Get Familiar with Your Real Estate Market Before Selling

Every city, town or village is different, and you’ll experience a different real estate market in each area that you visit. That’s why it’s important to do your homework regarding the trends where you live before putting your house up for sale. Doing the right investigative work will help you determine what the buyers in your area are looking for and how you can market your home to fit their needs in order to get the best price possible for your home.

Begin your investigation by searching online for houses in your area that have recently sold. Compare them to each other to determine what features they all have in common, and then compare them to your own home to see whether or not your house stands up to the marketing demands in the neighborhood.

Don’t limit yourself to only focusing on the success stories. Take a look at homes in your neighborhood that have been on the market for a long time. Compare and contrast your own home to these, and try to market yours in a way that’s closer to the homes that have sold more quickly.

Not only will researching local market trends give you a good idea on how to sell your home, but it will also give you a good idea on when to do so. In general, the best time to sell a home is between March and July, when most people are out searching. Take a look at local properties similar to yours and determine when the best time for selling is in your area. Knowing the amount of demand where you live at a given time will help you negotiate with potential buyers and keep you well prepared for answering questions that they might have.

When marketing your home, be sure to take into consideration the type of person who will be looking to buy it. Is it a single-family home? A small condo? Rearranging furniture and redecorating your living areas accordingly can make all the difference when it comes to making the right impression on the right person. The goal is to paint a picture of perfection for your buyers by creating a living space that they can see themselves in.

If you are selling to a family, be sure they know about local schools, and if you are selling to a younger couple, be sure they know about local social life. Keeping in touch with the neighborhood and staying knowledgeable about the types of people your house will attract will keep you on your toes and ready to market your home effectively.

If you need help selling your home in suburban Philadelphia, it’s important to consult with an experienced realtor in your area. This individual will know the market well, and will help you identify potential buyers efficiently and effectively.

The Best Time to Sell Real Estate: Now!

Deciding on the right time to sell your home can be challenging, and it can really be different for everyone. Depending on what’s going on in your life, you may want to wait for the industry to recover, but if you want to be out of your house in the next six to 18 months, then the time is now.

Here are some tips on the best times to sell your property:

1) It’s the best time of the year. The most common time for buyers to look for houses is between the months of March and July. After that point, the market typically levels off and then picks up again in September and October. Don’t miss your chance to catch potential buyers at this crucial time. Not only will you find more hopefuls in the spring and early fall, but it will be easier for you to give your home curb appeal during these months than in the winter.

2) It’s a great time to upgrade. It’s a buyer’s market and there’s no better time for you to upgrade to a more desirable home. Interest rates are at an all-time low, and moving into a more sought-after property now will provide you with more opportunity to gain equity in the future. There has never been a better time for you to sell your current house and upgrade.

3) It’s early enough to beat the competition. There is expected to be an increase in distressed properties, including short sales and foreclosures, beginning in the fall. These low-priced houses will be extremely appealing to potential buyers who will be able to get a good-sized home with an inexpensive price tag. Distressed properties are expected to affect the market for at least the next 12-18 months, so get your house in the public eye now before they become your competition later.

4) It’s the push you need to move out and move on. With lending standards tightening and demand lessening, mortgages are becoming more difficult to obtain. To sit around and wait for the market to improve is to wait for something that may not occur for quite some time. There’s a reason you want to sell your home, and you shouldn’t let a less-than-desirable real estate market hinder you from making a crucial life choice for you and your family.

Talk with your family about your reasons for moving. Answers will differ for every household, but it’s up to you to decide what’s right for you.

If you need help making this decision, speak with a qualified real estate agent.

How Good Landscaping Can Help You Sell Your Home

The first thing that potential buyers see when they come to look at your home is your front yard and exterior. First impressions are extremely important when selling a home in Chester County, and a disheveled-looking place can be an instant turnoff for homebuyers. That’s why it’s important that your house has what is commonly referred to as “curb appeal.”

Although it’s often the last thing owners think of when preparing their home for sale, curb appeal can actually add 10 to 15 percent to the value of a property. That really adds up!

There are a few things to keep in mind when addressing the landscaping on your suburban Philadelphia home for sale.

The Lawn: Dead grass can look brown and unattractive. A bright and inviting lawn will make potential buyers excited to see the inside of your home. Make sure to keep the lawn trimmed and well-watered for that clean, green look. Many people who are looking forward to selling a home in Chester County, PA also take to planting flowers in the front yard to really make the house pop and stand out on the block.

Garden beds can also benefit from the addition of mulch, which will create an organized feeling for the overall landscape. Mulch is also an easy solution for people who don’t have time to wait for fresh flowers to grow. Pull out those weeds and give your lawn a fresh new look!

Trees and Shrubs: Though you may not think that it matters, the shape of your home and how clean it appears from the outside really makes a difference when you need to sell a home in Chester County. If you have a lot of trees in your yard, then you might want to consider trimming them. Although trees can be lovely and inviting, they can also cover up the positive features of your home’s exterior.

Large trees in front of a house can make the house look small, so let your house stand out and shape up those shrubs. Once your house is in clear sight, you’ll want it to be as clean and organized as possible. A new paint job or power washing will leave your home looking brand new.

Lighting: While most home showings for suburban Philadelphia real estate happen during the day, potential buyers can certainly drive by for a quick look in the evening as well. Equipping your home with low-voltage lighting along the driveway or patio can create a certain inviting ambiance that passers-by will love.

While taking care of the landscape of your home will not guarantee you a sale, it is the first step toward getting buyers in the door to look at the rest of the house. A clean, colorful exterior will show buyers what they don’t want to miss on the interior and it will help you sell your property in Chester County.

To learn more about how you can effectively sell a home in suburban Philadelphia, contact Liz Saunders, Associate Broker with Coldwell Banker Preferred, direct at 484-914-4833 or the office at 610-429-4400. You can also send her an email.

Handling a Real Estate Short Sale

When times are tough, homeowners may be forced to make sacrifices and sell their property in Chester County. A “short sale” in suburban Philadelphia real estate is an agreement reached between the owner of a home and his or her moneylender, wherein the lender agrees to accept less money than what is owed on the house. An alternative to foreclosure, a short sale may be a good option to consider if you qualify for one.

The following are the common steps associated with a short sale situation:

Step 1: Contact the lender and send a letter of authorization

It may take time, but try to get a hold of a supervisor who can give you some direct answers regarding short sales when selling a home in Chester County. Once you have your facts straight, you can submit a letter of authorization to the lender. Lenders don’t want to get in trouble by disclosing your personal information, so the letter of authorization will get the ball rolling by permitting the lender to disclose information about you to the specific parties mentioned. Be sure to include your name, the date, the loan reference number and the property address in your letter.

Step 2: Create a preliminary net sheet and hardship letter

The preliminary net sheet displays an estimate of the sales price that is expected to be received, and all of the costs of the sale, including unpaid loan balances and late fees. Don’t worry if you aren’t sure how to calculate these costs—you can always work on this with a lawyer and/or closing agent. You will not need a short sale if the bottom line shows cash to the seller.

Once this is set up, it’s time to start work on your hardship letter. This list of facts explains to the lender how you got into your financial crisis. The lenders are human beings, too, and they can be more understanding than you think. Just make sure to be honest about your situation.

Step 3: Send in a proof of income

Just as you’ve been honest in your hardship letter, it’s important to tell the whole truth when disclosing information about your income and assets. Lenders cannot afford to lose more than they have to when it comes to suburban Philadelphia real estate, so they want to make sure that you’re really in need of the help you are asking for. Be sure to include in your proof of income anything of tangible value, including cash and other real estate, as well as any bank account balances you may have.

Step 4: Complete a purchase and listing agreement

Once you’ve found a buyer, the lender will expect a copy of the offer and of the listing agreement. Make sure that you are prepared for the lender to refuse to accommodate for certain things, such as home protection plans. If all goes well, you will be able to sell your property in Chester County and your short sale will be approved.

Short sales can be difficult, but with the help of a certified realtor, the process can be easier on you. If you have questions about this process, contact Liz Saunders, Associate Broker with Coldwell Banker Preferred, today at 1-888-914-4833, or send her an email.

Top Real Estate Trends for Spring 2012

The fast-paced world of real estate shifts with the economy, and while not all predictions come true, professionals in the industry are able to predict trends for the busy season of 2012. It can be tough to sell PA property as the Chester County real estate market has seen its fair share of challenges in recent years, but sellers can look forward to some upticks this year.

This year, it’s important for anyone buying or selling a home in Chester County, PA to be well informed of upcoming real estate trends before jumping into any selling or purchasing commitments.

1. Economic Recovery

When it comes to selling a home in Chester County, PA, many real estate professionals are noticing that there is large demand for homes—and especially for new homes. Interest rates are lower than ever and many markets that did poorly in recent years may do quite well in spring 2012 as a result. Provided that business leaders and consumers will become more confident in the economy, this high level of demand can mean big things for the housing world.

That is, unfortunately, the problem. Buying a house is a big investment, and with the way Chester County real estate has been recently, many won’t be overly eager to spend their hard-earned money on a market that is still somewhat fragile. Buyers and business professionals must take charge and be confident in their decisions in order for the market to improve.

2. Foreclosures

Realtors do not predict the complete end of the foreclosure crisis in the upcoming season, but there still exists the possibility for a solution that would solve the problem permanently. For example, interest has been shown in taking areas with many foreclosed homes and making them into rentable apartment-like communities. This concept may continue and develop further in the future as renting becomes increasingly popular.

3. Renting

Rents will continue to rise in spring of 2012 as they have in the last year. As foreclosures become increasingly popular people, are forced to turn to renting as the only option for living, making it more challenging to sell PA property. However, there are also many people out there who have recovered from the recession, and are tired of having to rent. These individuals are a great target market for selling a home in Chester County.

Although renting is on the rise and home owning is still recovering, the real estate market is not lost. To sell PA property, it is a common consensus among many real estate professionals that the market will improve if business leaders and buyers take risks and put confidence back into their homes. Ultimately, it will be the availability of low interest rates and loans that will determine whether or not this confidence in the market is realized.

Be sure to follow your local Chester County real estate trends as the season goes on for up-to-date data and market results. If you’d like to speak with a professional realtor to learn more, call Liz Saunders at 1-888-914-4833 or send her an email.