The New Year often means a reevaluation of our personal goals and objectives. We might want to improve our diet, work out more often, volunteer with more consistency--or maybe we just want to like where we live a little bit better!
If your 2014 goals include selling your home and buying a new one, here are some things to think about before you jump in.
- Mortgage rules have changed. Don't begin the process without having an in-depth conversation with a mortgage lender. A good lender is going to want to have a solid understanding of your financial position. Do not be afraid to provide them with your financials so that you get a realistic picture of what you can afford. A trusted Realtor® can provide you with some referrals so that you can trust the person that you are sharing the information with.
- Your house value is set by the market. Forget the phrase, 'I need to net,' as you establish your price. This certainly comes into play as you determine whether or not to sell, but it does not affect the value of your home. Your home is worth not only what buyers are willing to pay, but also what banks are willing to underwrite (ie. the appraisal). What you NEED to walk away with has no bearing on your home's value--or your sales price.
- What you see on the internet is not a complete picture. The more time you spend on-line, the less likely you are to think that you need to work with a Realtor®. If you spend anytime looking, however, you will find that the internet does not always present a clear picture of what is available, what it looks like and what terms to offer based on the local market. Understanding the nuances of the market, bringing strong negotiation skills to the table and working through the extensive process of getting to settlement are just some of the reasons to hire a Realtor®.
If you hope to have a new house in 2014, make sure that you set yourself up for success. Doing your homework and putting together a strong team will help ensure that the process is smooth and successful!
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