You may have a rough idea of what your home is worth. Maybe you have recently been given an assessed value on the home, or have peeked on an online search as to what comes up for your home. Do you really understand all of the things that affect the value of your home? There are many things that may not be obvious but are important to the number that you’ll come to when you decide to sell your home.
Do you live at 13 Elm Street or 7 Winner’s Way? Buyers have superstitions that surround numbers and street names. Don’t be surprised if the number of your house or even the name of your street brings buyers in or sends them running. There’s not much you can do to change the house number or street name, but it’s something to keep in mind. Sometimes the reason that certain buyers are turned off from your house is truly out of your control. If you do live on a desirable street, that can help bring up the value of your home due to the demand in the area. Remember that what some consider “unlucky” others consider a blessing (like the number 13!)
While your home may be perfectly pristine, you don’t have much control over what your neighbors do. If there are neighbors nearby that have strange items in their yards, strange colored homes, or other eccentric tastes, buyers may be turned off from your home. This could actually cause the price of your home to drop slightly. You should be prepared for this to affect the sale of your home, but don’t be discouraged. If buyers enjoy your home enough, they’ll be able to turn off that all too bright paint color next door.
Trees and greenery increase the value of a home. Don’t think of cutting down those trees on your property unless you have to! Trees that have grown up on your property will add a lot of value to the home in the future. If you’ve been living at your residence for 20 years or so, think of the value that those first seeds and bushes you planted have added!
If you have displays, shrines, or rooms dedicated to a certain hobby, it could either be beneficial or detrimental to your home sale. This all depends on who comes walking through the door for a home showing. If you’re a Veteran and have some Marine Corps things around the houses, it could attract the attention of other Vets. However, that strange Marilyn Monroe room you have might actually deter from the pool of people available to buy your home. Buyers like to be able to see themselves living in the home. Some circumstances make it easier than others for buyers to have a vision for themselves in your home.
The process of closing on a home can seem lengthy and complex if it’s your first time buying or selling a house. There are several costs and fees required to close on a home, and while it’s up to the individuals to decide who covers what costs, there are some conventions to follow.
In this article, we’re going to talk about closing costs for selling a house and signing on a mortgage. We’ll discuss who pays what, and whether there is room for negotiation within the various fees and expenses.
But first, let’s talk a little bit about what closing costs are and what to expect when you start the process of buying or selling a home.
If you’re just now entering the real estate market, the good news is you can often estimate your closing costs based on the value of the property in question. You can ask your real estate agent relatively early on in the process for a ballpark figure of your costs.
Closing costs will vary depending on the circumstances of your sale and the area you live in. In some cases, closing costs can be bundled into your mortgage, such as in “No Closing Cost Mortgages.” However, avoiding having to deal with closing costs often comes at the expense of a slightly higher interest rate.
If you are planning to buy a house and have recently applied for a mortgage, laws require that your lender sends you an estimate of your closing costs within a few days of your application.
Now that we know how closing costs work, let’s take a look at who plays what.
In terms of the sheer number of closing costs, buyers tend to have the most to deal with. Fortunately, your real estate agent will help you navigate these costs and simplify the process.
They can range from two to five percent of the cost of the sale price of the home. However, be sure to check with your lender for the closest estimate of your closing costs. It’s a good idea to shop around for mortgage lenders based on interest rates as well as closing costs charged by the lender.
Here are some of the costs you might be asked to pay as a home buyer:
Appraisal fees
Attorney fees
Origination fees
Prepaid interest or discount points
Home inspection fee
Insurance and Escrow deposits
Recording fees
Underwriting fees
While the seller pays a larger amount of closing costs, sellers still have obligations at closing that can be just as expensive. The biggest expense for sellers is to pay the real estate commission. Commission usually falls in the vicinity of 6% of the sale price of the home. This covers the commission of both the seller’s and the buyer’s real estate agents.
The main takeaway? Buyers and sellers both share the burden of closing costs. While the buyer has more expenses to take care of, the seller pays for the largest costs.
You're getting ready to list your home on the real estate market but are finding that there are many unnecessary items that fill your garage, attic and basement. Fortunately, you know exactly what to do to get rid of these items quickly – host a yard sale!
A yard sale likely will prove to be a valuable option for a home seller who wants to earn some extra cash and eliminate clutter from his or her home instantly. In addition, hosting a yard sale may help you spread the news that you're preparing to sell your home, and ultimately, generate interest in your residence.
So what does it take to host a successful yard sale? Here are three things you need to know:
1. Advertise As Much As Possible.
From good, old-fashioned posters that are strategically scattered throughout your neighborhood to online postings on social networks, you can advertise your yard sale to generate plenty of interest.
If you use posters, be sure to indicate where your yard sale will take place, the exact date and the starting and end times. You also may want to indicate what types of items you may be selling – like clothing, furniture and toys – to garner interest in your yard sale.
On the other hand, advertising online provides you with a vast array of options. In fact, you may be able to use images that show some of the items that you'll be selling, provide directions to your yard sale and make it easier for interested buyers to understand what your yard sale is all about.
2. Get Organized.
Consider how you'll want to lay out all of your yard sale items before you host the big event.
For example, it usually makes sense to place similar categories of items together. That way, you'll make it easier for buyers to find all of the toys in one spot, all of the furniture in another spot and so forth.
Plus, getting organized before your yard sale enables you to take a close look at the clutter that fills your house and determine what can be sold and what should be thrown away.
If an item is unusable to you, it's unlikely that you'll find a buyer for it at your yard sale. Therefore, you may want to dispose of broken items before your yard sale, as this will help you free up space in your home.
3. Set Realistic Prices.
The Internet is a valuable resource for those who want to establish realistic prices for items they intend to sell at a yard sale. By doing some online research, you can find out what many of your items are worth and price them accordingly.
Of course, you should try to avoid the temptation to overprice and remain flexible throughout your yard sale, particularly if your primary goal is to get rid of items before you sell your house.
Plan out your yard sale, and you may find that you're able to sell off a broad range of items and eliminate clutter from your house immediately.
This Single-Family in Shrewsbury, MA recently sold for $797,000.
