It’s very important for you to
consider these issues before you list your Ann Arbor area home for sale.
Not only is there the issue of financing to consider, but you
also have to sell your present home at the right time in
order to avoid either the financial burden of owning two homes
or, just as bad, the dilemma of having no place to live during
the gap between closings.
In this article, I outline the six most common mistakes other Ann Arbor area
homeowners have made when moving to a larger home. Knowledge of these
six mistakes, and the strategies to overcome them, will help you
make informed choices before you put your existing home on the
Keep these six points in mind. The Ann Arbor area has a very active home buying market. Ann Arbor area home sellers are getting acceptable offers every day, during any part of the year. Proper pricing is always the key to selling any home.
Help-U-Sell Spectrum Realty in Saline Michigan offers a wonderful menu of services to their clients.
Since Help-U-Sell charges thousands less than the traditional 6-7% that most of the other Ann Arbor area real estate agents are charging, you’ll have more pricing flexibility and greater negotiating power.
Avoid these common mistakes-
1. Looking though rose-colored glasses.
Most of us dream of improving our lifestyle and moving to a
larger home. The problem is that there’s sometimes a discrepancy
between our hearts and our wallets. You drive by a home
that you fall in love with only to find that it’s already sold or
that it’s more than what you are willing to pay. Most homeowners
get caught in this hit or miss strategy of home searching when
there’s a much easier way of going about it. For
example, all Help-U-Sell full service, full time Realtors offer a Home Buyer System that will put you in the home that fits your needs and wants. This program cross-matches your criteria with ALL available homes that are on the market. A program like this helps homeowners take off their rose-colored glasses and, affordably, move into the perfect home.
2. Failing to make necessary repairs and improvements.
If you want to get the best price for the Ann Arbor area home you’re selling,
there will certainly be things you can do to enhance it and make it more desirable. These repairs and improvements do not necessarily have to be expensive. But even if you do have to make a minor investment, it will often come back to you ten-fold in the price
you are able to get when you sell. It’s very important that these
improvements be made before you put your home on the market. If
cash is tight, investigate an equity loan that you can repay on
3. Not selling your existing home first.
I always recommend selling before you buy your next home. This way you will not
find yourself at a disadvantage at the negotiating table, feeling
pressured to accept an offer that is below-market value because
you have to meet a purchase deadline. If you’ve already sold
your home, you can buy your next one with no strings attached.
If you do get a tempting offer on your home but haven’t made
significant headway on finding your next home, you might want to
put in a contingency clause in the sale contract which gives you
a reasonable time to find a home to buy. If the market is slow
and you find your home is not selling as quickly as you
anticipated, another option could be renting your home and
putting it up on the market later – particularly if you are
selling a smaller, starter home. You’ll have to investigate the
tax rules if you choose this latter option. But, if your Ann Arbor area home is priced right, you should have no problem selling it regardless of the level of market activity.
4. Failing to get a mortgage pre-approval.
Pre-approval is a very simple process that many homeowners fail to
do first. While it doesn’t cost or obligate you to anything, pre-approval gives you a significant advantage when you put an offer on the home you want to purchase because you know
exactly how much house you can afford, and it’s saves time when you’re ready to make your move. With a pre-approved mortgage, your offer will be viewed far more favorably by a
seller – sometimes even if it’s a little lower than another offer that’s contingent on financing. Don’t fail to take this important step. Help-U-Sell Spectrum in Saline has a great in house lender with guaranteed low rates. Call (734) 883-9597 for more details.
5. You already found your ideal home, what to do now?
Your biggest dilemma when buying and selling is deciding which to
do first. You don’t want to end up with the terrible situation of
owning two houses, or worse, owning none! Point number 3 above
advises you to sell first, but what if you found the ideal home before your house has sold and you want to write an offer NOW? Simply, write the offer contingent upon the sale of your existing home. This is very common in an area like Ann Arbor.
6. Failing to coordinate closings.
With two major transactions to coordinate — together with all
the people involved such as mortgage experts, appraisers,
lawyers, loan officers, title company representatives, home
inspectors or pest inspectors — the chances of mix-ups and
miscommunication increase dramatically. To avoid a logistical
nightmare, ensure you work closely with your agent.
Keep these six points in mind when you start looking for a new
home. They’ll make your life easier, and will save you a lot of money.