Plenty of focus in the local news (and, to a lesser extent, at the national level) has been placed on the rebounding real estate markets in the United States. After the massive real estate crisis of 2008, which saw plummeting home values, home owners underwater on their mortgages by tens or even hundreds of thousands of dollors, and skyrocketing foreclosure rates in many markets, recovery is finally in full swing. For the average homeowner, this means a number of things.
First, your property values have been slowly creeping back up toward what they were prior to 2008, making your mortgage less top-heavy. Secondly, as valuations increase, so does demand for home ownership in many communities. And Thirdly, those blighted, foreclosed homes have, for the most part, been purchased and move into by new residents, whether rental tenants or primary homeowners. That means it's a great time to sell your home. Here are some quick tips on how to make the most out of selling on a seller's market, which is certainly how things are on the West Michigan real estate market and Grand Rapids real estate market right now.
Get a strong home valuation. Make sure that your Realtor is looking at the most recent home sales and listings in your area, as opposed to those a year old or older. Because prices have been steadily increasing over the last year, older transactions won't do your home or neighborhood's values justice. If you list and sell your home this season, chances are good you'll be looking at a substantially higher selling price than you would have been a year or more ago. Take advantage of that fact and sell while the market is strong!
Pass along upcoming maintenance to the buyer. Are you on year seventeen for your twenty-year shingles? If so, that means that in the next few years, the roof will need expensive upgrades and maintenance. While this can be a real deal-killer on a buyer's market, with the level of homes for sale so low across West Michigan, that is no longer the case. You may not even need to drop your asking price to receive an offer. Make sure that any known defects are disclosed to potential buyers before closing, but expect to receive interest despite the fact that you know the windows need to be updated.
Sweat equity can finally be cashed in. Did you buy your hoe during the housing downturn? For the better part of a decade, homes in need of real care and upgrades were selling for rock-bottom prices across the West Michigan region. If you purchased one of these homes and performed the necessary maintenance and work on the property, chances are very good that you can make a substantial profit on the sale of the home this season.
Whether you're looking to sell an investment property or change the size or location of your personal home, the team at Pyxis Realty is on call and ready to help you sell your home and maximize you profit!