Selling Your Home Archives | Preferred Properties of Texas Home & Ranch Properties Stephenville

A Seller’s Market Doesn’t Mean To Sell On Your Own

April 8, 2021 by chorton Leave a Comment

At a sellers’ market, a few homeowners might be tempted to sell their home on their own instead of working with a trusted real estate professional. When the inventory of houses for sale is as low as it is now, buyers are eager to snatch up any house that comes to market. That makes it even more inviting to FSBO. Because of this, some sellers believe selling their house will be easy and see today’s marketplace as an opportunity to FSBO. That can be a major mistake and might actually cost you more in the long run.

According to the Profile of Home Buyers and Sellers published by the National Association of Realtors (NAR), 41 percent of homeowners that tried to sell their house as a FSBO did so to avoid paying a commission or fee. In reality, in a sellers’ market, selling on your own likely means you will net a lower profit than when you market with the assistance of an agent.

Despite the benefits sellers have in today’s market, it is still crucial to have the support of an expert to lead you through the procedure. Real estate professionals are trained negotiators with a whole lot of housing marketplace insights that average homeowners might never have. A broker’s expertise can alleviate much of the stress of selling your home and help you close the very best possible deal when you’re doing.

If you’re prepared to sell your home this year and you are considering doing this by yourself, make sure you think through that choice carefully. Odds are, you stand to gain the most by working with a knowledgeable and professional real estate agent.

Contact our office today to learn more about how our agents can you, especially in today’s market.

Tips For First Time Home Sellers

April 1, 2021 by chorton Leave a Comment

Selling a home is very different from buying a home. Buying a home generally involves emotions and feelings, but selling a home typically centers on what listing agents like to call maximizing profit potential. Here are a some tips for first-time homesellers.

Price Your Home Accurately

Your agent will analyze comparable sales and prepare an estimate of value—often called a CMA—for comparative market analysis.

Home Staging Boosts Selling Power and Appeal

Ask your agent to advise you on preparing your home for sale. Most homes show better with about half of the furniture removed. If a buyer walks in the door and wonders if anybody lives in the house, you’ve done your job correctly. Consider home staging to boost your selling power and appeal.

The Best Day to List Your Home

Choose the best day to list your home. This time period will vary depending on your local community, the weather, time of year, and a host of other factors, including the state of your present real estate market. You basically get one chance to present your home in its best light the first day on the market.

Ask About Your Agent’s Standard Real Estate Commission

If the agent’s standard real estate commission seems reasonable, consider the big picture and benefits to you to hire this individual.

Be Flexible With Home Showings

Be flexible with showings. The best way to sell your home is to let a buyer inside with their buyer’s agent to tour in peace and quiet. Leave the house when buyer’s agents show up.

Host an Open House

Allow an open house if your home is conducive to an open house or ask your agent if they advertise the open house online. Many a home buyer has had no desire to buy a home until they spot an open house and subsequently fall in love.

Insist on Professional Photography

The most popular photos are rich in color and depth, and they entice. Ask to approve the virtual tour or photo tour before it publishes.

Review Your Listing Online

Look at your home listing on various websites to make sure the information conveyed is accurate. Agents do their best to ensure accuracy, but since it is your home, you know the details better than anyone.

Respond Promptly to a Purchase Offer

Try to respond promptly to a purchase offer. Many purchase offers contain a date by which the offer expires. Notwithstanding, it can drive buyers crazy if they are forced to wait for a seller to decide whether to accept their offer or to issue a counteroffer.

Line Up Movers Early

Line up your movers early. You can start packing before your home hits the market, which will give you a head start on the process.

If you’ve been thinking about selling contact our office to schedule an appointment with one of our agents. We are here for all your real estate needs!

Selling Your Home, The Tax Angle

March 31, 2021 by chorton Leave a Comment

The buying and selling of homes are the largest financial transactions you may make, and as with most financial transactions, there’s a tax angle. If you know what your tax implications are as you go into the deal, you’re better able to plan and avoid unpleasant surprises.

Unlike with most other capital gains, the government gives you a big break when selling your principal home for a profit. You can exclude up to $250,000 ($500,000 if married filing jointly) of the profit from the sale. This exclusion is available for an unlimited number of times. And it applies to houses, apartments, condominiums, stock cooperatives, and mobile homes fixed to land.

However, there are other rules and limitations. To take advantage of the exclusion, you must own and occupy the home as your principal residence for at least two years before you sell it. Owning it and occupying it are two different things, however, and although you have to meet both tests, you don’t have to do this simultaneously. As legal site Nolo explains, “As long as you have at least two years of ownership and two years of use during the five years before you sell the home, the ownership and use can occur at different times.” This is an eligibility break for renters-turned-buyers, who can count rental time before the purchase as part of the “occupy” time.

Also note the word “principal.” This is your main home, where you spend most of your time. You can only have one principal residence at a time. If you have a townhouse in the city where you work but spend August in your country home, your townhouse is still your principal residence.

The IRS also imposes conditions to be eligible for the larger $500,000 married exclusion. You must meet all the conditions below:

You are married and file a joint return for the year.
Either spouse meets the ownership test.
Both spouses meet the use test.
During the two-year period ending on the date of the sale, neither spouse excluded gain from the sale of another home.

If a spouse is deceased, under what conditions can the surviving spouse use the $500,000 exclusion? You have to meet all of the following conditions:

You sell your home within two years of the death of your spouse.
You haven’t remarried at the time of the sale.
Neither you nor your late spouse took the exclusion on another home sold less than two years before the date of the current home sale.
You meet the two-year ownership and residence requirements (including your late spouse’s times of ownership and residence if need be).

Getting a Break on Improvements

If you’re single and buy a house for $300,000, you’re limited to a sale later of $550,000 before you start having to pay taxes. However, any improvements you made will increase that $300,000 basis, and the IRS is generous in what it considers an improvement. You can add a new room, landscaping, a heating system, new siding — even a satellite dish. General repairs, like fixing a broken windowpane, do not add to the basis. But fixing the windows as part of a larger renovation project will count.

The bottom line? When selling a home, work with professionals to make sure your plans are aligned with tax rules.

Contact our office to speak with one of our knowledgeable agents.

Thinking Of Selling Your Home? Ask Yourself These Questions…

March 26, 2021 by chorton Leave a Comment

Should I Sell My House?

If you are located in a seller’s market, have enough saved up for moving expenses and you have equity in your current home then your likely ready to sell.

When Is A Good Time To Sell My Home?

Now is a good time to sell! Mortgage rates are low, it’s a sellers market and inventory is low with a high demand of buyers.

Do You Have Equity In Your House?

Equity is the difference between the market value of your home and your mortgage balance. Equity allows you to successfully pay off your existing mortgage and apply what’s left over toward a new down payment and moving expenses. If you have enough equity, you may be in a good place to sell.

Do You Have Debt Outside Of Your Mortgage?

If selling your home means buying a new home, and buying a new home means a new mortgage, you’ll want to take a look at your other outside debt — things like car payments, credit card minimum payments, child support, or student loan debt. Lenders will take a look at your whole financial situation using what’s called a debt-to-income ratio to determine if you’ll be approved for a new loan. If your debt-to-income ratio is less than 43 percent (an industry average that varies by lender and loan type, so be sure to check with your lender), you may be prepared to sell.

Do You Have A Down Payment Saved For A New House?

The standard down payment is 20 percent, but there are loan options available that require as little as 3 percent down. If you have savings accessible to apply toward a new down payment, you’re in a great position to start shopping for a new home before selling your current home. If not, you’ll have to sell your first home before being able to put money down on a new home.

Do You Have The Extra For Home Improvements?

If you have cash available to complete any necessary home improvements before listing, you’re likely ready to get serious about selling your home. If you decide to pursue without improvements you won’t need to worry, you can list your home as-is.

Can You Accept Negative Feedback From Buyer About Your Home?

Sellers usually end up hearing feedback about what potential buyers think of their home, and it’s not always positive. If you can keep yourself from taking critical feedback on the condition and style of your home personally, you’re emotionally ready to make a sale happen.

Have You Outgrown Your Home Or Are You Ready To Downsize?

Whether you’re in need of more space or have more space than you care to maintain anymore, major life circumstances are good indicators of an appropriate time to sell.

Are Homes In Your Neighborhood Selling Fast?

In a seller’s market, inventory is low and homes sell quickly, often with multiple offers. In a buyer’s market, listings can sit for a while before the right buyer comes along. If the market is hot, you may find it’s the perfect time to take the leap and sell your home.

Bottom line: Now is a great time to sell! With low inventory and low mortgage rates, your house may be worth more than what you think.

Contact our office to find out just how much your home is worth in today’s market.

Outstanding Opportunities For Buyers and Sellers In Today’s Housing Market

March 25, 2021 by chorton Leave a Comment

Right now, the home market is full of outstanding opportunities for both buyers and sellers. Whether you are considering purchasing your first home, moving up to a bigger one, or selling so that you can downsize this spring, there are advantages today that are powering big moves for individuals throughout the country.

The biggest perks for buyers now is low mortgage rates. Today’s most persuasive buyer incentive is low mortgage interest rates. The 30-year fixed-rate is now averaging only over 3 percent . While that is slightly higher compared to record-lows out of 2020 and before this season, it’s still way lower than historical norms, making purchasing a home an ongoing perk for optimistic buyers.

This is a massive advantage for buyers and helps to make owning a home attainable for more households — and there is good reason to try for homeownership.

Low mortgage rates are a plus for buyers at this time, but experts prediction we will find them continue to grow as the year goes on. If you are ready to buy a home, it’s wise to get started on the procedure shortly so you may secure today’s comparatively low speed.

The largest perks for sellers now is low inventory. Today, there are simply not enough houses in the marketplace for the number of buyers seeking to purchase them, and it’s creating a serious sellers’ market.

The lack of homes available continues to challenge the market, and with low mortgage rates fueling purchaser demand, houses are hard for buyers to find today. According to the newest Realtors Confidence Index Survey by the National Association of Realtors (NAR), the average house is presently receiving 4.1 offers and is currently in the marketplace for only 20 days.

Buyers are definitely eager to buy, and because of the lack of inventory accessible, they’re often entering bidding wars. This is only one of the factors keeping house prices strong and giving vendors leverage from the negotiation procedure.

Homeowners who are in a position to sell shouldn’t wait to make their move. There is a mild at the end of the tunnel for the inventory deficit, so record this spring will get your home on the market when conditions are most favorable. With low stock and high buyer demand, homeowners can potentially earn a greater profit on their houses and sell them fast in the fast-paced spring marketplace.

Whether you’re thinking about buying or selling a home, there are major perks available in today’s housing market. Contact a trusted real estate professional today to discuss how these favorable conditions play to your advantage in your local area.

Despite COVID, Selling Your Home In Spring Is A Good Idea

March 21, 2021 by chorton Leave a Comment

As we alluded to in our article regarding selling your house in winter, spring is broadly regarded as the very best time to sell your residence. That holds business even as we weather the Coronavirus outbreak. In reality, electronic adaptations such as virtual tours and contact-less appointments have made it simpler to securely sell your house through this time. Beyond this, a mix of variables makes that window of time from late March to early June such an ideal time to market, and our agents are here in order to explain why. This is why you need to sell your house in the spring.

Nature Encourages Curb Appeal
After wilting through the chilly winter season, character comes alive . Beautiful blossom trees become complete with leaves , and bud shimmers brightly in sunlight. Your lawn returns to its pre-winter glory along with your garden flowers once more, immediately boosting your curb appeal in a manner that virtual tours can brightly display. “Grass turns from brown to green, and cold dull days become glowing, hot ones,” explains Mike Matthews, Managing Broker for Watson’s Amelia Island office. “Properties always reveal better in the spring for all those reasons.”

Selling About School
Listing your house in spring permits you to receive on the industry in time for all those families intending to obtain a new residence and move right following the school season. “Lots of individuals plan their motions around the school program. They begin looking in the spring in order that they could prepare their motions for the summer when school is out,” Mike explains. The identical advantage extends to your loved ones. Donna Daigle, Managing Broker for Watson’s Middleburg workplace, adds,”When timed correctly, record in spring enables your kids to finish college, sell your house, and be located into your new house before another school year begins.” Despite many youngsters from college at this time, it may continue to be beneficial to strategy to sell your house round the home-schooling methods that your kids are working through.

Targeting Army Certifications
As anybody in the military will say, your loved ones is likely to move a good deal. Obtaining your house on the market in spring provides you the best opportunity to target army movers. “A great deal of military transfers occur in the summertime,” Donna says. “By recording in the springtime, you are opening your house up to many high tech military buyers that will start their hunt a couple of months before their move.”

Tax Time Could Be a Boon
Many buyers attempt to conserve as much as possible for a deposit (even if it isn’t always mandatory ). Tax yields can play a huge role in their budgetary attempts, which means it is possible to also benefit. “People typically get their tax returns from the spring,” Mike explains. “This contributes to extra funds for their down payment or their transfer.” As buyers can raise their down payment finance, you will probably find more serious shoppers.

Owning your own home has several benefits, offers tax incentives and generally improves your overall net worth. If becoming a homeowner is on your to-do list, save your tax refund and get started today on your path to homeownership. Give us a call, we can help you reach your goals.