Mary Crane's Blog
If you receive a "lowball" offer to purchase your house, your first reaction may be to respond with an immediate "No." However, it is important to evaluate any offer to purchase your house closely. Because if you weigh the pros and cons of rejecting an offer to purchase your home, you'll be better equipped than ever before to make an informed decision about any homebuying proposal you receive.
Now, let's take a look at three factors to consider before you reject an offer to purchase your residence.
1. Your Home's Price
What you may consider to be a lowball offer to purchase your home may actually be a competitive homebuying proposal – it all depends on the current state of the housing market. Thus, if you analyze the housing market, you can find out how your home's price stacks up against the prices of comparable houses and review an offer to purchase accordingly.
If you find your home's price falls in line with similar houses in your city or town, you likely have a competitive initial asking price in place. And if a buyer's offer to purchase your home falls short of your house's initial asking price, you may want to decline the proposal.
On the other hand, if your home is priced much higher than comparable residences in your area, you may want to adjust your home selling expectations. In this instance, you may find a lowball offer to purchase turns out to be a competitive homebuying proposal. As a result, you may be more inclined to accept the proposal based on the current housing market's conditions.
2. Your Home's Condition
Oftentimes, buyers will account for potential home repairs or upgrades they will need to complete if they acquire a house. This means a buyer may submit an offer to purchase below a seller's initial asking price due to the fact that a house may require assorted repairs or upgrades in the near future.
Take a look at the condition of your home – you'll be glad you did. If you find your home is in need of significant repairs or upgrades, you may want to consider these projects before you reject a buyer's offer to purchase your house.
3. Your Home Selling Goals
It generally is a good idea to start the home selling journey with goals in hand. That way, if an offer to purchase your house allows you to achieve your home selling goals, you can accept the proposal. Or, if an offer to purchase your house moves you further away from accomplishing your home selling goals, you can reject the proposal.
As you get set to complete the home selling journey, you may want to hire a real estate agent too. This housing market professional can help you assess any offers to purchase your house, at any time. By doing so, a real estate agent can help you determine how to proceed with an offer to purchase and ensure you can make the best-possible decision.
If you’ve done even cursory research on selling your home, you’ve heard “curb appeal,” “curb appeals,” and “curb appeal.” Since you know that buyers hear “location,” “location,” and “location,” the best thing you can do to make your location stand out is to flaunt your stuff. That doesn’t mean you have to undertake significant landscaping projects or renovations. Consider a few simple adjustments to your home’s initial presentation to see substantial results.
- Neat and tidy. Before launching into expensive outdoor projects, take a moment to view your home from the street. Better yet, step across the street and take a look at your house and those of your neighbors. Do you have weeds? Is your lawn trimmed? Do you edge it along the sidewalks and flower beds? Do you have dry, yellow, or bare patches? Start with greening up the lawn. Give it some water and fertilizer. Trim it up and neaten around the edge. If you’re considering selling your home shortly, hire a professional lawn service to get your green stuff in top shape.
- Next, look for cracks, broken hinges, shutters sitting askew, wobbly fence posts and other items that need some maintenance. You don’t need to remodel the outside if you’ve kept it sharply maintained.
- Check your walking paths. Are there loose bricks or stones? Reset them in place. Is the concrete chipped and broken? You can tackle filling in the cracks yourself with easy mix cement from your local DIY store or hire a pro to repair it for you. Often, you don’t need to tear up the whole walkway; you can fix only the broken section.
- Hide anything ugly. Often, it’s not what you’ve put in your yard, but things you have no choice about that hinder your curb appeal. If you have utility boxes, meters, and other eyesores that you can’t move, hide them. Place a flower bed with taller bushes to the street side of utility boxes in the lawn, or a couple of potted plants in front of a meter next to the front door. Make sure you don’t block the meter or box itself though since your utility provider needs access.
- Add some lipstick. Put a fresh coat of paint on the front door and a coordinating color on the shutters. Make sure paint on any trim on the front of the house is not peeling or chipped.
Your property professional can advise you on the first impression improvements to complete on your home, so reach out and seek their advice.
As you get ready to add your house to the real estate market, you likely will consider high and low initial asking prices. However, it is important to remember that no two residences are exactly alike. And much in the same vein, the initial asking price for your home may vary from that of a similar residence based on your house's condition, age and other factors.
Ultimately, a diligent home seller will allocate the necessary time and resources to determine a competitive initial asking price for his or her residence. This seller will be able to establish an initial home asking price that hits the mark with buyers, and as a result, stir up plenty of interest in his or her house.
Determining the ideal initial home asking price may seem tough at first. Fortunately, we're here to help you set a competitive price for your residence, regardless of the current housing market's conditions.
Now, let's take a look at three tips to help you establish the ideal initial asking price for your residence.
1. Assess Your Home
The present condition of your house may have a major impact on its value. Thus, you should perform a home inspection before you list your house to identify any underlying problems and address such issues.
A home inspection is generally requested by a buyer after a seller accepts an offer on a residence. Conversely, a seller who wants to go above and beyond the call of duty may perform an inspection to take a proactive approach to home improvement projects. This approach may help a seller mitigate potential home problems before they are discovered later in the home selling process.
Thanks to a home inspection, a seller can establish home improvement priorities. Then, this seller can perform myriad home improvements and move closer to maximizing the value of his or her residence.
2. Evaluate the Housing Market
Operating in a seller's market is far different from selling a house in a buyer's market. If you review the real estate market, you can gain the insights you need to establish a competitive price for your home.
Take a look at the prices of houses in your area that are similar to your own residence. This information will enable you to understand the price range for comparable houses in your city or town.
Also, evaluate the prices of recently sold residences in your area. This housing sector data will allow you to determine whether you are operating in a buyer's or seller's market.
3. Collaborate with a Real Estate Agent
A real estate agent knows the ins and outs of selling a home in any housing market. He or she can offer a wide assortment of housing market data. Perhaps most important, a real estate agent will make it simple for you to establish a competitive price for your residence and reap the benefits of a fast, profitable home selling experience.
Want to add your house to the real estate market? Use the aforementioned tips, and you should have no trouble setting a competitive initial asking price for your house.
If you’d like to increase the value of your home by a slight amount before you even think of putting it on the market, you may be hesitant to make any kind of an investment. There are numerous upgrades that you can make to your home for under one thousand dollars. In the long run, these upgrades could help to save you some serious money.
Put In A Programmable Thermostat
The majority of energy usage in your home is consumed by your heating and cooling systems. Using a programmable thermostat can help to keep the temperature inside your home stable throughout the day. Your heating and cooling system won’t need to continually start and restart to create a stable temperature in the home. This could be a great assistance in long-term energy and utility bill savings.
Get A New Toilet
If you want to impress buyers, put a new stylish looking toilet in your home. Upgrading your toilet can also bring your energy costs down. It will use less water with each flush and save you on your water bill.
Re-tile The Bathroom
Tiling a room yourself can be fairly inexpensive. It can also help you to breathe new life into the bathroom. Your tub will look brand new. Buyers will leave thinking that you have done an entire remodel of the bathroom. All you really need to do is replace some tile and grout. It’s a DIY project that can truly pay off with big dividends.
Re-tile Your Floors
Just like the bathroom, putting in a new kitchen tile or floor can really bring back some life into the room. Tile helps to rejuvenate the space by getting rid of dirty, tired flooring and backsplashes.
If you need professional installation for any of these projects, you can splurge on it a bit. It does take some know how to understand the proper installation floor and backsplash tiles. Replacing the floors and tiles gives your home a new, clean look that will be an attractive upgrade to your home.
Put Up New Window Fixtures
Replacing your blinds can really add something to each room of the house. Blinds can collect a lot of dust and dirt over time. While you may wash and clean them, sometimes, the dirt gets to a point where it’s completely stuck on. If you want to really make your buyers “wow,” try wood blinds. Most home improvement stores have a wide array of options for window blinds that allow you to customize both the size and style of your blinds.
Any upgrades that you can make to your home are an improvement for you while you’re living in it. These changes also allow you to get a bit more of a return on your property once you’re ready to sell.
If you plan to sell your house, you likely will want to do everything you can to maximize its value. Lucky for you, we're here to help you obtain the best offer for your house, regardless of whether you're operating in a buyer's or seller's market.
Now, let's take a look at three tips to help you get the best price for your residence.
1. Enhance Your House's Curb Appeal
Curb appeal is a difference-maker for any home seller, at any time. If you allocate time and resources to boost your house's curb appeal, you may be able to differentiate your residence from the competition. Perhaps most important, improving your home's curb appeal may help you increase the likelihood of a fast, profitable home selling experience.
To improve your house's curb appeal, you should mow the front lawn, trim the hedges and perform any necessary home exterior upgrades. Consider the homebuyer's perspective, and you're sure to find lots of ways to enhance your house's appearance.
In addition, if you need help with home exterior upgrades, there is no need to stress. Many home improvement professionals are available in cities and towns nationwide, and these professionals are happy to help you transform your home's exterior from drab to fab.
2. Determine the Current Value of Your Home
A home appraisal may prove to be exceedingly valuable, particularly for a seller who wants to establish a competitive initial asking price for his or her house.
During a home appraisal, a property expert will examine a residence both inside and out. This expert also will evaluate various housing market data. Then, the property expert will provide a property valuation based on the appraisal results.
Once you receive a property appraisal report, you'll have a good idea about the current value of your residence. You next can use a property valuation to set a competitive price for your home from day one of the house selling journey.
3. Collaborate with a Real Estate Agent
As you look for ways to earn as much money as possible from your home sale, you may want to consider working with a real estate agent. Because if you have a real estate agent at your side, you can receive plenty of support at each stage of the home selling journey.
A real estate agent understands what it takes to optimize the value of a home. First, he or she will meet with you and learn about your house selling goals. A real estate agent then will help you determine the ideal initial asking price for your residence and promote your house to potential buyers. And if you receive an offer to purchase, a real estate agent will provide a recommendation about how to proceed.
Want to achieve the best-possible results during the home selling journey? Use the aforementioned tips, and you can move one step closer to maximizing the value of your house.