When to Sell Your Home
When deciding to sell your home, you may question when the best time is to do so. There are two different ways of thinking about this issue. One way opens an ongoing debate that will not be resolved anytime soon.
Many real estate experts believe that the best time to sell your home is in the spring and summer seasons. This is the “peak selling season” in the real estate world. Statistics back up this theory. Most homes are sold during the longer, warmer days of the year.
This way of thinking is controversial. When you try to sell your home during peak season you are competing with many other sellers. People who consider this a great time to sell point out that there are also more buyers this time of year. Those who disagree about selling during peak season state that people looking to buy during the off season are more serious and more likely to follow through. This debate could go on and on. It is not going to be settled today.
The other option for when to sell your home is much less controversial. Here we are looking at the seller’s personal calendar, not the time of year. Does your home no longer work for you and your family? Then this is the information you should pay attention to. If you are financially situated to sell, then go for it no matter what time of year. The financial picture is always the most important point to consider when looking to sell your home.
When you are sure you can pay for a new home and you have dealt with your debt it may be the time to move forward. The only other timeline to consider is how long it will take to get your home ready to show to prospective buyers. When you are ready to take that next step do not hesitate to give us a call for a consultation. We are here to help!
Prepping Your Home For Sale
Home sellers can find the process of home prepping to be a trial or a joy. This is likely determined by the amount of care they have given the home in recent years. Either way, first and foremost they must take a complete survey of the home to determine what improvements are needed.
When the curb appeal evaluation assesses as a “C” or less, it is sure to be echoed in the attention of potential buyers. This will be especially evident in the offers they make. Landscaping, a new roof, a paint job for the exterior might be needed. At the end of the day their cost will be a bargain compared with the loss of buyer excitement.
The Three Rules of Home Prepping
Prepping the interior of the home also calls for the identical amount of straightforward consideration and judgement. Yes, a major remodeling job rarely makes back it’s expense, but the three essential rules of house prepping are completely worth their cost in money and labor.
- Do a thorough deep cleaning in every space.
- Remove clutter.
Making Them Welcome
What is next after the majority of work has been done? A beneficial last step is simple. The word “welcome.” That is demonstrated by one of the most often observed recommendations for prepping a home. It is also the easiest piece of advice to accomplish: “replace the welcome mat.”
“Replacing the front door”-as well as “changing the front door hardware” and “replacing the address numbers” are other costlier recommendations. Meeting potential buyers with a ship shape and welcoming first impression is very valuable. It shows that a great amount of care has been taken to welcome the visitor. It shows respect. In fact, adding those finishing touches and making those specifics as nice as they can paves the way for a good response for the following event.
We can assist you with all the parts of home prepping. There is never any obligation. Call for a professional’s opinion today!
Are Home Appraisals Keeping Up With The Rising Market?
Home Appraisals Catching Up To The Rising Real Estate Market
One of the most difficult and unpredictable times in a home purchase and sale is the home appraisal.
Up until that point one side of the transaction is in control, whether buyer or seller.
But the home appraisal is different, a bad home appraisal can damage a good deal beyond any reconciliation.
Once the appraiser determines the value of a home and submits the home’s appraisal report it can be very difficult to dispute that value.
That’s why this week’s news pertaining to the continued rise in the value of homes is certain to make many homeowners very very happy. However, with the good news there always seems to be some level of bad news right behind it. The unintended consequences so to speak.
The mortgage loan industry appears to be a group of folks just so affected by rising home values. Specifically, when it comes down to the home appraisal. Broward County home appraisals appear to move to the front of the line when mortgage lenders are preparing their offers for mortgage. Mariam-Webster’s Dictionary defines an appraisal as “a valuation of property by the estimate of an authorized person.” In mortgage terms the appraiser gives an independent, third party assessment of the subject property. Lenders rely on an accurate home appraisal as a backstop to the loan. The value they are lending on must be recoverable should the borrower fail to repay the borrowed amount in full.
Which is why the steady rise in home values is having a less than desirable consequence on home appraisals. So long as a steady inventory of homes are selling in the recent weeks and months this not an issue at all. Considering the fact that home appraisals are dependent upon comparable sales to determine property values, this could become an issue. Especially if inventory and sales dry up, and there are less comparable sales to work with. This will cause the appraiser to look further back into the past for comparable sales. With a rising market that can cause some problems. One being, older sales won’t reflect recent price gains.
In a seller’s market this it is not unheard of. In fact, right here in Coral Springs we are experiencing lower than usual inventory on the market. Homes for sale just can’t keep up with current demand.
One likely outcome in this scenario could be that the price that the buyer and seller agreed upon will end up being higher than the value the appraiser believes, based on comparable sales. The smallest difference in value could be just enough to quell the mortgage.
Now don’t get me wrong, lenders are in the business of lending money. Which means they like to lend money and they’re especially happy when these deals work out. So rest assured they are certainly aware of this phenomenon and are keeping track. One such company is Quicken Loans. Their HPPI (Home Price Perception Index) measures the disparity between what a refinancing homeowner is seeking, as compared to the value the appraiser comes up with.
The best news (or at least on a national level) is that the gap between homeowners, home buyers and appraisers is closing. As we know real estate is hyper local, but this trend appears fairly widespread nationwide. By mid-November 2017, the difference reduced for the 5th consecutive month. As of this writing the difference is within 1%.That’s great news for everyone.
Coral Springs and Parkland appraisals and mortgages are very important components to the home buying experience, but it doesn’t end there. Our job at The Miranda Team is to guide buyers and sellers, and to fit all of the pieces of a real estate transaction together and ensure a smooth transaction along the way. Home appraisal and all. So call us to see how we can help your next real estate transaction be the best one yet.