5 Ways Homeowners Price Their Home Too High
One of the key aspects of listing a home for sale is setting the right price. Price your home too high and it will result in the home sitting on the market getting little to no attention. The longer your home sits on the market to more buyers begin to think something is truly wrong with the home and they will be less likely to want to visit. Just as with anything sales related selling a home is about generating exposure for your home and getting as many qualified buyers through as possible in order to increase your chances of getting an offer. Price the home too high and qualified buyers will know to steer away from the home since other homes in similar style and condition will be more cost effective and get them the same thing. This article explores some of the common ways homeowners get the price of their home wrong which can lead to unsold home syndrome.
Basing Your Home’s Price On The Amount Spent On Updates and Upgrades
Setting a price for your home as the price you paid for it plus adding to that any money you spent to update and upgrade the home is the wrong pricing strategy to use. If you have purchased the home while prices were at their peak that does not mean you can get the same price for it today. Homes and neighborhoods do not always go up in price. As recent history has shown us prices can go down for particular homes. Homes that have not been kept in good condition and homes in neighborhoods or locations experiencing a downturn due to any number of reasons do lose value. So pricing based on what you paid for the home plus upgrades will be the wrong...
Tips For Buying A Foreclosure Home
Oftentimes buyers may hear that a particular home is a bank or government owned home which is also known as a foreclosed home. A foreclosed home is a home that the prior homeowner has stopped paying the mortgage on and the lender takes the homeowner to court in order to take possession of the home in to try and recover money that is owed to them. Foreclosed homes must go through a full foreclosure hearing in a court in order to make sure the debt is valid and the homeowner has legitimately stopped paying back on the mortgage. Once back in the possession of the mortgage lender they may or may not make some repairs if needed and will put the home on the market for a new buyer to purchase. For some mortgage loans that are backed by government mortgage programs (like FHA, VA, USDA) the government will ultimately take possession of the home and eventually sell it back on the open market.
If you are considering buying a home that has been foreclosed upon this article is article is for you as it will provide tips on how to make the best of buying a foreclosure home.
Where Do You Find Foreclosure Homes For Sale
Just as most homes are found on the Internet via the Multiple Listing System (MLS) many foreclosure homes make it to the MLS as well when being listed for sale. On occasion depending on the lender and the condition of the home sometimes homes make it to select auction sites in order to limit who can buy the home and as a result may not be found on the MLS. Foreclosure homes in very poor condition sometimes will be sold with cash offer only requirement since the condition will not meet appraisal standard for traditional...
Tips For Choosing The Right Neighborhood
Finding the right neighborhood is just as important as finding the right house, as the right house in a neighborhood that does not work for you can lead to eventual dissatisfaction with the house. Neighborhoods encompass many different aspects so it pays to do your research fully and understand what a particular neighborhood may or may not offer. The perfect neighborhoods for a family with kids may not be the perfect neighborhood for an empty nest couple or a single person looking for a home. This articles looks at some of the things homebuyers should be considering in a neighborhood when shopping for a home.
The location of a neighborhood is key. Living in a great neighborhood fifty miles away from your workplace may leave you with little time to enjoy your neighborhood since you have to spend more time driving back and forth to work. So while there may be a great neighborhood fifty miles away that does not mean you should be considering it unless your employer offers benefits like working from home rather than having to come into the office every day. Long commute times can be stressful and result in many wasted hours that should instead be spent enjoying time with your family or enjoying your neighborhood.
The neighborhood location in terms of the community amenities and features are also something to consider. Being in a more rural area you are less likely to find recreation centers, shops, malls and...
5 Smart Tips For Buying An Investment Property
With the recent boom in real estate markets all over the US many people are looking to real estate for investment purposes. Buyers are looking to buy commercial and residential properties with the goal in mind of renting out those properties and generating cash flow. Investment in real estate can generate good cash flow with better rates of returns than stocks and other similar investments. This article provides a number of great tips for the new real estate investor or the seasoned investor to make sure when the right property comes up they are ready to take advantage.
Having Your Funds Or Pre-approval In Order
While this is often repeated when it comes to buying any type of real estate it bears repeating since it is so important. In many markets real estate is selling fast (even investment real estate) and if buyers do not already have a mortgage pre-approval ready to go they will lose out to other buyers who do have a pre-approval. No seller wants to add extra time to a transaction for a buyer to get pre-approved when they get offers with buyers who may not only be pre-approved but may even be an all cash buyer.
When it comes to an offer where a buyer must get pre-approved versus a cash offer the cash offer will win every time assuming everything else is the same. Cash buyers often forgo asking for an appraisal as they are comfortable with the purchase price since they have usually run their numbers and know a good investment when they see one. If a buyer is not pre-approved that means there are two areas to cause a deal to fail, the buyer can fail to...