Joel Margolis' Blog
21 Hodgkins Road, Rockport, MA 01966
Multi-Family
$535,000
Price
$525,000
Sale Price
Selling a home requires time, dedication and patience. As such, you need to be aware of the biggest dangers associated with selling a residence before you add your home to the real estate market; otherwise, you risk wasting your valuable time and resources.
One of the biggest home selling dangers often remains ignored – self-sabotage. And if you're not careful, you may sabotage your chances of selling your residence without even realizing it's happening.
So what can you do to avoid the danger of self-sabotaging your home sale? Here are three tips that home sellers can use to eliminate this risk altogether:
1. Be Realistic About the Price and Value of Your Home.
Employ a professional appraiser to evaluate your home before you list it on the real estate market. By doing so, you'll be able to better understand what your home is worth and price it appropriately.
Also, keep in mind that what you ask for your house may not be what homebuyers offer for your residence.
For instance, in a seller's market, you might actually receive multiple offers that exceed your initial asking price. Conversely, in a buyer's market, you may wind up getting numerous offers at or below your original asking price.
Regardless of whether you're selling your residence in a buyer's or seller's market, however, it is important to remain flexible.
Ultimately, you need to feel comfortable with the initial asking price you set your house and the offers you receive for your residence, and only then will you be able to finalize an agreement that works well for both you and a homebuyer.
2. Act Fast on Any Offers You Receive.
It is paramount to prepare for offers before they arrive, as this will enable you to act quickly and efficiently.
Typically, you'll only have a short amount of time to decide whether to accept a homebuyer's proposal. And if you plan for prospective offers you'll receive, you can act confidently under duress.
Consider how you'll respond if you receive an offer that meets or exceeds your initial asking price, along with how you'll respond to an offer that falls below your initial expectations. Because if you plan for the best- and worst-case scenarios, you'll be better equipped to minimize the chance of sabotaging a home sale.
3. Work with an Experienced Real Estate Agent.
Collaborate with an experienced real estate agent, and you'll be able to prevent the risk of self-sabotage.
A real estate agent will help you determine the best price for your home and get your residence ready for a home showing. Meanwhile, this professional likely will possess years of experience and ensure you understand the ins and outs of the real estate market, allowing you to make the best decisions possible relative to your home sale.
Find the right real estate agent to sell your home – you'll be thrilled you did! With an expert real estate agent at your disposal, you'll be able to improve your chances of finding many interested homebuyers and getting multiple offers for your residence.
Understand the danger of self-sabotage, and you can prevent this problem from arising as you attempt to sell your house.
It’s hard to overstate the importance of credit scores when it comes to buying a home. Along with your down payment, your credit score is a deciding factor of getting approved and securing a low interest rate.
Credit can be complicated. And, if you want to buy a home in the near future, it can seem daunting to try and increase your score while saving for a down payment.
However, it is possible to significantly increase your score in the months leading up to applying for a loan.
In today’s post, we’re going to talk about some ways to give your credit score a quick boost so that you can secure the best rate on your mortgage.
Should I focus on increasing my score or save for a down payment?
If you’re planning on buying a home, you might be faced with a difficult decision: to pay off old debt or to save a larger down payment.
As a general rule, it’s better to pay off smaller loans and debt before taking out larger loans. If you have multiple loans that you’re paying off that are around the same balance, focus on whichever one has the highest interest rate.
If you have low-interest loans that you can easily afford to continue paying while you save, then it’s often worth saving more for a down payment.
Remember that if you are able to save up 20% of your mortgage, you’ll be able to avoid paying PMI (private mortgage insurance). This will save you quite a bit over the span of your loan.
Starting with no credit
If you’ve avoided loans and credit cards thus far in your life but want to save for a home, you might run into the issue of not having a credit history.
To confront this issue, it’s often a good idea to open a credit card that has good rewards and use it for your everyday expenses like groceries. Then, set up the card to auto-pay the balance in full each month to avoid paying interest.
This method allows you to save money (you’d have to buy groceries and gas anyway) while building credit.
Correct credit report errors
Each of the main credit bureaus will have a slightly different method for calculating your credit score. Their information can also vary.
Each year, you’re entitled to one free report from each of the main bureaus. Take advantage of these free reports. They’re different from free credit checks that you can get from websites like Credit Karma because they’re much more detailed.
Go through the report line by line and make sure there aren’t any accounts you don’t recognize. It is not uncommon for people to find out that a scammer or even a family member has taken out a line of credit in their name.
Avoid opening several new accounts
Our final tip for boosting your credit score is to avoid opening up multiple accounts in the 6 months leading up to your mortgage application.
Opening multiple accounts is a red flag to lenders. It can show that you might be in a time of financial hardship and can temporarily lower your score.
As summer comes to a close, it’s time to begin thinking about a fall clean up. Fall clean ups are a vital component in ensuring a healthy, beautiful yard. I’m sure some of you are wondering, “What exactly is a fall clean up?” Well, a fall clean up is the fall maintenance that preps your lawn and landscaping for the winter. A fall clean up should take place after the leaves have fallen, which will vary depending on where you live.
Here are a couple things you should consider as part of your fall clean up:
Lawn & Yard: Begin by raking and cleaning up all leaves, debris and small branches. Next would be to mow, preferably with a mulching mower, which will also suck up any dead grass and leaves that you may have missed when raking. You may want to consider de-thatching the lawn and again raking up any dead grass that wasn’t sucked up by the mower. Aeration is also an important step to take to have healthy grass in the spring. And to top it all off, use a fall fertilizer to protect your lawn from the harsh winter months.
Bushes & Flowers: Be sure to prune any dead or infested branches from trees or bushes so that they will be healthy to grow in the spring. Cut back perennials after the first frost, leaving a couple of inches above ground to protect it. And now’s the time to plant any flowers/bushes that are safe to be planted in the fall, making sure they are planted a few inches deep. This will leave you with less work for you in the spring and a better bloom. Remove unwanted weeds with the hope that they will not come back up in the spring.
In addition to your landscaping, you should also check your gutters after the leaves have fallen. Clearing debris out your gutters and flushing them with the hose will ensure that they are not clogged, which will in turn save your home from potential water damage that occurs due to clogged gutters. Power washing your deck and patio is also a good idea. It will wash away the debris from the summer and from the falling leaves.
Fall clean ups are no easy feat. If you’re not up for the task consult a local landscaping company. In any event, a fall clean up will only help make the spring clean up a little easier.
A successful home selling experience is not a guarantee. However, if you prepare for the house selling journey, you may be better equipped than others to reap the benefits of a quick, profitable home selling experience.
Now, let's take a look at three tips so you can set yourself up to succeed during the house selling journey.
1. Identify Your Home's Strengths and Weaknesses
Your home has served you well for many years, yet your residence still has flaws. Fortunately, if you allocate time and resources to identify your house's strengths and weaknesses, you may find ways to improve your residence before you list it.
Consider the buyer's perspective – you'll be glad you did. If you take an objective view of your residence, you may be able to identify assorted home problems and correct them right away.
Also, it may be beneficial to conduct a house inspection. Following an inspection, you'll receive a report that outlines any underlying problems with your house. You then can use this report to prioritize home repairs and upgrades.
2. Establish a Competitive Initial Asking Price
As a home seller, it is important to do everything you can to establish a competitive initial asking price for your residence. Thanks to a home appraisal, you can gain the insights you need to price your house appropriately.
During a home appraisal, a property expert will evaluate your home and various real estate market data. Next, this property expert will provide you with a property valuation. With this property valuation in hand, you can set an aggressive initial asking price for your house.
Maintain flexibility with your home price, too. And remember, if you upgrade your home before you list it, you may be able to receive multiple homebuying proposals at or above your residence's initial asking price.
3. Collaborate with a Real Estate Agent
For those who want a helping hand throughout the house selling journey, it may be a good idea to hire a real estate agent. Because if you have a real estate agent at your side, you can receive comprehensive support at each stage of the home selling journey.
A real estate agent is happy to teach you about all aspects of the house selling journey and ensure you can plan accordingly. He or she can help you identify your house's strengths and weaknesses, price your home appropriately and much more. Plus, once you list your residence, a real estate agent will set up home showings and open house events to promote your property. And if you receive an offer to purchase your house, a real estate agent will help you analyze this proposal and make an informed house selling decision.
If you want to take the guesswork out of selling your home, you should start preparing today. By taking advantage of the aforementioned tips, you can plan ahead for the house selling journey and set yourself up for a successful home selling experience.
