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Moving to a Larger Home
We provide real estate services to buyers
and sellers in Pennsylvania (Berks County, Chester County, Delaware County,
Montgomery County, Philadelphia, Drexel Hill, Haverford Township, Havertown and Upper Darby) as well as in
New Jersey (Brigantine, Atlantic City, Ocean City, Camden County and Gloucester
County).
Unlike the experience of buying a home for the first time, when you are looking
to move up and already own a home, there are certain factors that you must
consider. It’s very important you evaluate these factors before you list your
home for sale.
Not only is there the issue of financing to consider, but also the fact that you
have to sell your present home at exactly the right time in order to avoid the
financial burden of owning two homes or, just as bad, having no place to live
during the gap between closings.
Most of us dream of improving our lifestyle and moving up to a larger home. The
problem is that there’s sometimes a discrepancy between our hearts and our bank
accounts. You drive by a home that you fall in love with only to find that it
has already sold or the asking price is way too high. Most homeowners get
caught in this hit or miss strategy of house-hunting when there is a much easier
way to go about the process. Your first move is to meet with a competent agent
and discuss the sale of your house and necessary improvements to make. How much
you will net from your sale will determine what you can purchase. Look at a few
homes to get a general idea of availability so when you are ready to buy, you
can do so quickly.
If you want to get the best price for the home you are already selling, there
are certain things you must do to enhance its salability. The repairs and
alterations don’t have to be expensive. Even making minor investments can come
back to you ten-fold in the price you are able to realize. Making minor
improvements must be done before the house is put on the market in order to
attain top dollar for your home.
You should plan to sell before you buy. This way you will not find yourself at
a disadvantage when seated at the negotiating table feeling pressure to sell at
a below-market price because you have to meet a purchase deadline. If you have
already sold your home, you can buy a new one with no strings attached. If you
do get a tempting offer on your home but have not made significant headway on
finding a new home, you might want to put in a contingency clause that gives you
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 to
rent out your home and put it on the market at a later date. This can
be particularly effective if you are selling a smaller start-up home.
You’ll have to investigate the tax requirements if you choose this latter
option.
Be sure to get pre-approved for a loan before the process of buying and selling
begins. There is never a cost or obligation involved with getting pre-approved
for a loan, and it will give you a significant advantage when you put an offer on
the home you want to purchase. A pre-approved buyer will always look better to
a seller than one who does not yet have financial backing.
With two transactions to coordinate together and with all the people involved in
buying and selling homes, the chances of mix-ups and miscommunication increase
dramatically. To avoid this be sure to work as closely as possible with your
real estate agent.
Choosing your Agent wisely. Any agent will show enthusiasm and will want to list
your house for sale but choose your agent based upon:
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Experience at
listing and marketing houses for sale.
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Ability to use
technology to market your house world-wide to buyers 24/7.
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Reviewing with you
a comprehensive Marketing Analysis of home sales in your area.
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Ability to offer a
written detailed MARKETING PLAN that will get your house sold at the
highest possible price.
Working with a full-time professional real
estate agent is a must. Choose your agent by asking questions of them. Find
out how knowledgeable they are about houses currently for sale in your price
range and also of houses that have recently sold. Can your agent recommend a
good lender that has the reputation of excellent customer service and low rates
to assist your new buyer with financing? A good listing agent can get your
house sold quickly at TOP DOLLAR and help you find a new home.
To receive
your FREE copy of Homebuyer's Handbook or Homeseller's Handbook, click here.
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