If you already own a home and are considering a move up, there are issues to consider. You will want to sell your existing home at just the right time in order to avoid owning two homes, or just as bad, owning none at all and have no place to live. If you want to get the best price for your existing home, there are certain things you can do to enhance it in the perspective buyer’s eyes. As good as the market is right now, home prices are still below what they were at their peak. Buyers are far more discriminating, and a large percentage of the homes listed for sale never sell. It’s more critical than ever to learn what you need to know to avoid costly seller mistakes in order to sell your home fast and for the most amount of money.
1. Not preparing their home for the buyer’s eye
These fix ups don’t necessarily have to be expensive and can give you up to 10x the return in the price once you sell your home. Your realtor will be able to make suggestions as to what should be done to your home.
2. Failing to analyze why they are selling.
Plan to sell before you buy, this way you won’t feel pressured at the negotiating table to accept an offer below market value because you have to meet a purchase deadline. Plus, you’ll be able to buy your next home with no strings attached.
3. Moving out before Selling
If you get a tempting offer on your home, but have not made any headway in finding your next house, you can always put in a contingency clause in the sale contract, which will give you reasonable time to find a home to buy.
4. Failing to obtain a pre-approved mortgage for one’s next home
Pre-approval is a very simple process that many homeowners fail to take advantage of. It doesn’t cost or obligate you to anything, but it does give you significant advantage when you put an offer on a house, because you know exactly how much house you can afford as you have the green light from your lending institution.
We can can help you figure out your affordability. We work with a number of lenders. We can arrange special financing with one of our mortgage partners. All the best and good luck with your home search.
