WHEN TO SELL Current homeowners have a positive outlook with the real estate market on the up and up. Keep in mind these real estate selling tips before your house goes on the market.
IN THE MARKET TO BUY— IT’ S A NUMBERS GAME The real estate market is on the rise, and buyers are facing low inventory on affordable homes. Whether you are looking to purchase your first home or in the market for a new home, it is crucial to get all of your numbers in order before starting the search for a new home. Keeping these tips in mind will help make you an ideal buyer:
SPECIAL SECTION: REAL ESTATE
WHEN TO SELL Current homeowners have a positive outlook with the real estate market on the up and up. Keep in mind these real estate selling tips before your house goes on the market.
1. Keep it clean! It’ s easy for life to take over and daily chores to fall by the wayside. Don’ t let this spoil your goal of selling your home. Kids, pets and messy spouses should be kept at bay during peak viewing hours. Finding it hard to live at home while trying to sell? Invest in a few extra storage bins with decorative flair to keep toys, clothes and shoes out of sight to potential buyers.
2. Where possible, take the home out of your house. Remember, buyers are buying their new home, not your old home. Get a head start on moving out by putting trinkets and collectibles in the basement and giving potential buyers the ability to picture their own unique personalities in the space. Closets are an important selling feature, so start packing away off-season clothing to give closets the appearance of more space.
3. Make smart upgrades. Make moderate upgrades that speak to the current market of buyers. Replace old carpets with new hardwood or laminate flooring. Invest in a fresh coat of neutral-colored paint for bedrooms and common areas. Fix broken closet doors, replace outdated hardware with sleek new knobs and handles, and clean your mirrors and windows. Thinking small will deliver big payback.
4. Cooks in the kitchen. Every cook wants a nice kitchen. If you have some money to spend, think about upgrading flooring and countertops to match current styles. Think about upgrading one or two key appliances to stainless steel. Don’ t have much money to spend? Good-quality cabinets can always be painted or updated with new hardware. The upgrades will be worth it.
5. First things first. You want to capture potential buyers the minute they pull up to your house. Keep the lawn tidy and plant a few flowers to make your home approachable. Light a candle or add fresh-cut flowers to the main entrances or common areas of your home to make it feel more inviting.
IN THE MARKET TO BUY— IT’ S A NUMBERS GAME The real estate market is on the rise, and buyers are facing low inventory on affordable homes. Whether you are looking to purchase your first home or in the market for a new home, it is crucial to get all of your numbers in order before starting the search for a new home. Keeping these tips in mind will help make you an ideal buyer:
● The BIG 20 … percent, that is. Most real estate agents will start to take you seriously only after providing a pre-approval letter. If you are thinking that a home purchase is in your future, start to look at your finances. You’ re going to need cash, and a lot of it. To avoid PMI and paying additional fees on top of your mortgage, aim to put down 20 percent. If you have relatives or really great friends who are willing to assist you in reaching the 20 percent mark, make sure you look at the rules of receiving“ gift money.” Many banks only accept up to a certain percentage of your down payment to be gifted.
● What is FICO and why is 720 important? If you are in the market to buy, the letters F-I-C-O are familiar to you. Fair Isaac Corporation, or FICO, is a well-known software for calculating an individual’ s credit score. When getting pre-approved by banks for a mortgage, it is important to have a good score. What is good? 720. According to FICO, the median score in the U. S. is 723. If you are looking for great credit, shoot for anything higher than 723( think in the 800-900 range). Most banks will offer similar options if you are at or above 720, but if you dip below, it may be best to start by trying to improve your credit before buying a new home.
● Pick your budget range. It is almost impossible to search for a home without knowing what you can afford. Most likely you’ ll fall in love with the house of your dreams with an updated kitchen, a claw-foot tub and a man cave, and go to put an offer on it only to find out it exceeds your allowable budget provided by a mortgage lender. Heartbreak will ensue, but you’ ll get back on your feet with the realization that you can still get the home of your dreams; you’ ll just need to narrow your search. By this point, your Realtor will be able to provide you with options that fit the bill. All real estate websites also provide the convenient option to search by neighborhoods in your price range.
● Make an offer by choosing your numbers wisely. When you’ ve finally found THE ONE, it’ s time to make an offer. Make sure you do your homework— find comparable houses that were recently sold in the proximity to see if the asking price is fair. When comparing, be sure to take into account number of bedrooms and bathrooms, updates made to the house and other factors that may determine house price. Once you decide on a fair price, you’ ll include earnest money with your offer to show good faith. This money will be held by your Realtor until the deal is finalized, then will be put toward your down payment.
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