15 Tips for Attracting More Offers on Your Home

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Posted on January 6, 2023 by kristenherhold

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Selling a house can be stressful and time-consuming, but with the right strategies in place, it’s possible to attract more offers and ultimately get the best price for your property. Here are some tips to help you do just that:

1. Prepare Your Home for Sale

This means decluttering, deep cleaning, and making necessary repairs or updates. A well-maintained home will be more appealing to potential buyers and can also help increase the value of your property.

2. Avoid Selling As Is

One of the more significant mistakes some sellers make is to market their house as being sold as-is. Doing so brings with it a negative connotation. Buyers get the feeling a seller is either trying to hide something or sell a lemon.

3. Set the Right Price

It’s essential to price your home correctly from the start. If it’s too high, you may not receive any offers. You could potentially leave money on the table if it’s too low. Research recent sales of similar homes in your area to get an idea of the market value of your property.

You may also consider hiring a real estate agent or using online tools to help you determine the best price to set your home at.

4. Maximize Curb Appeal

The first thing potential buyers will see when they arrive at your home is the exterior, so making a good first impression is important. This means keeping the lawn well-manicured, power washing the exterior, and adding decorative touches like potted plants or a fresh coat of paint.

5. Stage the Interior

Home staging involves making the interior of your home look as inviting and appealing as possible. This can include arranging furniture, decluttering, and adding some personal touches like throw pillows or artwork.

6. Stand Out from the Competition

Make sure to highlight any unique features or amenities your home offers, like a pool, home gym, home office, or outdoor living space. In today’s market, buyers can scroll through countless options online, and you don’t want yours to get lost in the shuffle.

7. Use High-Quality Marketing Materials

When marketing your home, it’s essential to use high-quality materials like professional photos and a well-written listing description. You may also want to consider using video or virtual tours to give potential buyers a better sense of what your home looks like.

8. Consider Alternative Methods

If you’re having trouble attracting offers through traditional methods, you may consider alternatives like selling to a company that buys homes for cash or listing your home on Airbnb.

9. Consider Rent-to-Own

This can be a win-win situation for both parties, as the buyer can build equity, and the seller can potentially sell their home for a higher price than they could have gotten through a traditional sale.

It also provides a steadier income stream, as the buyer will pay ongoing rent during the lease period. Rent-to-own can potentially attract a wider pool of buyers, including those who may not qualify for a traditional mortgage.

10. Find the Right Real Estate Agent

Working with a skilled and experienced real estate agent can be a great way to get more offers on your home. Look for an agent with a track record of success and consider using a discount real estate broker to save on commissions.

11. Host Plenty of Open Houses

Open houses allow potential buyers to see your home in person, which can be a lot more informative than only viewing photos online. While hosting open houses can be a bit of a pain, it is well worth ensuring buyers get a true feel for your home.

12. Advertise Your Home on Additional Channels

If more traditional methods aren’t getting you the offers you’re looking for, post ads on various channels like social media, local classifieds, and real estate websites. Your perfect buyer may just stumble across it!

13. Offer Incentives

Consider offering incentives to potential buyers, like covering closing costs or offering a home warranty. If you’re having a particularly tough time selling your home and want to sell it quickly, it may be worth sweetening the deal for your buyers to set it apart from the competition.

14. Address Worries

Address any potential concerns or objections buyers may have, such as foundation issues or an open insurance claim. Determining what may deter buyers is a significant first step in figuring out how to put their minds at ease.

15. Offer a Flexible Closing Date

Offering a flexible closing date can make your home more attractive to buyers who may be in a hurry to move, or conversely, buyers who need to wait until a lease is up or their home sells to close on your home. If you can be flexible, your home may be one of very few on the market that buyers with specific time constraints can consider.

16. Use Your Network

Get recommendations from friends, family, and other contacts to help spread the word about your home and attract more offers. You never know whose coworker, friend, or child may be looking to buy a house!

Following these tips can increase the chances of attracting more offers when selling your house and ultimately get the best price for your property.

Questions to Ask Before Buying a House

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Posted on February 3, 2021 by massrealty

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What to Know When Buying a Home For The First Time

Buying a home for the first time can be daunting. Before you put down your hard-earned deposit and sign away the next 15-20 years of your lives, there are a few points to clarify, and this is the time to ask the questions.

When you are spending hundreds of thousands of dollars, there are no questions that are too trivial. If you have a real estate agent, make sure you lean on them for advice. If they are worth their salt, they will be someone to lean on for all the things you’re unsure of.

Having a first-time home buying guide is always useful. You can also seek assistance from family and friends that have already been through the process.

Consider a few of the following points as a first time home buyer. These are great questions to ask yourself as you journey towards owning your first house.

How far will you be from work, and how good is the public transport?
How long does the commute take?
Do you want to live near shops, schools, hospitals, cafes, and parks?
Will you be near enough to Mom and Dad so you can drop in for dinner?
If you are pregnant, how near is your hospital?
Can the kids walk to school? Homes in sought after school districts always sell really well! So even if you are not having children consider this fact from a resale perspective.
You want a neighborhood with a good community appeal, where you have a large enough population to support cafes and diverse restaurants, and possibly a good pizza/sub shop.
Do you have a dog? You will want an off-leash dog park, to take Fido for a run, and a local vet.
You are busy, so look for a home requiring minimal renovation. Major renovations are not affordable when you are in your first home. It would help if you got a bit more equity first. Having said that, even minor renovations require a handy hardware store nearby.
Try not to exceed your budget. The lender will look for some leeway in the budget, so when you choose a home, make sure, based on your combined salaries, that you can afford it. You want to keep your housing costs, including insurances, between 25% and 28% of your monthly take-home pay. This is a bit easier for a couple than for a single buyer.
Are you eligible for any first home buyer grants or incentives? The United States Department of Housing and Urban Development (HUD) also provides grants to first home buyers. If you apply early in the new financial year, you may be eligible to receive one, important to apply early as the program has limited funds, is soon exhausted, and is not refunded until the following fiscal year. You just may qualify!

Questions to Ask and Things to Do Before Buying a Home

Get a Mortgage Preapproval

Once you have everything in place, try to get your mortgage preapproval in writing from a well-known lender. It is always a good idea to comparison shop a few lenders as well before settling on one.

Be prepared to have your financial information (proof of employment and income) verified for written preapprovals.

These last for about three months and you are then ‘buyer ready.’

Make Sure You Have a Professional Home Inspection.

Have a look to be sure that the roof, foundation, HVAC systems, flooring, and walls are all in good order. Make sure you have a house inspection before closure done by a well respected local professional.

You really want to know before you put the escrow deposit down if there is anything to be done. Home inspections are also a great learning exercise about the property you are purchasing.

The home inspector will go over all the systems, especially the furnace, air-conditioning, and electrical. They will check the basement for dampness and mold. A good inspector will also have a keen eye for evidence of termites, other insects, and rodents.

Getting a home inspection done is especially important when you are purchasing a fixer-upper home.

Is The Home Low Lying?

Is the house near a river or a low lying flood plain. You don’t want to be paying for flood insurance as it is costly. If the area is a flood zone, it might be why the home is cheaper. Once a house is flooded, it is never the same again. So, avoid any possible flood area.

Is The House on a Busy or Noisy Road?

Houses on major roads are usually less expensive. If you decide to purchase on a major road, make sure that the house has insulation, as a major road can be very noisy and polluting. Avoid big thoroughfares if you can, because it won’t have a good resale value.

Think About Using a Buyer’s Agent?

If you are having difficulty sifting through the choices available, you may decide to hire a buyer’s agent. It likely won’t cost you anything as real estate commissions are typically paid by sellers.

A great buyer’s agent will be in your corner working hard to find you the right home. The best agents will not offer any pressure for you to purchase. If you are a busy professional, having someone scouring the multiple listing service for you every day can be a godsend.

Make an Offer Stick

Start attending open houses to get a feel for the market. Are real estate values rising, falling, or stable. If home prices are falling, that will be good news for you. It might be possible to find a house you previously thought to be unaffordable.

When you find the home that makes you happy, you’ll want to pounce on it, especially if it is an excellent deal. Get together with your real estate agent and write the offer. Be prepared to have some give and take, which is often the case. Negotiating is something buyers, and sellers do. Try to make it a win-win if you can.

If the seller has already bought elsewhere, you will probably be in the driver’s seat as there will be some urgency to get a deal done.

On the other hand, if you are in a hot seller’s market, be prepared to move quickly. There could be multiple offers and bidding wars. Unfortunately, there will be less flexibility. To get the house you really want, you’re probably going to need to step up to the plate and give the seller their desired terms.

It is vital to be proactive at this stage, as you want to get into a house before your preapprovals expire. The financial markets are very mercurial, and especially in a rising market, conditions change very quickly.

Prepare For Moving

One of the most arduous tasks when buying or selling a home is moving. The move can not only be physically stressful but mentally as well. There are so many things to get done. Did you change your address with the post office? How about getting one of the best moving companies in the area?

Maybe you have found that hiring professional movers will be too expensive and rent a moving truck instead? Lots of folks choose to rent a moving truck from U-Haul because of the convenience and lower cost.

These are all things that should be thought about well in advance. Proper planning goes a long way when buying your first house.

Final Thoughts on Buying a First House

Once you have the finance approved for your new house, it is important to be ready to recognize and grab a good deal when it comes along. Buying a home for the first time can be a full time and stressful job. You will have a limited amount of time to perform what seems like an endless list of tasks. The good news is, it will soon be over, and you will be in your own home.

Hopefully, you have found some of these first-time homebuyer tips to be useful.

3 Evident Reasons to Reject a House Offer

Posted on May 22, 2023 by massrealty

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Not all house offers are made equal. It’s easy to get excited when offers start to roll in after listing your home.

Homeowners can receive multiple offers and assume they are all set. Sadly, there is more to an offer than the price. Politely declining a house offer is oftentimes the smartest decision for a seller. Identifying what makes an offer worthy of being rejected is the key.

Here are three reasons to reject your next house offer when listing your home.

Too Many Contingencies

Contingencies can feel like the bane of a seller’s existence. An offer can come in that initially looks great. The price is high, and the closing timeframe is quick. Look again! Do yourself a favor and count the contingencies in the purchase agreement. If you see more contingencies throughout the contract than you can count on your fingers, that’s a red flag.

Like offers, not all contingencies are made equal, either. Some contingencies aren’t too strict and won’t blow up the deal. When selling a damaged house, it’s common to see multiple contractual contingencies in an offer. On the flip side, other contingent clauses completely derail the entire process.

For example, a due diligence inspection contingency of 4 weeks can mean that the buyer can walk away from the deal within that timeframe if they find something that appears ‘off’ in or around the property.

House flippers and investors commonly use the inspection contingency. By inserting this contingency into the contract, they have an exit with your time as the expense. When sellers see this contingency, consider rejecting the offer.

You can politely decline their offer to purchase your home because of the contingency in place. You can also counteroffer if you have a good feeling about this buyer and everything else checks out. Negotiating more favorable terms will keep you from losing out on a good buyer but make the deal sweeter.

Lowball Offer

No home seller enjoys receiving lowball offers. It can feel like a slap in the face depending on how low the amount is. Is the buyer calling your baby ugly?

Receiving a lowball offer is a great reason to reject it. Simply put, your price is your price. If you have to make a certain amount from the sale of your home, lowball offers won’t cut it. Homebuyers have thick skin and will understand if their lowball offer gets rejected.

When buyers give a lowball offer, they usually know it is much lower than the asking price. This is all a part of the real estate sales process, unfortunately. Instead of instantly declining the lowball offer, sellers can also counter it. Some homebuyers automatically give a lowball offer to start with the intention of raising it as the negotiation takes place.

Sellers can politely refuse the offer and move on, or counter it. Lean on your listing agent to do the negotiations for you. They are the experts and can help you squeeze more juice out of offers. If buyers aren’t budging once you counter, don’t hesitate to decline their offer to purchase your home fully.

Weak Financing

The last thing you want to do as a home seller is to get under contract with a buyer with weak financing. If they can’t actually afford to buy your house, it’s best to cut your losses immediately. Save yourself the time and stress of a deal falling out of contract weeks into the process by reviewing the offer in depth from the start.

What makes the financing of an offer weak? If the homebuyer isn’t preapproved, be cautious about spending too much time with them. They will still need to get pre-approved for a mortgage later in the process if they aren’t already. This process can take weeks and isn’t always successful.

Request a preapproval letter from the buyer’s lender upfront before accepting their offer. This will save you from having to reject the house offer later on. If a buyer is organized and serious, they should have the preapproval letter ready along with their offer. There are more offers in the sea of buyers that have better financing backing than ones like these.

Another hole in a buyer’s financial backing is proof of funds. For most mortgages, buyers will put down at least 3.5% (or more) as their downpayment to purchase your home. Before accepting an offer, seeing proof of those funds is good practice. Buyers can take a screenshot of their recent bank statement to show you that they can put their money where their mouths are.

Tread lightly if a buyer refuses to show proof of funds when making an offer. This can potentially mean that they don’t have the money. If they borrow money from other people, that can get complicated and create issues. Review the entire financing plan the buyer claims and ensure they can perform. Many sellers will reject a house offer without proof of funds accompanying it.

10 Ways to Tell if a Live-In Flip is Right for You

Posted on May 2, 2023 by kristenherhold

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Live-in real estate flipping, also known as house hacking, is a popular strategy for people looking to invest in real estate while also having a place to live. But is this strategy right for everyone? Before you dive in, there are a few things to consider.

This article will explore ten things to consider when deciding whether a live-in real estate flip is right for you.

1. Your financial situation

Before embarking on a live-in flip, you need to assess your financial situation. Do you have enough savings to cover the down payment, closing costs, and unexpected repairs or expenses?

You’ll also want to ensure you have enough money saved for emergencies and cover your living expenses while you work on the property.

2. The real estate market

It’s important to understand the real estate market in the area where you plan to invest. Is it a buyer’s or a seller’s market? Are home prices going up or down? What are the rental rates in the area? Understanding these factors will help you make an informed decision about whether to invest in a live-in flip.

3. Your timeline

Flipping a house takes time, and you must be prepared for the work involved. If you plan to do most of the renovations yourself, you’ll need to factor in the time it will take to complete the work while still living in the property.

Most people don’t realize that mistakes are easy to make when renovating a house.

You’ll also want to consider how long you plan to live in the property before selling or renting it out.

4. Your skills

If you plan to do most of the work yourself, assessing your skills and experience is important. Do you have the necessary skills to complete the renovations, or will you need to hire contractors? Remember that hiring contractors will increase your costs, which could impact your profits.

5. The property’s potential

Before investing in a live-in flip, you need to assess the property’s potential. Is it located in a desirable area? Does it have good bones? Are there any major repairs needed? You should also consider the amount of work and potential return on investment involved with different property types.

For example, a condo may be less work than a single-family home to flip, but you could be limited on the amount you can make when it’s time to sell or rent it out. You’ll want to look for a property with the potential for appreciation and rental income.

6. Your goals

What are your goals for the live-in flip? Are you looking to make a quick profit or generate long-term rental income? Short-term profit means buying a property, renovating it, and selling it quickly for a profit.

Long-term rental income means buying, renovating, and renting a property to generate ongoing income. Short-term profit goals may be suitable for investors who are looking to make a quick return on their investment, while long-term rental income goals may be better for investors who are looking to generate ongoing passive income.

Understanding your goals will help you determine the best strategy for the property.

7. Finding an agent

Working with a real estate agent can be invaluable when investing in a live-in flip. A knowledgeable agent can help you find properties that meet your criteria and provide guidance throughout the process. Look for an agent with experience in investment properties and house hacking.

8. Commission and fees

When working with a real estate agent, it’s important to understand the commission and fees involved. Typically, the seller pays the commission, but in some cases, the buyer may be responsible for a portion of the commission.

You’ll also want to factor in any closing costs and other fees associated with the purchase. You can also consider buying or selling the property without an agent, but you will want to carefully consider the pros and cons before doing so.

9. Your exit strategy

Before investing in a live-in flip, you need to have an exit strategy in place. Are you planning to sell the property for a profit? Or will you rent it out for long-term income? Having a clear plan will help you make informed decisions throughout the process.

10. Making money

Ultimately, the goal of a live-in flip is to make money. To ensure a profitable investment, you’ll need to carefully calculate your potential profits and expenses. This includes the cost of renovations, financing, and any ongoing expenses associated with owning the property.

Bottom Line:

Live-in real estate flipping can be a great way to invest in real estate while also having a place to live. However, it’s important to carefully consider your financial situation, the real estate market, your timeline, skills, the property’s potential, your goals, finding an agent, commission, and fees, your exit strategy, and making money.

Considering these factors, you can determine whether a live-in flip is right for you.

What Are The First-Year Challenges and Solutions for New Homeowners

Posted on April 24, 2023 by kristenherhold

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Being a new homeowner can be a dream come true, but it can also come with its own challenges. From financial management to home repairs and maintenance, new homeowners are often caught off guard by the demands of homeownership.

Here are ten common challenges and solutions to help new homeowners navigate their first year.

1. Managing Finances

One of the biggest challenges that new homeowners face is financial management. Owning a home comes with many expenses, including mortgage payments, property taxes, and homeowners insurance. It can be easy to lose track of these expenses and miss payments, leading to late fees, penalties, and even foreclosure.

To avoid this, creating a monthly budget and tracking expenses is important. Online tools can help keep track of expenses and budgeting.

2. Home Maintenance

Home repairs and maintenance can be overwhelming for new homeowners, especially if you previously rented and are used to simply making a maintenance request. Regular upkeep and maintenance are essential to keep the home in good condition and prevent costly repairs in the future.

Keep a running list of repairs and prioritize them based on urgency and budget. Some tasks, like changing air filters or checking smoke detectors, can be done regularly, while others, like fixing a leaky roof, may require immediate attention.

By staying on top of repairs and maintenance, you can save money in the long run and prevent small problems from becoming big.

3. Finding Reliable Contractors

Home repairs often require the help of contractors, but finding trustworthy professionals can be a challenge. New homeowners may not know where to start or who to trust.

Ask for referrals from friends and family members who may have previously worked with reliable contractors. Online resources can also help find reputable contractors in your area. When selecting a contractor, check their credentials and references, and get multiple quotes before deciding.

4. Furnishing Your Home

New homeowners may struggle with furnishing and decorating their new space, especially if they’re starting from scratch or planning to get rid of old furniture. Prioritize the most important pieces of furniture, like a bed, couch, and dining table.

Consider shopping at secondhand stores or online marketplaces to save money on furnishings. Start by choosing a color scheme and basic pieces, then add decor gradually. By taking a systematic approach, you can create a space that reflects your style and personality.

5. Implementing Safety Measures

New homeowners may be unfamiliar with their neighborhood’s safety risks and precautions.

Some simple measures to increase safety include installing a security system or cameras, keeping doors and windows locked, and getting to know your neighbors. Taking simple precautions will make you feel much more secure in your new home.

6. Home Insurance

Homeowners insurance is essential to protect your investment in your home. New homeowners may not be familiar with the different types of coverage available or how to choose the right policy for their needs.

Researching different insurance providers and policies and comparing coverage and prices is recommended. Consider factors like deductibles, liability coverage, and personal property coverage. Work with an insurance agent to ensure you understand your policy and have adequate coverage.

7. HOA Regulations

If your home is part of a homeowners association (HOA), it is essential to understand the rules and regulations. HOA rules can be complex and vary by community, but they can impact everything from exterior decor to parking.

Read and understand the HOA documents before buying a home and follow the rules to avoid fines or legal issues.

While the homeowners association may be unable to kick you out, the fines and fees could be financially painful.

8. Staying On Top of Deadlines

New homeowners may not be familiar with important tax deadlines, home insurance, and mortgage payments.

Missing any of these deadlines can result in delays, additional fees, or even losing the home altogether. Most home buyers work with a real estate agent throughout the home buying process who can help ensure all of the necessary deadlines are met, but once you own the home, you will be responsible for keeping track of deadlines on your own. Set reminders on your phone or calendar to ensure nothing slips through the cracks.

9. Managing Pests

Pest control is an important aspect of homeownership that is easy to overlook. Pests like termites, rodents, and insects can cause damage to the home and pose health risks to residents. Regular pest control treatments can prevent infestations and keep the home safe and healthy. Work with a reputable pest control company to create a treatment plan and schedule regular inspections.

10. Landscaping and Yard Maintenance

Landscaping and yard maintenance can be time-consuming and costly. Regular upkeep can keep the yard neat and prevent overgrown grass or dead trees. Create a landscaping and yard maintenance plan, tackle tasks regularly, and consider hiring a professional landscaper to handle more complex tasks like tree trimming or irrigation system maintenance.

In conclusion, new homeowners face many challenges, but by staying organized, prioritizing tasks, and seeking help, you can successfully navigate the first year of homeownership. It’s important to remember that owning a home is a significant investment, and properly caring for it can lead to many years of enjoyment and financial stability.