I Want To Sell My House Where Do I Start – I want to sell my house, where should I go next? How to navigate today’s low inventory market
According to statistics from the Greater Lansing Association of REALTORS®, the median sales price for existing homes in April was $175,000, with home sellers getting an average of more than 101 percent of the asking price. Numbers like these have many homeowners wondering if they should jump into the market for maximum profit, but one big obstacle stands in their way…low inventory. After they sell their house, where do they go?
I Want To Sell My House Where Do I Start
Active housing inventory totaled only 331 units in April. This number is down by 63 percent compared to the same time last year.
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The problem is compounded by the fast selling of lights in available houses. In April, the typical home spent just 19 days on the market, compared to just 44 days in April 2020.
This low-inventory, high-demand environment means competition for available housing is fierce, and with rising rent and construction costs, many prospective sellers feel they have no choice but to stay put.
REALTOR® Brian Hagler with Coldwell Banker Hubbell Briarwood often hears these concerns from potential sellers, and says those who want to take advantage of the market need to get creative.
“I worked with a young couple who had sold their house and were looking for their next place with their parents,” she says. “I also have clients who keep most of their belongings and move into a caravan. People are starting to think outside the box because they don’t want to miss an opportunity to sell to the best.”
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Some sellers may also decide to rent temporarily with month-to-month or short-term contracts. This gives sellers time to relax and buy their next home without worrying about how long it might take. The definite downside is having to move twice, and for those with children or pets, moving to a small apartment is not ideal. Also, the financial component can be a win or a loss.
Hagler’s most popular option is probably the leaseback scenario, in which the buyer gives the seller the opportunity to stay in the home, sometimes rent-free, for an agreed-upon period after closing.
“Typically, the lease allows the seller to stay up to 60 days, giving them time to find their next home, or at least time to make the right arrangements,” Hagler said. “Obviously, this option is up to the buyer’s flexibility, but many buyers offer it to make their offers stand out.”
Another option that relies heavily on the flexibility of the buyer is to use the relatively new MLS status, “Contingent.” Homes listed as “contingent” are those that are subject to sale until the sellers find their next home.
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The time available to the seller is subject to negotiation. If the contract allows the seller 60 days and they cannot find a suitable home in that time, the parties can renegotiate an extension or the seller can choose to keep their home. If the seller finds a new home within 60 days, the contingency is immediately lifted and the sale moves forward.
“The problem is, many buyers want to know they have a closed home and there is some uncertainty with this option,” said Hagler, who is a member of the Greater Lansing Association of Realtors® Multiple Listing. Service Committee. “The buyer may accept this scenario, but usually wants to continue looking for homes and back out of the deal if they find something else.”
While navigating today’s market can be tricky, sellers can take the stress out of it by partnering with an experienced local REALTOR®.
“Sellers have a unique opportunity in today’s market, but they also face unique challenges,” Hagler said. “Despite these challenges, we see buyers, sellers and their agents working together to complete deals that benefit everyone. Options are available, but your best chance for success is by working with a trusted realtor who has your best interests at heart. .” The material contained in this article is provided for general information purposes only and does not constitute professional advice. MATERIAL, AND YOU SHOULD DO YOUR OWN RESEARCH AND/OR SEEK APPROPRIATELY QUALIFIED PROFESSIONAL ADVICE REGARDING YOUR PROPERTY CERTIFICATION LANDMARK HOME GUARANTEE ASSUMES NO LIABILITY AND EXPRESSLY LIABILITIES ORMATION HEREIN.
Things To Do Before You Sell Your Home
The moment you put your home on the market can be both exciting and nerve-wracking. While there are many different things you need to focus on during the home buying and selling process, there is often one lingering concern on every seller’s mind: Can I sell my home for what it’s worth…or more? Use these simple solutions to sell your home for more than you paid.
(These figures are accurate at the time of writing in 2014. Some links have been updated as of 2018.)
One of the best ways to sell your home for more money (and faster!) is to declutter, clean, and organize your space. A dirty and cluttered house looks small and makes the buyer wonder how much money they have to spend to get the house move-in ready. By spending about $200 to clean and spruce up the space, you can increase your selling price by $1,500 to $2,000. Remove your personal belongings from the house, remove items from your closets so that they are about 2/3 empty and organize them. Drawers and shelves. Place obstacles in small groups of three and place additional decorations to add space to your home. You want to neutralize the decor, colors and spaces in your home. This allows buyers to imagine themselves and their belongings in the home instead of feeling like they are occupying someone else’s home.
The lighter your home, the more open it feels. By making a few $200-$300 worth of lighting upgrades, you can increase your home’s resale value by $1,000-$1,500. Make sure you use the right type of lighting for different rooms in your home. High-powered lamps make a small space look bigger, while soft lighting makes a space feel smaller. Changing the lighting in your home isn’t just about light bulbs. Remove heavy curtains and drapes to open windows and let natural light into the home. If you don’t have natural light from your windows, consider adding a skylight or solar tube to save electricity and give the room a more natural feel.
Factors To Consider When Selling Your House
A fresh coat of paint can add $1,500 to $2,000 to the value of your home. Repainting your home and getting rid of any dings, scratches and scuffs can help stage your rooms and make them look brighter and lighter. . When choosing a color, choose a clean white or light neutral color. Light colors open up the room, while dark colors make the room feel smaller. Painting in neutral tones allows a buyer to create their own space in their mind when they walk through your home. Not all interested parties will like the same color scheme as you, and an unattractive color may seem like too much work and money to a potential buyer.
A study by the Service Contracts Industry Council found that listed homes with a home warranty stay on the market for less time and sell for more money than homes without a warranty. Homes without home warranty plans sold 11 days faster and for $2,300 more. In a press release, SCIC chief executive Tim Menon said: “Buying a home is a big investment and can create huge anxiety. Fortunately, since home warranties can be transferred to the new owner, buyers [find] extra protection for the home.”. warranty service] can alleviate this fear.”
Purchasing a home warranty for a listed home provides added protection for home systems and appliances and peace of mind for the new home buyer. This peace of mind with a home warranty plan buyers can pay the home seller a great deal.
Just as you want to make a good first impression with new people you meet, you want your home to make a good first impression when a potential buyer approaches your home. In the real estate industry this is called “appeal.” Even if your home isn’t brand new or the most updated, great curb appeal can increase your home’s value. Here are some things you can do to get you there
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