SPECIAL SECTION: REAL ESTATE
behalf. Ask friends and family for references of agents they’ ve used in the past. Look up their current listings to see if they align with the type of home you want to buy or sell. This will also indicate their knowledge of the market.
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BUYING / SELLING: Get a second opinion.
When you have lived in your home for years, it’ s easy to overlook problems that potential buyers may spot right away. Have a relative or trusted friend come over to spot any small fixes that you can make prior to putting your home on the market to make sure it’ s in optimal condition prior to selling. When considering buying a home, it’ s also helpful to have someone who is not buying the home go with you to take a look. He / she will be able to point out potential issues that you may not see when trying to make such an important decision.
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SELLING: Ignore the housing market.
Don’ t waste your time watching the housing market for the best time to sell. According to Investopedia,“ it doesn’ t matter what your home is worth at any given moment except the moment when you sell it. Being able to choose when you sell your home, rather than being forced to sell it due to job relocation or financial distress, will be the biggest determinant of whether you will see a solid profit from your investment.”
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SELLING: Don’ t spend earnest money!
Many sellers make the mistake of depositing and spending earnest money before closing day. If the transaction doesn’ t go through or the buyer pulls out due to repair issues, it is up to the seller to return the cash. It is recommended to have a real estate agent or broker hold the deposit. Most buyers’ earnest money will be held in an escrow account until the closing day, allowing the money to remain untouched by either party.
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SELLING: Will renovating always increase my resale value?
Make conscious decisions when renovating your home. While newer will entice potential buyers, be cognizant of what rooms you update and how you do it. While updated kitchens will increase the value of your home, be sure to appeal to a wide range of tastes. A good place to start is with the appliances. Realtor. com states that homes with stainless steel appliances sell 15 percent faster than those without. Updated bathrooms are easier to satisfy a wider range of buyers’ desires for luxury, but be sure to keep the colors neutral.
FUN FACT: Get the name and numbers.
Just when you think you’ ve checked all the boxes for an easy sell of your house, take a second look at your address. According to Zillow, street names and house numbers matter! If you happen to live at 666 Fanny Hands Lane, you may be out of luck( however that particular street is in the United Kingdom, so you should be safe). Innuendo-laden street names tend to not sell as quickly as those like Thunder Road. American numerology says that 666 is bad luck and could decrease the value of your home by 2-3 percent. Also, steer clear of the number four, considered unlucky in Chinese culture. Stick to the number eight, or include the lucky digits 316 in your asking price!
Before entering the real estate market, educate yourself. The more you know, the better your chances are for nailing down the home of your dreams! n
Chartiers Valley | Summer 2016 | icmags. com 29