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Top Selling & Buying Tips For '08
Top Selling Tips For '08
- Price to sell. If you really must sell now, don't mess around. List your house based on what the market dictates today, not the prices that friends, relatives and co-workers got last winter or last spring
- Consider all credible offers. Holding fast for a better offer might put you in a situation where you're merely playing catch-up with a moving market.
- Buyers are requesting all kinds of enticements to spice the pot. Club memberships, prepaid lawn maintenance, moving expense reimbursements, all appliances included and liberal repair credits are just a few possible throw-ins. Don't be shocked if you hear, "Throw in that plasma TV and we've got a deal."
- Catch the wave at the source. Prepare your home for sale at the very earliest point this "spring", the time when seasonal buying is just starting to build.
- Preserve your equity. Until the market stabilizes, refrain from borrowing from home equity (or raiding your 401(k), for that matter) to pay your bills, or for vacations and other purchases.
- Gain in a sell-buy scenario. If you'll be buying another home at the same time you're selling your current one, the price reduction on the new one can compensate for the "loss" you're taking on the old one.
Top Buying Tips For '08
- Accounting for Extraneous Expences
As with almost any major purchase, there can be a number of fees associated with buying a home. Costs associated with property taxes, homeowner's insurance, standard maintenance, and utilities should not be overlooked. - Acknowledge Special Assessments
Many homes require a number of regularly scheduled special assessments to be performed in order to satisfy local regulations and ordinances. These are fees that are required in addition to standard property taxes. - Finding a Manageable Mortgage
A good question to ask yourself before contacting your local banker to discuss a loan is, 'how much is too much?' You do not want to make the mistake of taking on a loan so big that your finances will be stretched to the point that you cannot make your payments. - Determining How Much Home to Buy
Now that you have a handle on all of the costs involved and have determined how much money you can borrow, it is time to figure out just what you can afford to spend on a new home. - Welcoming Your New Home into Your Basic Budget
Once you have everything in order, set a budget and stick to it. It is also important to make sure that you start building a rainy day fund in case of emergencies.
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