With a new year comes the urge to kick bad habits to the curb—hence the popularity of “Dry January,” for instance. But too much bubbly is hardly where our vices end.
If you’ve decided to sell your home this year, then it’s high time to make sure you’re in the right mindset to make it happen. Because let’s face it: Even in the best market conditions, selling a home can be a complex and stressful process where sellers might unknowingly make decisions that could backfire and kill the deal.
Here are a few things that should go out with the old year and what to do instead that will get your home sold for the price and terms you want.
Outdated Habit No. 1: Trying to Sell Your House on Your Own
If you believe the home-selling process is as complicated as it is, you might think adding another person to the mix—in...
Buying a home is a momentous time in one’s life and, accordingly, congratulatory pats on the back abound — as does unsolicited advice. Everyone has insight about everything from how to pick the perfect house to saving money on home repairs.
However, there’s not nearly as much fanfare when it comes time to sell your house. In fact, where information was so readily given when you were buying your home, you’ll likely find you have to hunt down advice when you decide to sell. And we’re not just talking about the standard stuff like staging. Rather, here are a few lesser known tidbits that could come in handy.
Yes, you could have to pay taxes on the sale
There’s good news, and there’s bad news. Let’s rip off the Band-Aid and get the bad out of the way, shall we? It’s entirely possible you will have to pay taxes on the sale of your...
We’ve all come to accept—and perhaps even expect—some of the “enhanced language” that sellers often use in real estate listings.
You know the ones we’re talking about: “Cozy” can be code for small, “charming” likely means old, “efficient” often stands in for small, and “unique” might suggest it’s hard to sell.
Yes, some sellers use language to smooth over a home’s rough spots. But when homeowners veer into actual untruths, it’s a problem.
It’s one thing to hide clutter and spruce up the living room furniture to prepare the home to sell, but it’s another thing entirely when sellers outright fib to potential buyers. Read on to get the lowdown on how white lies can torpedo a sale.
Fudging the truth or telling a lie?
A new year usually brings with it the opportunity for new experiences. If that resonates with you because you’re considering making a move, you’re likely juggling a mix of excitement over your next home and a sense of attachment to your current one.
A great way to ease some of those emotions and ensure you’re feeling confident in your decision is to keep these three best practices in mind.
1. Price Your Home Right
The housing market shifted in 2022 as mortgage rates rose, buyer demand eased, and the number of homes for sale grew. As a seller, you’ll want to recognize things are different now and price your house appropriately based on where the market is today. Greg McBride, Chief Financial Analyst at Bankrate, explains:
“Price your home realistically. This isn’t the housing market of April or...
The home inspection can be a particularly stressful part of the home buying process for buyers, but the equally anxious seller might be waiting with bated breath for the results as well. The buyer is typically responsible for scheduling and paying for the home inspection, but if the house is revealed to have major issues, the seller can be on the hook for repairs - or could lose the deal entirely.
When selling a home, one of he most nerve-wracking parts of the process is waiting to see the outcome of the home inspection. Home inspection issues like termite or mold damage can mean the seller will have to shell out money, credits, or concessions to make things right with the buyer. If the...
After you sell your house, you’re done, right? You can walk away and celebrate?
Well, not exactly! After you sell your house, you certainly should celebrate, but you have more things to talk about, from tax prep to buying your next house.
What to do after you sell your house
You’re going to need to do something with any proceeds you have left from the sale. Plus there are tax implications to consider, and if you haven’t already, you need to think about where you’re going to live long term.
Here are some tips that can help guide you after you sell your house:
1. Keep copies of all paperwork related to the closing and settlement after you sell your house
Although it might be tempting to shred...
Fears of a recession are looming large right now - and while we aren’t technically in one yet (that would require two consecutive quarters of negative economic growth), even the possibility of a recession sends worrisome ripples throughout many areas of our lives, and the housing market is no exception.
For homebuyers, a recession could be that final factor that, combined with rising interest rates and high home prices, prompts many to shelve their house hunt until conditions improve. For home sellers, a recession could mean the raging seller’s market they’ve enjoyed for the past two years could be waning, dragging down home prices and profits.
Granted, some of the market changes happening right now can be blamed on the season. And yes, while the market typically relaxes a bit in summer, some are...
For the past two years, real estate has been in a raging seller’s market. Sellers have been able to expect offers well over the asking price frantic bidding wars, and few if any strings attached. They’ve basically been able to name their price and get it, with some extra to spare.
But those glory days may be coming to an end.
The real estate market is cooling down. Homebuyers have more listings to choose from - but less borrowing power, due to continued high prices and increasing mortgage rates. This means sellers may no be able to whip up those epic offers they’ve heard of and hoped might come their way.
This doesn’t mean sellers can’t still get a decent deal. They can! But if your home-selling fantasies are based on what the market used to be six months earlier,...
The housing market is a sizzling seller’s game at the moment, where homes stand to spark bidding wars and sell for sky-high prices.
COVID-19 caused so many people to re-evaluate their shelter needs, resulting in increased demand for homes and a continued lack of inventory.
All in all, this is great news for sellers - yet with soaring prices and high expectations come a whole new set of possible pitfalls that could trip up inexperienced sellers, particularly if they’re selling for the first time.
Curious how you might risk ruining a good thing? We asked some real estate experts to identify what many first-time home sellers get wrong when listing their home today.
1. Overpricing your property
Just because sellers dominate now, don’t think “red-hot...