The Tell Tale Signs it is Time to Sell Your Residential Property

WRITTEN BY RIVER CITY CONVEYANCINGThe Tell Tale Signs it is Time to Sell Your Residential Property

We all, at some point or another, get our feet firmly on the property ladder, and while some do it while they are young, others wait until they reach middle age before making the commitment to buy rather than rent. Once you own your home, there will likely come a time when relocation is the best path to take and with that in mind, here are some tell-tale signs that it is time to put your home on the market.

✓ Insufficient Living Space – A growing family, for example, would require more living space as the children grow and if one of your kids doesn’t have a room they can study in, perhaps it is time to upgrade. This would typically arise for a newly married couple around 10-12 years in the future, and this time is enough to ensure that their financial status supports the upgrade.If you are looking to upgrade, be sure to find a suitable contractor who will offer a fair rate.

✓ Can’t Afford The Mortgage Repayments – If you made the mistake of buying a property out of your budget limit, the best thing might be to put it on the market. If the house is in a prime location and is in good order, you might be lucky and make a profit on the deal, although your objective should be to downsize to a comfortable level.

✓ The Long Daily Commute – If you are spending more than one hour travelling to or from your place of work, this could be the time to look at relocating to an area closer to your work venue. The cost of daily commuting can indeed be high, and it isn’t just the cost in terms of money, there’s also the time that could have been spent with the family. If you would like some more information, check out this article that examines the question, “How far is too far to commute?”

✓ Looking To Start Your Own Business – If you have a great business idea, yet do not have access to startup capital, selling your home will release your equity. You could either rent for a few years while you develop your business, or buy a smaller property, either way, you have the necessary funds for your startup if you sell your home. Of course, a lot would depend on the location and condition of your home, but there is nothing to lose by putting it on the market.

✓ A Career Promotion – If you suddenly are offered a promotion that would mean relocating, it might be the break you have been looking for. Many families end up relocating solely for this reason and in most cases, it turns out to be a wise move. Of course, it is a big step and it would affect your partner and any children you have. You should discuss thing openly with the family and then weigh up the pros and cons before arriving at a decision.

Whatever the reason for selling, it is essential that you engage the services of an experienced conveyancing lawyer, who will facilitate the legalities and can help you to calculate your total costs.

melting-watch

MARKET WATCH

Single Family Home Activity in the Antelope Valley

In the last 24 hours
12/12/18

New Listings …  19
Sold …  16
Pending …  13
Expd/Wthd/Cancld …  11
Price Increases …  00
Price Reductions …  16
Number of listings* …  1555
Average Days on Market …  94
Short sale/pay listings …  10
Equity listings …  1412
Bank owned listings …  20
HUD, Corp, Probate and Auction listings …  61
Days of inventory (at the average rate**) …  38.44
Days of inventory (at yesterdays rate**) …  57.59
Actual Number of days of inventory***  …  194.38

View the last 8+ years of data HERE!

 

* Count includes all ACTIVE and CONTINGENT MLS listings
** Assuming no future growth or reduction
*** At yesterdays depletion rate (∞ indicates negative depletion,
inventory would not be depleted at this sales rate)
ALL DATA WAS DERIVED FROM THE “GREATER ANTELOPE VALLEY
ASSOCIATION OF REALTORS®” AND IS DEEMED RELIABLE.
THE CALCULATIONS OF THAT DATA IS THE
RESPONSIBILITY OF DON GOCKEL, REALTOR®

Looking for a Bargain? Put on That Winter Jacket and Go Buy a Home Before the Spring Thaw

WRITTEN BY JAYMI NACIRILooking for a Bargain? Put on That Winter Jacket and Go Buy a Home Before the Spring Thaw

A new release from RE/MAX emphasizes what we’ve been saying for many years: The winter season is a great time to buy a home if you don’t want to pay top dollar. While areas like Southern California may not see much, if any, of a seasonal price break because of a lack of winter, bargains may await buyers in places that see cold and snow.

Jeff LaGrange, Vice President of the RE/MAX Northern Illinois Region, explained that, “In the Midwest, homes that go under contract in November, December and January usually are offered by highly motivated sellers. In spring and summer, purchasers may pay a premium because they compete with many other buyers. Less competition in winter means prices typically don’t include that premium, and sellers frequently are more flexible about price and other terms.”

It’s that flexibility that is often key to a successful closing. So how can you use the time of year to your advantage to buy a home? Here are a few tips.

Be ready to negotiate

“When you have fewer buyers in the market, supply exceeds demand,” said The Spruce. “This usually results in prices being lower than during the hot or peak season.”

In northern Illinois, “Chicago-area homes sold in February had a median sales price that averaged 17.8% less than homes sold in June of the same year” over the past 14 years, said LaGrange. But, that doesn’t mean you can lowball and come away with a new home. You never want to insult the seller, who can flat out reject your offer if they so choose. Allowing your real estate agent to guide the process to come away with a good deal for you that doesn’t turn off the seller is key.

Creative negotiating may also help you get the home. Be willing to look at scenarios involving closing costs, repairs to items uncovered during the inspection, and even renting back if needed to help get a deal done.

Be ready to tour a home on a moment’s notice

OK, maybe not on a moment’s notice. But being flexible with your home tours is important in a winter weather-prone area. “With fewer hours of daylight, it may be necessary to visit more homes after dark, a less than ideal situation,” said RE/MAX. “When that happens, it makes sense to arrange a daylight visit before making an offer, and that can involve taking time off work,” said Linda Dore, a broker with RE/MAX Synergy in Orland Park, Ill, “but it’s worth it.”

Make sure your agent is winter savvy

Vacant homes can throw a wrinkle into any buyer’s plans, especially if a storm has left the home in less than hospitable condition. You never know when you’re going to have to MacGyver a situation. “These days, more homes than ever are vacant when they go on the market, and you never know what to expect,” said Donna Smolak of RE/MAX Vision 212 in Chicago. “Some can be beautifully maintained, but in other cases there can be six-inches of snow in the driveway, the storm door many be frozen shut or the whole home may be winterized with the heat and plumbing out of service,”’ she said. “I always bring a fold-up shovel with me in case a car gets stuck or we want to scrape snow off an outdoor area to check what’s underneath.”

Use your imagination

Vacant homes can also pose a challenge to buyers who lack the ability to envision what the home may look like with their furniture inside. But buyers are notoriously bad at seeing past paint colors or décor in any home. Especially when you’re dealing with a home that may not be everything you want, it’s important to try to look beyond any poor decorating choices or even some curious floorplan issues to see what the home can be.

Remember that if the house were perfect, it would either be more expensive, would have been sold quickly in the spring or summer, or both. Try to focus on things like overall space, ceiling height, and natural light. That will help you see the potential in the space and plan for changes once the home is yours.

Keep the goal in mind

Buyers in the winter often “have a real need to buy quickly, perhaps because of a work-related relocation, the arrival of a new baby or dealing with a divorce,” said Dore. It’s easier to let the small stuff go if you remember what you’re trying to achieve. And if that doesn’t work, think about: “This year they should have an added incentive as mortgage interest rates are likely headed higher in 2019.”