Leveraging Your Selling Power
Due to the lack of inventory, home values are climbing and new home construction is increasing. If you are a homeowner looking to move up, you could reap the benefits of a seller’s market, but there are a few things to keep in mind.
First, you need to know the value of your current home. There are several options available including using online home value estimators, getting a competitive market analysis from a mortgage broker or hiring an appraiser.
Once you know your home’s value, you can determine how much you can afford for your next home. It is best to talk with a mortgage lender early on in the selling process. They will be able to talk about various financing options as well as recommend Realtors in your area.
Working with a knowledgeable Realtor who understands your local market is critical in a seller’s market. Your Realtor can provide suggestions for staging your home to maximize your home’s appeal to prospective buyers. They can also help you sort through multiple offers while watching the market to find your dream home.
In a seller’s market it is possible that your home will sell before you’ve purchased your next home. You will need to have a plan in place of where you will live in the interim. Some seller’s will rent from their buyers for a period of time. Other seller’s will find temporary housing such as a short-term rental, staying with friends or friends or staying at an extended-stay property.
Keep in mind this short-term inconvenience could really pay off. Once you have cash in hand, you may be in a better position to compete for your dream home against other buyers who may have a contingency of selling their home.
“With the right strategy in place, you can use a seller’s market to your advantage. The key is to have the right players on your team, so you can navigate this tricky sales process,” says Harry Stewart, VP of Mortgage Lending. “We will be happy to help you do more with your money. We have financing options to fit your needs and fast closing times to get you into your next home.” Call 815-744-7497 or apply online at numarkcu.org.