Up Close Publications
  • Home
  • Read Articles
    • Community
    • Education
    • Events
    • Finance
    • Food + Dining
    • Health + Beauty
    • Holidays
    • Home Improvement
    • Las Sendas Golf Club: A Closer Look
    • Local Business
    • Over 50
    • Real Estate
    • Sports
  • Events
  • Service Directory
  • Advertisers
  • Testimonials
  • About Us
  • Contact Us
  • Advertise
  • Contact Us
  • About Us
CALL US AT (480) 748-1127

Up Close Publications

ad Acoya
  • Home
  • Read Articles
    • Community
    • Education
    • Events
    • Finance
    • Food + Dining
    • Health + Beauty
    • Holidays
    • Home Improvement
    • Las Sendas Golf Club: A Closer Look
    • Local Business
    • Over 50
    • Real Estate
    • Sports
  • Events
  • Service Directory
  • Advertisers
  • Testimonials
  • About Us
  • Contact Us
FeaturedReal Estate

Out with the old in with the new: In this seller’s market, what should you do?

by Lorraine Ryall January 2, 2020
written by Lorraine Ryall January 2, 2020

Lorraine Ryall

As we head into the new year, predictions are for another great year as far as the housing market goes, although we do expect things to slow just a little this year especially around the election.

Interest rates remain low and the concession is rates for 2020 to remain the same or even slightly lower.

Refinancing

Homeowners who love their home, but it’s outdated or in need of repairs are taking advantage of the lower interest rates and the equity that has built up with the increased home values. They can refinance and take out extra to do the needed repairs, remodeling or building a pool in their existing home.

Depending on your current mortgage rate, it can be worth refinancing at the lower interest rate just to reduce your monthly mortgage payment even if you don’t plan on taking out any equity. Before you do, make sure you get all the fees and out-of-pocket expenses from the lender before you pull the trigger. Depending on the difference in your monthly payment, how long you intend to stay in your home and the fees, the lower rate may not be worth the out-of-pocket expense.

Refinancing to Sell

Another option when you have equity in your home and are planning on selling is to refinance and take out extra cash to do the remodeling and upgrades to increase your home’s value.

In some markets, such as a slow or buyer’s market, this may not be the best choice. However, in today’s market, buyers are looking for homes that have already been remodeled and they are prepared to pay a premium for that move-in ready home.

It’s much easier for a buyer to pay a higher purchase price for a remodeled home versus coming up with the cash afterward to do the remodel themselves.

I am currently working with a client who has a rental property. We looked at the value of his home in its current condition and the value once remodeled. After getting bids on the remodel, it was obvious that was the way to go and my client is going to net an additional $35K above the cost of the remodel.

If you are thinking of selling and you know your home needs updating, make sure you do your homework. Meet with a contractor and a local Realtor to get bids and find out which upgrades will give you the best return and increase the home’s value.

Check with the lender you are going to use to do the refinance and cash out, check on the fees and closing costs and make sure there is no minimum time frame or penalty if you pay the loan off within a certain period of time.

Selling

Everyone always asks when the best time is to sell, but that can be a loaded question.

It depends on your home and what pool of buyers are more likely to purchase your home — first-time home buyers, local residents, retired or second-home buyers. Then there are the current market conditions, and in today’s market there really isn’t a time not to list your home.

With such low inventory, if your home is priced where it should be, and not overpriced, chances are there is always a buyer ready to buy your home. Selling now in January and February means less competition as many sellers will choose to list in March, April and May.

If your home may not be up to par with others in your neighborhood, selling now while few of your neighbors’ homes are listed will give you a better chance to sell with less competition.

Spring is still the strongest selling market, so if that is when you plan to list, start getting all the repairs and sprucing your home up now. Even in a sellers’ market, there are inexpensive things you can do that will make your home show better and sell faster, from refreshing your home to small updates, and of course the No. 1 improvement all sellers should do, STAGE your home to sell. This is as simple as rearranging what you have or having your Realtor bring staging items to help your home show better. If you would like more information on what upgrades you should do before you list, and free staging, please call me to set up an appointment.

Buying

If you have been thinking of buying but sitting on the fence, waiting could cost you more.

With low interest rates and home prices continuing to increase, the sooner you purchase the better. There are fewer buyers between January and March, so now is a good time to be looking for your perfect home with less competition from other buyers.

If you are purchasing below the $400K price point, you may have already experienced competing with multiple offers. To be in the best position and beat out other buyers, make sure you have sent all the documentation to the lender and get pre-approved not just pre-qualified, so you have the strongest pre-qualification to present to the seller.

There are other tricks in the book to help your offer stand out above others other than just increasing the purchase price. Make sure you have an experienced Realtor working with you and discuss your options up front so you will know what you need to do to win the bid if you are in a multiple offer situation.

If you would like more information on buying a home and winning the bid, or a list of homes that match your criteria, please contact me directly.

For more information on current market conditions, buying or selling a home, or a free home valuation, please feel free to contact me directly. Call (602) 571-6799, or visit my website at www.Homes2SellAZ.com.

 

0 comment
0
FacebookTwitterPinterest
previous post
New Frontiers will host Spring Open House
next post
The New Year Brings Hope for a New Life

Related Articles

The History of The Rockefeller Center Christmas Trees

November 29, 2020

Check out our 2020 Predictions for the Real...

January 2, 2020

Strong Housing Market Expected for Winter Months

October 30, 2019

Housing Market Takes a Leap

August 1, 2019

Consider Not Taking Your Home Off the Market...

June 1, 2019

Take A Look Ahead At This Year’s Housing...

February 28, 2019

This Year May Be The Best Time To...

February 28, 2019

Strong Housing Market for Fall and Winter Months

October 1, 2018

There Are Advantages to Selling Your Home During...

May 31, 2018

Know the Facts When Buying a Home in...

April 29, 2018

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Read Print Issue Now

find us on social media

Facebook Twitter Instagram Pinterest

Trending Articles

  • Mesa Citizen of the Year Association Honors Students for Exceptional Service and Lifelong Impact

  • Curiosity, Geometry, and Arts and The Shaping of The Future

  • So, What Kind of Music Do You Like?

  • Xoxo Charcuterie Mesa is aone stop solution for great events

  • Getting Off theLong, Uphill Bicycle Ride

Read PDF Editions





GET IN TOUCH

Kim Phillips
Publisher
(480) 748-1127
publisher@phillipswest.com

 


 
Monica Adair
Advertising Representative
(480) 772-1949
monica@goupclose.com

Email Us



    Sign up for our newsletter



      • Facebook
      • Twitter
      • Instagram
      • Pinterest
      • Advertise
      • Contact Us
      • About Us

      Ⓒ 2020 Phillips West Publishing | Website by Rangefinder Studios