Are You Qualified to Sell [Your House]?

Are You Qualified to Sell?

Most people think that being qualified is for home buyers and that it means being pre-approved for a mortgage. Being qualified is not just for buyers, sellers also need to be qualified! 

Sure, anyone who owns a property can sell it (assuming there are no legal restrictions) but owning a property does not make for a “qualified” seller. In real estate, the definition of qualified is “ready, willing, and able.” Buyers and sellers both need to be ready, willing, and able; that means financially, logistically and emotionally. 

Here are some questions to answer to determine if you are qualified to sell:

1.   Do you have enough equity in your house to cover closing and moving costs or else have enough cash to bring to the closing table? 

2.   Are you and everyone involved committed to selling? Do your spouse and/or children want to move? Do you have adult children who have their own ideas about the house and what you should be doing? 

3.    Is your house ready to go on the market? Has it been de-cluttered with everything in working condition, fixed or replaced, fresh paint, refinished floors, lighting, landscaping, etc., with updates that will appeal to today’s buyers?

4.   If you plan to sell “as is” and are you willing to reflect that in your list price?

5.   Do you have a place to go when you sell? 

6.    Do you have the money/financing to buy a new property before you close on your current home?

7.   If you need to sell before you can buy, is temporary housing a realistic option for you, your family, pets…until you can find the right home? Inventory is really tight right now, it could take a while.

8.    Are you willing and able to make some compromises/trade-offs?

9.      Do you have a realistic understanding of the current market and will you listen to feedback? 

10.   Are you ready to detach yourself from the memories you made in the house?

Selling your home is a lot of work and can certainly be stressful. Making sure you are qualified/ready, willing and able will make the process easier and result in a better outcome for everyone involved!

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Marilyn Messenger is a licensed real estate broker, Certified Residential Specialist, and Certified

Luxury Homes Marketing specialist associated with Andrew Mitchell and Company. With 24+ years of experience in Concord, Sudbury, Wayland, Maynard, Stow and the towns west of Boston, Marilyn will make the selling and/or buying process efficient and cost effective for you. Visit http://www.MarilynMessenger.com for more.

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Sudbury Real Estate: March Home Sale Prices Up 14%

Great news for home sellers in Sudbury. Sale prices were up 14% for single-family homes. Inventory in Sudbury MA remains low; less competition makes this a good time to put your house on the market for sale. Check out the video for more.

Visit www.marilynmessenger.com for additional details about the Sudbury real estate market including condominium/townhouses. You can also view reports for Wayland, Concord, Maynard, and Stow MA.

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Up to $500 for Doing Home "Work"

The energy-efficient home upgrades tax credit is scheduled to expire on December 31st this year.  If you need to make improvements to your home, this could be an incentive to do it before the end of the year.  If you have already made qualifying improvements without realizing the tax credit is available, it may seem like a holiday gift you weren't expecting.

The equipment must be installed to qualify for the credit which can put you under a time crunch.  Heating and cooling systems, insulation, windows, doors, skylights, water heaters and home weatherization may qualify.

The Residential Energy Efficiency Tax Credit has been available for purchases since January 1, 2011.  The tax credit is 10% of up to $5,000 of qualifying improvements which would make a maximum of $500 tax credit.

The cumulative maximum amount of tax credit that can be claimed by a taxpayer in the different years this law has been in effect is $500.  If it has been claimed in previous years, the taxpayer is not eligible for this credit for additional new purchases.

You will also benefit when you sell your house. Home buyers are becoming more and more conscious about energy efficiency and the cost of home heating and cooling. Having HVAC systems, etc. updated before the home inspection will save you money and stress and make the selling process go a lot more smoothly. Why not do it now and get the maximum benefit? I updated my heat and a/c last year and in addition to the tax credit, my monthly gas and electric bill are substantially lower. And, it's toasty warm in the winter and cool and comfortable in the summer.

For more information, see energy.gov and always talk to your tax professional about your personal taxes before making any assumptions.
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By the way, winter is the best time to move. Buyers and sellers both have less competition and you'll be way ahead of the game if interest rates go up (and sooner or later, they will!) Check out homes on the market or request a free home valuation report to find out what your house in Wayland, Sudbury, Maynard, Stow, Lincoln, Concord, or west of Boston may sell for this winter.

Pingates

It Can't Hurt to Wait, Can It?

It’s been said that more money has been lost due to indecision than was ever lost because of a bad decision. Regardless of whether you agree with the statement, delaying the decision to buy in today’s market is going to cost the buyer more. 

Home prices have gone up considerably in almost every market in the country in the past year and while inventories are beginning to grow, prices are expected to continue to rise. Mortgage rates jumped 1% from the beginning of May to now. They could easily reach 5% by the end of the year and continue to rise in 2014.

Many of the financial experts in the country believe that the economy will not be strong until rates are in the 7% area.
The two components that move the cost of housing are price and mortgage rates. Escalation of either one will have an affect but when both are going up simultaneously, it is dramatic. It can literally eliminate buyers who could have purchased earlier.

The following example shows what would happen to the payments on a $200,000 home if the price were to go up 3% at the same time that the mortgage rates went up 1%. Not only would the payments go up by $150.81 per month, the price of the home would be $6,000 more. Even though the down payment may not change much, the new owner would have to borrow more money. By not acting, it is costing them more in price and payment. The loss of the appreciation would have been equity had they purchased prior to the rise in price.

















A lot of people who would like to sell their house and buy another are also waiting because they want to sell for more money. Waiting will also cost move-up buyers and people who are down-sizing for the same reason: the home you are buying will cost more and you will also pay a higher interest rate.

Check out the Cost of Waiting to Buy to see what the effect will be using your own projections.

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Visit www.marilynmessenger.com to search for homes and get the latest real estate market reports for Wayland, Sudbury, Concord, Maynard, and Stow.

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