6 Tips Every First Time Home Seller Should Read

6 Tips Every First Time Home Seller Should Read

Before you plant the yard sign on your front lawn and start packing boxes, take a look at these wise words on selling your home from our network of Coldwell Banker professionals.

Selling your home is a big move.  Literally. But a few small steps can set you on the path to a successful sale.  Before you plant the yard sign on your front lawn and start packing boxes, take a look at these wise words from our network of Coldwell Banker professionals. See their insight on the real estate process, how to sell your home with kids, and even what the home buying process can teach you about selling your home.

“Pack or purge.” – Chavi M. Hohm, Coldwell Banker BAIN in Seattle, WA

“Think about what position the home will put you in when you are ready to sell and how it will help you buy your second home. Sweat equity is your friend here!” – Kevin Lawton, Coldwell Banker Schiavone & Associates in Yardville, NJ

This Ballard Beauty is located at 7351 Mary Ave NW in Seattle, WA and is listed by Team Diva with Coldwell Banker BAIN.

“When you were negotiating and came in with a low offer that probably irritated the sellers… it may in fact happen to you. Remember that when you are on the receiving end. Try to keep emotions in check. Of course in a hot market perhaps not as much but the same goes for pricing. Be aware of the market and what your home’s actual worth is.” – Melissa Mummery, Coldwell Banker Coastline Realty, Brokerage in Ontario, Canada

“Remember what you noticed before you moved in. The HVAC, outlets and switches. Where are they placed, How many in each room/area? ” – Tina Kerr, Coldwell Banker Residential Brokerage

This remarkable historic colonial is located at 129 Bayview Ave in Amityville, NY and is listed by Jennifer Ronzo with Coldwell Banker Harbor Light.

“Detach from the emotions. To make the best decisions and start moving forward, you need to emotionally detach from the house and the moving process.” – Sunny Lake, Coldwell Banker BAIN

“Staging and decluttering really does matter. I had a young family that had 3 children ranging from infant to 3 years. They totally decluttered/depersonalized. Every time we had a showing they had their kids throw their toys in a suitcase and threw them in their trunk and took off for a clean empty home to show! Sold in no time and the buyer could not believe how many kids they really had! Buyers don’t want to see toys (kids or pets) so put it away or take it with you!” – Jennifer Ronzo, Coldwell Banker Harbor Light in Amity Harbor, NY

Most importantly, you don’t have to go it alone.  Working with a real estate professional can be one of the best things you can do to navigate the real estate process. If you’re looking for a real estate agent in your area, visit coldwellbanker.com.

What You Should Know About Credit Scores

A credit score is a complex mathematical model that evaluates many types of information in a credit file to determine your financial reliability or credit risk; that is, how likely you are to repay a loan and make your loan payments on time. Many factors influence your score, with the two most important being how you pay your debts and how much debt you owe. For example, late payments on loans, a past bankruptcy, debt collections or a court judgment ordering you to pay money as a result of a lawsuit will negatively affect your credit score.

According to the Fair Isaac Corporation that calculates the popular “FICO score”, the following factors (and weighting) determine your credit score.

• Payment History (35%) , which includes account payment information, bankruptcy or judgments, how long overdue payments are, amount past due, and the time since any adverse occurrences.

• Amounts Owed (30%) , which includes the amounts owed on accounts individually and totaled together as a whole, number of accounts with balances, proportion of credit line used and proportion of installment loan amounts still owed.

• Length of Credit History (15%) , which includes the time since you accounts have been open as well as the time since your accounts have been active.

• New Credit (10%) , which includes the number of and time since recently opened accounts and proportion to total accounts, number of and time since recent credit inquires, and the re-establishment of positive credit history following past payment problems.

• Types of Credit Used (10%) , which includes the number of various types of accounts, like credit cards, retail accounts, installment loans, mortgage, etc.

Credit scores change over time to accurately reflect your current financial behavior and length of credit history. Accurate negative information can be reported for 7 years, with the exceptions of bankruptcy (10 years), lawsuits or judgments (7 years or until the statue of limitations runs out, whichever is longer), or information based on an application for a job with a salary of more than $20,000 (no time limitation). Since your credit score is a “snapshot”, it’s unlikely that your credit score a month ago is the same as it is today.

In order to ensure that credit reports are fair for everyone, certain factors are not included in your score. To name just a few, race, religion, national origin, sex, age, salary, and any other information not proven to be predictive of future credit performance are never included in calculating your score.

Is the Market Hot or Not?

Is the Market Hot or Not?

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There are various stories on any given day about the health of the real estate market. They are so varied in fact that is it extremely difficult to ascertain exactly how healthy the market is. Real estate agents from across the region are sharing stories of homes going under agreement within days of being listed, and offers coming in that are far above listing prices.  Is it too late, can you still afford to buy? Should you wait to sell until prices rise even further?

All the while reputable news outlets are reporting a drop in sales, prices, or both.  Should you take your home off the market? Will your property lose value? Who is telling the truth?

The reality is, real estate is a very local business and because of that, it is difficult to gage an entire industry’s overall success using anecdotes from any particular area of the country that isn’t your own. Of course most expect the real estate market in New York to be different than it is in Los Angeles.

Would you be surprised to know that your market can change depending on price point or even what street you live on? What is happening to the entry level market is vastly different than what is happening to the move-up market. Even the luxury market has its own price points that determine time on market and overall sale price. It really is that varied.

There are several lessons to be learned here:

  1. Don’t assume that daily news reports about real estate will determine your level of success with your own real estate goals. National data can provide an overall temperature of the market; however your success will be based on your marketplace. How many homes are on the market in your price point? How many days were they on the market? It’s a lot of information to collect and analyze.
  2. Never speculate or try to time the market. By the time you think you should make a move, the market has already changed.
  3. You have access to experts that can help you. There are so many variables that can determine your success and a real estate expert can advise you and lead you through the process. There is data readily available at any given moment, just like the data presented here. A real estate expert can translate the data for you and help you determine the best actions to take.
  4. Trust your real estate experts.  As your real estate expert we can tell you, the current market continues to improve and is moving steadily in the right direction.

Call me, Steve, today to find out more about what your particular property may be worth.  I am always available to answer any questions 617-372-1870.