What to Ask Yourself Before Listing

Before you put your home on the market, there are four key questions that will help you make the most out of your listing.

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Selling a home? Click here for a FREE Home Price Evaluation

Before you sell your home, there are four key questions you should ask.

1. How does your home size and layout compare to other homes on the market? One of the first steps you can take in answering this question is going online to look at properties in your area. When you examine your home using other comparable homes as a point of reference, you’ll get a better idea of how to value your property. In addition, you might also find that this will help you decide on which upgrades, if any, might help your listing.

2. What are the key selling points of your home? Your property is unique. Along with looking at other properties to see what sets them apart, you should also be considering what is special about your own home. Do you have a security system, a fenced in yard, or other unique amenities? Determining these items will help you to better market your home.

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Consider what is special about your home.

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3. What are small upgrades and improvements you can do prior to putting your home on the market? Before you list, your home should be in the best condition possible. Small improvements like painting can make a big difference. But also don’t forget to take care of any repairs, as well. The front entrance is going to be especially important. Make sure it looks attractive in terms of curb appeal.

4. What type of buyer should you be looking for? Having a target demographic for your listing will make the process of marketing much easier. If you have a multi-family home you’ll most likely seek investors or an owner-occupied person looking to supplement their income. If your property is on the water, you might be looking for buyers who are seeking out a second home.

If you are thinking of selling, even if you aren’t planning to do so in the immediate future, I would love to help. I’d be more than happy to visit your property and help you answer each of these questions about your property.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you, soon.

You Don’t Need a Down Payment

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Selling a home? Click here for a FREE Home Price Evaluation

What's the biggest obstacle to homeownership?

According to a recent survey, "saving enough for a down payment" comes at the top of the list. A whopping 55% of prospective homebuyers cited this as their main stumbling block.

And with the continuing growth of home prices, things aren't getting any easier. In fact, homeownership rates reached a 20-year low last November.
It wasn't always like this.

A decade ago, many lenders were offering easy, no-money-down mortgages.

However, after the financial crisis, mortgage standards have become more restrictive. A typical mortgage now requires a 20% down payment.

Here's the good news.

If you have decent credit and a steady income, you might be qualified for a number of specialized programs that require no or very little down payment. Here are a few of the top options.

First, there's the USDA loan, which is valid for homes in certain regions, such as rural and suburban areas. 

With zero money down and lenient credit requirements, the USDA loan can be a great choice for many homeowners.

Second, there’s the VA loan, which you can apply for if you or your spouse served in a branch of the military.

It's possibly the most generous zero-money-down mortgage because of low interest rates and low closing costs.

55% CITED THE LACK OF A DOWN PAYMENT AS THEIR MAIN STUMBLING BLOCK.

Third, there's the FHA loan. It does require a 3.5% down payment — still drastically more achievable than the 20% required for a conventional mortgage.

Finally, there are a number credit unions and first-time homebuyer programs that might apply to your particular situation.

There’s one important thing you should know.

If you get one of these no-money-down mortgages, chances are good you will be required to pay private mortgage insurance, which can drive up your monthly payments.

Fortunately, private mortgage insurance will disappear after your mortgage balance is under 80%. Also, the money you do pay will be tax deductible in most cases.

In short, there are lots of options to make owning a home a reality for you, even if you haven't saved up tens of thousands of dollars.

If you need any advice on getting a no-money-down loan, give me a call. I can put in touch with some experienced lenders who can answer your questions and get you started. I look forward to hearing from you soon. 

Why Zillow's Zestimates Are Usually Inaccurate

Many homeowners are disappointed to find out that their home isn't actually worth as much as Zillow says it's worth. So why are home value calculators like Zillow incorrect so often?

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

If you're selling your home, you may have looked to Zillow.com to see what your home is worth. Many times, Zillow will say your home is worth more than what your Realtor says it's worth. Why is that?

For starters, Zillow's home value calculators rely on a formula that only considers things like square footage and recent home sales in the area. As you know, however, most homes aren't perfect after years of wear and tear. Realtors dislike Zillow's Zestimates because they involve no human interaction. Zillow can't physically come see your home. Instead, it relies on an algorithm and statistics.

Secondly, these online estimates miss the details of a home. Your home might have wallpaper from the 1950s or a kitchen that hasn't been upgraded in 20 years. If your neighbor's home has those upgrades, the Zestimate can give you false hope because it doesn't know that your home needs the updates. On the other hand, if your home actually has all these updates and renovations, Zillow still doesn't know that. It could miss value that your home has.

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Zillow can't come see your home in
person like a local Realtor will.

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Third, these Zestimates are strictly guidelines. They give homeowners a lot of false hope, and even though it's easy to tell ourselves that the values they provide aren't always accurate, it's not always easy to remember. When you think your home is worth more than it actually is, you will be disappointed when you find out that it might be different.

You can do some homework on the Internet to look at recent sales in your area to get a better idea. To get the best idea of your home's value, you should consult a local Realtor who sells a lot of homes in that area. They can show you what has sold recently and compare the benefits and features of those homes to yours to help you come up with an accurate value for your home.

The southern Maine market is a very attractive seller's market right now, so if you'd like to know what your home is truly worth or you're ready to sell now, give me a call or send me an email soon. I'd be happy to help you!