Joseph Boyd's Blog
Let's face it – a first-time home seller may encounter many problems as he or she tries to navigate the home selling journey. Lucky for you, we're here to help you streamline the process of listing your residence and ensuring you can maximize your house's value.
Now, let's take a look at three common challenges that first-time home sellers might face:
1. You don't know what your home is worth.
What you paid for your house several years ago is unlikely to match your home's value today. Fortunately, a property appraisal can help you gain the insights you need to better understand your house's current value.
During a property appraisal, a home inspector will evaluate your residence from top to bottom. Then, this inspector will provide you with a report that highlights your house's strengths and weaknesses so you can plan potential home improvement projects accordingly.
When it comes to figuring out what your home is worth, don't forget to assess the prices of homes that are currently available too. With this housing market data in hand, you can find out how your residence stacks up against comparable houses.
2. You don't know how to enhance your residence's interior and exterior.
Consider the homebuyer's perspective as you examine your house's interior and exterior – you'll be glad you did. This will enable you to think about the best ways to enhance your house and ensure it will dazzle homebuyers consistently.
Remember, your home only gets one chance to make a positive first impression on property buyers. And if you allocate the necessary time to mow the front lawn, trim the hedges and remove dust and debris from walkways, you may be able to boost your house's chances of generating substantial interest from property buyers.
Don't forget to declutter your home's interior, either. By doing so, you can make it simple for property buyers to envision what life would be like if they purchase your residence.
3. You have no idea what it takes to add your house to the real estate market.
Adding a house to the real estate market should be simple, but myriad problems may arise that prevent you from listing your residence and getting the best price for it. However, if you work with a real estate agent, you can avoid any potential pitfalls throughout the home selling journey.
A real estate agent understands the ins and outs of selling a house. As such, he or she can serve as an expert guide through each stage of the home selling cycle.
Typically, a real estate agent will set up home showings and open houses, market your house to potential homebuyers and negotiate with property buyers on your behalf. This housing market professional also will be happy to respond to your home selling concerns and queries at any time.
For first-time home sellers, there's no need to panic. Use these tips, and you should have no trouble getting the optimal results during the home selling journey.
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Buying a home is one of the most expensive undertakings that you’ll ever have in your lifetime. You probably have spent months upon months saving for a downpayment in order to make your home purchase. The problem is that after they believe their savings are complete, many buyers discover unexpected costs that go along with buying a home, making the entire process even more stressful. You should be prepared for many different kinds of costs that go beyond the sticker price of a home. Below, many of those surprising costs are laid out in detail.
Closing costs can be anywhere from 2-7% of the purchase price of a home. Closing costs cover quite a bit including:
- Inspection fees
- Title insurance
- Property taxes
- Mortgage insurance
- Underwriting fees
- Recording fees
- Loan origination fees
Depending upon the type of loan you get or your specific circumstances, your closing costs could be even more. Keep in mind that you won’t find out your specific closing cost amounts until the purchase of the home is well underway. You can talk to your realtor and lender ahead of time to be prepared for your own situation.
Closing costs are also negotiable, so don’t forget to ask questions. Certain administrative fees, for example, are often unnecessary and can be waived.
If you have a low appraisal on your home, you may need even more cash on hand. In order to meet loan and home value requirements, lenders won’t approve a loan for an amount that’s higher than the home is appraised for. In this case, if you still want the home, you’ll be left to come up with the difference in cash. Otherwise, you could be forced to walk away from the deal and lose some money in the process. This is one of those home purchase emergencies that you should simply be aware of. It can be an emotional experience to get a low appraisal on a home, but remember that there are sensible ways to deal with this dilemma.
Many buyers forget in the excitement of buying a home just how much it will cost to move. Whether you hire a moving company or do it yourself, moving can be expensive. You’ll need a truck, packing supplies and a way to pay (or simply thank) the people who help you to move.
The Things You Need For Your Home
Your home won’t come with everything that you need. You may have to buy a refrigerator, have some repairs done, or simply get furnishings for the home. Don’t strap your budget so thin that you won’t be able to buy a sofa until six months after moving into the home.
What do you think is the best paint color to sell your house? It often seems that the best color is white since it evokes a clean canvas for the buyer. While white is an excellent color to start with, you may find that if you warm up the interior of the house just a bit, it may assist prospective buyers in feeling more at home when they walk in than stark white. Here are some excellent fresh but neutral colors to paint your house to prepare it for the market.
Colors for the Kitchen
White kitchens have been everywhere recently, but a completely white kitchen doesn't give most buyers that homey feeling that draws them in. Neutral warm or cool grays offset those beautiful white cabinets while exposing any particular architectural details. Some reports show sales increases prices with appropriately colored walls. Your agent will know which colors are most popular in your area but some to look at are Hazelnut or Lilac Gray.
In bathrooms, blue seems to be the color of choice. A freshly painted pale blue master bath can give the buyer a sense of a spa-like retreat while deeper hues provide a room the ever-popular nautical theme.
Home seller reports show that rooms painted a matte soft cerulean blue made a higher net profit than expected. For added appeal, try to pair the blue with white baseboards and stage the room with natural woods. Buyers want to step into a space that feels restful.
Living Room Colors
For your living room, look for lighter beiges and warmer gray-browns. This color combination will help the room feel more cozy and welcoming. Boldly accent the beige with a white fireplace mantle and baseboards for a clean and comfortable feel. You can use some natural woods and cozy textures when staging the room.
Dining Room Colors
For the dining room, cool bluish-grays give the room a more formal appeal and instantly updates the space. Statistics showed that dining rooms painted with a bluish gray sold for higher pricing than homes with white dining rooms.
Best practices for a smaller home are to paint most rooms the same neutral color as it gives the house a more substantial feel. But, if you have a larger home, paint in such a way to highlight the architectural detail of each room while remaining neutral. If you want to have one very bright paint, make it the front door. Studies show that a brightly painted front door adds curb appeal to any home.
As always, discuss any color changes with your professional real estate agent for the best ROI and quickest sale.
Let's face it – selling a home may prove to be a long, arduous process, particularly for those who are listing a residence for the first time. Fortunately, we're here to help you simplify the home selling journey and ensure you can enjoy a pleasant home selling experience.
Now, let's take a look at three tips to make the home selling process quick and easy.
1. Evaluate Housing Market Data
The housing market frequently changes, and a seller's market today may transform into a buyer's market tomorrow. However, if you analyze housing market data, you can understand real estate segment trends and map out your home selling journey accordingly.
Take a look at the prices of recently sold houses in your city or town. This information can help you differentiate between a buyer's and seller's market.
Also, evaluate the prices of local houses that are similar to your own. This data will show you how your residence stacks up against the competition.
2. Hire a Home Appraiser
Although you might have received a great price for your house a few years ago, the value of your home likely has changed. As such, you should conduct a home appraisal to receive an accurate property valuation.
A home appraiser will look at your house's exterior and interior, along with assorted housing market data. Then, this appraiser can provide you with a valuation of your property. And once you have a property valuation in hand, you can determine how to price your house.
In addition, it often helps to complete a home inspection prior to listing your residence. Because if you perform a home inspection today, you can identify and correct any home problems that otherwise may slow down the home selling process.
3. Collaborate with a Real Estate Agent
If you're unsure about where to find housing market data or how to hire a home appraiser, there's no need to worry. Real estate agents are available in cities and towns nationwide, and these housing market professionals will do whatever it takes to help you sell your house.
A real estate agent is a housing market expert who is available to assist you in any way possible. For instance, if you need help pricing your house, a real estate agent can make it easy to establish a competitive initial asking price. Or, if you are debating whether to accept or reject a buyer's proposal, a real estate agent can help you make an informed decision.
Let's not forget about the comprehensive support that a real estate agent provides in the days and weeks after you accept an offer, either. This housing market professional will keep you up to date about a home purchase agreement as closing day approaches. And if you ever have home selling concerns or questions, a real estate agent is happy to respond to them.
Ready to list your residence? Take advantage of the aforementioned tips, and you can increase the likelihood of a fast, simple home selling journey.