Should I Keep My Existing Home?Posted on: April 20, 2010
The recent financial crisis has affected homeowners more throughout the country, many are concerned about the fluctuation of the housing market and what that means for their resale value as well as their mortgage rates. Many people are conflicted as to whether they should sell their home with the terrible economy, or wait, hoping that the housing market improves. Current data shows the housing market is increasing, however the housing market consistently proves to be challenging and difficult to predict. A homeowner wanting to sell their home needs to make sure they will be getting the best price for their home; during a period when the value of some home has dropped below less than the current mortgage, it is a difficult decision to make and homeowners may feel trapped, fighting a losing battle no matter what they choose.
Tips to Consider for Selling
When considering whether or not to sell your home, look over the house and find any cosmetic flaws that need to be fixed. With the current competition in this buyer's market such as numerous foreclosure properties where banks are lowering prices of the homes, it is very important to do whatever possible to make their home stand out from the others in the market. Decide what cosmetics will be needed to improve the look of your home and make it attractive to buyers. This includes the outside of the house as well as inside. The first impression of the house is the outside. View the house from the curb outside and take note of what needs to be changed; the plants and shrubs should look well-kept without clutter and well-manicured. A potential buyer will be turned off if they are forced to view the home as a "fixer upper", stay ahead of the competition by presenting your home in the most positive light possible.
Do not over-price the home. Haggling is a part of shopping for a home, price your house accordingly and leave room for negotiations if necessary. With the unsteady market, it is vital to have the selling price right for both the seller and potential buyer. The price does not need to be what was paid for it or what you think it should be, as the best opportunity to sell a home is within the first few weeks of it entering into the market. If the price is to high, the risk of being ignored or overlooked by realtors and individual people runs very high. Also, the longer a house is on the market, the more people wonder what is wrong with the property and why it has not sold. A realtor has the ability to obtain sales reports and figure what would be a competitive price to sell.
Tips for Struggling Home Owners NOT Selling
Try debt refinancing to a lower rate and delay any home repairs until absolutely needed. Consider cutting extra added expenses, such if you have someone cutting your own grass or regular home maintenance. If you have space and live in an area with a market base, consider renting a room or section of the home. Turn down the thermostat and consider using alternative and less costly form of heating your home during the colder months; few homeowners consider how much running an air conditioner can also impact their energy bills. For refinancing and mortgage information, speak to a lender about possible debt consolidation management or loans that are available and appropriate for your specific situation.