Benna Lynch Rondini's Blog
Adding your house to the real estate market today may prove to be a great decision. In fact, there are many terrific reasons to list your home today, including:
1. You may be able to generate a profit on your house.
If you maintained your home over the years, the residence may have increased in value. Thus, you may be better equipped than other home sellers to generate a profit on your residence.
Furthermore, if you're preparing to enter a seller's market, you may be able to earn a significant profit in no time at all.
A seller's market frequently includes an abundance of homebuyers and a shortage of home sellers. As such, if you add a high-quality house to a seller's market, it may be only a matter of time before you receive multiple offers at or above your initial asking price.
2. You can downsize your home or upgrade to a larger residence.
Although your current residence may have served you well for an extended period of time, now may prove to be a great time for a change. Fortunately, if you add your house to the real estate market, you can take the next step to downsize your residence or upgrade to a larger residence.
For those who want to downgrade, it may be simple to sell a house and get rid of excess items at the same time. Then, you can relocate to a smaller residence that better suits your budget and personal needs.
On the other hand, those who want to move into a bigger and better residence can explore a vast array of residences any time they choose. After a home seller finds a buyer for his or her residence, this individual will have plenty of funds to pursue a superior residence as well.
3. You can embark on a new adventure.
Selling a home opens new doors for any individual, at any time.
For example, you can use the funds from your home sale to go on a cross-country journey. Or, you may choose to move closer to family members and friends in another area of the country. Regardless of which option you choose, you won't have to worry about being saddled to a home mortgage after you sell your residence.
Consider the short- and long-term ramifications of selling your house, along with what you'll do immediately following a home sale. By doing so, you can map out the next stage of your life.
Of course, if you ever have concerns or questions about selling a house, it is always best to consult with a real estate agent. With a housing market professional at your side, you can receive expert insights throughout the home selling journey.
A real estate agent will keep you up to date about offers on your house and offer honest, unbiased home selling recommendations. In addition, he or she is ready to respond to your home selling queries at any time.
Get ready to sell your home – meet with a real estate agent, and you can take the next step to add your residence to the real estate market.
It’s a competitive selling market and we all know how difficult it can be to entice buyers with your home.
There are a number of ways to highlight the best features of your house. From staging to great real estate photos, marketing your home is a key aspect to ensuring a sale.
However, sometimes sellers miss out on opportunities to give their home a competitive edge in the housing market.
In today’s post, we’re going to talk about some of the features in homes that are major selling points for today’s average buyer. That way, you’ll be able to update your listing and materials so that everyone who looks at your home knows exactly what it has to offer.
1. Location and convenience
Odds are you can find some major location selling points for your home if you think about it. Is your home near grocery stores, hospitals, parks, or major highways? Does it lack the rush hour traffic that other neighborhoods have?
Just because you’ve gotten used to the convenient location of your home doesn’t mean it won’t be appreciated by your potential buyers.
2. Low upkeep and utility costs
If you live in a newer home in your neighborhood, there’s a good chance it will beat out much of the local competition in energy efficiency and maintenance costs. If you’ve recently upgraded energy-related parts of your home (think windows, HVAC, insulation, etc.), you should highlight these upgrades in your listings.
This is also a good time to show off your utility savings. Many utility companies show you how much you spend compared to your neighbors. If your home is energy efficient, don’t be afraid to show off in your listing.
3. Storage space
Ever notice how self-storage facilities seem to be popping up just about everywhere? Storage space is a huge concern for homeowners and buyers alike.
Make sure your photos and listings reflect the amount of storage your home has.
4. Major upgrades
If you’ve recently replaced the septic system, roof, windows, HVAC or other major upgrade, be sure to list the date and cost of the system in your listing. They can help assure potential buyers that they won’t need to make any costly upgrades or repairs anytime soon.
5. Pet and smoke-free
If your home is free of any odors or signs of pets or cigarettes, it will likely be a plus for buyers who are only focusing on homes that are clean and move-in ready.
6. Natural lighting
If your home has a lot of windows or skylights, be sure to include them in your photo and listing. Natural lighting can dramatically improve real estate photos, and it will make your home seem more spacious and welcoming.
There are so many factors that go into finding and securing the financing to buy a home. While lenders require quite a bit of information for you to get a loan, you still need to be aware of your own financial picture. Even if you’re pre-approved for a certain amount of money to buy a home, you still need to dig into your finances a bit deeper than a lender would. The bottom line is that you can't rely solely on a lender to tell you how much you can afford for a monthly payment on a home. Even if you’re approved to borrow the maximum amount of money for your finances to buy a home, it doesn’t mean that you actually should use that amount. There are so many other real world things that you need to consider outside of the basic numbers that are plugged into a mortgage formula.
Run Your Own Numbers
It’s important to sit down and do your own budget when you’re getting ready to buy a home. You have plenty of monthly expenses including student loan debt, car payments, utility bills, and more. Don’t forget that you need to eat too! Think about what your lifestyle is like. How much do you spend on food? Do you go out to the movies often or spend a regular amount of cash on clothing? Even if you plan to make adjustments to these habits when buying a home, you’ll want to think honestly about all of your needs and spending habits before signing on to buy a home.
Now, you’ll know what your true monthly costs are. Be sure to include things like home insurance, property taxes, monthly utilities, and any other personal monthly expenses in this budget. If you plan to put down a lower amount on the home, you’ll also need to include additional insurance costs like private mortgage insurance (PMI).
The magic number that you should remember when it comes to housing costs is 30%. This is the percentage of your monthly income that you should plan to spend on housing. Realistically, this could make your budget tight so this is often thought of as a maximum percentage. By law, a lender can’t approve a mortgage that would take up more than 35% of your monthly income. Some lenders have even stricter requirements such as not allowing a borrower to have a mortgage that would be more than 28% of monthly income. This is where the debt-to-income ratio comes into play.
As you can see, it’s important to take an earnest look at your finances to avoid larger money issues when you buy a home.
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Buying a home should be an unforgettable experience. However, problems sometimes may arise that prevent a homebuyer from enjoying the property buying journey.
Whether it's tough negotiations with a stubborn home seller or a property inspection that reveals many problems with a house, problems may occur that can make the homebuying journey memorable for all the wrong reasons.
Lucky for you, we're here to help you streamline the homebuying process and ensure you can acquire your dream home quickly.
Now, let's take a look at three tips that homebuyers can use to transform an ordinary property buying experience into an unforgettable journey.
1. Perform Plenty of Real Estate Market Research
Navigating the real estate market can be tricky, particularly for first-time homebuyers. Conversely, homebuyers who evaluate the real estate market closely should have no trouble discovering a wide range of terrific residences.
Examine the prices of recently sold homes in your area. That way, you can establish a price range for homes that match your needs.
Also, analyze the amount of time that recently sold properties were available. This will help you differentiate a buyer's market from a seller's one and ensure you can map out your homebuying journey accordingly.
2. Get Pre-Approved for a Mortgage
Buying a home likely will require you to get approved for a mortgage. If you receive pre-approval for a mortgage, you can narrow your home search based on your budget.
To get pre-approved for a mortgage, you should meet with several banks and credit unions. These lenders can explain how a mortgage works and help you find one that suits you perfectly.
In addition, don't hesitate to ask plenty of questions when you meet with lenders. These mortgage professionals can provide expert insights into the different types of mortgages, including fixed- and adjustable-rate options. By doing so, they can help you get pre-approved for a mortgage so you can kick off your search for the perfect home.
3. Work with a Real Estate Agent
When it comes to buying a home, working with a real estate agent is paramount. This real estate professional will do what it takes to eliminate guesswork and streamline the homebuying journey.
A real estate agent understands the challenges that are commonly associated with buying a home and can help you overcome any potential hurdles along the way. He or she also is happy to respond to your homebuying concerns and queries and provide you with the support you deserve at any time.
Furthermore, a real estate agent will keep you up to date about new homes as they become available, set up home showings and negotiate with home sellers on your behalf. This housing market professional will even provide honest, unbiased recommendations to help you make informed decisions throughout the homebuying cycle.
Ready to get the best results from the homebuying journey? Use these tips, and you enjoy an outstanding homebuying experience.