Why Sell With Maralea?
This simple question is one that needs to be answered right away. Why should a homeowner trust me to sell their home in the shortest amount of time and for the most amount of money?
You want a Realtor who committed to a smooth transaction, who will take your special circumstances into account and treat you and the other involved parties as individuals and not numbers.
5 Reasons To Sell Your Home Now
- Demand Is Strong
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country, including Denver. These buyers are ready, willing and able to purchase…and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.
2. There Is Less Competition Now
Housing inventory has just hit the 7-month supply that is needed for a normal housing market. This means that, in the majority of the country, there are not quite enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values are still high and the buyers are looking. Additional inventory is beginning to hit the market and pricing is normalizing, so now is the time to realize the equity in your home, and in Denver we are beginning to see a return to the upward mobility of home owners.
Historically, the average number of years a homeowner stayed in their home was six, but has hovered between nine and ten years since 2011. There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.
The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell.
3. The Process Will Be Quicker
Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the average time it took to close a loan was 47 days.
If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly AND you’ll be able to find a premium home to call your own!
Prices are projected to appreciate by 4.3% over the next year according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.
5. It’s Time to Move on With Your Life
Look at the reason you though of selling in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should? Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.
Closing Costs – Who Pays?
- Real estate commission.
- ½ of escrow fee (except VA loans where seller pays 100%).
- Payoff of any liens against the property.
- Fees like re-conveyance fees and prepayment penalties.
- Home warranty according to the contract, if any.
- Recording fees to clear all documents of record against the seller.
- Tax pro-ration for any unpaid taxes at the time of transfer of title.
- Any unpaid homeowner-association dues.
- Any assessments according to the contract.
- Any and all delinquent taxes per the contract.
- State real estate tax fee and sales tax.
- Owner’s title-insurance premiums.
- New approval of well, septic, and as-built survey (if required).
- Re-inspection fee with appraiser or home inspector (as negotiated in contract).
- ½ of the document preparation fee (unless VA or FHA loan, then seller pays 100%)
- Lender’s title policy premium – American Land Title Association.
- 1% of escrow fee (unless buyer is getting a VA loan, then seller pays 100%).
- Recording charges for all documents in buyers’ names.
- All new loan charges (except those required of the seller by the lender).
- Interest on a new loan from date of funding to 30 days prior to the first payment date.
- Assumption/change-of-records fees for takeover of existing loan.
- Home warranty according to contract.
- Hazard insurance premium for the first year.
- Home inspection.
- Reserve account for taxes and insurance.
- Flood-certification fee.
Other mandatory costs include:
- Both FHA and VA require that the seller must pay for documentation preparation, tax service, warehousing, and loan-review fee (if any). In addition, VA loans require 100% of escrow closing fee.
How To Get The Most Money From The Sale Of Your Home
Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensure that you get the highest price possible.
- Price it a LITTLE LOW
This may seem counter intuitive. However, let’s look at this concept for a moment. Many homeowners think that pricing their home a little OVER market value will leave them room for negotiation. In actuality, this just dramatically lessens the demand for your house.
Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. In doing this, the seller will not be fighting with a buyer over the price, but instead will have multiple buyers fighting with each other over the house.
Realtor.com gave this advice:
“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly under priced, especially in areas with low inventory.”
- Use a Real Estate Professional
This, too, may seem counter intuitive. The seller may think they would make more money if they didn’t have to pay a real estate commission. With this being said, studies have shown that homes typically sell for more money when handled by a real estate professional.
A study by Collateral Analytics reveals that FSBOs don’t actually save any money, and in some cases may be costing themselves more, by not listing with an agent. In the study, they analyzed home sales in a variety of markets in 2016 and the first half of 2017. The data showed that: “FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.” The results of the study showed that the differential in selling prices for FSBOs when compared to MLS sales of similar properties is about 5.5%. Sales in 2017 suggest the average price was near 6% lower for FSBO sales of similar properties.
Marketing Your Home
Selling a home takes a well thought out game plan. We have just that ready to list your home.View Our Marketing Plan
You want an agent with a proven track record of selling homes. This is especially true for homes like yours in your area.See Our Results
What’s Your Home Worth?
Not sure if this is a good time to sell? Wonder how much you could get for your home? Let us create a comparative market analysis for your home to answer those questions and more.Request a Report