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Tag: property for sale

Housing Indicators to Sell or Rent Your Home

When the times comes to move on from your current property, you may be left wondering: “should I sell or rent my house”? While putting up your property for sale on the market may be the most common choice, you can also rent it out as another stream of income. It’s best to watch out for housing indicators to aide in your decision. Learn more about the four housing indicators you should watch out for when it comes to selling or renting your home in this month’s blog.

Are home sales high?

Home sales indicate how much competition there is for homes on the market. If home sales are high, then that means more buyers are moving into the area and are competing for real estate. You’re more likely to get a higher selling price if you sell your home while home sales are high.

This is the opposite when home sales are lower and on the decline. In this case, fewer buyers are moving into the area which means there is less competition and buyers have more choices. With lower sales, consider renting out your property and then selling it when home sales increase again.

Are home prices on the rise?

Knowing the average selling prices of homes can help you determine if selling or renting your home will be profitable. High home prices are good for both leasing and selling your home and you’ll be able to secure a higher selling price. You’ll also be able to charge more rent since more people will be moving into the area and there are fewer homes available.

How is the housing supply?

Understanding the competition for real estate in your area is key in determining when to sell or rent. Housing supply indexes let you know how many vacant home are available for sale in your area and are strongly correlated with price. If the housing supply goes down, this indicates that there is more competition for real estate – which in turn drives up the property prices. When the housing supply is low, you may want to consider putting up your home for sale to quickly attract potential buyers.

If there is a high housing supply or there are many vacant homes available for sale, then that indicates there are most likely fewer buyers looking for a home. You’re less likely to profit from a high selling price in this case. You may want to consider renting your home until the home supply in your area lowers.

How affordable is the rent?

Rental affordability refers to the percentage of an average family’s income that goes towards paying rent. Low rental affordability means you can attract more tenants if you decide to rent out your home. However, you may be limited in how much you can charge for rent.

High rental affordability means that the rental property in your area is more expensive. This can be tricky for landlords because although you’ll profit more in collecting rent each month, you’ll most likely have trouble finding tenants who can afford it.

Conclusion

Overall, renting makes more sense if you owe more on the property than you can sell it for and if the housing market is currently weak in your area. On the other hand, selling your home is best when there is a high demand for homes due to more buyers wanting to move into the area. If you want to make profit, you’ll need to crunch those numbers while keeping an eye out on the current housing market.

To learn more about the housing market and for more mortgage advice and information, visit American Mortgage Resource, Inc. We provide the best financial resources in Massachusetts and our team is here to help you with all of your mortgage and home loan needs.

Tips for Selling Your House

As much as everyone wants it to be, selling your property is not a simple and quick endeavor. Listing your house and finding a qualified buyer can be a long and tedious process. Your house may also stay on the market for longer than expected depending on the pricing and location. However, there are a few factors within your control that can help with selling your former home. In this month’s blog, we will discuss a few tips to help with the selling process and help your house be more appealing to prospective buyers.

Hire the Right Agent

Hiring a real estate agent who knows the market can be very beneficial in selling your house. Some homeowners may be hesitant in hiring an agent because they want to save on the cost of paying real estate commission. However, an agent will be able to expose your listing to a much broader audience and can negotiate on your behalf. You can sell your house by yourself of course, but it can be a very stressful process as a result. You would have to deal with personally managing the property, marketing the listing, reviewing offers, and handling all negotiations and closing details. A good agent will relieve you of a lot of stress so you can focus on other things.

Spruce Up Your House

When you’ve made the decision to move forward with selling your house, it’s time to focus on its marketability and appeal. Thoroughly inspect the house and identify areas that need to be fixed or renovated. Perhaps your walls need a fresh coat of paint or the carpet needs to be replaced. Don’t forget to inspect the exterior and landscape of your property as well. This is an important process because you want your house to have a good curb appeal and be enticing as possible to potential buyers.

However, don’t waste your money on needless upgrades unless the new additions will have a high return on investment. If your house is in good condition, it wouldn’t make sense to do a full renovation if its costliness will cause you to lose money on the sale. In general, making updates to the kitchen and bathrooms can be more beneficial, such as replacing your old cabinets and sinks for something more modern.

Market Your Property

Having online listings with clear photos of your property can greatly boost interest and gather more attention. The value of professional photography should not be overlooked because the photos of your home could be someone’s first impression. Make sure to add well-written and informative descriptions of your property to garner more interest. Online buyers want to know as much as possible before they decide to spend time visiting and touring your property and neighborhood.

Creating a 3D virtual tour is also another option that allows online buyers to tour your house. They are efficient because unlike in-person showings, 3D tours are available 24/7 and can be accessed at any time.

Set a Competitive Price

Give yourself room for negotiation but also keep it realistic. A common mistake that sellers make is overpricing their property and then reducing the price the longer it stays on the market. Multiple price reductions can also give the impression that something may be wrong with your house. You don’t want to underestimate your house’s value either because that will cost you. Instead, take references from a real estate comparable, which is a similar home that has been recently sold in the area or market you’re looking to sell in. This will inform you of average prices other homes comparable to yours are selling for and help you set a competitive, yet reasonable price.

Conclusion

As you can see, there are many moving parts to selling your home. We hope these tips help first-time home sellers find the best deal possible. If you’re selling your property and you’re looking for a new house, rely on American Mortgage Resource, Inc. for expert advice and help. Learn more about our services by visiting our website or contact our team at (617) 972-8588.