Tips for Selling Your Home in Winter

Photo Credit: Unsplash Selling a home in winter can be a prime time for homeowners who have done their homework and have a little bit of patience. Winter is generally a slower time of real estate activity as the cold weather and holidays have would-be buyers focused on other things. However, there are still buyers out there who need to purchase a home and with limited inventory, may be looking at yours. Thinking about selling your home during the winter months? Here are some benefits and tips to making it a worthwhile effort.   What are the benefits of selling a home in winter?:   Less inventory. Many homeowners pull their homes off the market or hold off until spring to list due to the colder weather and busyness of the holidays. When selling your home, less inventory means that your house will stand out and face less competition as options will be more limited. Serious buyers brave the cold. Although activity is much slower during the winter months, we see that more serious buyers stay in the house hunting game. These buyers typically have a need to move and are more motivated to make an offer. Winter conveys feelings of nesting. The added ambiance of joy and togetherness due to the holidays and colder weather can help make your home more attractive to buyers.    What to consider when selling a home in Winter: Photo Credit: UnsplashPreparing your home for showings in the winter has a unique set of home preparation reminders. Consider using this checklist to ensure your home is ready to show!   Maintain a comfortable temperature to give a cozy and welcoming atmosphere. 68 degrees tends to be the sweet spot, as it's not too hot to overheat bundled up buyers. Ensure that walkways and driveways are clear of snow and ice to stop slips and falls while boosting curb appeal.  If your home has a gas fireplace, make sure to turn it on for added warmth and ambiance.  Keep snow from piling on the roof and trees, as this can prevent ice dams and other liabilities. When it comes to holiday decor, minimal decorations are okay, but refrain from over-the-top or personal displays.

View more

Your Zillow 'Zestimate' May Be Wrong

There's no denying the convenience and accessibility of online tools such as Zillow when it comes to buying and selling homes. Many use the home value estimate, or ‘Zestiment’, given by Zillow, as the correct home value when selling their home. But, is the convenience of Zillow's estimates too good to be true?   Third-party valuations are usually incorrect. Zillow and other third-party estimates fail to correctly price your home. Even Zillow itself gives a disclaimer suggesting that you get a professional appraisal. Many third-party valuations base their estimates on zip codes. This means that your recently updated home could be priced the same as one down the street that hasn’t been updated in decades. They also don’t differentiate between homes in different school districts or outside of city limits. Listing your home based on a third-party estimate is a recipe for losing money!   How experienced realtors properly price a home. Experienced realtors price a home through much more detailed methods. They consider updates and upgrades. Did you just remodel the kitchen or finish the basement? Your price should reflect this investment. Home conditions are also considered. This means how well the home was taken care of, if it has any major flaws such as roofing issues, or if maintenance has been kept up with. Location is a major factor as well. Homes in good locations, such as close to downtown, in a desirable school district, or in a nice neighborhood, are preferable for buyers and will be priced higher. One huge advantage experienced realtors have is recent sales data and knowledge of local microeconomics. With access to this information, they are able to see what similar homes have sold for recently, and therefore be able to give a more accurate valuation of your home.   Want a no-obligation home valuation from our team? Lysi Bishop Real Estate offers a no-obligation home valuation from an experienced agent at no cost. Go to this link to see what your home is really worth!

View more

6 Ways Buyers Can Save on Their Mortgage

Photo Credits: Kindel Media With mortgage rates on the rise, it’s easy to feel extra financial stress when buying a new home. In the past month, mortgage rates have hovered around 7%. They are predicted to fall in the second half of the year, but affordability continues to be an issue when buying a home. Here are 6 ways homebuyers can save on their mortgage and afford their dream home.   Shop around: Credit: Alena DarmelTens of thousands of dollars can be saved from shopping around and getting quotes from multiple different mortgage lenders. Different lenders have different qualifications and standards used when deciding who to lend money to, which is why the exact same person can get such different quotes from other lenders. Make sure you get at least two different quotes, but keep in mind that buyers who get five or more quotes can save almost three times as much money over the lifetime of their loan then those who get two quotes.    Negotiate:While you may know it's standard to negotiate the price of your new home if necessary, many people do not consider negotiating a mortgage rate. The amount of room to negotiate a mortgage can depend on the lender but some lenders will consider negotiating on either the rate or the closing costs. One way to improve your negotiation is to show quotes from other lenders and ask for a better rate from them in order to keep your business. Do not be afraid to ask for a better rate, it never hurts to ask!   Buy down the mortgage points:Mortgage points are a type of prepaid interest, meaning you can choose to pay more upfront and receive lower interest rates and monthly payments. The downside to this is that it costs more upfront; however, if you have the money to pay extra to buy down mortgage points you can save money in the long run. When considering whether buying down mortgage points is for you, ensure you have enough money saved that spending the extra money on points will not deplete your savings past a point you are comfortable with.   Ask for discounts: Few people know that banks can sometimes offer “relationship discounts” to customers that already bank with them. These discounts can include waiving the loan processing fee or a certain percentage off of your loan. Ask your bank if they offer any relationship discounts before you sign your mortgage!   Watch out for float-down policies: A float-down option in a mortgage allows the borrower to adjust their rate downward if mortgage rates decrease during the closing timeline. Different lenders have different rules regarding their float-down policy, so make sure you ask what your lenders are before you have locked down your mortgage with them. Some policies include charging a percentage of your loan amount as a fee if you switch to a lower rate. Educate yourself on the float-down policy for the different lenders you are considering!   Consider the terms: Although a 30-year mortgage is the most common length for homebuyers, a 40-year mortgage may also be offered by some lenders. A longer loan saves you money on your monthly payments, but you will likely be paying more interest in the long term. You also may be able to get an adjustable-rate mortgage, which starts with a lower interest rate and then resets to the current rate every 5 to 7 years. Refinancing a loan down the road when there are lower interest rates is another thing to consider. 

View more