- 6 Mistakes to Avoid When Selling Your Home in the Winter (If You Want to Make Top Dollar) | Quantum Real Estate
- Mistake #1: Taking home off the market just because it’s winter
- Mistake #2: Not taking down your outside holiday decorations
- Mistake #3: Skimping on listing promotions
- Mistake #4: Hiding problems instead of doing repairs
- Mistake #5: Not winterizing your home
- The top mistake to avoid when selling your home?
- 4 Mistakes to Avoid When Selling A Home – Coronavirus Update
- 1 – Listing With an Agent Who Doesn’t Offer A Video Tour
- 2 – Listing With an Agent Who Offers to Hold a Secret Open House
- 3 – Not Choosing the Right Selling Method
- Still Unsure?
- 3 mistakes to avoid when buying a home during the coronavirus pandemic
- 1. Overspending
- 2. Getting caught up in a bidding war
- 3. Not being prepared for lender requirements
- What are today’s mortgage rates?
6 Mistakes to Avoid When Selling Your Home in the Winter (If You Want to Make Top Dollar) | Quantum Real Estate
We are still in the middle of the Coronavirus pandemic, but buyer demand this winter is still high. People have still been moving cramped cities into neighborhoods with more space. Many are willing to take advantage of the current record-low interest rates. It’s a seller’s market this season with homes selling quickly and prices going up.
Winter is usually the slowest time for home sales, but that’s not so this year. The biggest mistake would be to not list your home just because it’s winter.
Here’s the top winter-season seller mistakes and how to avoid them when you have a flurry of potential buyers.
Mistake #1: Taking home off the market just because it’s winter
In the winter, there are typically less homes on the market, so that means there is less competition. You ly won’t have to lower your price just because it’s a less popular time to sell.
Buyers will be doing less shopping around and will consider your home more seriously than they would in the spring or summer when window shopping is more common.
Buyers in the winter are serious about buying, and buying quickly.
Homes not selling well in the winter is a common myth that you shouldn’t let deter from your home-selling goals. For 5 more myths to watch out for surrounding selling your home, see 6 Top Real Estate Myths About Selling Your Home Not to Believe.
Mistake #2: Not taking down your outside holiday decorations
A big turn off for buyers in the winter is seeing the place covered in flashy holiday decorations. It can signal the current homeowners are not that invested in selling and leaving the home promptly. It also forces potential buyers to picture the current homeowner’s family still in the house, instead of allowing them to picture their own moving in soon.
It is possible to leave a few minimal decorations up string lights, as long as the decorations aren’t too over-the-top. You can ask your Realtor for advice on what decorations wouldn’t turn off buyers. This of course applies to the holiday season and not after. If New Years Day has already passed, definitely take down any seasonal decor.
It’s very important to keep things neutral to allow buyers to visualize themselves living in the home. For tips on staging the home see How to Stage Your Home to Sell for Top Dollar.
Mistake #3: Skimping on listing promotions
Listing promotions spread the word about your home being for sale and put it in the best light possible to appeal to your ideal potential buyer. You may want to clean up your front yard and add new paint to your front door or living room to make your listing photos pop.
Listing photos can include what your home looks in the summer, if you have those, but it’s important to also include photos that show your home currently during the winter. If you use only summer photos, it may appear to buyers that the photos are outdated and the house may have problems, hinting at why it’s still on the market.
While listing promotions will fall under your Realtor’s duties, if you’re working with one, it’s still a good idea to know how to help. This is especially true if you need to declutter and stage your home yourself, to prepare for professional photos and virtual tours that your Realtor may make to help sell your home.
You should prepare your home for a professional stager if you decide to hire one, or if your Realtor includes hiring one in their services. It’s also a good idea to hire a professional cleaning service to deep clean your home prior to staging or photos. Note that these are all costs that provide great ROI when you’re looking to sell your home for top dollar.
Mistake #4: Hiding problems instead of doing repairs
Home buyers are in the market to find a home that is move-in ready and won’t need a lot of work right off the bat. They aren’t going to want to remodel or do repairs during the winter. Your best bet is to make it easy on them and do both the big repairs and the quick fixes before listing.
Problems that might become more obvious to buyers in the winter, even if you’ve become used to them, should be addressed and fixed as soon as possible.
Have your Realtor do a walk-through of the home, if possible, before making an appointment with a professional appraiser. This will give you a fresh perspective, in case you have missed something that you may just not notice anymore. It will also save time and the hassle of having to pay for more than one appraisal appointment if you got a low appraisal amount the first time.
Appraisers will take a hard, unbiased look at the home and all of the appliances, air conditioning, flooring, and more. For a quick guide of what appraisers will look for and what to do before your appointment, see How to Prepare for a Real Estate Appraisal.
Mistake #5: Not winterizing your home
If you do live in the Sacramento area, this may not apply to you, but be sure to discuss it with your Realtor.
When preparing your home to sell during the winter, it’s a good idea to make a few appointments with service providers, to ensure that your home is poised for the cold weather and that no problems brought on by the freezing temperatures will deflate the value of your home while you’re in the midst of buyer home tours. Some suggestions are:
- Hiring someone to clean out the gutters
- Make an appointment for HVAC maintenance
- Getting your roof inspected for leaks
- Basically anything an appraiser could potentially flag that will decrease the value of your home
On the other hand, if you are currently living in the home and allowing in-person showings, it’s a good idea to leave the heat on and up to keep the potential buyers cozy and do not leave unattractive draft-stoppers under your doors.
The top mistake to avoid when selling your home?
The biggest mistake would be not working with the right Realtor – or any Realtor at all. If you are working with a Realtor but they are not understanding your needs, you have the option to switch to a new one.
If you’re considering not working with a Realtor at all, to save money, please check out Top 5 Reasons Why You Need a Realtor to Help Sell Your Home to find out why it’s legally and financially in your best interest to have a professional on your side.
The home selling process can be an intimidating one, especially during a pandemic. Just know that you can still have a successful home selling experience when you have a good Realtor in your corner working with you.
If state safety guidelines are still required, check out the Coronavirus Real Estate Guide on how Realtors and potential home buyers can view your property safely. After that, discuss with your Realtor how the process will work, as guidelines can always change.
If you’re looking to buy or sell a home in the Sacramento area, contact us at Quantum Real Estate to schedule a free consultation. We’ll help you through each step of the process.
4 Mistakes to Avoid When Selling A Home – Coronavirus Update
There seem to be two sides to the coronavirus (COVID-19) debate. Some say, “the flu is way worse! I’m going to proceed business as usual.” There are others who are staying home at all costs and hoarding all of the toilet paper.
I’m not here to take a side in the debate. The goal of news.com/2020/03/20/coronavirus-east-bay-hikers-take-note-social-distancing-will-be-enforced/”>some areas.
As an investor and realtor we have seen this distancing affect real estate in a big way.
- Buyers are walking away from transactions even if it means losing their earnest money
- Offer prices on listed houses and off-market opportunities are dropping
Even though inventory is still low and there are still those who want to buy, no one wants to pay for a house when they fear the market will decline soon after the purchase. On the opposite end, retail buyers who care less about market decline are less ly to buy when it’s less convenient for them to go see a house in person.
1 – Listing With an Agent Who Doesn’t Offer A Video Tour
Most real estate agents are following business as usual. They hold secret open houses, market the same way, and expect the same results. We are in the middle of a shift. If your home is being marketed this way alone, you won’t receive as much as you could with an agent who thinks on their feet and offers creative listing marketing plans.
One way Laura has set herself apart is by paying a film crew in addition to the photography crew to do a video tour of your property. With everyone stuck at home on and Google, these videos have provided great results. There’s one way to hit buyers emotionally with your listing even when they can’t see it and that’s with a professional video tour!
Video Tour Example
2 – Listing With an Agent Who Offers to Hold a Secret Open House
People have proven that emotion is a driving force when they decide to buy a house.
As stated before, much of the population is choosing to stay home during the coronavirus because they feel that is the best way to protect themselves and their loved ones.
Now imagine these people’s emotional reaction when they learn your house has an open house during a time when it is federally advised NOT to gather.
Selling a house during a coronavirus means interpreting the emotions of the audience of buyers and acting accordingly. This is why we will not hold an open house for you during the recommended social distancing time and why this will get you more money for your house.
3 – Not Choosing the Right Selling Method
There’s more than one way to sell a house. Yes, you can list your house on the MLS with a realtor, wait for a buyer, and tip-toe through the closing process. This process usually lasts 4 to 7 weeks. When selling a house during the coronavirus, you might not want to wait this long. Consider the following examples:
- Houses that need a lot of work, disqualifying those with certain types of loans
- Houses that need to be sold quickly because of difficult times
It is best for most people to wait it out and sell on the MLS. However, this is not a gamble you want to take if you fear the real estate market stability and want to sell as soon as possible. An alternative we offer for people who have these goals is for us to buy your house as is or find a buyer to connect you with who will. This process often takes less than 10 days!
Weigh Your Options Carefully
There’s a saying amongst realtors, “the market will decide your house price.” During this time, your house value may have dropped slightly and this may not yet be reflected on Redfin or Zillow. If you price a house too high, it will sit on the market longer.
Even if you’re okay with this, buyers see this and think there is something wrong with the house. For houses that have been on the market for an above-average time without much activity, you will start to see low-ball offers. This pulls your final sale price down.
Alternatively, if you list slightly below market value, buyers will usually present offers that compete against one another, driving up the price.
Usually, we suggest to price the house slightly below market value in an attempt to spur traffic and multiple offer scenarios. However, selling a house during coronavirus is not normal.
With the hesitation in the market, you risk only getting one offer and never finding that multiple offer gold mine. This is why it is best to pinpoint the most accurate price point and not over or under price your home. We love our numbers and evaluate multiple homes daily.
Trust us to do this for you instead of trusting the Zillow and Redfin numbers that are generated with a computer.
We know this is a difficult time for everyone. No matter your opinion on the subject, this virus is something that has affected all of us. We feel your pain and want to do anything we can to help. The best way we know how to help is by using our real estate creativity and knowledge to help you sell your house for more despite the trying times.
3 mistakes to avoid when buying a home during the coronavirus pandemic
As the COVID-19 pandemic expanded its reach to every corner of the world, all eyes were on the susceptibility of the U.S. residential real estate market. Although everything came to a halt in the spring of 2020 due to uncertainty and stay-at-home orders, it was a record-breaking year in the U.S. housing market with historic low mortgage rates.
It’s fantastic news — especially after the bursting of the U.S. housing bubble shortly before the onset of the Great Recession — but it doesn’t mean potential buyers won’t run into challenges when purchasing a home in 2021.
Buying a home during the coronavirus pandemic can present unique challenges for potential buyers. The better prepared you are, the less ly you are to run into unexpected problems. To find the best mortgage rate, start by using Credible.
Avoid these 3 mistakes when buying a home during COVID-19
Record low mortgage rates triggered a surge of potential buyers into the housing market looking to lock in low rates, creating a housing market frenzy that tipped the scales in favor of sellers for most of 2020.
According to the Realtor.com Housing 2021 Forecast, home price growth is expected to slow with more sellers entering the market and as mortgage rates fall into a pattern and ultimately trend upwards. As far as a return to normalcy, seasonal patterns are expected to emerge with improved inventories by the end of 2021.
These events changed how buyers must approach the housing market. Here are three mistakes potential buyers should avoid when navigating the housing market during the pandemic.
- Getting caught up in a bidding war
- Not being prepared for lender requirements
Interest rates are so low. You can get a lot more house for your money in today’s market.
Sometimes, however, it’s better to just say “no.” Low mortgage rates may result in considerable savings but it doesn’t mean buyers should purchase a higher-priced home.
The best way to take advantage of these low rates is to stick to your original budget and lower your mortgage payments instead.
This extra cash could also be used to pay down your mortgage debt and reduce the length of the loan.
Credible can show you current mortgage rates from multiple lenders and help you make an informed decision to ensure you aren't overspending
SHOULD I BUY OR SELL A HOUSE DURING THE CORONAVIRUS PANDEMIC?
2. Getting caught up in a bidding war
The pandemic hasn’t slowed down the housing market. Buying in a seller’s market means increased competition, bidding wars and higher home prices that can be attributed to:
- Mortgage rates
- Low inventory
- An ultra-competitive housing market with more potential buyers
It’s easy to get caught up in a bidding war and end up paying more than you originally intended. Do your research before putting in an offer. Look at the market and what similar homes have sold for in the same neighborhood. At the same time, be quick. Homes come and go and buyers need to be fast when purchasing a home in a seller’s market.
Credible makes it easy to compare rates and lenders in one place so you can find the best mortgage loan for your needs quickly.
HOW TO FIND THE BEST RATES AND FASTEST CLOSINGS DURING CORONAVIRUS
3. Not being prepared for lender requirements
As of December 2020, the unemployment rate was at 6.7%, which was nearly twice the pre-pandemic level from February 2020, according to the Bureau of Labor Statistics. Coronavirus relief efforts enabled many borrowers to take advantage of mortgage forbearance, leaving many homeowners behind on their mortgage payments going into 2021.
Because of increased rates of financial instability among borrowers, mortgage lenders are highly cautious of borrowers defaulting on their payments. Be prepared to jump through some hoops to prove financial stability when buying a home during the pandemic.
Always be prepared and have your paperwork ready before you decided to purchase a home. Credible can tell you how to get pre-approved for a mortgage. After all, not all pre-approvals are the same. You can get started on the pre-approval process through Credible today.
WHAT CREDIT SCORE DO YOU NEED TO BUY A HOUSE?
What are today’s mortgage rates?
data from Freddie Mac’s Primary Mortgage Market Survey, the U.S. weekly averages as of Feb. 4, 2021, are as follows:
- 30-year fixed-rate mortgage: 2.73%, unchanged from last week and down from 3.45%, -0.72 from last year
- 15-year fixed-rate mortgage: 2.21%, up from 2.20%, +0.01 last week and down from 2.97%, -0.76 from last year
- 5/1-year adjustable-rate mortgage: 2.78%, down from 2.8%, -0.02 last week and down from 3.32%, -0.54 from last year
For the past year, remarkably low mortgage rates have boosted purchase and refinance activity. As of February 2021, mortgage rates remained near record lows as the U.S.
economy continues to struggle to recover from the coronavirus pandemic. However, rates are predicted to remain low as the Federal Reserve keeps interest rates close to zero until the economy bounces back.
For a ballpark estimate on corresponding monthly mortgage payments, try using a mortgage calculator.
Visit an online mortgage broker Credible to get personalized rates and preapproval letters without affecting your credit score.
HOW MUCH SHOULD YOU SPEND WHEN BUYING A HOME?