3 tips on selling a home

3 Critical Tips If You Plan On Selling Your Home Soon 

Selling your home over the past two years didn’t require much thought or effort. The minute you listed your home, you would typically have 10-20 offers, many of them above your list price. Things have finally started slowing down. With prices skyrocketing over the past two years and interest rates finally making a move higher, many potential buyers have taken a wait and see attitude. Just in the last few months, we have buyers that have remained diligent, seeing less competition and not typically having to offer over list price. What this means for a potential Seller is that you want to go back to the basics to get top dollar. The most important piece of advice is to make sure you price your home properly the first time. While this has always been good advice, it is especially timely now. We are seeing a fair number of listings being reduced because they were priced too high to begin with. Nothing can hurt your prospects more than price reductions because the listing will go stale, and buyers sense an opportunity. You will almost certainly net less money from your home sale if you over price it to begin with and have to resort to future price reductions. Neighborhoods that had an overabundance of “pocket listings” will find it difficult to justify a price that seems fair. This is when an agent takes a listing but does not enter it into the multiple listing service thereby exposing it to the open market. If a home is sold this way, it cannot be used by an appraiser as a comparable sale, which will ultimately hurt the whole neighborhood’s valuation. The second tip is clean and declutter. Start with packing all of the items that are personal to you like family photos, sports memorabilia etc.… and replace it with neutral art that makes it easier for potential buyers to “see themselves” in the house. Next will be to thoroughly deep clean the house. Third tip is to make sure your home has curb appeal. How the home looks from the outside are super important! Landscaping should be in tip top condition, cosmetic repairs, fresh paint, etc.….If you’re trying to maximize your equity, the home cannot look like a fixer upper. If you have the time but don’t have the money, we can refer you to a company that acts as a general contractor and will front you the money until you close on the sale. This can vastly improve the price you would typically sell for. They say that over the past 12 months, the clients they have assisted with this have realized an average of 13% more for their home sale. This could include everything from carpet and paint to kitchen and bath remodels and everything in between. It is more important than ever to pick the right Realtor. Give us a call if you need a referral to a great agent that can assist you with properly pricing your home or would like to explore some home improvements that can help you maximize your homes potential. 

Is Your Home Underinsured? 

When it comes to homeowners’ insurance, you as the homeowner must have dwelling coverage for at least 80% of your home’s replacement cost in order for your insurance provider to cover the cost of the claim. If you are not covering the 80% minimum, you are underinsured and at risk for paying a very large amount for a coinsurance penalty. Did you know that roughly 60% of homes across the country are underinsured by at least 15%? The most common reason homes are underinsured is because people believe in false savings. Many homeowners’ insurance companies offer low-rate policies that appear to be cheaper for the homeowner each month. While you can save money every month, it generally means your home is not properly covered. The old adage of you get what you pay for is true. Annual inflation and home improvement projects can also lead to your home being underinsured. To avoid being surprised, review your policy to understand your current dwelling coverage and replacement value to make sure you meet the 80% threshold. Remember to speak with your agent if you have made any improvements so they can make an adjustment and ask about whether recent inflation may have changed your homes replacement value.