Make the offer on your dream home more competitive with a non-contingent guaranteed offer from HomeLight on your existing home. The small 1.5% HomeLight fee for trading in your home, can be recouped, or offer you more peace of mind when making the decision to buy and sell. Contact me to find out with this would be a good option for you.
THE VALUE OF YOUR HOME
IN A NEIGHBORHOOD OF SIMILAR HOMES, WHY IS ONE WORTH MORE THAN ANOTHER? THAT’S THE QUESTION THAT’S TEASED BUYERS AND SELLERS FOR AGES, BUT THE ANSWER IS SIMPLE.
Every home is different.
When a home is sold, a willing seller and a willing buyer determine the value of that home with the sale price. That price then becomes a benchmark for other similar homes, but other factors come into play. The most important are:
The closer a home is to jobs, parks, transportation, schools, and community services, the more desirable it is.
Square footage impacts home value because a larger home is built using more materials, and gives the homeowner more usable space. And a larger lot size could mean more privacy than a smaller one.
Number of bedrooms and bathrooms
Additional bedrooms and bathrooms raise the value of a home compared to similar homes that do not have those rooms.
Features and finishes
Features such as outdoor kitchens and spa baths make a home more luxurious. A home finished with hardwood floors and granite countertops is going to cost more than a home with carpet and laminate countertops.
The closer a home is to new construction, the more it will retain its value. It’s perceived as more modern, up to date, and perhaps safer. Homes that are not updated or in poor repair sell for less as purchasers’ factor in the cost of updating and eventually replacing appliances and systems.
From the street, the home looks clean, fresh, and inviting. Fresh landscaping and flowers won’t change the size or location, but they certainly add charm.
When two homes are identical in the same neighborhood, a higher price may come down to something as simple as views, paint colors, or the overall taste of the homeowner.
It might be possible to enhance your home so you can sell the home for a higher price and have more net equity after sale! You might also be able to increase your net equity for a down payment on another property, if you are planning to buy!
LISTING ENHANCEMENT LOANS
An equity line of credit or private loan enables you to complete upgrades and improvements that your real estate agent recommends. Enhanced homes can sell for more! So, by fixing up your home, a seller can make more from the sale from a higher price. As part of the qualification process, a buyer will also be qualified for a loan on the purchase of your next home.
Bridge loans are temporary loans, secured by your existing home, that bridge the gap between the sales price of a new home and your new mortgage, in the event the existing home hasn’t yet sold before closing. In this competitive market, having a down payment to buy non contingent increases ones chances of successfully
negotiating for the next home that a buyer wishes to purchase. The Bridge Loan will be paid off when you complete the sale of your current home, and provides funds for your down payment on the next property.
CROSS COLLATERALIZATION LOANS
Cross col lateralization loans arrange for one loan to acquire your next property before you complete the sale of your current property. This type of loan pays off your existing mortgage and also provides financing for the purchase property. When you sell your current home that you are exiting, you payoff a portion of the cross collateralization loan.
Consult with Karina to explore the best mortgage solution for you.