Upgrading to a new home is a difficult process, since many homebuyers experience issues like financing or finding the right agent. Not to mention, timing is key when selling your current home to avoid getting stuck paying two mortgages or being without a home during the gap between closings. You deserve to buy your dream home for a great deal and get your home sold fast and for top dollar. Therefore, I compiled a list of the top 6 mistakes to avoid when upgrading to a larger home so you can sail through the homebuying process hassle-free.
Important Factors to Consider When Moving Up to a New Home
Upgrading to a larger home is different from purchasing your first home. Several factors can complicate the situation, and it’s important to consider them before you list your home for sale. In addition to getting pre-approved, timing is critical so you don’t end up getting stuck paying two mortgages or, just as bad, face the dilemma of having no place to live during the gap between closings. Ensure a successful transition by having knowledge of these six mistakes, and the strategies to overcome them, so you can make informed choices before putting your existing home on the market.
Learn the Six Strategies to Avoid Common Mistakes When Upgrading
Make informed choices before selling your existing home.
Before putting your home on the market, it is important to make informed decisions to ensure a successful and profitable sale. This involves understanding the current market conditions, determining a competitive listing price, and preparing your home for potential buyers. Selling your home can be overwhelming, but with the right agent by your side, you can navigate the process with confidence. For now, get prepared by reviewing these six strategies:
Seeing the world through a positive lens
To get the best price for your home, it’s important to make it as attractive as possible to potential buyers. This doesn’t always mean spending a fortune on expensive renovations. Even minor improvements can yield significant returns when it comes time to sell. However, it’s crucial to make these enhancements before putting your home on the market. If you’re short on cash, consider an equity loan that you can pay back when closing the sale.
Maximize Your Home’s Value When Selling
It’s easy to become numb to the constant barrage of real estate agents touting their #1 status or the number of homes they’ve sold. However, if you’re a homeowner looking to get your home sold fast and for top dollar, you should take note of this information when hiring a real estate agent. After all, an agent’s success in real estate is measured by their ability to sell homes. If one agent is selling a significant number of homes compared to another who sells only a few, it’s worth considering why.
What are these agents doing differently? It’s not uncommon for agents to sell fewer than 10 homes a year, which can limit their ability to market your home effectively. With a lower volume, they may not have the resources to afford advertising or special programs to give your home a high profile. They may also lack the ability to hire an assistant, which could lead to a decline in service quality as they try to handle all aspects of the job themselves. Therefore, when interviewing agents, it’s essential to ask how many homes they’ve sold to determine if they can offer the level of service you require.
Not Selling First
To avoid feeling pressured at the negotiating table and accepting a subpar offer, it’s wise to sell your home before purchasing another. By doing so, you can buy your next house without any strings attached. Alternatively, if you receive a tempting offer but haven’t found your next home, consider including a contingency clause in the sale contract to allow ample time for finding a new home. In the event that your home isn’t selling as quickly as expected, renting it out and putting it back on the market later may be a viable solution, especially if it’s a smaller starter home. However, it’s important to investigate tax rules if you choose this option. Or better still, eliminate this situation by having your agent guarantee the sale of your present home.
Failing to get a pre-approved mortgage
Although many homeowners overlook preapproval, it is a quick and easy process that can offer significant benefits. Preapproval doesn’t cost anything nor obligates you to anything, but it provides an advantage when making an offer on a house. With preapproval, you’ll have a clear understanding of how much home you can afford and the assurance from your lender. As a result, your offer will be more attractive to the seller, even if it’s slightly lower than a competing offer that’s reliant on financing. Don’t forget to take this essential step.
Getting caught in the “Real Estate Catch 22“
One of the most challenging aspects of buying and selling is deciding which to do first. According to point 3 above, selling first is the way to go. However, there’s a way to avoid this dilemma altogether. Some agents offer a Guaranteed Sale “Trade-Up” Program that guarantees the sale of your current home before you take possession of your next one. If you find a new home you’d like to purchase but haven’t sold your current one yet, they’ll buy it from you directly, giving you a stress-free and worry-free move.
Your Home WILL Sell— or I’ll buy it from you… Guaranteed!*
Don’t get stuck paying two mortgages! This program guarantees, upfront and in writing. If your home doesn’t sell, I, Shelly Salas will buy it from you at a price agreeable to you.
Buyer Satisfaction Guarantee*
If you Are Not Satisfied With Your Next Home Purchase I Will Buy it Back or Sell It For Free – Guaranteed!*
Move Up to Any One of My Listings and I’ll Buy Your Home for CASH!*
NO Gimmicks! For more information on my exclusive Guaranteed Sale Program, Call Shelly Salas Today and order a Free Report now!
Free Moving Truck Rental
One of the many benefits my clients get to enjoy is the use of our moving truck not only when they close a sale on home but in a lifetime for free!**
Failing to coordinate closings
Coordinating two major transactions can be overwhelming, especially when multiple parties are involved – from mortgage experts and appraisers to lawyers, loan officers, title company representatives, home inspectors or pest inspectors. With so many people to deal with, the chances of miscommunication and mix-ups increase dramatically. To avoid a logistical nightmare, it’s essential to work closely with your agent.
Shelly Salas Can Help You With All Your Real Estate Needs
From selling houses to upgrading to a larger home fast for top dollar to helping you buy your dream home for a great deal, I know what it takes to make your real estate journey a success.
Additionally, at Your Home Sold Guaranteed Realty – The Salas Team, you’re not just another client. Each home-seller or homebuyer receives world-class personal customer service.
With my vast knowledge of the real estate market, I can help you buy or sell your home stress-free. My tips and guidance will get your home sold fast, for top dollar, and with the least amount of hassle. Don’t just take my word for it – my record of selling more homes than any other agent in Killeen speaks for itself. Call Shelly Salas Today at 855-331-SOLD or fill out the form located at the bottom of this page to get started!
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