Life happens. Sometimes your career takes you across the country, or perhaps your financial situation changes abruptly. Whatever the case, many homeowners find themselves in need of a fast home sale. Using data gleaned from real estate agents across the country, we’ll take a look at some of the challenges sellers will face this year, as well as some tips for selling your home quickly.
The market will balance out
Leading real estate referral company, HomeLight, conducted a 4th quarter survey, of more than 500 leading real estate professionals across the country, to get an idea of market conditions and 2020 agent predictions. Depending on your home sale goals, the fact that balance is predicted can be either a good thing or a bad one.
According to survey results, 43.5 percent of agents feel that this year will see a gradual shift away from the current seller’s market to become more balanced overall. Throughout this shift, however, 54 percent of agents say they expect home prices to stay level.
So, if you were hoping for market prices to spike to increase your profit, you’ll be sorely disappointed. However, since the market isn’t expected to make a drastic shift from in favor of sellers to buyers, it’s a good year to sell. But what about selling quickly, you ask.
Gauge what’s informing your decision
Your reasons for selling quickly will help determine the best route to go with your home. The options for a seller who is relocating for work are different than those of a seller who is financially unable to maintain their current mortgage. Then, of course, there’s the majority of sellers who simply don’t want to beleaguer the process.
Selling quickly because of financial strain
If you simply need to get out from under your mortgage, a short sale is likely not for you. A common misconception is that short sales are called such because of a quick selling process, but that couldn’t be farther from the truth. Short sales might run longer, months longer, than the traditional home sale process because of the bevy of paperwork involved.
An auction may be the best way for you to sell your home quickly, without a drawn-out process. However, not every situation is best suited for an auction, either. Your best bet? Meet with a trusted real estate agent to discuss all of your options.
Selling quickly to make a move
If you find yourself needing to relocate in a quick time frame, and a need to sell your current home, finding a top real estate agent with a strong track record of quick sales should be your priority. While some sellers may wish to try to sell on their own, it’s typically faster when an agent is working on their behalf. There are a lot of other details that need to be tended to with a relocation, in addition to selling your current home.
One option may be to list your home but only for a cash buyer. However, the risk you take here is the possibility of not getting as much as you’d hoped for your home. Cash buyers are often those looking for investment properties for rental units or flipping. Your agent can guide you in making this decision, as they’ll typically know the key area buyers.
While the real estate market in 2020 offers some challenges, none are enough to prevent you from selling your home. However, if you need to sell your home quickly, your best option is to find a top area agent to work with, as they’ll be able to plot the best course for your situation.
Buying a home is an immense purchase, most likely the largest you will make during your lifetime. Avoid self-sabotaging and ensure your journey to home ownership goes smoothly every step of the way. Here are three things you may want to avoid:
1. For Sale by Owner
Trying to sell your home by yourself is sheer madness. Your real estate agent will have your best interest in mind, gearing you in the right direction. This professional will guide you through the process including the piles of paperwork that can seem extremely overwhelming. Please contact GreenTree Properties and we will represent you all the way home.
2. New Lines of Credit
Your credit score can be a game changer. During contract you do not want to do anything that will impact your credit score. That includes buying a car, boat, or any other large purchase that has to be financed. Along the same lines, your credit score needs to remain stable during the closing process. Opening new lines of credit can make your FICO score drop and send up a red flag to your lender. Avoid doing this at all costs!
And here is a great tip from Realtor.com
3. Saying too much—and undercutting your negotiating power
Be careful what you say when you’re viewing a property at an open house or home showing. For instance, if the listing agent hears you say to your spouse, “I love this house, and it’s way under our budget,” the seller might try to play hardball when you try to negotiate on price. Keep private conversations private.
One of the most important things to do before selling your home is ensure the first impression counts! Homes are selling fast and at top dollar, it is still important to prove that your home is worth every cent. These simple steps will help ensure that the first impression is the best to drive potential buyers.
Your home’s exterior, this includes the yard, driveway, sidewalk and front entry – should serve as a snapshot of what is to come inside. Curb appeal sets the tone to a potential buyer and can make or break an offer.
- Mow the grass, trim trees and plant.
- Clean up the front door area and add some plants, lighting and check for spider webs.
- Plant new shrubs and remove weeds.
Investing in a professional cleaning company to deep clean carpets or wood flooring can make all the difference in a first impression. Carpets, over the years tend to stain, wear and tear, so it is important to spend that little extra money to make it as pristine and new looking as possible.
Caulk Tubs and sinks
Caulking around your home is an inexpensive way to add detail to your home. It’s easy and can be done fast. This will also stop leaking and give that extra design touch to ensure a positive impression that your home has been taken care of.
Before you list your home, ask GreenTree Properties to come by and examine the property for specific showing tips to make your home more appealing. Please contact (949) 492-0090 or visit here.
Celebrate your home by spending some QT (quality time) on it and maximize the return of your sale by completing these top cosmetic updates. The good news is that summer is just around the corner and that means plenty of sunshine to get these projects done.
Here are upgrades ranging from small bathroom remodels to large-scale expansions that often yield high returns.
- Minor Bathroom Remodel: Use a softener like CAULK-BE-GONE to get rid of the old caulk. Fill the tub with water after you’re done to stretch caulk while it dries. For damaged walls, you can do a quick coverage by using spray-on texture provides quick coverage. Add illusion of space by replacing old shower doors or remove them all together.
- Attic Bedroom Conversion: Do you have an attic just sitting there? Consider converting this space into a bedroom. That is if your existing HVAC system can handle the load of another room. If not, factor in the cost of a second unit. A solar-powered attic fan is an efficient way to save on cooling costs. The attic fan exhausts heat from above your home and is powered by a solar cell on the roof.
- Minor Kitchen Remodel: If your home is worth more than $500,000, go with stone or trendy glass countertops. Cover old vinyl with floor leveler so the pattern doesn’t bleed through. You can’t put a second layer of vinyl on if the subfloor is below-grade concrete. “Brighten up the kitchen by sanding and painting existing cabinets. It’s much less expensive than buying new ones. Add decorator detail without the cost by changing drapes and window molding.” – HGTV
- Curb Appeal: You know what they say, first impressions count and curb appeal is all types of first impressions. A charming focal point like a walkway and fountain adds major value to your property. Roll a sealant on flagstones for a permanent wet look that enhances the color.
Replacing roofs and windows are also high on the list and home offices tend to be lower in return. Remodeling may be a labor of love, but consider this investment that can seriously boost the value of your home. Questions? Please get in touch with Greentree Properties at (949) 492-0090 or here.
Are you ready to enter the housing market? According to a recent study by Zillow, the BEST time to list your home is on a Saturday between May 1st and 15th. While timing isn’t everything, it can definitely be an important factor in selling as fast as possible.
Sell your home faster with these tips:
- Use great photos: Today, 95% of homeowners use the internet for their home search and photos play an important factor. Visually stimulating images can show off the lifestyle of the home, including beautiful features and encourage prospective buyers to schedule a tour. Poor photos can discourage buyers and many may reject your home without even considering it.
- Clean everything and depersonalize your home: A dirty home can be a deal breaker for most buyers. Make sure you take the steps to clean your house inside and out. In addition, remove personal photos as you want homebuyers to envision the house for their family as opposed to yours.
- Let the Light in: Before showing your home, brighten up the space by opening up the curtains and blinds, turn on the lights and let your house shine!
- Curb appeal matters: Simple things like repainting your front door, or replacing a mailbox can really spruce up your house. Redoing the landscape can also help improve your home’s first impression. Make sure all bushes and trees are trimmed and looking their best.
When your home is on the market, the little things can make all the difference. These simple steps can help enhance your home and get it off the market so much faster! If you are considering selling, talk to your GreenTree Properties agent about a custom strategy to get your home sold in the timeframe you desire at (949) 492-0090.
One of the biggest questions on everyone’s mind when they’re selling their home is “How long will it take?” Putting your home on the market leaves a lot of uncertainty and can add some extra stress, especially when you’re trying to plan your next move. GreenTree agents gather market data and analyze the life of a listing in own your area, but you’ll want to consider these factors when asking how long it will take to sell your home (the last one may surprise you).
In real estate, everything comes down to location, location, location. Factoring in how long your home may sit on the market is no different than this basic principle. If your home is located in a sought after area—next to a great school, proximity to entertainment and convenience, or in an up and coming area—you may be in a fast moving sellers market. You’re GreenTree agent can give you data on the average age of similar listings in your area, as well as the longest listings, and why those listings might not be selling.
Consider price not just in terms of fair market value, but also in visibility. Homes that are priced properly typically see shorter market time but price can also be used as a marketing tool to attract buyers. Homes that are priced 10% over market value will typically appeal to 30% of the market, while homes priced at fair market value can attract 60%. However, homes priced 10% under market value have the opportunity to move quicker and field more offers from 70% of the market.
It’s often overlooked, but the quality of photographs used to portray your home could greatly affect it’s time on the market. Listings with substandard photos don’t drive internet traffic and could be off putting to buyers. Over 90% of home buyers use the internet to search for homes, so listing photos are crucial for making a good first impression. DSLR photos that are properly lit and showcase the features of the home without manipulating the house tend to attract more buyers, more offers and sell quicker.
If you’re thinking of selling, talk to your GreenTree agent about a custom strategy to get your home sold in the timeframe you want. The right combination of location factors, price point and marketing can help ease your stress and put more confidence into selling your home.
The past year has shown us a multitude of trends in the housing market—higher home prices, housing shortages, developer confidence and rising rent prices. For 2017, we’re thinking three things: locations, appreciation and interest rates.
Urban areas are appreciating much faster than suburban areas, accounting for growth, and small homes have seen much sharper price growth than larger ones. Nationally, home prices are expected to keep rising by 3.5% according to Moody’s Analytics projections. If you have a smaller home in, say, a downtown area, your equity is going to take you further. As home prices rise, more buyers will inevitably move to the suburbs to find affordable housing.
If you’re looking to trade for a larger home, you’re in the market’s sweet spot, and the first part of 2017 is going to be the best time to strike for that. The equity from your small house will get you more—the average price on a two-bedroom house climbed 59% nationwide, while four-bedroom houses rose by about 41%, according to more of Moody’s Analytics. Developers have also continued to add new inventory to the market by building new supply in demanded areas with price points between $500,000 and $750,000. So, if you’re selling a smaller home in the first part of 2017 for an upgrade, you’ll want to choose higher priced offers over offers with quicker closing times. The more cash you have to put towards that down payment, the better off you’ll be.
Following the housing market crash, mortgage rates remained at record lows for years. Rates are expected to rise to more normal levels, levels seen before the market crash. The Federal Reserve has already indicated that three more increases to its benchmark rate are coming in 2017. It’s only advantageous to act sooner rather than later if you’re thinking of buying or selling, especially since future housing policies remain unclear.
They’re called boomerang borrowers, and they could be changing the housing market in the coming months and years.
The timeframe for borrowers who were significantly hit after the Great Recession between 2007 and 2010 to improve their credit score is about the happen, opening the door for a lot of consumers to re-enter the housing market.
Foreclosures, short sales, and bankruptcies remain on a credit report for seven years, which means these items are due to fall off the credit files of 2.5 million consumers by June 2017, the largest of the group over that time frame.
With millions of borrowers coming back into the housing market, should this be the time to sell?
Consider low inventory. There is a shortage of homes for sale in many markets throughout the country in relation to buyer demand. This is economics 101 and happens to create a highly desirable atmosphere for sellers to obtain the best possible sale price and terms. According to Redfin, buyer demand rose by 13.3 percent over the month in September, it’s highest level in three-plus years. We’ve seen buyer demand gain momentum since Labor Day, when a pop of fresh listings hit the market.
Home prices are on the rise after several years of dealing with distressed and foreclosed inventory. As of August 2016, foreclosure inventory included only 0.9 percent of all homes with a mortgage. As foreclosures drop, home values rise, which could mean higher appreciation for home owners.
Low interest rates hovering around the 3.5 to 3.7 percent range make the cost of borrowing money extremely attractive, especially for those boomerang borrowers who are re-entering the market with now above average credit. Modern day loan programs offer a wide variety of options to buyers at various price points and stages to purchase property, so you know that when you accept an offer, the loan process isn’t going to diminish on your buyer, thus securing your sale.
Chances are, it’s been a while since you’ve sold your home—at least 7-10 years. Predictive analytics help optimize buyer searches. Social Media marketing brings visibility to a whole new level. Drones and video tours help create powerful story telling campaigns. All done to attract buyers across the market and secure sales. Welcome to modern day real estate!
Make yourself ready for boomerang borrowers by preparing your home to show in the best light possible. Talk with one of our real estate professionals if you’re thinking of selling your home and find out what they can do for you.
So, you’ve decided to do it. You’ve set a goal, set your budget and location, got pre-approved and you’re ready for it. You’re doing it. You’re going to buy a home.
Now what? A home purchase is a significant and expensive transaction with long-term implications. You want to buy wisely, at the right price and on good terms. But if you overpay for a home or buy one that involves more upkeep than you can manage, you may end up with buyers remorse.
In order to make the best decision on buying your home, you need to have the best possible information and guidance to make a well-informed decision from someone who’s fiduciary duty is to you solely. Using an Exclusive Buying Agent provides you with the level of representation you need to make sure you aren’t overpaying, overlooking the upkeep, or buying on bad terms. This also helps to avoid any conflicts of interest.
An Exclusive Buyer’s Agent is just that: a real estate professional branded towards representing homebuyers exclusively. Compare this with a dual agent, or sellers agent, who’s vested interest lays across multiple platforms—to the seller and to the homebuyer.
An Exclusive Buyer’s Agent will:
- promote and protect the interests of the buyer with the utmost good faith, loyalty and fidelity, by law
- educate you on local market conditions and the home buying process in general
- perform cost comparisons to protect you from overpaying
- negotiate price and terms exclusively on your behalf
If an agent gives you dual agency disclosure, they aren’t representing you. Conflicts of interest arise when a selling agent represents both the buyer and the seller, and still carries a fiduciary duty to the sellers, which means you don’t get the best deal possible. If you meet a seller’s agent at an open house, for example. and mention to them your need to relocate in one month’s time, that agent must promote the interests of the seller by law and inform the sellers of your situation, thus diminishing your negotiation power.
Location, location, location. When it comes to the desirability to real estate, we’ve always known location to the most important element. But, times are changing. Thanks to HGTV, Instagram, Pinterest and, well, the Internet, key home features are becoming just as important as location.
Close your eyes. Imagine a quaint home, with a rustic barn door, white shaker cabinets and a big farmhouse sink. Chances are, you’ve already imagined it yourself, or are even seeking it out.
In a study of more than 2 million listings across the US between January of 2014 and March of 2016 by Zillow, homes with listings including keywords like “barn door”, “shaker cabinets” and “subway tiles” sell for a price 13% higher than expected.
Among other terms analyzed, quartz, craftsman and exposed brick came in behind shaker, farmhouse sink and barn doors in those terms associated with not only the highest sale premium, but also a significantly faster sale. “Barn doors”, for instance, helped listings move 57 days faster than expected, according to the study.
We hear it all the time, “We’ll replace these french doors with barn doors, paint the cabinets white and put in quartz countertops.” These now classic design elements add charm and character, so it’s no wonder these are in demand.
If you’re planning on putting your home on the market, looking to add value, or looking to appeal to potential homebuyers, try these GT Tips:
- The appeal of barn doors, aside from the actual intended use, stems from the rustic and reclaimed element. Try reclaimed adhesive wood paneling to give your home a rustic, reclaimed vibe, without the commitment of a large barn door.
- Many potential homebuyers are going to be looking for white, shaker style cabinets. If your cabinets aren’t shaker, try a fresh coat of paint. Our current favorites are Benjamin Moore’s Simply White and White Dove, for a cleaner or warmer white.
- If you currently have an overmount, or undermount sink, installing a farmhouse could be tricky. You’ll want to ensure that the base cabinet underneath has low enough framing to support the front apron, as you’ll need to cut into it. Hiding and stacking dishes is easier in a deeper sink, too!