03/25/2015
3 Things You Need to Know Before You Sell Your Home by Leonard Graves, Jr.
Today in Real Estate March 25, 2015
3 Things You Need to Know Before You Sell Your Home
Nowadays its a seller's market, as property values have escalated over the past few years. The financial crisis of 2008 has reached its end and the market rebound has made selling a more profitable option than ever before. Springtime is often the peak time of the year to sale as many are looking to relocate and start anew. To take advantage of today's market, before selling your home, there are three things to consider: Do you need to sell? How much will it cost to sell? What is your sell strategy?
Do You Need to Sell?
One of the first steps one should take is to determine when and if to sell their property. To make the best decision, one must project what the property value will be in ten years. Consider if new sub-divisions, shopping malls, golf courses, or schools are being built in the area as this will no doubt increase property value. If so, holding on to the property until aforementioned items are built would be a better way to maximize the value. If you are determined that you are moving to a new property no matter what and don't want to sell, renting the property is another option. Renting allows you to maintain the property with a tenant, while still having the option to sell later if the market value is astronomical.
How Much Will It Cost to Sell?
Selling your home does come with expenses. Depending on the deal struck with the buyer, a seller may be required to pay for inspections, contractors, and materials if there is property damage. Even in cases where the property is in pristine conditions, the seller still has moving cost, possible capital gains tax, early mortgage payoff penalties, new mortgage, and marketing cost. Hiring movers can be an expensive proposition within itself as most charge by the hour. It may be less expensive to keep your current home and not suffer the capital gains penalty, especially if the new mortgage is comparatively higher. On top of all this, the seller must market the property to get it sold, which could add thousands of dollars to overall sales expenses.
What Is Your Sell Strategy?
When selling your property, how can you sell at the least cost and maximize profit margin? Using a Realtor can have its advantages as they can use the MLS system to market the property. The downside to a Realtor is they work off a commission percentage, usually 3-6% and can take numerous months to sell the property. Other homeowners have used online auctions, but the value is usually greatly diminished. A better option for homeowners is to use a real estate investor. An investor, such as Fortune Finding Investors, charge a one-time flat fee to market and sell the property. The home is sold fast, in as little as 5 days, through a network of investors. Unlike auctions, property values are maintained. Need to sell in a hurry, contact Fortune Finding Investors @ (469) 263-6802 or visit website: fortunefindinginvestors.com or blog at fortunefindinginvestorsllc.blogspot.com.
