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Answers (13)
- Michael Lowe, "Executive32"
- Contributions:14
I just sold my home in the the same are, (Middleton dr). Your home is in an ideal location. Everyone including new construction builders know it. That is solid value that gives you a competitive edge in the market. We also completely renovated our home and determined a competitive price to market our home. We put in hardwood,granite, paint, new fixtures. Some of the things to keep in mind aside from upgrades is presentation, decluder your home, remove any unnecessary items to bring out the beauty of the home yet still give it a warm home appeal. Ther are many reasons why some neighborhoods haven't had sales in some time, our neighborhood also had few sales, however it was because it was an established neighborhood with increasing home values, people were staying put. Putting your house on the market is a personal decision, educate yourself by reviewing active and sold homes in your market on sites like zillow, contact an agent and have them provide comps and an absorption rate to get an accurate value, then price it competitively. We got a full price offer in less than 4 months.
- Reema Sharma, "ReemaSharma"
- Contributions:927
Wait when all renovations are completely done, that it can marketed more efficiently. Whether or not will it be beneficial, do you plan to move in the same area or close to it, then you could wait. But if your planing to use your home equity for your retirement purposes then start research for a good realtor in your area so you can in the market after the new changes are done. Make sure you make a firm decision before contacting a realtor they will push to sell right away
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
Contact a local agent to discuss options. Every market is different.
- Mary Jo Bowe, "Maryjobowe"
- Contributions:7
It would be wise to contact a local agent and speak to them about your situation as you can see from the information listed below from other agents their are many factors that play into making the correct decision and a qualified agent will help guide you with the current statistics and market information.
- qt_just_me
- Contributions:24
Our home is updated from flooring, fixtures, appliances to roof. We live in the best elementary. middle and high school dictrict. We're in an established neighborhood, only one sale last year, in a very good area. We're concerned because there are a lot of new homes being built within half a milt to 3 miles of us...our home is 19 years old, 4 bedroom with 2.5 baths, on a 1/2 acre lot and updated with quality material; including new stainless steel appliances.
We just don't know if we should wait to see if the market goes back up or if it's too big a risk because of all the new homes being built around us. Should we wait another year or do we need to set a price and let this amazing home command it's worth?
Thanks, everyone!!!
We just don't know if we should wait to see if the market goes back up or if it's too big a risk because of all the new homes being built around us. Should we wait another year or do we need to set a price and let this amazing home command it's worth?
Thanks, everyone!!!
- Allen Perry, "allenperry"
- Contributions:543
Top 10 Factors that Make up Your Homes Value
1. Condition of the property – Obviously, this is the number one thing that effects the value of a property. The important thing to remember here is that even if a home is well maintained, that doesn't mean that it is up to the current standards of what is most desired by current home shoppers. This is also something that a real estate agent or home stager can help you determine for your home.
2. Location – People always say the 3 most important criteria in finding a home should be Location, Location, Location. This is so important and I can't emphasize that enough. So much of a homes value is dependent on location, whether it is landlocked by a good or bad area, if its close to the interstate, or what life opportunities are around it. So many people move to Nashville not knowing the areas and buy something that is a great "value." This is usually because the resale value in that area is so low due to location alone. Buyers should always put resale value of a particular area of town first, this is something that is important if you are staying in the house for 2 or 50 years.
3. Financing – Is financing readily available for the resale of your property. This has impacted condos tremendously just in the past few months. Many condos are now having problems getting financing due to a new regulation that does not allow conventional or FHA loans to be done on any unit that has someone in the complex that owns more than 10% of that building. This is a new regulation and it is effecting everyone in the situation the same. The only way to get a loan on a condo in this situation is to get a local bank to do an in-house loan for a potential buyer. This is usually at a higher interest rate and there is a lot of red tape involved. There are only a few banks in Nashville that can do this. The only other alternatives are to get a cash buyer or convince the investor that owns more than 10% to sell so that it frees up the complex to qualify for FHA or Conventional loans again.
4. Supply and Demand – This is the most basic of principles. The higher the supply of similar houses on the market, the lower the value your house will have. The more supply that is on the market, the more people will have to cut prices to sell their home. The opposite is also true, if there is very little supply of similar houses on the market, then you can demand more of a premium for your home. Seasons play a big role in this. It is a true that usually the number of homes that sell between April and October are significantly higher than the amount of homes sold in the colder months of the year. This is mainly due to school systems being out in the summer time. School systems affect not only the kids, but also the teachers, the parents, the grad students, and many other jobs. No one wants to move midway through the school year.
5. Foreclosures or Short Sales – This has become a very common part of the market over the past couple of years. As the number of foreclosures and short sales has increased, the value of many properties have decreased as well. The only way to compete with many of these low priced homes is to drop the price of your home. When buying a house, you need to consider the amount of homes that are also available as foreclosures. It is always better to buy in an area that still has a lower percentage of these so you don't have to worry about it when it comes time to resale your home.
6. Tax Credits – The tax credits of the past few years has changed the market dramatically. The number of homes sold has drastically increased due to these credits. This has thrown the common seasonal home sales off and currently has depleted the supply in many areas. This is good for anyone wanting to sell now, but it could have some negative long term effects. We won't know the real effect that the tax credit has for a few more months.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
If you are looking for an appraisal, here is a link to find an appraiser in your area. The appraiser can also do a RENT SURVEY (at a small extra charge) to research out what your home, in its present condition, would rent for ...
- Jackie Beardsley, "Listingforless"
- Contributions:163
The benefit to selling now and renting would be if you were interested in starting to look for a retirement home. This is a good way to free up your equity if you have that and need it to move on. If you need a small loan for that retirement home, this is the best time to buy. Rates are so low you may want to take advantage of it. Many people are doing exactly what you are considering for the reasons I stated above. Plus since we are still declining, you most likely will get more this year than in two years. The fact that you have FEW homes selling around you is a good sign. That means it is an established area and homes must not come onto the market often. Best of luck!
- qt_just_me
- Contributions:24
We're getting ready to move to another state for retirement; only here due to the military. Selling now was so we could start downsizing our belongings...we don't need all the furniture, etc. from our 4 bedroom and office. When the retirement date hits, in early 2013, we would like to be ready to move on, without having to worry about selling at that time.
- Sergio Hernandez, "Sergio Hernandez"
- Contributions:619
Why sell at all?
What benefit do you gain by selling then renting?
What benefit do you gain by selling then renting?
- qt_just_me
- Contributions:24
Thank you for the replies.Yes, the exterior pictures are our home, but since the exterior was just repainted w/ all damage areas repaired/replaced; thus, not showing the new (updated) color palette. The interior is almost complete...new tile in kitchen and eat-in area going in this week...the other downstairs areas are carpet (2008, great room and office) and real wood (entry, hall and dining room). The upstairs is carpet (2008), except for the bathrooms (new tile just installed in all 3 bathrooms). The rood will be done before we list it.
I think the appriasal may be the best route for us...I'll have to research how to find the best one and the cost involved. If it's not too much expense, we should probably do it as soon as the roof and refreshing the landscaping is complete (should be complete in Feb.)
I just don't know if waiting a year in the hope the housing market goes up (would get us a better sale price) or if we should list it now (low interest rates and best schools). They're building so many new developments and random homes in our immediate area (most within 2-3 miles, one development (same schools) is 4.5 miles away....I'm worried ours might get lost in the shuffle.
Again, thanks you both for your replies.
I think the appriasal may be the best route for us...I'll have to research how to find the best one and the cost involved. If it's not too much expense, we should probably do it as soon as the roof and refreshing the landscaping is complete (should be complete in Feb.)
I just don't know if waiting a year in the hope the housing market goes up (would get us a better sale price) or if we should list it now (low interest rates and best schools). They're building so many new developments and random homes in our immediate area (most within 2-3 miles, one development (same schools) is 4.5 miles away....I'm worried ours might get lost in the shuffle.
Again, thanks you both for your replies.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3914
It sounds like you have done all the right things to get your home ready to sell. I would suggest putting it on the market right now (I sell in the Greater Triangle area) I know a fantastic realtor in your area that I can refer you to, I have worked with her several times and she does a lot of business in Fayetteville>She can give you an idea of what your market is (click on my name to email me) or you can pay an appraiser to come out to give you a market value, if you choose to go the For sale by owner way.
I am assuming those pictures are of your home? Love the snow ones. Its a traditional saltbox, looks like a great home ready for a new family. I would suggest a pop of color at the front door in the form of some flowers.Other than that the landscaping is lovely, fenced back yard is desirable.If you have not put the roof on , wait, but don't let this market slip by you. (you don't want buyers coming in while the roof is going on) Or you can list it and take it off the market for the few days while the roof is being put on.
Best of luck to you on the sale of this house.
I am assuming those pictures are of your home? Love the snow ones. Its a traditional saltbox, looks like a great home ready for a new family. I would suggest a pop of color at the front door in the form of some flowers.Other than that the landscaping is lovely, fenced back yard is desirable.If you have not put the roof on , wait, but don't let this market slip by you. (you don't want buyers coming in while the roof is going on) Or you can list it and take it off the market for the few days while the roof is being put on.
Best of luck to you on the sale of this house.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
In Southern California, the 'best' time to list your home to sell for the highest amount is Jan- June. If you want to sell, list it now. Consult with a local Realtor expert in your area for more advice. Consult with numerous real estate professional - dont be shy about asking questions....
Good luck !
Good luck !
Put on market or wait....
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