Anne Spry's Blog
Buying a home may seem like a smart financial move. However, it may not always be the right time or the right move for you. While buying a home is a great investment, you may not be ready to buy a home of your own. The following questions should help you to determine whether or not you are fully ready to buy a house in the near future.
How Much Money Do You Make? How Much Have You Saved?
buying a home is a significant expense. First, you’ll need quite a large sum of money for a downpayment and closing costs on the home. Second, to get approved for a mortgage, the lender will look at every part of your finances from your income to your assets. Once the home is purchased, you’ll also need quite a bit of capital for expenses including insurance, taxes, HOA fees, emergency funds, utilities, and furniture. You don’t want to buy a home only to be overwhelmed with costs. You want enough of a financial cushion to enable you to furnish your home, decorate your home, and not have a completely empty bank account. That’s why you should make sure that you do make enough money to buy a home.
How Much Debt Do You Have?
If you have established that your income is enough to buy a home, the next thing that you need to establish is that your debt isn’t too high. Before you enter into the adventure of homeownership, you’ll need to make sure that your bills are under control. These expenses include things like car loans, student loans, and credit card bills. Your lender will put your debt into consideration as a part of your entire financial picture. Your debt (including your proposed mortgage payment) should be less than around 36% of your gross income. Before you take the leap into buying a home, you’ll need to make sure that your debt is under control. If you need to take a step back and pay your bills down before you start house hunting, you should as it will make buying a home easier for you.
Are You Seasoned At Your Job?
In order to secure a mortgage for a home, you’ll need to show that you have been at the same job for a certain period of time. Your average income will probably be calculated based on how long you have been at the company and your job history. You should be able to explain any income gaps, changes in positions or companies. Otherwise, you’ll appear to be an unstable person to lend to. Lenders want to know that you’ll have a steady, stable income.
How Is Your Credit?
In order to secure a mortgage, you’ll need to have a good credit score. Check on your credit report when you begin thinking about buying a home. If your credit is on the low side, you’ll want to work on bringing that score up.
Selling a house the second time around may prove to be much easier than your initial home selling experience. In fact, a veteran home seller can learn a lot from his or her past home selling experience, including:
1. How to Establish a Competitive Initial Home Asking Price
Setting a competitive initial home asking price is paramount, regardless of a home seller's experience. If a seller establishes a competitive initial asking price from the get-go, he or she can increase the likelihood of stirring up plenty of interest in a house. Conversely, a seller who sets an initial asking price that is too high or too low may struggle to achieve the optimal home selling results.
Think about how you priced the home that you most recently sold. This experience may help you determine how you'll price your current house, as well as enable you to avoid potential pricing mistakes along the way.
Furthermore, it usually helps to look at the prices of comparable houses in your city or town. If you assess this housing market data, you can see how your house stacks up against the competition and narrow the price range for your residence.
2. How to Promote a House to the Right Groups of Buyers
If you previously struggled to showcase your house to buyers, you can learn from your past experience and avoid making the same mistakes once again.
Ultimately, a home seller should allocate time and resources to enhance the curb appeal of his or her home. If a house features a stunning exterior, it may generate lots of interest from buyers.
It often helps to maintain a clean home interior as well. If you keep your home neat, tidy and clutter-free, buyers should have no trouble envisioning what life might be like if they purchase your house.
3. How to Hire the Right Real Estate Agent
Conduct an in-depth search for the right real estate agent – you'll be glad you did. If you meet with a variety of real estate agents, you can find a housing market professional who can help you achieve your desired home selling results.
Don't forget to request client referrals from a real estate agent. Because if you can learn about past clients' experiences with a real estate agent, you can make an informed choice about whether to hire this real estate agent to guide you along the home selling journey.
Ready to add another house to the real estate market? Use your home selling experience to your advantage, and you can boost your chances of enjoying a profitable home selling journey.
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Summertime brings plenty of sunshine and lots of heat. Meanwhile, for those who plan to sell a house in the near future, it may be beneficial to list your home before summer arrives.
Ultimately, there are many reasons to consider listing your home before summer, and these include:
1. Homebuyers typically are active in the weeks leading up to summer.
Winter usually represents a slow period for homebuyers. But when spring arrives, homebuyers frequently jump at the opportunity to pursue their dream residences. As such, spring may prove to be the perfect time to add your house to the real estate market.
Often, it helps to perform home repairs in winter. This will ensure your residence is ready to add to the housing market in spring, which could increase the likelihood of a fast, profitable home sale.
You may want to conduct a home inspection in winter as well. If you hire a home inspector to evaluate your house, you can receive extensive insights into your home's condition. Then, you can prioritize home repairs and upgrade your residence before you list it.
2. You can avoid moving in hot weather.
Let's face it – summer brings extreme heat that can make it tough for those who are moving from one address to another. Lucky for you, selling your house prior to summer ensures you can avoid moving large, heavy personal belongings in hot weather.
Of course, if you need help with moving, it may be beneficial to hire a moving company. This business will go above and beyond the call of duty to ensure you can enjoy a seamless move, regardless of whether you sell your home in winter, spring or any other season.
3. There is no shortage of real estate agents at your disposal.
Selling a house can be difficult, particularly if you try to list your residence and promote it to potential buyers by yourself. Thankfully, real estate agents are available in cities and towns nationwide, and these housing market experts are happy to assist you at any time.
For those who want to find a top real estate agent, selling a house before summer may be ideal. Real estate agents will do everything possible to showcase your residence to as many prospective buyers as possible in the weeks and days leading up to summer. As a result, you could reap the benefits of a successful home selling experience.
Let's not forget about the guidance that a real estate agent offers a home seller, either. A real estate agent will provide recommendations and suggestions as the home selling journey progresses. Thus, if you're unsure about how to price your house, a real estate agent will help you determine a competitive initial asking price. On the other hand, if you're uncertain about how to respond to an offer to purchase your home, a real estate agent will help you weigh a homebuying proposal's pros and cons.
Take the first step to list your residence before summer – contact a local real estate agent today, and you can receive comprehensive assistance throughout the home selling journey.