Sheryl Simon's Blog
A seller's market poses a challenge for any buyer - when there are more buyers competing for homes than there are homes in market, you have to be ready to move swiftly when you find a home you like. Since the inventory of luxury homes is usually small when compared with more conventional homes on the market, a seller's market could make it more difficult to get the home you want, even if your financial details are in order and you're ready to buy.
What is a Seller's Market?
A seller's market simply means that there are more people who want to buy a home than there are homes for sale. When this happens, homes can move very swiftly -- some will sell within days of listing -- and buyers need to be able to offer appealing contracts to secure a home. While the luxury market often contains a smaller inventory, there are also fewer buyers competing for homes, but the market can still favor sellers.
Tips for Buying a Luxury Home in a Seller's Market
Visit in Person: Your real estate agent can help narrow down the possibilities and you can even send someone ahead to take a first look for you -- but you should view the home sooner rather than later if you want to see it in person before you buy. Luxury homes in high end vacation destinations can go very quickly in a sellers market, so you may not have the amount of time you are used to for viewing the property.
Streamline the Process: Work with your luxury real estate agent to prepare a compelling offer that is free of contingencies, or as free as it can be. The fewer conditions you have and the easier you are to deal with, the more likely it is the seller will accept your offer. Offer a swift and easy closing, request no contingencies and be ready to go swiftly when you find the home you want.
Have Financing in Place: If you need a mortgage, you should have your details worked out and ready to go. A seller with an advantage will be reviewing multiple offers and yours should indicate there will be no delays in closing. If you are a cash buyer, the funds should be available in time for closing; make preparations early and assume you will need to close within a month.
Be Prepared to Pay Full Price: The most common impact of a seller's market is that homes sell for the asking price -- or even more than the list price. Your agent can help you determine if a full price offer is right, or if you should even consider offering above the selling price. This is most likely in a hot market where homes are selling as soon as they list. If the home is still available after a week on the market, a full price offer may not be needed, if everything else is in order.
Make the most of the process by working with a skilled agent who is familiar with the complexities and demands of the luxury market. They will be more adept at helping you find and secure the property you want than a conventional agent. When you do find a home you like, be ready to act quickly so it does not get away; these steps will help ensure you don't miss out on a property you love.
A first-time home seller likely faces an uphill climb if he or she wants to stir up plenty of interest in a house. However, a home seller who plans ahead should have no trouble overcoming any potential hurdles along the home selling journey.
When it comes to selling a house, it is important to remember that a residence's interior can make a world of difference in the eyes of homebuyers as well. If a home seller fails to allocate the necessary time and resources to improve a house's interior, he or she risks missing out on opportunities to stir up interest in a residence.
Lucky for you, we're here to help first-time home sellers find the best ways to transform an ordinary home interior into a stellar one.
Let's take a look at three tips to help first-time home sellers upgrade a house's interior.
1. Remove Clutter
Home clutter adds up over the course of many months or years. But a first-time home seller who understands the impact of clutter can take the necessary steps to remove it.
Ultimately, clutter is an eyesore that may make your home actually appear smaller. Clutter also may make it more expensive and time-consuming than ever before to relocate from one home to the next.
A first-time home seller who hosts a yard sale can sell unnecessary items. Or, a home seller may be able to donate excess items to charity. And if there is lots of junk that fills a house, a home seller should dispose of it as soon as possible.
2. Conduct Extensive Cleaning
A first-time home seller should clean a residence from top to bottom. That way, a home seller can give his or her house a fresh, pristine appearance that homebuyers are sure to appreciate.
Be sure to wipe down kitchen counters, mop the floors and vacuum rugs in each room of your house.
In addition, if you need extra help, don't hesitate to reach out to a professional cleaning company. With professional cleaners at your side, you can speed up the process of upgrading your house's interior.
3. Meet with a Real Estate Agent
A real estate agent understands what it takes to enhance a house's interior quickly and effortlessly. As such, he or she can help a first-time home seller get a house ready to add to the real estate market.
The right real estate agent will evaluate your home's interior and offer honest, unbiased home interior improvement recommendations. Also, he or she may be able to offer tips to help you differentiate your house from others that are currently available in your city or town.
Of course, a real estate agent is an expert resource who can guide you along the home selling journey too. And if you ever have home selling concerns or questions, this housing market professional will be happy to address them immediately.
Ready to improve your house's interior? Use the aforementioned tips, and a first-time home seller can boost a home's interior and increase the likelihood of a quick, profitable home sale.
Let's face it – the homebuying journey may prove to be an expensive experience. If you're not careful, you risk overspending to acquire your dream house. On the other hand, if you purchase a home without identifying underlying structural problems, you risk costly home repairs down the line.
Ultimately, it helps to establish a budget for the homebuying journey. If you have a budget in place, you can increase the likelihood of having the necessary funds on hand to overcome many potential homebuying hurdles.
You should have no trouble creating a homebuying budget, either. In fact, here are three tips to help you put together a budget for the homebuying journey.
1. Assess Your Financial Situation
If you intend to purchase a house in the foreseeable future, you'll want to take a close look at your finances. By doing so, you may be able to reduce your monthly spending and use your savings to accelerate the homebuying journey.
It often helps to assess your daily, weekly and monthly expenses. Then, you may discover bills that you can cut from your everyday budget.
For example, you may enjoy dining out regularly, but cooking at home may prove to be more cost-effective. And as you reduce your dining expenses, you can save money that you can use toward the down payment on a new house.
2. Obtain Your Credit Score
Believe it or not, your credit score can make a world of difference in your quest to acquire a house. If you check your credit score, you may be able to find ways to improve your credit score prior to kicking off a house search.
You are eligible to receive a free copy of your credit report from each of the three reporting bureaus (Experian, Equifax and TransUnion). Take advantage of this perk, and you can learn your credit score in no time at all.
Remember, your credit score may have a major impact on your ability to land a favorable mortgage. And if you find that you have a below-average credit score, you then can pay off outstanding debt to improve it before you start your search for a new home.
3. Get Pre-Approved for a Mortgage
Pre-approval for a mortgage is ideal. With a mortgage in hand, you can enter the real estate market with a budget for buying a house.
To get pre-approved for a mortgage, you should meet with banks and credit unions. These financial institutions can offer insights into a variety of mortgage options and help you make an informed mortgage selection.
Lastly, as you prepare a homebuying budget, you may want to collaborate with a real estate agent. This housing market professional can help you hone your home search to residences that fall within your price range. Perhaps best of all, a real estate agent will make it simple for you to avoid spending too much to acquire your dream house.
Get ready to buy a house – use the aforementioned tips, and you can establish a successful homebuying budget.
Tired of looking at a dated bathroom day after day but dread updating it knowing the average remodeled bathroom will set you back thousands of dollars? Even if you don’t have the budget for a complete makeover, there are several DIY ways you can update your bathroom.
1. Paint Tub & Tile
For many homeowners, the most outdated area of their bathrooms is the tub and shower. The good news is if your tub and tiles are in good shape, you don’t necessarily need to remove them—simply give them a refresh.
- Thoroughly clean tub and tile.
- Purchase a prepackaged tub and tile kit—it’ll give you a list of supplies and tools and the right epoxy, along with detailed instructions.
- Sand down all tub and tile surfaces so you establish a good clean base for adhesion.
- Use quality paint designed for this type of project.
- Thoroughly ventilate your working area.
- Give your tub a good amount of curing time before running a bath.
This project is a little trickier than simply painting walls, but with patience and know-how, you can give your old bathroom a completely brand-new look.
2. Refinish a Dated Vanity
If your bathroom vanity looks like it came straight out of the 1980s, you can easily remedy this by refinishing it.
- Remove all hardware, drawers and the cabinet door; put them aside to paint separately.
- Gently sand down the vanity's surface and then clean off any dirt, dust or grime.
- Using smooth strokes with a brush or roller (you can test to see which looks better), paint the vanity’s surface and let it thoroughly dry.
Once your newly painted drawers and cabinet door are completely dry, reattach your hardware and add on some sparkling new knobs. Voila!
3. Update Your Lighting
Many homeowners find they can easily swap out old fixtures for new ones and see their bathrooms in a whole new light. Or you can get crafty and create your own. Popular styles include:
Lighting can make or break a room. If you're seeking a more modern look, look to change out your fixtures.
4. Create a Unique Bathmat
Sometimes it’s the simple touches that add flair to a room. One easy thing you can do is ditch the regular bathmat and create one out of cedar strips. Cedar is great since it’s water-resistant and it gives your bathroom a spa-like vibe. You’ll need a 1x6x10 cedar board, measuring tape, circular saw, table saw, wood glue and teak oil.
Once you’ve put your cedar bath mat together, allow it time to completely dry before using it.
Giving your old bathroom a facelift, or even some new bling, can do wonders for its appearance. Identify your pain points, apply an update and see what a difference even the smallest changes can make.
When you've owned your house a long time, getting it ready to sell may seem like a daunting task. If relocation is on the horizon for you, get an early start and organize your spaces.
Ideas to help you get organized right away!
Resist the temptation to add items to your home that might not be needed or used in the short term. If you tend to purchase commonly used items in bulk, try to reduce the quantity you store to no more than you can use up within a month or so.
Sort your belongings and donate or throw away items or clothing you no longer need. Move items designated for donation into the trunk of your car right away so you have them with you the next time you pass by a donation center.
Start small. Choose one thing to organize at a time but make sure you can tackle the project in one day. A drawer, cabinet, or closet would be a great place to start. Every week — or if you're especially motivated, every day — choose another place to organize. Throw away or donate unused items as you go.
Get a handle on paper. You will need to keep some physical documents like marriage licenses, certified birth certificates, and passports but for other things like invoices and receipts, a digital version is all you need. If mail is an issue, consider switching to electronic delivery for bank or credit card statements and removing yourself from mailing lists for catalogs or other marketing that you don’t need to receive anymore.
Check the sentiment. When an object is received from a special person or under special circumstances it can be hard to part with even if it’s not an object that is used or displayed often. If there are items like this in your home, consider passing them on to someone who will use them. Memorialize the sentimental value with photos or journal entries, the memory is often more important than the thing.
Organizing is step one toward preparing for a sale.
Your real estate professional can help you plan for a home sale. They’ll walk through your house with you and show you what items to repair, what to update, and what you might want to pass on or put into storage, contact your agent today to get started.