Leverage Your Equity
Are you a first time home seller? You have a so many decisions to make and it seems like the market is so different than when you bought just a few years ago. Now you are a first time home seller. A first time home sellers are folks who bought wisely when homes were priced at record lows and now have equity in their home that they want to leverage.
This is simple for me because I do this all day every day. Let me help you a bit here.
- First thing is the big question. If I sell then what can I buy and for how much? It was a tight squeeze getting into our first home and we want to buy up but do it painlessly. This next purchase will be much easier because you have a track record with lenders and most folks in your position buy up about 30% higher in value than currently. Remember rates are low and you should get as much as you can now while rates are low.
- Rates will go up but it is believed that they will not go past 5%
- What is my home worth? The truth is that at right now we have some figures in for this year of sold homes in this season but we are still teetering on a run up of prices. If a lot of homes come on the market prices will drop so I encourage folks to hop in now.
- How do I choose a Realtor. Act like a buyer. Go to Google and type in terms that you would if you were shopping and find the top Realtor in that category. Do not choose a company, find the Realtor that is all over the internet because that is where the action is. Find a Realtor that can give you references and is active.
Find a Realtor that works with first time sellers. This is an entirely new category and few of us have prepared for you. If your Realtor has great marketing in this market he should be able to sell quickly and find you a home quickly. There is a ton of inventory out there right now but very little listed. Choose a Realtor that will find you those properties.
Tomorrow I will write an article on how to do concurrent closings where you have the title company streamline the passing of your equity from one home to the next.
Bob Santucci is a full time Realtor and available to answer questions and help you