of the money that you have put into your house and use it to move to a less expensive home. Or, you may want to consider renting.

The housing inventory is low. This means that buyers have a fewer number of homes to choose from. If your home is a quality property, it is more likely to stand out among the small amount of competition.

You need to move for your job. Depending on your aspirations, you may get a promising career opportunity or promotion. Sometimes, this requires you to relocate. If you feel that it is a good move for your career financially and personally, it could be the perfect reason to sell.

Remember that selling your home takes patience and perseverance. Because there are so many properties for sale these days, it may take some time to get an offer. You should consider all offers carefully, especially if you are in a desperate financial situation. If you don’t have a strict timeline, be patient and the right home buyer will make you the appropriate offer.

When you decide to sell, you will definitely need to know the value of your home so that it can be priced accordingly. Find out worth of your home with a home value report from Neighborhood IQ. It’s absolutely free!

10 Most Costly House Problems

Every homeowner experiences problems with their home sooner or later. The intensity of these problems depends on the level of maintenance the house has received over the years. Whether you are buying a home or selling your current house, you may want to check for certain problems that have been left unattended to. If you wait until after a home appraiser or inspector flags the issues, it could result in a lot more money out of your pocket. So, don’t wait until closing to fix the problems or address them with the owner.

Some of the following home problems are so common that many homeowners simply learn to live with them. However, the problems can be avoidable by providing proper maintenance and checking out the most common ones periodically.

Here are 10 of the most common problems that homeowners encounter while buying or living in a home:

1.       Problem roofs. The roof of your home is one of those things that you don’t pay much attention to. That is, until you see a leak. The roof can be one of the most costly things to fix, so use binoculars to check for warning signs. Also, get a professional roof inspection before putting your house on the market.

2.       Water in the basement. These problems should be solved as soon as possible to minimize damage that can include mold and mildew.

3.       Deferred maintenance. Keeping your home in top condition is an investment that will return the more you spend.

4.       Flaws in the foundation. Older homes and even newer ones can settle unevenly. Look for sloping floors and cracks in the foundation walls as well as above windows.

5.       Poor ventilation. The effects of poor ventilation on your health are huge, so make sure places like the attic are properly vented in order to avoid mold or roof rot.

6.       Faulty plumbing. It’s crucial to keep a close eye on the water supply system. Trace leaks to sources immediately, and replace corroding pipes.

7.       Defective HVAC systems. If you have just bought a home or you are thinking of selling your current home, it’s a good idea to contact a HVAC contractor for an inspection.

8.       Faulty gutters and downspouts. Constant checking is needed to properly maintain the gutters and downspouts in order to avoid water damage.

9.       Drainage problems. Homeowners often overlook landscaping issues which can which allow water to drain into the house’s basement or crawlspace. Water damage can be costly to repair and lessen the value of your home.

10.   Faulty wiring. Many electrical problems are caused by homeowners who try to do the work themselves or hire someone unlicensed. Look for dangling hotwires, open receptacle boxes, and aluminum wiring.

In the midst of checking your home or home-to-be for common problems, consider the advantages of knowing the true value of the property. Be sure to obtain a free home valuation report from Neighborhood IQ to find out how much a home is worth before you ultimately buy or sell! Also keep n mind that Home Loan Advisor can analyze your property, current market conditions, local market comps, and other variables in our proprietary algorithm as well as match you with potential lenders who have products that may help you and provide you with a sense of stability.