Mortgage rates are inching up, but are still historically low. As the interest rates inch higher, those who’ve been considering buy a home, enter the market with serious intentions. Buyers are getting off the fence and into the market, and they certainly should!
The National Association of Realtors released data showing that Housing Affordability set a new record in November 2010. The relationship between mortgage rates, home prices and family income is the most favorable ever recorded for home buying.
Home prices in our North Texas area remain stable – not what you may wish for, but stable. Inventory will increase as we approach spring, it always does, so beat the rush and get your home on the market while buyers still have fewer choices.
If you want to be in a different living situation and selling your home will help, then NOW is a great time to list your home.
There’s plenty of negativity out in the world today, and it’s at these times when it’s most important to stop and say “What’s the GOOD News!” For KW Metro North, it’s right here! (And there’s plenty of it)
January 8 – January 15 2011 – Good News
Here are five simple things you can do right now to get ready to sell your home in 2011. As interest rates head up, buyers are jumping off the fence and back into the purchasing pool, so get ready to sell!!
#1: Quit reading national blogs and national real estate websites. Real estate is like the weather – the only thing that matters is what’s happening in your backyard. Search for local websites, local blogs, local real estate information. Obviously, real estate professionals in your area should have great info on their websites, etc. If you have friends in the business in your area, ask them to send you information, links to information, videos, etc. – that will also help you begin to know which of them is actually a professional in the industry.
#2) Tour nearby open houses. Your job as a seller is to present your home in the best way possible, to show more attractively than your competition. You think your home is gorgeous and perfect or just needs a bit of updating – get out and see what today’s homes on the market really look like, then go home and look at your home through honest & informed eyes. You may have work to do!
#3) Pack. Put away as much as you can. Clutter is always unattractive. Stuffed closets make people feel cramped. You know this is true, so take action now.
#4) Complete the chore list. Loose door knobs, burned out bulbs, doorbells that don’t work – no potential buyer wants to buy your undone chores. It’s just that simple.
#5) Get real. What you want to get for your home simply doesn’t matter. The market will determine the sales price of your home. You can influence that only by superior presentation – condition, staging, etc. Remember that most buyers will need to get a mortgage to purchase your home, and an appraisal will be required. Appraisals reflect only the sales price of comparable homes. Another simple truth is that buyers today are unwilling to overpay. Gather information and be real about pricing. The longer you stay on the market, the more price reductions you must take, the less you will receive for your home. Price it right and sell it quickly to get the most for your home.