If you own a home and you plan on moving (or you’ve invested in a property that’s not your primary home), then you’ll want to figure out what to do with it. Selling a home might be the first thing that comes to mind, but there’s another option: rent the property.
The following are 3 considerations when deciding whether to rent or sell a home:
Local real estate market – A “seller’s market” is the best time to sell. It means there are a lot of buyers and a low supply, so you’re more likely to sell your house at the listed price. Check local listings for properties similar to yours. See what they’re selling for and how long they’ve been on the market. If they’re selling for lower than what you expected and are taking a long time to sell, then selling a home might not be worth it.
Profit Potential – If you can make a significant amount of profit on selling a house due to increased demand, you might want to go that route. This is especially true if the potential rental income barely covers expenses, including the costs of your mortgage and maintenance.
Rental property upkeep – Having a rental property income can be nice, especially if you’ve paid your mortgage. Keep in mind: As a landlord, you will be responsible for maintaining the house. Unless you hire a property manager (which can be costly), being a landlord may take up a lot of your free time.
These are just a few things to keep in mind when deciding between selling a home or renting it out. For more advice on buying or selling a home, contact us at Randy Lindsay today.
As a home seller, you are legally obligated to reveal all information you have about the house you’re selling, including knowledge of any existing issues. Generally, it’s best if you make the necessary repairs prior to putting your house on the market. Few buyers want to deal with repair work unless they’re investing in a fixer-upper.
As soon as you accept an offer, a home inspection will need to take place. Who pays for that home inspection can vary.
Why Is Home Inspection Necessary?
A buyer won’t want to be surprised by expensive problems after buying your house. Even if you’ve had a previous inspection and have invested in repairs and renovations, the buyer(s) will want another inspection of their own. Perhaps there have been issues that were overlooked or new issues have developed.
Do You Need to Pay for It?
Usually, the buyer will pay for the inspection. However, it’s not uncommon for sellers to pay for the inspection if negotiated. If you’re facing a buyer’s market, buyers may have more negotiating power. They may request you pay for the home inspection.
If your house has been on the market for some time and you haven’t had many interested parties, the cost of the inspection might be a valuable incentive. Generally speaking, a professional home inspection costs between $279-$399. The cost varies based not on the size of your property but also depends on where the property is located. The national average, according to Home Advisor, is $388.
Who pays for the home inspection is often part of the negotiation process. For more advice about buying or selling a home, be sure to contact us at Randy Lindsay today.
In an ideal world, the moment you stick a for-sale sign in your front yard is the moment buyers line up with offers. Unfortunately, selling a home is not that easy. The home selling process can take some time. To properly plan around this process, it’s crucial that you understand the timeline of selling a home. The following is a general breakdown of the typical home-selling timeline:
Researching the local market – To understand the value of your house and how much negotiating power you’ll have, you’ll need to research your local market. Look at recently sold comps to get a good idea of the demand in your area. Begin research at least two months before you plan to list.
Hiring an agent – A real estate agent can help you prepare your home for sale, pinpoint the right asking price, and line up buyers. Begin working with an agent six weeks before listing.
Preparing your home – At the same time you hire an agent, you should begin prepping your house by making repairs and investing in home improvements that will boost the home’s value.
Moving out – Although you don’t have to be moved out before you begin showing your home, it’s a good idea to be. If you can, begin moving out around a month before you list.
Marketing your property – Start advertising your property online a week before you officially list it on the market to begin generating interest.
Selling your property – Once listed, it can take anywhere from a few weeks to a few months to sell. The average home stayed on the market for 24 days in 2020. However, keep in mind that closing can take an average of 46 days, which means from the day you list to the day you close can last roughly two months.
All in all, expect to spend between three and four months preparing and selling your home. For more home selling advice, contact us at Randy Lindsay today.
Here are 3 home-selling predictions for 2021 worth taking into account:
Demand for homes will rise – Due to the unpredictable nature of the pandemic, demand slowed substantially in April 2020. Now that we have a better understanding of COVID-19 and ways to be safe, demand has risen again even though the inventory has remained somewhat low.
House values will continue to rise – Based on current trends, home prices are continuing to rise. Perhaps renters who can afford to be homeowners are taking the plunge now because of the stability homeownership provides when compared to renting. You probably won’t have to worry about the value of your property dropping anytime soon.
Inventory will continue to be low – One thing we can credit the pandemic for is that people have a newfound desire for stability. Fewer people are willing to take risks. And homeowners, for the most part, are staying put unless they absolutely have to move. This means fewer homeowners are looking to “trade up,” and that limits the housing inventory. If you do decide to sell, you’ll have much less competition than in previous years.
These are three home selling predictions that we think are likely to be accurate for 2021. If you are planning to sell your home, take these predictions into consideration when you list your property. For more professional home selling advice, be sure to contact us at Randy Lindsay today.
A buyer’s market is when there are lots of properties for sale in the area but only a few buyers. As a result, buyers are less likely to compete against each other. They have more room to negotiate. Selling a home in a buyer’s market can be challenging.
Here are three tips to help you sell a home in a buyer’s market:
1. ‘Fix Up’ Your Home
Invest in all necessary repairs. This includes even the smallest issues, such as loose doorknobs. Buyers can afford to be picky in a buyer’s market, which means you’ll want your house to be in perfect condition when it’s showing.
2. Price Your Home Competitively
If your home is priced too high, you won’t find any interested buyers. They can easily compare your properties with others for sale in your area to learn you’re asking too much. In a buyer’s market, you may even want to list your house slightly below the market value to give yourself a competitive advantage over other sellers.
3. Use a Real Estate Agent
Real estate agents can take advantage of their local network to find motivated buyers. They’ll be able to connect with other agents they’ve worked with before to recommend your property to their clients. Without an agent’s help, your house could get lost in a buyer’s market.
Trying to sell your house in a buyer’s market can be quite a challenge. For more tips on selling a home in a buyer’s a seller’s market, be sure to contact us at Randy Lindsay today.
Although there’s a lot of uncertainty surrounding the economy due to the pandemic, one thing is for certain: buyer demand is high in the housing market. Not only are interest rates incredibly low, but more people are working from home and looking for stability, making now a great time to buy. This bodes well if you’re thinking about selling your house. With that in mind, the following are four tips for selling a home in 2021:
Work with a real estate agent – A real estate agent is going to be incredibly useful, especially when trying to sell a house during a pandemic (and even after the worst is over). An agent will have the experience and know-how to help provide you with the guidance you need to make the best decisions.
Price your home correctly – If you don’t price your home correctly, you could lose money, whether it’s because you asked for too little or because your house is sitting on the market because it’s priced too high. An agent can use local comps to determine how much you should realistically ask for.
Offer a virtual tour – Many buyers are not going to come to view a house in person unless they are sure they’re interested. As such, stage your home and film virtual tours that buyers can take online. This will give them a much better look at your home than any pictures ever would and can be the difference when it comes to convincing people to schedule in-person appointments.
Handle in-person viewings carefully – You’ll want to limit person-to-person meetings as much as possible. Consider only allowing in-person tours of your home if they have a mortgage pre-approval. This will allow you to weed out those who can’t make a serious offer.
Use these tips when selling a home in 2021. For more home selling advice, be sure to contact us at Randy Lindsay today.
Randy has enjoyed over 27 wonderful years in the Real Estate industry making dreams come true for homeowners.
Superior customer service is #1 to Randy and he provides this to all of his clients using knowledge, professionalism, integrity and persistence.
Randy is a successful and experienced real estate agent who expertly represents both buyers and sellers. Scores of Charlotte area residents have trusted Randy in the process of listing their homes to sell.