Making the most out of today's market
As a Nevada homeowner, you've likely seen property values in your neighborhood rise steadily over the last year. It's hard to ignore an increase of $100,000 or more, but how do you know if it's the right time to sell? Our home loan team has some advice to help you decide.
Rates won't stay low forever
Today's mortgage rates are still at historic lows, but those rates will eventually go up. While that doesn't mean housing demand will decrease or prices will drop, those are possibilities. Therefore, now could be the right time to sell. Just remember, when you sell, you'll need to find another place to live.
Can you afford to buy a home in the area?
If you're not downsizing or moving to an area with less-expensive homes, it might not make financial sense to sell with today's home prices. While your home value has skyrocketed, so have other homes. Sure, you might make a bundle on your current home sale, but it's highly probable you'll end up paying more for your next one.
Additionally, it's important to secure financing for your next home BEFORE you sell your current one. If you sell and then cannot qualify for a mortgage, you could end up renting. Thankfully, there are options. A good real estate agent can help you write a contract that allows you to rent from the new owner until you find and finance your next home.
The right real estate agent is worth every penny
Before choosing an agent to sell your home, shop around. Ask friends, co-workers, and family who they recommend. You're looking for someone who knows your neighborhood and will be on your side every step of the way.
Paying upwards of 6% in commissions might seem like a lot of money. However, consider that the price of your home is relative to what someone will pay. Even if you sell the house on your own, you might not make any more than you would with an agent after paying those commissions. Plus, the right agent can help you get more than the asking price and avoid contractual issues that could cost you thousands.
Showcase your home
Yes, this is a seller's market, but that doesn't mean you can just put your house on the market and hope to get top dollar. You're going to need to do some cleaning and updates. Some of the best ways to attract the right buyers and their money is to:
- Deep clean and keep it tidy. Start by decluttering every room in the house. Remove family photos from the mantle, put away laundry, file paperwork, organize the pantry, and recycle old magazines and newspapers.
- Focus on the kitchen. Every tour of your home will begin and end with the kitchen. If yours is decades out of style, some small updates can help make it a little more attractive to new buyers. At the very least, clean out drawers, remove appliances from countertops, and keep everything spotless.
- Wash the windows. Clean windows and screens can be a sign to some buyers that you've taken good care of your home.
- Empty the closets and garage. Remove half of the coats and other items in your closets and box them up. But don't start stacking boxes in the garage. You want that to feel spacious also. Renting a storage unit can help.
- Rearrange furniture. Give people as much room to move around as possible. A good real estate agent can help you decide what to move and remove from your home to improve the flow.
- Welcome potential buyers. Start by dressing up your dining room table. Add placemats and plates, and fresh flowers as a centerpiece.
Quick tip: Virtual tours are an option. If you're uneasy with the thought of people touring your home during a pandemic, ask your agent about virtual tours to weed out passive buyers.
Connect with One Nevada Home Loans
If you're planning to sell your home, our team can help you get pre-approved for your next house with low fee home loans and no points. Get pre-approved online or call 702-382-4094 (Las Vegas) and 775-827-3880 x4643 (Reno) to talk with a home loan specialist.