Tom DeBella's Blog
Many home sellers face a dilemma. In most instances, it is important to set a competitive price for your property to stir up plenty of interest in it. Conversely, it is essential to explore ways to maximize the value of your residence.
For home sellers, establishing the right price for your house is key. By doing so, you can set a price for your home that meets your needs as well as homebuyers'.
What does it take to establish the right price for your residence? Here are three tips to ensure home sellers are equipped to do just that.
1. Study the Housing Market Closely
The housing market fluctuates constantly. As such, what your home was worth yesterday may not be what it is worth today.
If you study the housing market closely, you can price your residence based on the current real estate sector's conditions. Thus, you'll be better equipped than other home sellers to garner attention from homebuyers and accelerate the home selling process.
Examine the prices of comparable houses in your area, along with the prices of recently sold houses similar to your own. This will make it easy for you to establish "fair market value" for your property and price it accordingly.
Also, don't forget to conduct a home appraisal before you add your home to the real estate market. With a home appraisal, you'll be able to receive comprehensive insights into your home's condition and complete home repairs to boost its value.
2. Set Home Selling Goals
Do you want to sell your house as quickly as possible? Or are you looking to optimize the value of your home, regardless of how long it remains on the real estate market?
Set home selling goals prior to adding your house to the real estate market, and you can establish a fair price for your residence.
For example, if you want to sell your house so you can relocate quickly, you may want to price your residence competitively. On the other hand, if you can afford to be patient, you can always wait out a buyer's market to maximize the value of your residence.
3. Hire an Experienced Real Estate Agent
Your real estate agent will play a key role in your ability to sell your house and get the best price for it. And if you employ an experienced real estate agent, you should have no trouble accomplishing your home selling goals.
With an experienced real estate agent at your disposal, you can receive extensive support throughout the home selling process. This real estate professional will offer expert tips and advice to help you get your property ready for the real estate market. In addition, he or she can offer guidance about how to price your home competitively, whether to accept or reject a homebuyer's offer and more.
Collaborate with an experienced real estate agent, and ultimately, you can simplify the process of selling your home.
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Change is a part of the world. Wherever you look, you will spot change. Look in the mirror and you'll see how your appearance has changed from your childhood days, maybe even from when you were in college. What doesn't always seem easy to change is the way that your house looks.
Interior designers are great house transformers but they are expensive
Bringing change to your home's interior often comes at a price. At the low end, you could easily pay several hundred dollars for an interior designer's services. An interior designer can run you several thousand dollars at the high end.
Hire the right interior designer and your home might look so inviting, open, classic, trendy or elegant that you wonder if you're living in the same house. Path to this type of transformation starts with vision. It also starts with a workable budget and a lot of work. In fact, it could take several weeks to transform a house's entire interior design.
But, that's the long way. Here are three overlooked house changers that only take a few hours to pull off. These three house changers don't require hours of pre-work. They also don't require the assistance of an experienced interior designer. In fact, you can give your home a new look for a fraction of one paycheck by:
- Replace existing lamps - Remove old lamp shades and replace them with newer, more chic or elegant lamp shades. You can also replace entire lamps, going with metal, halogen, incandescent, long and narrow or oblong lamps.
- Install new carpet - Install new carpet across an entire room and you can lighten or darken your home. A less expensive way to change the interior design of your house using carpeting is to place one to three throw rugs on the floor. Hand woven, printed, sheepskin, cotton and wool throw rugs are popular types of throw rugs that you could use. Looking to save money? Go with throw rugs that you buy at flea markets or outlet stores.
- Take the new chair route - Place arm less chairs in room corners. Replace traditional kitchen chairs with stylish leather arm less chairs. Also, be open to putting a chair in a room that is currently absent a chair, rooms like your master bedroom, basement or guest bedroom.
Year round care and creativity do wonders for a home
Performing regular maintenance on your house helps to keep your home functioning at optimal levels for years. Care that you give to your outdoor spaces can turn your property into an amazing outdoor entertainment spot. Summers can be spent hosting barbecues, family gatherings and once in a lifetime celebrations.
Regular maintenance and care for your home is one of the best ways to keep your property values up. Yet, maintenance and care don't change the way that your house looks. To give your home a new look, you may have to transform the interior design.
Traditional interior design options can run anywhere from several hundred to several thousand dollars. Fortunately, there are workarounds. Get creative and stay open to new ways to alter the look and feel of your home. Also, be open to implementing three overlooked house changers.
Buying a house is the last thing that you may want to rush into. Few decisions impact your life as much as choosing a house to raise a family in. Even if you're single, once you buy a house you could have to live at a property for several years. You could be left with that choice shortage even if there's something wrong with the house.
House buying risks
Unlike renting, buying a house can have long lasting financial binds. For instance, if the housing market experiences a sharp downshift or the economy declines significantly, the price that you'd get for your house might leave you owing the bank several thousand dollars.
The possibility that you could lose thousands of dollars on a house even if you were able to sell it is just one of the downsides of house buying that you may prefer not to look at. Bad neighbors and the possibility of moving into a community that is going to decline less than three years after you buy a house in the area are other house buying risks that you might prefer not to think about.
Yet, it is the turning away from the downsides of buying a house that could costs you large sums of money now and in the future. Another way that you can avoid short and long term losses when you buy a house include:
- Return home and calculate the actual savings that you'd gain if you took a reduced closing costs deal for a higher priced house. Don't enter a financial agreement without looking over the numbers thoroughly on your own.
- Get pre-approved for a mortgage. Avoid buying a house that takes you outside of your pre-approval range. Set your price and stick to it.
- Consider leasing appliances before you sign a higher mortgage thinking that you're really saving because the sellers said they would include appliances in the deal.
- Be able to comfortably pay the price of a house, property taxes, title fees, mortgage insurance, closing costs, homeowners insurance, homeowners association fees, repair costs and inspection fees. When you buy a house, you'll generally pay a lot more than the price of the house.
- Pay off other debts before you buy a house. Also, avoid taking on new debt.
- Limit the amount that you spend on a monthly mortgage to less than 15% o your monthly net income.
- Drop by the neighborhood during the day, evening and on weekends. Visiting the neighborhood several times before you buy a house in the area.
- Steer clear of emotional traps. Don't buy a house before it feels like you ought to buy a house.
- Conduct an independent inspection and property value survey on a house you want to buy.
- Only work with reputable lenders and real estate brokers.
Real estate market knowledge could keep you safe from bad mortgage deals
Just because you've bought one or more houses doesn't mean that an unscrupulous real estate broker wouldn't be able to take advantage of you. Gear yourself up for a great house buying opportunity by learning as much as you can about real estate lingo, mortgage contract terms, how interest rates are calculated and the relationship between personal credit and mortgage rates.
The best you could do is to become an actual real estate broker. At the least, you could take the same licensing exams that brokers need. You'd potentially learn enough to spot a bad house sell or a bad mortgage. To avoid getting scammed and to enter a rewarding mortgage deal, you also could learn just a few tricks of the trade and keep them as tips to use as you house hunt.
Property taxes are no laughing matter. At their worst, they leave some homeowners responsible for paying a local government more than ten thousand dollars a year. When these types of property taxes rise some adults decide that it's better to simply pack and move.
Don't let property taxes force you out of your home
That's why it's important to understand how property taxes are calculated in an area you're thinking about moving to. For example, are property taxes based on the sale price of a house, the actual value of the property or based on another set rate?
Before you buy a house, find out how heavily a local government depends on property tax income to meet its budget. Also, find out how often this same local government raises property taxes. You could learn a lot about local taxes like property and sales tax by attending council and local chamber of commerce meetings.
If people don't raise the issue, ask questions that lead to the answers you want. Of course, you'll want to do this investigating before you buy a house.
Steps to lower property taxes
But, even researching and investigating local property taxes may not keep you from receiving a hefty property tax bill in the mail. You might have to take other measures to lower property taxes. Following are some ways that you could lower property taxes:
- Conduct a survey - After a major weather storm like a hurricane, tornado or earthquake, get your house appraised. If you're paying property taxes based on the value of your home and the assessment shows that the storm reduced your home's value, share this information with your tax department and request that your taxes be lowered.
- Rent your property - You might pay lower property taxes if you rent a portion of your property, especially if the tax department allows you to deduct the costs of property repairs.
- File for an abatement - If you served in the military or have reached senior citizen status, file for an abatement.Depending on local tax office rules, you might qualify for a property tax reduction.
- Move to another county - By moving a part of town that has lower property taxes, you could reduce your property tax rates.
Gain a say in local property tax rates
Next to monthly mortgage payments and student loans, little may unnerve Americans like taxes. Included among this annoyance are property taxes. By taking one or more steps that could potentially lower your property taxes, you could end up breathing better.
You could feel more relaxed. You'd definitely have one less financial obligation to concern yourself with. Another gain that you might enjoy is learning about the importance of participating in local government meetings and initiatives.
The more than your voice is heard, the more influence you might come to have on local politics, including property tax rates. It may sound far fetched now. But, you could become an influence on who plays a key role in preventing property taxes from rising so high that home ownership gets out of reach for far too many people in the area where you live.