Set aside a few weekends to complete the work and follow these three procedures. Then, prepare ready to make an excellent first impression on potential customers and seal the transaction.

Step 1: Clean and declutter

Cleaning and decluttering may seem obvious, but their importance cannot be emphasized. Here are some suggestions to make the process as painless as possible.

Remove clutter before cleaning: Now is the time to get rid of any undesirable or unnecessary stuff in your home. Collect stuff to donate to charity or local “buy nothing” groups. Your local recycling company or municipality may be willing to pick up and carry away heavy metal items for free, or may have drop-off locations where such items can be disposed of.

Deep-clean your home: This is likely to be the most time-consuming procedure. If possible, incorporate the entire family! Consider this a boosted spring cleaning. Pay special attention to kitchens and bathrooms, and clean both the inside and outside of your windows – this will make a significant difference in the overall aesthetic of your home.

Organize closets, cabinets, and drawers: Out of sight, out of mind in this scenario. Many prospective buyers will want to inspect the interiors of cupboards and closets to determine the amount of storage space available, and these are frequently the most untidy locations in your home.

Step 2: Make small repairs

Take care of these issues before taking listing photos or preparing for showings, whether in-person or via video tours. These are all fixes that you may perform on your own.

Repair any dripping faucets and running toilets.

Caulking around tubs, showers, and sinks should be replaced.

As needed, clean or repair the grout.

Repair and repaint your walls in a neutral, aesthetically acceptable color that complements your property.

Repair any cracked or broken windows.

Window screens that are damaged should be replaced or repaired.

Lightbulbs that have burned out should be replaced.

Step 3: Go for curb appeal

You want potential buyers to be captivated by the front of your home so that they look forward to visiting the interior. Extend your spring cleaning enthusiasm to the outdoors of your home.

Cut back plants, shrubs, and trees. Check that no vegetation is touching your roof or siding.

Repair any damaged downspouts or gutters.

Apply new mulch, river rock, and/or pea gravel if suited for your yard. This may transform your landscaping and create instant curb appeal.

Concrete areas such as driveways and walkways should be cleaned and repaired. Remove any oil or grease stains, and remove any weeds that have grown through the cracks.

Put out some pots of annuals that will keep their color throughout the season if it’s acceptable.  Freshen up your doorstep with a new welcome mat and make sure the house numbers are easy to see.

With just a moderate amount of effort, you can make your house beautiful and welcoming, both inside and out.

The post 3 Must-Do’s Before Listing Your House for Sale appeared first on Residence HQ.

A 2022 survey found that just over half (58%) of first-time buyers put less than 20% down on a house, and about a quarter of those surveyed put down 5% or less. On a typical starter home priced at about $170,000, that would equate to $34,000 and $8,500 or less, respectively.

To help you get started, here are six suggestions on how to save for a house.

1. Open a high-interest savings account

It’s smart to have your money working for you while saving for a house. Consider saving your money in a high-interest savings account. While investing your money in the stock market is another option, it is typically a riskier, longer-term approach with no guarantee you will make money in the long or short-term. Instead, opening a high-interest savings account can help you earn some interest on your money without the risk of market volatility in the stock market depleting  your savings.

2. Automate your savings

Pay yourself first. Most people wait until the end of the month to save, but you risk spending that money between payday and the month’s end. Instead, try setting up a recurring transfer from your checking to your savings account — a good rule of thumb is to automate the transfer based on your paycheck cycle. If you get paid on Friday every week, have a set amount automatically transferred from your checking into your savings on that day. That way, you’re not tempted to spend it.

3. Reduce your monthly expenses

The fastest way to save for a house is to increase the amount you put into savings each month. Reducing your monthly expenses is helpful because you can direct those savings toward your future housing costs. To start, look at your bank and credit card statements to identify money coming in and going out. Scrutinize your expenses to see where you may be able to cut or minimize non-essential spending. For instance, you can cancel subscriptions you don’t use, buy generic products instead of name brand items, or pack a lunch instead of eating out. 

Other ways to reduce expenses is to look at your essential spending to see how you can lower those bills. For instance, you can shop around or bundle policies for better auto insurance prices, negotiate a lower internet bill, refinance personal loans at a lower rate, or, if you own multiple vehicles, transition into using only one-car if possible.

4. Pay down your debt

The debt you owe can impact your ability to save because a portion of your income is designated to those debts each month. Pay off any credit cards with high interest because the longer you maintain that balance, the more it ends up costing you in interest. If you have any low balance debts you may choose to pay those off completely to avoid continued interest payments. Don’t get too hung up on the larger debts for now. 

Stay consistent. Each time you pay off a debt, act like you still have the payment and send the cash to your house savings account. Paying down your debts may help you improve your chances of qualifying for a mortgage when you’re ready to buy because it lowers your debt-to-income ratio (DTI) and can improve your credit score. 

5. Earn additional income

While receiving a tax refund, cash gift or a bonus at work will definitely help, earning additional income will help you save for a house much faster. Side hustles are a savings strategy, but be sure to maintain your primary source of income. Your lender will consider all your income sources when qualifying you for a home loan.

Here are some ideas to pursue:

• Rent out a spare room or parking space
• Take up a part-time or weekend job (e.g., being a driver for Uber/Lift)
• Ask for a raise at work
• Sell a big item like a car/furniture

6. Track your savings progress

Use a spreadsheet or an app like Mint or You Need a Budget to keep track of your progress. You may have access to a free tool within the mobile app for your bank account. You’ll know exactly how much you’ve already saved as well as how much more you have to set aside. Seeing your savings progress keeps you motivated and makes saving less stressful.

Now that you know how to save for a house, estimate your monthly mortgage payments with a mortgage calculator.

How much money do you need to save for a house?

Figure out the amount you can comfortably afford to spend on a house to estimate how much you need to save. It’s generally advised to save up to 25% of a house’s purchase price in cash to cover upfront costs associated with buying a home. This will include*:

• Down payment: expect to need about 3-20% of the purchase price saved to cover the cost of a down payment.
• Closing costs: try to save about 2-5% of the purchase price to cover closing costs.
• Moving expenses: The average cost of moving a household is about  $1,250 or $4,890 if moving long distance.

Example: Say you want to buy a house that costs $300,000, based on the above ranges, you’ll want to save between $9,000-$60,000 for a down payment, $6,000-$15,000 for closing costs and about $1,000 to cover moving expenses like a truck and packing supplies.

In order to cover upfront expenses, the amount you need to save can vary depending on the type of loan you qualify for, the purchase price, the location, your down payment amount, as well as several other factors. But don’t fret; a local or national lender can help you determine how much you should save for a house and how to do so in a time frame that works for you.

How long does it take to save for a house?

The housing market is constantly changing. Only you will know when you’re financially ready to buy a home whether that’s in one year, two years or longer. If you don’t already have a deadline in mind, the amount you can currently afford to save monthly will help determine how long it will take to save for a house.

For renters making the median U.S. renter income of $3,855 per month and putting 2.4% (or about $92/month) of their income into savings (the median rate for renters), it would take 27 years to save for a 20% down payment on the typical starter home, priced at $148,527 in 2021. In seven years, they could accumulate a 5% down payment (almost $8,000). 

With a more aggressive saving strategy, it is possible to reach a down payment goal more quickly. For example, by saving four times the median rate, they could save a 5% down payment ($8,000) in two years or 20% (nearly $30,000) in six years. This savings rate equates to roughly 10% of their median monthly income or about $385/month. Keep reading for tips on how to boost your monthly savings rate.

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The chart shows two down payment savings rates, 2.4% and 10%, for renters earning a median U.S. renter income of $3,855 per month. Down payment percentages are based on the purchase of a typical starter home priced at the median value of $148,527.

The post How to Save Money for a House? appeared first on Residence HQ.

What are comps in real estate?

A comp, which is an abbreviation for comparable sale, is a recently sold home in your area that’s similar to your home in location, size, condition and features.

How sellers use real estate comps

Sellers, especially those selling for sale by owner (FSBO), use comps to determine the right listing price for their home. Even if you’re selling your home with the help of a real estate agent, you’ll want to be familiar with comps so you can make sure you’re comfortable with the listing price your agent recommends.

How buyers use real estate comps

Buyers reference comparables to decide how much to offer on a home. More specifically, they want to make sure they don’t overpay for the home they’re buying.

How appraisers use real estate comps

When an appraiser comes to your home, they will source their own comps to help accurately assess how much your home is worth. Appraisals can happen for a couple reasons. Usually, a buyer’s lender will require an appraisal before closing, but sometimes sellers get an appraisal to help them accurately price their home.

How real estate agents use MLS comps

Real estate agents use comps from the local multiple listing service (MLS) to create a comparative market analysis (CMA). It’s a collection of nearby comps, put together to help an agent and seller decide on a good listing price. Savvy real estate agents regularly run comps (even when not tied to one particular deal) to keep an eye on their local market and gauge overall trends.

How to find real estate comps

Sellers have two options for finding comps: hire an agent to guide them through the research and pricing process or find comps on their own. Here is how the process works for both options.

Real estate agents and MLS comps

The local MLS is usually the best source of comparable home sales, because the information tends to be the most accurate. Find an experienced real estate agent who is well-versed in navigating the MLS and finding appropriate comps for your property. And since they’re familiar with your area, they can interpret comps with an eye for area trends, home value appreciation and price per square foot.

Many will provide potential clients with a free CMA in hopes of landing your business. It gives a rough idea of what your home might sell for in today’s market, in your neighborhood.

Can I find house comps in my area without the MLS?

There are several additional resources for finding comps:

• Public property records: If you want to find the sale price of a specific comparable, the county usually keeps those records. In some counties you can search online, but in others, you may have to go to the courthouse. One thing to note is that county records don’t show seller concessions. So if a seller lowered the price as a credit on some needed repairs, you’ll see the final lowered price — not the original asking price.
• Pricing tools: Try some pricing tools to find comps in your area. Simply enter your home address to view recent sales. You can narrow the results based on the ones that are most similar to your home, and then it’ll calculate a home value for you.

What to consider when finding real estate comps

Aim to find at least three similar homes that meet the following criteria:

• Location: Limit your search to a quarter- to half-mile from your home.
• Time frame: Only include homes that have sold within the past three to six months — or less if your market is changing quickly.
• Size: Try to stay within about 300 square feet of your home’s size.
• Bedrooms/bathrooms: Include homes with the same number of bedrooms and bathrooms as yours.
• Condition of home: Factor in things like recent renovations, updated interiors or outdated features.
• Age of home: Homes built around the same time as yours will be the most accurate comps, because major systems like roofs, HVAC and plumbing should be in similar condition.
• Nearby features: Find homes that align with yours in terms of walkability, shopping/retail, waterfront proximity, views, public transportation access and school ratings.
• Price per square foot: Real estate agents use price per square foot to identify comparables. Divide the sale price of a home by its square footage, then compare that number to your own desired price per square foot.

Tips when looking for the best real estate comps

Unless you live in a subdivision where a home builder used similar finishes, layouts and materials in all of the homes, no two housing comps in your neighborhood are exactly alike — and even when homes are very similar, no comp is perfect.

So how do you identify the best comps? Stay as unbiased as possible. Try to set aside your emotional connection to your home and focus on the facts.

Only use sold homes

Ignore homes that are currently for sale or pending. Why? Sellers can overprice the home and then end up settling for much lower. Or, sellers can price below market value in hopes of drumming up multiple offers. Until a home sale closes, you’ll never get an accurate read on its value in your local market — it’s only worth what someone ends up paying for it.

Pay attention to the type of home

If your home is a single-family home, don’t compare it to townhouses or condos. If you’re pricing a condo to sell, don’t compare it to anything but other condos.

Look closely at photos

Carefully scan the listing’s pictures. Does the home have finishes similar to yours? Look closely at things like appliances, fixtures and flooring. Even seemingly small discrepancies (like stainless steel appliances versus older white appliances) can add up.

Read the listing description

In addition to looking at the pictures, you should always read the listing description. Not every improvement or upgrade is visible in pictures. For example, a recently sold home could have a new roof that would make its value higher than yours, and you wouldn’t know just by looking at listing photos.

See it in person

If possible, drive or walk by the house to get a good feel for the exterior’s condition. Note things like cracks in the driveway or missing shingles. The condition of the exterior should give you some insights into the condition of the interior.

Scan the area

Make sure you understand the nuances of a home’s location. Is it on a cul-de-sac instead of a busy road? Is it near a bus or train line?

Write everything down

When researching comps, take careful notes. After homes are sold, photos sometimes go missing or listing descriptions are removed, and all you’ll be left with is the size, address and sales price — not enough to formulate a good comp. Capture as much information as you can, as soon as you find a promising comp.

Formulate your price

When you’re ready to decide on a listing price, the most important thing to do is to consider multiple data points from multiple sources. Combine MLS comps from recently sold homes with online data from sites land insights from your real estate agent, if you have one.

Hire an appraiser

Not sure you’ve found the right listing price? Consider hiring a professional appraiser to give you an unbiased appraisal of your home’s value. The cost is usually between $400-$500, which can be money well-spent for an accurate listing price, especially if you live in a competitive market or you’ve made many renovations and aren’t sure how they should affect your price.

Avoid shortcuts

You can’t just double the price if your home is double the size of the comp. There are many factors that go into home pricing, so don’t be tempted to take shortcuts by using poorly matched comps and guessing.

Adjust for seasonality

We already mentioned that for accuracy, you should only reference comps from the last few months. Another reason this is important is seasonality.

Whether prices vary dramatically by season depends on your local real estate market, but in general, homes sell more quickly in spring and early summer, and they take longer to sell in the winter. Sellers often try to motivate buyers in slower seasons with a lower sale price, so keep seasonality in mind as you price your home.

The post Real Estate Comps: How to find comparables for Real Estate? appeared first on Residence HQ.

Below, we outline five key questions to ask yourself when picking a neighborhood, plus search tips tailored to finding a home to rent or buy that meets your lifestyle needs.

How to decide where to live: Take an inventory of your current neighborhood

Choice overload is real, and it can lead to buyer’s or renter’s remorse, so narrow down your criteria with a simple exercise. Take a minute to think about your current neighborhood, then start a pros-and-cons list.

Once you’ve determined what you like about where you live now, and listed what you don’t like about it, start a third list. This one will detail what you want in a new neighborhood. 

Then combine the first and third lists (what you like about your neighborhood + what you would like in your new neighborhood). The result is a list of priorities; now consider ranking them. 

Keeping an open mind, decide what you can and can’t live without. Because a neighborhood that checks all your boxes will likely be more expensive, prioritizing your criteria ahead of time can make the selection process easier — especially if you’re moving into a competitive market. Lastly, hold onto that second list (the one where you ticked off what you don’t like about your current area). It’ll come in handy for spotting red flags early in the selection process.

Everyone’s lists will vary, but read on for five major considerations you’ll surely want to include.

1. How walkable is the neighborhood?

Walkability is a big lifestyle decision. Over 40% of renters live in an urban setting, and homebuyers regularly report walkability as an important factor in deciding where to live.

Ask yourself how much driving you want to do and whether you really want to own a car. Owning a car opens your options to suburbs and rural areas, but you’ll want to weigh the costs of car ownership when deciding where to rent or purchase.

Conversely, choosing an area with high walkability and alternative transportation options, like rideshare services or public transportation, may allow you to minimize or forgo car expenses, like gas, insurance and depreciation. With that extra money in your budget, you may be able to afford a larger home. Going without a car means you’ll want to focus on urban centers and downtown areas, which tend to feature better transportation options and walk scores. 

But there’s more to consider in walkability than whether or not necessities are within walking distance. To name a few:

How far is public transportation? When it’s something you’ll be doing on a regular basis, a three-minute walk to the bus stop is very different from a 20-minute walk.

Is the area designed for walking? Are there sidewalks and pedestrian-friendly crosswalks, or will you be walking to the grocery store along a busy street with no shoulder?

What are the alternative transportation options? Are rideshare services and carpooling options available? Cities large and small are increasingly allowing micromobility services. What does this look like in the areas you’re considering?

What’s in the surrounding area? Are you close to grocery stores and medical facilities, or a bingo hall and a stretch of fast food joints? 

Your main question here: Is what’s nearby complimentary to my lifestyle? A Walk Score is a starting place, but a little research will help ensure that you can truly walk to what you need and want.

2. What will the commute look like if you have one?

While walkability to grocery stores and other staples is one factor, your proximity to work or school may be a separate consideration. Ask yourself; How close is the neighborhood to a location you’ll regularly commute to? 

You can quickly estimate drive times from any listing with your chosen map app, but the true test is to actually try the commute. If possible, try it with no traffic and in rush-hour conditions. Then ask yourself: Is this sustainable?

3. Is there any green space?

What does your prospective neighborhood offer in terms of nature? Studies increasingly indicate that exposure to nature and green spaces brings health benefits. What’s more, recent research suggests that the availability of accessible and usable green spaces is “significantly associated with neighborhood satisfaction.” Further, if you have canine friends or plan on getting some, nearby parks are indispensable.

4. What’s the proximity to friends and family?

Social connections can help us go far, and renters and home buyers need to consider how important being close to family and/or friends is when they decide where to live.

Research suggests that even the mere sense of social connectedness can enhance “achievement motivation” — the will to get things done. In good times and in bad, you’ll be thankful you chose a place that’s near your loved ones and dear friends.

5. Do you feel a sense of community?

Beyond friends and family, community is, of course, another way to find social connectedness. This includes those who live on your street or apartment building.

Think about questions such as:

• Is there access to nearby groups or activities that align with your interests?
• Is there a homeowner association? Or a management team that sponsors events and mixers in your apartment complex?
• Are there amenities that encourage social interaction, such as an arthouse theater, multiplex, recreation center or library?
• Are there common areas in your rental or apartment complex that might make it easier to meet others, such as dog parks or playrooms to meet fellow dog owners or parents?

Visit or stay in your prospective neighborhood before you commit

You’ve found a neighborhood you like and perused the forums and social media groups to ask questions about the community or building. You’ve searched for what’s important to you, be it access to arts and culture or proximity to great restaurants. That’s a great start, but online research will only reveal so much when deciding where to live.

Now it’s time to visit. If it’s feasible, just go there. Really check out your prospective neighborhood. Talk to that couple walking their dog. Get a coffee at the local café and chat up the barista. Think about that sense of community. Do you feel it here?

Don’t forget to see what the area is like at different times of the day and week. Think of it like a stakeout or a test drive. Is there early morning construction or rush-hour traffic noise? Do neighbors like to party late into the night?

Still can’t decide where to live? Consider grabbing a short-term rental in one or more neighborhoods as a way to test out different lifestyles. Maybe you’re not sure if you want to live in the urban heart of the city, but you think you might love it. Find out what is it actually like to live above a restaurant or on that quiet farm road you always dreamed about. Renting gives you a chance to figure out what you like and dislike in neighborhoods, sample a diversity of experiences and learn more about yourself, so that when you’re ready to commit, you’re more informed. 

Whether you’re buying or renting, it’s worth doing the hands-on research upfront. Take some time and visualize yourself there. Is this place actually a fit?

The post How to Choose a Neighborhood you’ll Love? appeared first on Residence HQ.

1. Clean and declutter

There are many strategies for selling a house fast, but when you’re short on time, one definite must is making your home’s interior appeal to as many buyers as possible.

• Get a storage unit and pack away any extra belongings or large furnishings that are making rooms look crowded, small or messy.
• Organize the closets. Buyers are looking for storage space, so they’re definitely going to peek in closets, storage areas and pantries. Don’t cram extra belongings into closets — leave enough open space to give the impression that the home has plenty of storage. After all, 64 percent of buyers said that ample storage was extremely or very important.
• Personal belongings, like family photos, keepsakes and religious items, distract buyers and prevent them from picturing themselves living in the home.
• Do a deep clean on every room of the house, including baseboards, kitchen cabinets, bathroom tile and carpets. Since you’re short on time, consider calling in some professionals.

2. Pick a selling strategy

When deciding how to list your home, there are two conventional sales options — selling for sale by owner (FSBO) or with a real estate agent — and a few alternatives.

Sell FSBO

One of the big benefits to selling on your own is that you save on the commission (you’ll save the 3 percent you’d pay your own agent, but you’ll still have to pay 3 percent to the buyer’s agent). But if you want to sell fast on your own, you’ll have to be prepared to negotiate like a pro.

Be ready to negotiate escrow timelines, juggle contract paperwork, and consult an attorney to make sure all forms are filled out correctly. Knowing the ins and outs of the process is especially important if you need to sell your house fast.

Hire an agent

The upside to hiring a professional real estate agent is that they know what it takes to get a house sold quickly in your area. They’ll streamline things like contract prep work, negotiations, signing and closing. Of course, you’ll have to pay them a 3 percent commission for their services.

Alternative ways to sell your house fast

If you want to completely bypass the preparation it takes to sell your house in a hurry, consider these alternative strategies:

• Sell to an investor. There are numerous reasons why selling to an investor may be a good fit, but there are potential trade-offs to keep in mind. 
• Sell to a developer. This is usually only an option if your home is a teardown and/or on a large lot.
• Sell at an auction. You can sell quickly by auctioning off your home, but you are likely to sell for a lower price than on the local market.

3. Price to sell House

21 percent of sellers said that their biggest challenge was selling within their desired time frame. Even if you’re selling in a sellers market, where there are many buyers competing for fewer homes, selling your house fast isn’t a guarantee.

One thing that can really speed your selling process is pricing your home competitively. Overpricing will lead to more time on the market, and ultimately, you may end up selling at that lower price anyway — it’ll just take you longer to get there.

You may even want to price your home a little lower than comparable homes in your area to drum up interest and cause a bidding war. The effectiveness of this strategy depends on the state of your local real estate market and how homes are selling in your area.

When setting a price, you also may want to consider the price points that the majority of buyers search for within in your area. For example, if you list your home for $399,000, it’ll show up in search results for anyone that’s looking for homes under $400,000. But price it at just $405,000, and it’ll never show up in their search results. 

Set a timeline for a price reduction

Before you list, take a hard look at your timeline and decide on a day to lower your price if you haven’t received any offers. The amount you discount can be decided later, because it might change based on feedback you receive from home tours, but you should at least have a date in mind. And if that time comes, it’s best to act quickly. The longer your home is on the market, the lower your odds are of selling it for listing price.

Consider sales incentives

If you know your home is going to be a tough sale, either because of some unusual feature or because you’re selling in a slow market, it can sometimes be worth offering incentives to potential buyers to sweeten the deal. Examples include upfront repair or improvement credits, paying the buyer’s closing costs, or offering to include things like appliances, which aren’t always included in a sale.

4. Handle any quick repairs

While you don’t have time for major renovations, it’s still important to take care of any easy fixes that might deter potential buyers:

• Patch up spots where paint is peeled or scratched.
• Fix loose tiles.
• Repair loose door handles.
• Tighten leaky faucets.

You may also want to invest in a few minor upgrades that will make your home show better:

• Apply a fresh coat of paint inside.
• Install new hardware on kitchen and bathroom cabinets.
• Swap out old or outdated light fixtures.
• Purchase matching (newer) appliances.

5. Stage and add curb appeal to House

No matter your timeline, every seller can benefit from a weekend spent sprucing up their home’s interior and exterior. After all, making a good first impression with buyers is crucial. 48 percent of recent buyers said having the home staged is extremely, very or somewhat important to their home-buying decision. And 29 percent of sellers said that landscaping their yard was one of their pre-listing activities.

Pack up and hire a stager for House

Staging is a common tactic in real estate sales, especially if you’re looking for ways to sell your house fast. Staging helps define spaces and makes rooms look larger. If you want to speed up this process, you’ll want to put all of your belongings in storage. A professional stager will bring their own furniture and decor,arranging it in a way that highlights your home’s best features and makes it feel warm and welcoming.

Create House curb appeal

Your home’s exterior is the first in-person glimpse potential buyers will have of your home, so it’s important that it looks welcoming, well-maintained and tidy. Here are some tips to make your house sell faster with good curb appeal. And when speed is key, consider hiring a professional landscaper to make quick work of these tasks:

• Trim hedges, shrubs and overgrown tree branches.
• Clear walkways and paths.
• Clean windows and doorknobs.
• Sweep away spiderwebs and debris from the front porch.
• Replace broken lights or mailboxes.
• Paint the front door.
• Plant flowers.

6. Hire a professional photographer

It may seem faster (and cheaper) to snap a few pictures of your house on your phone, but poor listing photos could make your home sit on the market longer. In fact, a whopping 77 percent of recent buyers said that viewing professional photos was extremely, very or somewhat important to their home-buying decision.

Professional real estate photos only cost a few hundred dollars, and if you’re using a full-service real estate agent, they may even include the photos as part of their services. Check to see if your agent or photographer offers a 3D virtual house tour. They are quick to capture and improve listing page. 

Before images are taken, make sure your home has plenty of light. Open the blinds, replace old lightbulbs or update fixtures, and let in as much natural light as possible. This is also a best practice for listing appointments!

7. Write a great listing description

Once you have chosen a listing price and your house is in order, you’ll want to create a listing description that will help you sell your house faster. This is especially important if you’re selling on your own. If you are using an agent, they will probably write the description for you, but it’s still important to know what makes a good listing description.

• Highlight your home’s best features in the listing description, using effective keywords that’ll stand out to buyers.
• Include anything that makes your neighborhood desirable, like the school district, proximity to public transportation, or local restaurants and parks.
• Include a sense of urgency: “All offers must be submitted by [DATE],” for example.
• Use your professional photos.

Where to post your listing

If you’re selling FSBO, you can upload your own listing. Sites allow you to post 3D tours or virtual walkthroughs, which can give buyers a good sense for the layout of your property. If you’re using an agent, they’ll post to your local MLS, which will get pulled into all of the major real estate search websites.

If you don’t have an agent, you can pay a flat fee to an agent to upload your home to the local MLS on your behalf. In this case, you’ll be listed as the point of contact for all inquiries.

Additionally, whether you’re listing your home with an agent or going the FSBO route, you can post your listing on social media (via friends and family or with paid placements), as well as place flyers and signs around your neighborhood.

8. Time your sale right

The best time to list your home is in the first half of May on a Saturday. Homes listed during this time frame sold six days faster than average and for an average of $1,600 more.

The peak selling time varies a bit based on your local real estate market, so check out info for your local area if you need to sell your house fast.

9. Be flexible with showings

When selling your home quickly is the goal, it’s important to be as accommodating as possible with showing requests. Yes, last-minute showings can cause a scheduling scramble, but nobody can buy your home if they can’t see it for themselves! If you aren’t willing to accommodate buyers’ schedules, your home is at risk of sitting on the market for a long time.

Hold an open house

A well-timed weekend open house is a must for selling your house quickly. It’s the easiest way to get multiple buyers through the door. Make sure to prepare accordingly — clean the home, arrange fresh flowers, offer a few treats, and prepare flyers that buyers can take with them after their tour.

Private showings

Buyers requesting a private showing may have never seen your home before, or they could have attended your open house and are returning for a closer look. As mentioned earlier, it’s important to be as accommodating as possible in showing your home, even if it means keeping your house tour-ready around the clock.

If you’re listing your house FSBO, be prepared to host your own tours. If you’re working with an agent, they should either do a tour for you or leave a lockbox for the buyer and their agent. If at all possible, the seller should avoid attending the showing — it can make buyers uncomfortable.

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A seller’s likelihood of selling for list price is 57% if they accept an offer during the first week of listing. It is 50% during week two before falling to 39, 32, and so forth. This is based on nationwide data, therefore it stands to reason that your chances of selling for list price and fast are substantially better if you live in a strong sellers’ market.

So is it the right time for you to consider a price adjustment? Consider these factors:

Indicators your home needs a price adjustment

Nearby comps are priced lower

Of course, when you select a list price for your home, you want to get as much profit as possible, while still being competitive with other listings. How to price your home to sell is a bit of an art form, and that’s why many sellers end up adjusting their list price within a few weeks.

Take a second look at other similar homes for sale in your neighborhood. Is it possible you priced your home too aggressively given your current market? Are other similar homes selling more quickly?

You’re not receiving offers

While there are multiple possible reasons why nobody’s biting on your home, price is often the culprit. If buyers feel like they can find a similar home at a better value, they’re unlikely to put in an offer, or even set up a showing. If people are viewing your listing online but not submitting an offer, or if you’re getting open house attendance but with no results, your price could be the problem.

You’re having few showings

Speaking of showings, the foot traffic coming through the door is a great indicator of the attractiveness of your list price. Open house and showing traffic tend to drop off after the first two weeks, so you’ll know pretty quickly if your price isn’t resonating with buyers.

Your home appraised low

Savvy sellers often pay for their own appraisal before they list as a way to get an objective opinion on an appropriate list price. If you haven’t gotten an appraisal already, it might be money well spent.

If the home appraises well below your asking price, then you have your answer. Or if you’ve had a contract fall through due to a low appraisal from the buyer’s appraiser, that’s another good indicator that a price adjustment might be a good idea.

Marketing steps to take before a price reduction

Before taking action in reducing your price, you’ll want to take a step back and make sure that the price is really the issue, and it’s not an issue of ineffective marketing.

• Load up the photos and videos: Even though your home may be beautiful in person, if your listing has low-quality photos (or worse, none at all), you’ll never get buyers through the door. Professional real estate photos are always worth the money, especially in a competitive market. And consider adding a 3D Home virtual tour to help buyers get a better feel for the home’s layout.
• Ensure your online listing is complete: Make sure your listing description is putting your house in its best possible light. Be sure to showcase the home’s best features, share information about what makes the neighborhood special, and pack it full of the keywords buyers love. A local real estate agent should be able to give you insights into the most popular home features in your area.
• Make sure your home is listed in multiple places: Whether you’re working with an agent or selling for sale by owner (FSBO), you should make sure that your home is showing up in multiple places, including on your local MLS, on Residence HQ, on other real estate search sites, and on social media. If you’re using an agent, touch base with them about their online marketing plan for your home.
• Post signage in prominent locations: 55 percent of recent buyers said that for sale or open house signs played a role in their home search. Make sure you have plenty of visible signs around the neighborhood, with wayfinding signage for open houses, especially.
• Address buyer feedback: People who have toured your home but didn’t end up making an offer are a great resource. If you set up these past showings yourself, consider asking for feedback directly. If you’re using an agent, ask your agent to follow up after showings and ask for constructive criticism. Then, take action on any fixable pieces of feedback — and try not to take it personally.

Price reduction strategies

• Act fast: As we mentioned earlier, the number of showings and open house attendees drops off significantly after the first few weeks your listing is active, so don’t wait to take action. If you’re realizing you need to reduce the price, don’t wait.
• Be realistic: When discussing what your new, lower price will be, make sure you’re comfortable with the amount. What’s the lowest you can accept and successfully move on from the sale? It’s not a good price if you’re not realistically able to take the amount.
• See what other sellers are doing: See what other sellers are up to. How long are they waiting to make a price adjustment? How much are they cutting the price? Get clues from recent sales to gauge your timing and discount.
• Only reduce the price once: Nobody likes to make a price cut, so sellers are often inclined to make multiple small price adjustments to ease the pain. Avoid this strategy — it can take multiple small reductions before buyers finally take notice, so you’ll only end up prolonging the sales process. Instead, decide on a cut that’s significant enough to jump-start interest in your home. The average cut is 2.9 percent of the list price.

The post When to Reduce the Price of your House? appeared first on Residence HQ.

It may seem little to choose door colors for the entrance door, but doing so might increase or decrease the price of the offer you receive.

Which shade is most likely to draw customers’ attention or encourage them to place a greater bid? It’s slate blue, say current and potential homebuyers. The property could sell for more money since this hue appeals to more purchasers.

That’s accurate. The research found that people thought the overall aesthetic appeal of the house was enhanced by the chalky light blue-gray color. Recent and potential house purchasers were given photos of front doors painted in one of 11 hues at random in the study, and participants were more inclined to make an offer of about $335,678 on average on a property with slate blue. That is $1,537 higher than the mean house value in the US, which is $334,141.

Highest Resale Price: Black

Consider black carefully if you want to paint the front door the best color for resale. Yes, the most divisive hue may result in a higher resale price for a house. The appropriate buyer could be ready to spend $6,449 more than the mean U.S. house worth if you painted your front door black.

Not bad for such a small adjustment.

But it’s dangerous. Numerous shoppers may also be turned off by the hue. When they first see the house, they could believe it is overly imposing or detracts from the property’s overall appeal.

But if you’re ready to accept the chance, the reward can be worthwhile.

Door Colors to Avoid: Pale Pink and Cement Gray

Everyone is entitled to their own tastes. However, you might want to steer clear of particular front-door paint colors if you’re planning to sell your house since you don’t want to put off potential buyers unintentionally.

Yes, that could include painting your door color other than white or cement grey.

According to a study, these two hues turned off homebuyers, with some saying they made the house look more “shabby.”

Participants’ scores on painting a door cement grey were the lowest. Pale pink doors may be offered $6,516 less than slate blue or black doors, which is a significant difference.

Even though it seems like such a little adjustment, it’s crucial to consider how your front door serves as a visual message to potential buyers. After all, you want to maximize the amount you can get for the house when you sell it.

Naturally, just because you painted your front door, the greatest color doesn’t mean you can be sure you’ll get the most money when you sell. A buyer’s opinion of your property may be skewed by various other visual elements, such as curb appeal.

The post Did you know Front Door Colors can boost your Offer Price? Even by $6,500! appeared first on Residence HQ.

Create a Spring Cleaning Plan

It’s just as vital to know what to do as it is to do it. When it comes to spring cleaning, make a list that contains the following items:

• Cleaning areas that you intend to clean
• A timetable for each work or space, including the day and hour it will be completed, as well as a list of who will execute each task (you or family members)
• A cleaning supplies inventory
• A list of cleaning methods for each location that has to be cleaned

Minimize Spring Cleaning Supplies

Take stock of your current materials and go shopping for what you’ll need before starting on your spring cleaning to-do list. When shopping, restrict your purchases to a bare minimum to reduce clutter and increase cleaning efficiency.

Choose the most effective and strong cleaning materials so that the product, not you, does the majority of the job.

Clean Room by Room

It’s easy to become overwhelmed as you clean from room to room. To see the effects of your productivity fast, focus on one room at a time. Make a checklist to ensure you’ve completed all of the required tasks.

Focus on the most important areas for Spring cleaning

Spring cleaning may be a massive task (especially depending on the size of your home). Consider the most obvious places first, such as your living room or home office, to become more efficient. Also, try concentrating your efforts on regions that have been ignored, while ignoring places that have been cleaned often.

Work Harder, Not Smarter

Don’t put in any more effort than is absolutely required. Simple steps like the ones below can help you save a lot of time:

• Before cleaning, soak the pots and pans.
• Allow cleaning materials to rest for a few minutes before washing off surfaces.
• Consider utilising your oven’s self-cleaning function, but keep in mind the safety considerations.

Get rid of the clutter

You can never genuinely have a clean and tidy house if you are buried in your belongings, especially if you’re low on storage space. When cleaning out your things, remember the 80/20 rule: Only 20 per cent of the items we own are truly important — 80 per cent of our belongings just get in the way.

Consider categorising goods into four categories when determining what to get rid of:

• What should you keep?
• should I save something for later use?
• What to donate or give away
• What should be discarded?
• Once you’ve created the four piles, work on putting everything in its place and taking donation items away as soon as possible.

Create more Efficient Habits

Implement at least one of the following habits to assist you in maintaining a clean home:

• Remove all paper from your life.
• Each day, devote 10 to 15 minutes to cleaning.
• Make a chart to help family members remember to accomplish their responsibilities.
• Make a contribution pile that you may add to on a regular basis.

The post Spring Cleaning 101: Make it Fast, Easy and Effective appeared first on Residence HQ.

Choose the right time of year!

The ideal time to make an offer on a house is in January. Because few buyers want to go out in the cold to look for a property, prices are at their lowest. Property sales also take longer. This indicates that a lesser offer is more likely to be accepted by the seller.

From February onwards, the market picks up. Spring is the busiest season for house purchases. As more homes become available, prices rise, and competition heats up. In the spring, houses also appear more presentable. Buyers frequently buy in the spring to be able to move into their new house in the summer.

The warmer season, notably June and July, sees a spike in house values. Prices and the number of properties for sale generally decline in the fall. Because of the holidays, the market frequently freezes in December.

Buy a home when demand is low!

Purchase a home in a buyer’s market if at all possible: The prices are low, and the supply is plentiful. Buyers may typically acquire a lower-priced home when there is less demand.

A seller’s market is the polar opposite of a buyer’s market: prices are high, and supply is scarce. In this situation, sellers have the option of selecting which offers to examine and selecting the best one. A bidding war might result from many offers. This implies that if your offer isn’t the best, you may lose your ideal house.

Whether you’re in a buyer’s or seller’s market, an experienced real estate agent can help you obtain the best bargain.

Don’t overthink the real estate market!

In an ideal world, you’d like to purchase a property in a buyer’s market. However, this isn’t always achievable. To locate a home, don’t try to time the real estate market. Because the market fluctuates, pinpointing the exact moment is nearly difficult. When you locate the ideal house, buy it. Don’t wait for the right moment to buy your dream house; else, you could lose out.

Evaluate your life stage before you buy a home!

Before you go house shopping, make sure you’re financially secure. Will you be able to appropriately manage your funds in the face of such a huge purchase?

Consider your housing requirements as well. What is the estimated number of people that will reside in the house? How long do you plan to stay at your new address? Investigate cities, towns, and neighbourhoods that are suitable for your family, employment, daily commute, and other factors. 

Other costs, such as maintenance, repairs, and emergency reserves, should be considered. You’ll need cash reserves in case your roof leaks or your furnace breaks out.

Remember that a mortgage is a one-time payment that must be accounted for in your monthly budget.

“Looking for more insights on when to buy and want to know your best available options? Call us now or visit the website.“

The post What is the best time to buy a home? appeared first on Residence HQ.

Preapproval does not ensure that you will be approved for a loan; the loan may still be rejected. Before a loan can close, a home assessment must be done to guarantee that you are not paying more for the house than it is worth. Also, if your financial status changes between preapproval and closing, the lender’s offer may not be valid.
Applying for new credit, making major expenditures, and skipping loan and credit card payments are all things you should avoid after getting preapproved for a mortgage.

The Process of Mortgage

1. Check your credit history. Obtain copies of your credit reports and file a dispute if there are any inaccuracies. If you discover overdue accounts, engage with creditors to fix the issues before submitting your application.
2. Calculate your debt-to-income ratio. The percentage of your gross monthly income that goes toward debt payments, such as credit cards, student loans, and auto loans, is known as your debt-to-income ratio, or DTI. Borrowers with a DTI of 36 percent or less, including the mortgage, are preferred by lenders, however it can be higher in specific situations.
3. Gather income, financial account and personal information. This contains your and your co-Social borrower’s Security numbers, current residences, and job information. You’ll also need details about your bank and investment accounts, as well as evidence of income. Your W-2 tax form, 1099s if you have extra income sources, and pay stubs are all documents you’ll need to receive a mortgage preapproval letter. It is preferable to have two years of continuous employment, although there are exceptions. Self-employed candidates will very certainly be required to provide two years of tax returns. You’ll need a paper trail to prove it, if your down payment is coming from a gift or the sale of an asset.
4. Contact more than one lender. Comparing rates and fees from various lenders may save you thousands of dollars over the course of a 30-year mortgage. Your credit score should not be harmed by the mortgage preapproval procedure. FICO, one of the major credit scoring organizations in the United States, advises limiting those applications to a 30-day period.

The post How to get Pre-Approved for Mortgage? appeared first on Residence HQ.