Are you feeling a bit lost in the current real estate market? Don’t worry. Today, we’ll tackle three common questions to shed light on what’s happening in the housing market.
1. Do I really need to invest in home improvements? When considering selling your home, the age-old question arises: should you enhance your property or opt for a price reduction? The straightforward answer: invest in upgrades. Painting, carpeting, and addressing handyman items are not just optional; they’re essential.
By taking charge of these improvements, you prevent potential buyers from dictating the cost of needed fixes and, in turn, increase the value of your home. Investing in a fresh coat of paint, new carpet, and fixing those small issues will not only make your property appealing but also result in a higher return on investment.
2. When should I start the home selling or buying process in 2024? Timing is key when it comes to real estate transactions. If you’re planning to sell or buy in 2024, start the process three to six months ahead of time.
For sellers, this lead time allows you to address any condition issues, such as paint and carpet, presenting your home in the best light. For buyers, initiating the pre-approval process early gives you time to work on credit improvements, financial adjustments, and other considerations. By planning ahead, you’ll find yourself in a less stressful position when the actual buying or selling process kicks in.
See how much your home would sell for today. We will help you earn the most amount of money with the least amount of hassle. How Much Is My Home Worth?
3. Should I sell my house at a lower rate and move to one with a higher rate? The decision to sell your home at a lower interest rate and move to one with a higher rate is nuanced. Generally, it’s not advisable unless you have compelling reasons to do so. Life changes, like expanding your family or adjusting to a different lifestyle, might necessitate a move to a larger property, even if it means accepting a higher interest rate.
Assess your needs versus your wants and make an informed decision. Additionally, with current low inventory levels, selling your home now may fetch extra dollars that could be used to offset the higher interest rate on your next property.
If you’re feeling bewildered about the current state of the real estate market, now is the time to act. Call us or send us an email if you have any questions. We can guide you through the intricacies of buying and selling in this ever-evolving landscape.
