Real Estate
The lowering interest rates have brought many homeowners back into the real estate market. With over ⅔ of homeowners having more than 50% equity in their home right now, that equity could be your ticket to your next home. With so much equity in your home, are you thinking of how you can use yours to save you money?
What Exactly Is Equity?
Equity is how much money you have available in your home. For example, if you owe $200K on your home right now, but it’s worth $600,000, you have $400,000 in equity. You acquire this equity in two ways. The first is by paying down your loan, and the second is by your home appreciating in value.
Preparing Your Home
When selling your home, you want to prepare your home so as to avoid any possible problems. You will be going through inspections and appraisals after you accept an offer. These will show anything about your home that is in need of repair. Issues with your foundation, water damage, roof or siding problems, all of it will come out during this period. After that, your buyer can negotiate your original deal to accommodate the unexpected expenses. You may be asked to make repairs, cover costs, or lower the agreed upon price.
Repairs
The first thing you will want to focus your time and money on is repairs. These tend to be larger and more costly, but can save your deal. If you know of repairs that need to be done on your home, think about addressing these. Some repairs are ones that you won’t know about until an inspector comes and takes an expert look at your home. Connecting with an inspector can not only tell you the repairs you could make, but also prepare you for the selling process by knowing the possible issues that could arise during the escrow process.
Renovations
This is the fun part. You can tackle projects that you likely have wanted to do for yourself for a long time now. These can also be more budget friendly and you can highlight the best places in your home.
The top places in every home that people are looking at are the kitchens and bathrooms. If you are looking for the best places to work on, these are it! Fresh paint or touch ups, new hardware, a deep clean, and updates are best spent here! When these places stand out in a buyers mind, your whole home does!
These are also the spots to do renovations. Replacing tile, cabinet doors, and backsplashes to update it to match market desires will keep people thinking about your home. To get the most bang for your buck, these spots are where you want to spend your money.
The outside of your home will leave a lasting impression on buyers. It’s the first thing they see when looking online, and when they tour your home. When an agent brings them to your home, they sit at the front door while the agent figures out how to get in – which can take a few minutes. During which time, they have plenty of time to observe everything about the front of your home.
Give your home a good power wash or get a fresh coat of paint on. The front door could probably use a fresh coat of paint as well! You will also want to refresh the landscaping. Making the outside of your home look like new invites buyers to feel at home before they even walk through the door.
The Costs of Selling
Selling your home does cost a pretty penny. People on average spend thousands on repairs either before listing or during negotiations. This is on top of commission costs, appraisal costs, and continued mortgage payments while you wait for a closing date. While you come out with lots of the equity you’ve accumulated, you still have a lot of costs associated with selling. You can see how we break down the cost of selling here.
Receive A Cash Offer For Fast And Easy Home Selling
If 2024 is the year you move into the next chapter of your life, and the traditional way of selling a home is not going to cut it, know there are alternatives out there!
Cash offers are not dependent on any type of market. They also don’t depend on having the latest and greatest within the home in order to complete the sale. If you are already concerned about the competition when you sell your house during a buyer’s market, cash offers help you avoid a number of things in the home sale process that could benefit your situation.
Appraisals and Inspections
Finding a cash offer means no appraisals or inspections! Not only does this speed up your sale, but it can help you avoid costs while selling. If things are discovered during inspections, you could lose the sale due to contingencies. You could also lose money on the sale or be asked to make renovations to the home in order to complete the sale. This can delay your sale and potentially end it all-together. A cash buyer like Eric with ASDM Homes is willing to forgo those inspections, allowing you to avoid all the potential pitfalls surrounding the inspection process.
Repairs And Renovations
Even if you know your house needs repairs and just won’t be able to compete in the buyer’s market, cash buyers like Eric with ASDM Homes buy homes that are in need of significant repairs. Repairs will often be mentioned at some point after the inspection, if not by your agent before you list. Repairs can hinder you from getting your house sold in the timeframe that you need.
Time to Close
When working with a cash buyer, you gain the ability of changing the timeline until you are able to sell. If you are in need of closing by a certain date, cash buyers are able to accommodate you, within reason, so you can have a faster transaction. They are able to do this because the selling process is a lot simpler. There are far less hoops that you will need to jump through with them, so you can get to the finish line faster!
Getting Your Cash Offer
Eric with ASDM Homes offers an easier alternative to selling your house fast in San Joaquin and Stanislaus county. Cash offers can help you sell your house quickly, for a fair price, without the need for repairs, inspections, or having a line of strangers walk through. Selling a house during the market can be a long, costly and difficult process right now. Selling your house does not have to be.
If a cash offer is what’s right for you, Eric with ASDM Homes is here to help! We can give you a fair cash offer, help with all the legalities, and streamline the process to help get your home sold fast! Contact Eric today to find out what you can get for your home and how quickly you can get that cash in hand!