Spring is in the air, the snow is beginning to melt, and thoughts of warm sunny days ahead. So, you might be thinking is it a good time to Sell in Summit County, Colorado or not? Well, it depends on what your intentions or motivations are at this point in your life.
Things you should consider before selling-
1. What year did you purchase your home? If you purchased after 2006, chances are you are not going to make a profit, you may break even or even take a small loss. We are in a declining market, so if your intention is to walk away with cash in your pocket, you may want to wait a couple years when prices start to stabilize.
If you are able to wait a couple years, you may want to consider starting that remodel project . Now is the time to get things updated. When buyer’s see an outdated property, they typically move on or take a wild guess on what it may cost to remodel (which is typically exaggerated). The majority of buyers looking don’t want to put in the sweat equity needed to update a property, especially if they can go down the street and find a turn key property similar to your property. If you spend the time now and do the upgrades needed, then, when it is time to sell, you will be in a much better position and get the best price for your property.
The interest rates are predicted to increase in the near future which will impact everyone. Although prices may be declining, if interest rates rise, buyer’s who finance will pay more for a property that has been reduced in the future. For example , in 2011 a property is listed for $400,000 with a 4.5% interest rate. In 2012 that same property is now listed at $375,000 with a 6.0% interest rate. The monthly payment for the $400,00 property is $1621.40 and the monthly payment for the same property listed at $375,000 would be $1798.65, a difference of $177.25 per month. Which brings me to the next point, are you priced to sell?
2. What happens if I can’t wait and need to sell now, but don’t have much equity left in my house? Well, you need to think about being very realistic about the price. Since price seems to be dictating the homes that are selling, you want to be the best priced in your neighborhood and have it priced to sell.
3. What should I do to get ready for listing my property to make it stand out and be appealing? Have all your ducks in a row, first thing is you should have an inspection up front, this is pretty critical since a lot of transactions fall apart during this phase in the contract. The buyer is in the driver’s seat and may want you to fix everything on their list (even if it is minor). This can become an emotional roller coaster for both the buyer and the seller. Since the Buyer is in the driver seat, they can easily walk away at this point in the transaction if they are not satisfied with their inspection requests.
An inspection addresses items that need to repaired. Also, get your roof , furnace and water heater inspected, since this can be a critical breaking point in a transaction as well. When you have addressed all of these issues, make sure you have copies of the reports and repairs readily available, since, the buyer is going to want to verify this.
After you have done your inspection and addressed any issues, then clean up all your clutter, imagine that you are moving, and put the clutter away, or better yet donate it. To open up the rooms, remove excessive furniture and store it somewhere out of sight. Clean your carpets and possibly consider a fresh coat of paint on the walls. Once you have everything order, than you are ready to sell.
The first week that your property is listed is very critical, since this draws everyone out to see the new property. Make sure everything is ready to go, dogs out for walks, work around the children’s schedule so that everyone is out of the house and it is clean and ready to go. Also, timing is everything, contrary to popular belief, spring and summer are the peak times to sell in Summit County, that is when the majority of our buyers look.
For more information on helping you sell your house Leah Baxter can be reached at 970-389-6367 – Email leah @leahbaxter.com, www.leahbaxter.com ReMax Properties of the Summit, Frisco, CO
It is important for both buyers and sellers of real estate to understand the importance of an appraisal. Let’s face it, the real estate market has been nothing if not erratic over the last few years and knowing exactly what a home is valued at is trickier than ever. The clear answer to value is that a home is only worth what someone is willing to pay for it, but when you are trying to finance a home the bank will only lend based on what it sees the value of the home being.
Sourced from: Kinetic Content Library
