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5 Mistakes for Move-Up Buyers to Avoid

Being a move-up buyer comes with its own set of home buying challenges. Here’s how you can avoid them.
 
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Today I want to share five mistakes to avoid when you’re moving up into a larger home. Moving into a significantly bigger home is so much more complicated than moving into an apartment or your first home. A lot of move-up buyers are moving into their forever homes, so here are five things you should avoid:

1. Looking at the property with rose-colored glasses. Maybe you’ll drive by a huge home without knowing what the price is. Get real on what prices are today and make sure you know you can afford a home before you fall in love with it.

2. Not getting pre-approved. This will ensure you can afford what you’re looking at. A lot of homebuyers end up disappointed because they realize down the line they can’t afford their dream home.

3. Not selling your home first. You want to make sure that your current home is at least under contract with a buyer when you purchase your new home. If it’s not, you’ll have to offer more money on your new home to compete with sellers who are already under contract. You also may have to lower the price on your current home to ensure that it sells quickly. A better way to do it is by getting your home on the market, getting it sold, having a delayed closing or rent-back, and then purchasing your new home. There are a lot of different things you can do.
It takes a lot of work to coordinate your closings, but it’s very advantageous to your move.
4. Failing to make necessary improvements to get top dollar. If you’ve ignored something for years, get it fixed. The new buyers will notice that.

5. Not coordinating the closings together. It takes a lot of work to do this, but it’s certainly possible and advantageous to your move.

There you have it. Avoid these five mistakes and you’ll have a smooth process moving up into your new home. If you have any questions for me in the meantime or you’re thinking about moving up to a new home anytime soon, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.

Should You Sell Your Home By Yourself?

If you are selling your home yourself as for sale by owner (FSBO), I want to help. I can provide you with a marketing tool kit, or I can list your home myself.
 
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For sale by owner (FSBO) – To many people it sounds horrible, but to others it sounds like a really smart idea because of all the available technology. They think the process will go smoothly, which it can sometimes. But, it's as easy to go to Las Vegas and win $10,000 while gambling, as it is easy to sell your home by yourself. 

Some FSBO home sellers sell for more money, save on commissions, have no legal issues, and have deals which work. However, I have found that 75% of FSBOs end up hiring an agent. There are many reasons for this.

Even though you can go online and get loads of information, selling your house is still an intense process. It is much better to hire a professional. The biggest reason you want to work with a professional is because you can get more money, even after you pay the agent's fees.

If you are interested in selling by yourself, offer the buyers’ agents a 2.5% to 3% commission to get good buyers to look at your home. This will bring in people who are more likely to spend the most money. People working without a buyer's agent are looking to take advantage of sellers who are selling on their own.
When professional agents list homes, we track the premium buyers who are spending the most money.
In fact, I took a class where they encouraged us to go after FSBOs to see if we could get a large discount. We found that most FSBO homes are sold for 10% less, which is actually more money lost than it would have been had they hired an agent for a 5% commission. And, the owner would not have had to do all the work. When professional agents list homes, we track the premium buyers who are spending the most money. By offering a 2.5% to 3% commission, you are spending very little to get a lot more.

We have found that FSBO sellers sell for a lot more with our help. If you reach out to us, we’ll provide you a copy of our marketing tool kit so that you can try to be one of the 25% who is successful at selling your home on your own.

If you’d like our help with selling your home on your own or you have any other questions or real estate needs, give me a call or send me an email. My team and I would be happy to help.
Commissions are variable with all agents and the above is just an example.

5 Exciting Stats From the May 2018 Market

I’ve checked over the numbers from May, and I want to share five interesting statistics about the market in this latest update.
 
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Today I have a market update to share with you that includes five super cool statistics about the state of our market.

1. We have 5.4% fewer single-family homes listed, comparing the end of May 2018 to May 2017.
2. The number of units sold is down from 1,962 units to 1,910, which constitutes a 2.65% drop. This decrease is caused by the lack of inventory, not by the lack of demand—as you might have seen by now, buyers in the market are hammering listings with multiple bids.
3. The median days-to-offer is 14 days. This means that it’s taking roughly two weeks for listings to receive offers.
4. The median sales price is $440,000. This is a $35,000 increase from last year, or 8.63%, which is great news for sellers. What’s more, based on market trends, I don’t see this changing for at least two or three years.
It’s taking roughly two weeks for listings to receive offers.
5. The median sales-to-list price ratio is 98.83%. To explain, if a home was put on the market for $100, on average, it would sell for about $98. However, if you hire the Quail Group to sell your home, we’d sell it for $101.

If you have any questions about the market with respect to how it will affect buyers and sellers, feel free to reach out to us. I, or anyone else on my team, would be happy to help you out.