Many real professionals are advising homeowners to hold on to their homes (and mortgages), and wait before trying to sell their property in the current real estate market. There are certainly many reasons this type of advice is given. The market in most areas remains oversaturated with inventory, prices have not stabilized and as a result, are continuing to decline substantially.
The housing market is not expected to rebound considerably for at least several months or maybe years. In many locations, it could be years before the real estate markets begin to stabilize. Thus, the common advice is that you should not attempt to sell your home in South Florida’s current real estate market; instead, you should wait for the market to stabilize and housing values to creep up again.
Although this seems like sound advice, it’s not for everyone. There are times when homeowners cannot afford to wait to sell their homes. In many instances, it is becoming more and more difficult to make their monthly mortgage payments and they are facing foreclosure due to layoffs and continued unemployment. In these cases, it may be in the homeowner’s best interest to sell their property as soon as possible.
If you are a homeowner trying to sell your property in the current real estate market, there are a few things you can do to make your job a lot easier.
Are home improvements necessary?
Years ago, the experts would tell you to renovate your home and add a few “extras” before putting it on the market, in hopes of increasing its value. The same is not the case today as we’re in a different climate. There are times you may have to repair and possibly renovate an area of your home to make it more attractive to a buyer; however, you should tread cautiously when doing so.
The most common mistake that many sellers make when trying to sell their home is adding the cost of remodeling to the sales price. This is risky because in the current market, there is no certainty you will be able to recover the money you invest in the renovation from the buyer.
Many experts today are pointing out simple things that buyers can do to make buyers more interested in their homes. That includes making sure it is clean, neat, clutter-free and presentable for prospective buyers.
Before you begin making improvements to your home to increase its value, it may be a good idea to seek professional advice. This can help you decide where you should spend your money to get the most out of your investment. In most cases, this can include new paint and flooring, however, this can vary depending on the market you’re in.
Should you take care of the home inspection?
In the past, sellers would typically wait until there was a contract on their home before having it inspected, and would require the buyer to pay for said inspection. In today’s market, smart sellers are being more proactive and having their homes inspected prior to placing them on the market. This saves the buyer the cost of the inspection, gives them a peace of mind, and will help set you apart from all of the other sellers in your area.
Do you have tips about selling your home in the current market? If so, please share them with me and my readers in the comments section below.
Tags: buyer, Real Estate, Residential, seller, tips
