The Market Doesn’t Care How Much You Need To Make When You Sell Your Home

You need to sell your home and you have to get a certain  number in order to pay off your mortgage and purchase a new home. Guess what? The market doesn’t give two hoots about how much you need to get for your home. It will sell for what the market will bear, no more. Even if you remodel to boost the value of your home, the market will decide.

Sometimes it can be a rock and a hard place

The Market Doesn’t Care How Much You Need To Make When You Sell Your HomeMany people found out during the real estate crash what that means. You owe a certain amount on your mortgage. Your mortgage company wants their money whether you sell for enough or not. You want to be able to buy a new home and to do that you also need to have money left over. It’s not an easy place to be.

What you paid doesn’t count when selling

Don’t even think that what you paid for your home should have a bearing on what you should recover when you sell. Some, unfortunately, bought at the top of the boom and some neighborhoods went downhill and hasn’t recovered or recovered enough to make your home worth what it was. People aren’t going to pay the inflated value you did, nor will any mortgage company write a mortgage for that amount. Pouring more money in by updating it won’t raise the value either.

In short, no matter what you need, you may not be able to get it out of the sale of your home. The market and what someone is willing to pay for your home determines its value, not your needs.

Why Now Is The Time To Sell Your Home!

Why Now Is The Time To Sell Your Home!You might have heard that it’s not a good time to sell your home now that the election has come and gone. Don’t listen to them! Despite the fact that there are signs of a slow down, the real estate market is still hot and you could easily sell your home today.

Sell in a slow or hot market

So even if the market is slowing down a bit, how can you sell so easily? Why should you? Well, if you could have a Realtor come and tell you what your home was worth now or after you update a few things would you believe it? Of course! Homes that are up to date, in great shape will sell in a slow market or hot one.

Don’t fear, the market is still hot

Many people were holding off buying or selling until after the election, causing the slow down. As with any election year and the time leading up to it, who is in office makes a difference in the economy and economic fortune telling. Will they be pro-business and make it easier for investors? Will they be big government regulators who demand that home prices be regulated so everyone can buy a home, affordable or not? That question scares people into not moving until they know. Now that it’s over, and now that we know which party will be in control, things will pick back up.

Don’t be afraid

So what does that mean for you? Don’t be afraid to sell now. The market it still active and looking up. Fix up your home, contact a Realtor and see how well you can do TODAY. Why wait?

Why You Should Never Overprice To “Test” The Market

Have you ever been given the advice that when you’re selling your home you should overprice it to “test the market?” Bad advice. Don’t Why You Should Never Overprice To "Test" The Marketdo it. The market will test you right back and you will lose. If you want to sell your home and do it in a timely manner, price it right.

Testing the market with a higher price is a bad idea

You can drop the price later, but by then the damage is done. Buyers won’t come running. Instead, they will wonder what is wrong with your home that you had to drop the price. Homes that drop prices later sit on the market longer and sell for less, and the higher the drop in price, the lower the actual selling price ends up being.

Again, buyers have a mindset about homes that are reduced. That mindset is “something must be really wrong with that house to have to drop the price.” There might or might not be, but there is no overcoming that mindset.

Buyers look for homes by price range

Pricing it higher to test the market means that buyers who could actually buy your home won’t see it, and those who do won’t be interested. Buyers look for homes by price range. If you price your home out of the range of your target buyer they won’t even see it. Those who will see it are looking for homes with more amenities for their dollar, probably more than your home has. They won’t make an offer that you can negotiate down. Your test has failed again.

What about the mortgage?

On the off chance that you do actually get an offer at your inflated price, you will face an uphill battle when that buyer tries to get a mortgage. The mortgage company or bank will require an appraisal. The chance that your home will appraise at the inflated price are slim and none. That contract will disappear and you will be right back at square one.

So don’t test the market. That F will look really bad. Get an A by pricing your home for its actual value. It will sell and you’ll take that report card right to the bank.

Should You Sell Your Home In The Spring?| Denver Realtor Tips

If you ask anyone the best time of year to sell your home, they’d say late spring or summer. They’d be right. Spring is a great time to list your home for sale. Here is why you should sell in the spring.

First reason is that inventory is low, especially in early spring

Fewer people list during the winter so there are fewer homes for buyers to see. Should You Sell Your Home In The Spring?| Denver Realtor TipsIf the supply of homes is below enough listings for six months out, it’s a seller’s market. Winter is usually the time of year when there is a seller’s market. If your home is in great shape and is up to date, it will stand out from those that have been sitting over the winter. People start looking for homes in the spring so that they can move. For families that means after the school year ends and before the next one starts. For anyone, moving in warmer weather is much easier than moving in cold and possibly snowy weather!

Lower inventory also means that prices are probably higher

Prices are also rising in general, mostly because people are finally no longer underwater in their homes and are a bit more confident about the market prospects. Put the two of them together and it isn’t a stretch to think they will continue to rise. Buying now while prices are lower is a good idea.

Sell this spring for another reason: mortgage rates

Mortgage rates have been exceptionally low for quite some time, and will be rising. Not a lot, but enough that it will kill the real estate market, but enough that people will want to buy now. Especially those who are savvy enough to know that demand, and more supply, will be rising as spring heads to summer.

So, list now while the seller’s market is in the best place for you!

If you are thinking of listing your Denver area home, please give me a call to find out more! Tena D 303-452-5853

Do You Need to Replace Your Appliances When You Sell

You’ve listed your home and you think your kitchen is in pretty good shape. Or is it? Is it time to replace your appliances? When you sell your home, putting money into appliances may not seem like a good idea, but it might be a good idea.

Do You Need to Replace Your Appliances When You SellYour current appliances may be in perfectly good working order. Sure, they may not match, but they work great so why replace your appliances, right? Wrong! Mismatched appliances are a turn off for prospective buyers. For some it may be a red flag that they may need to do expensive upgrades to the kitchen. New appliances may just give the appearance that your kitchen doesn’t need updating.

Yes, it seems unfair to spend a few thousand dollars replacing your appliances such as a new stove, refrigerator, microwave and dishwasher to just leave them behind, but those dollars spent will more than repay you in better offers for your home. You don’t have to get really high end appliances either. There are a plethora of choices in manufacturer and model to features, colors and sizes. Just putting in new appliances with basic features will increase its appeal to prospective buyers.

If your current appliances match and are in good working order, you may not need to replace them. In that case give them a thorough cleaning and make them sparkle like new. Remember, you are looking to make your kitchen look like it is an updated kitchen.

One thing to keep in mind when shopping for the new appliances is why you are buying them. If you will be in the home for some time before selling, find appliances that fit your needs. But if it is strictly to attract potential buyers, be a bit more versatile. You may love really high end, technologically connected appliances that will access the internet while you use them, but some people may find those a bit intimidating. And you won’t be taking them with you! So when you sell, think in more general terms: fits the décor, has good basic features and will appeal to a large number of people.

To sell your home you might have to replace your appliances. Remember doing so will reap the rewards for you.