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...
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....
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...
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,...
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...
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...
Home sellers today might find themselves encountering a sharp and painful divide between their hopes and reality. The hope, of course, is that their house will quickly fetch multiple offers way over the asking price. The reality? Their property might sit for a while, perhaps with no offers at all.
At that point, sellers might have to contemplate what not long ago was unthinkable: slashing the asking price of their home.
While price reductions might have been a rarity during the red-hot seller's market of the past couple of years, they're becoming increasingly common today. Realtor.com listing data shows that the share of homes that reduced their list price reached 14.9% in June versus 7.6% a year earlier.
Why have price cuts on listings nearly doubled? Because many home sellers have yet to adjust their lofty expectations against...
Home sellers have been in heaven these past couple of years, awash in bidding wars that have pushed property prices sky-high. But at long last, the tables are starting to turn.
In short, rising interset rates, rampant inflation, and the threat of recession are causing America's red-hot seller's market to level off as a growing number of buyers just give up. Real estate inventory is rishin as homes linger on the market. Home sellers who've been wallowing in excess are no longer invulnerable, or able to subject buyers to their every whim.
For the last couple of years, the media has been filled with stories about how crazy the market is. Due to this, any home sellers now believe that they can sell for practically any price and in any condition. While this many have been partly true before, recently things have begun to change. Home sellers may now see that their lofty...