is it a good time to sell?

By
Real Estate Agent with Re/Max 10 New Lenox Illinois

Is It Finally Time to Sell is a question analized by Draper and Kramer mortgage company?  Analyzing Your Financial Situation, with interest rates at record lows and home prices remaining low, we know it is a good time to buy, but is it a good time to sell? The biggest influencer in home sales is the economic situation. Harsh economic times last year resulted in low consumer confidence, thus very few home sales.

Before you think about selling you must analyze your situation. Why are you selling? Perhaps your lifestyle is changing and you need a larger home or a more family oriented neighborhood, or maybe it’s a new job that is causing the move. Without good reason for selling it is not recommended as the housing market is just in the beginning stages of recovery and you may be selling your home for a loss.

If you are not prepared to sell for a loss another option you have is renting your home. If you decide to rent out your home there are many questions you have to ask yourself such as how long should you rent and what should the terms of the lease be. It is important to also protect yourself legally when you choose to become a landlord. Consulting a lawyer with matters of the leasing agreement can be helpful. Using a real estate agent will take a lot of stress off of you and will also help protect you and your home.

If you decide to sell your home, it is important to work with a realtor when you price your home. When priced correctly you are likely to see things move quickly because there are many buyers on the house hunt and few sellers.

Even though your home won’t be sold at the value it would have been several years ago, the new home you purchase will be at equally low rates. Which means you will have a smaller down payment and closing costs, as well as taking advantage of low interest rates. •

For instance, in the example pictured right, if the market is down 10%, the home you bought for $200,000 is now worth $180,000, resulting in a $20,000 loss. Now you are looking at homes that used to be worth $400,000 but now can be purchased at the same 10% discount. This results in a $40,000 savings. When you subtract your $20,000 loss you result in a $20,000 net gain.

Selling Do's and Don'ts:

DON’T SET YOUR PRICE TOO HIGH
It is important to be accurate with pricing. You could lose potential buyers if they think your home is out of their
price range.


DON’T DO MAJOR RENOVATIONS BEFORE THE SALE
Large construction will only bring stress and the hard work won’t pay off as much as you’re expecting.

DON’T WAIT UNTIL SPRING TO SELL
Even though it’s the most popular time to sell you can sell a home whenever it is best for you. Just remember to play
up the amenities of your home for that season.


DO SHOWCASE YOUR BEST FEATURES
Make minor enhancements and de-clutter to make the best features of your home the focal point.

DO MARKET YOUR HOME
Whether you use a real estate agent or not, it is important to list your home on the Web. You can add photos, virtual tours, and more to attract buyers.

DO PROVIDE EASY ACCESS FOR SHOWINGS
Make sure the driveway is available for parking as well as opening the home up as much as possible for showings. Installing a lock box will give agents access to the home for showings when you are out. •

Ways To Prepare Your Home For Sale:

INCREASE CURB APPEAL
Mow the lawn, trim the bushes, plant flowers, you may also need to pressure wash your siding and clean the gutters. These are the first things that get noticed so it is important to start on a positive note.


MAKE MINOR REPAIRS
Patch any holes in the walls, fix doors and drawers that don’t function properly, replace cracked floor or counter tiles, replace burned out light bulbs, etc.

MAKE THE FRONT DOOR INVITING
Give the door and the trim a fresh coat of paint. Buy a new welcome mat. Adding new house numbers can give the entry a nice fresh look, as well as help buyers find the home easily.


DEPERSONALIZE
Take down photos and family heirlooms. People want to envision their own décor on the walls and get distracted when there are things already there.

CLEAN INTERIOR
Vacuum daily, mop the floors, clean the windows inside and out, dust ceiling fans, furniture, and light fixtures, etc.

REMOVE FAVORITE ITEMS
If there are items you plan on taking with you when you move, remove them now. This way people won’t get hung up on the fact that they can’t have something they may have wanted.

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Real Estate Best Practices
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Illinois Will County New Lenox
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Rainmaker
1,355,939
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Good list, re creating that curb appeal...anytime is a good time to sell/then buy, if one remembers the all important pricing level.

Aug 23, 2012 02:32 AM #1
Rainmaker
238,276
Dale Taylor
Re/Max 10 New Lenox Illinois - Frankfort, IL
Realtor = Chicago Illinois Homes Townhomes Condos

Thanks!  I really appreciate you reminding us how important pricing is to getting a home sold at anytime of the year!

Aug 23, 2012 04:06 AM #2
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Rainmaker
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Dale Taylor

Realtor = Chicago Illinois Homes Townhomes Condos
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