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Home Selling Mistakes to Avoid

Selling your home can be exciting and emotional at the same time. You’re selling the place you’ve lived in but might earn a decent profit. In addition, real estate is a great hedge against inflation and can be a great way to supplement any investment portfolio.

However, when you sell your home, you must avoid certain mistakes to make the most on your sale.

Don’t Overprice your Home

You love your home and think the world of it, but how much you think it’s worth might not match the market value. It’s best to find out your home’s average value from a real estate agent or appraiser. This way, you know how much to ask for your home.

If you ask too much, you will turn potential buyers away. But, of course, you don’t want to cut yourself short, either.

Not Fixing Major Issues

Don’t assume you can hide your home’s major issues or that buyers will look over it. Most buyers will order a home inspection to ensure the home is in good shape. So chances are anything wrong with the home will come up in the inspection.

If you’re honest upfront, you can negotiate with buyers. Maybe you offer to fix it or give them a credit at the closing to fix it themselves. There are many options, but hiding the issue isn’t one.

Focusing on the Dollar amount of the Offers

An offer isn’t just about the money. Yes, you want to make as much as possible on your home, but there are other factors to consider. For example, you should consider the intended closing date, contingencies on the sale, and what the buyer wants you to leave in the home.

Many of these factors affect your bottom line and the smoothness of the transaction. Look at the big picture and ensure you’re getting what you intended.

Not Decluttering or Staging the Home

Finally, always make sure you declutter and stage your home. Make the home so that buyers can imagine themselves in your home. If there is too much clutter or personalization throughout the home, they won’t feel at home and won’t be able to picture their items in it.

Instead, take out anything personal or clutter up the room so buyers can let their imaginations run wild.

Final Thoughts

Avoiding these home selling mistakes can help you sell your home quicker and for top dollar. 

Working with a reputable real estate agent, like me, is the best way to ensure you get maximum value for your home and that the terms benefit you. Trying to sell on your own, on the other hand, may lead to a bumpy road, complications, and loosing money in the process because of the challenges of managing the conditions of the sale.

If you’re ready to sell your home, contact me today, and let me help you!

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What Should You Ask Lenders When Buying a Home?

What Should you Ask Lenders When Buying a Home?

Buying a home requires more than finding the perfect home. First, you need financing, or you won’t be able to buy the home.

Lenders have specific requirements when considering buying a home, so knowing what questions you should ask them is important.

How Much do I Need for a Down Payment?

Your down payment depends on the loan program you choose. For example, VA loans don’t require a down payment, but FHA loans require 3.5% down. Conventional loans require 5% down in most cases, and if you put down less than 20%, you’ll pay Private Mortgage Insurance.

Discuss your down payment options and how much you should put down to get the best rate and terms on your loan.

What’s the Best Interest Rate I can Get?

Interest rates are much higher this year than last, so you should talk to your lender about how you can lower your rates.

They’ll look at your qualifying factors and tell you what you can improve to ensure you get a lower rate. You can also ask about the possibility of buying the rate down (paying points) to lower the interest rate to keep it even lower.

When Should I Lock my Interest Rate?

You must lock your interest rate before closing on the loan, but your loan officer can tell you the best time to do it. Most rate locks are free for 30 days, but if you must lock it for longer, it might cost you.

It’s best to lock your rate after you sign a purchase contract, so you have a better chance of closing on the loan before it expires, but always ask your lender when it’s the best time to lock.

How Much are Closing Costs?

You’ll need more than the down payment to close on your loan. You’ll also pay closing costs. Most lenders charge 3% – 5% of the loan amount in closing costs. Ask your lender what the total cost of the loan is so you can budget accordingly.

Some loans allow you to wrap some closing costs into it if you don’t have the funds upfront. If you’re worried about affording the closing costs, talk to your lender about your options.

Final Thoughts

Knowing what to ask lenders before you buy a home is important. Mortgage financing is one of the most important aspects of buying a home. Without a mortgage, you’d need cash to buy a home, and most people don’t have enough cash for a purchase of that size.

It’s a good idea to get quotes from at least three lenders and to get to know their process. No two lenders offer the same rates and terms or have the same process. You might find one lender has an easier process and better rates than another, which can mean the difference of thousands of dollars!

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