In order to obtain a conventional mortgage, home buyers are required to provide a down payment of at least 20% of the purchase price. If you do not have the full 20% down payment, it may be possible to obtain a high-ratio mortgage that will require a down payment of at least 5% and the purchase of default insurance.
Be sure to visit at least two lenders before you make a decision.
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PRICING YOUR PROPERTY
Establishing the best listing price for your home is an essential component of the listing process. Using comparable sales and market data, I will provide a Comparative Market Analysis to assist you in determining the current market value of your home. “Market Value” is the estimated price for which a property should sell if exposed to the open market for a reasonable period of time.
While sentimental attachment is an important component of a home’s worth to most homeowners, it is not a consideration in establishing the Current Market Value of a property. Keep in mind that the amount of money that you have invested into a house and the Market Value of your home have nothing in common.
The Most Significant Factors in Determining Market Value are:
Current Market Conditions
State of the Economy
Competition in the Local Market (Supply & Demand)
The Location and Condition of a Home
TIMING IS CRUCIAL IN THE REAL ESTATE MARKET
A property attracts the greatest interest from prospective buyers and agents when it is initially placed on the market.
Selecting a competitive price for your home from the start will:
Expose your property to the greatest number of prospective buyers
Create agent enthusiasm
Increase the potential for higher offers and competing/multiple offers
Help your property sell faster, therefore minimizing the inconvenience of showings and Open Houses and reduce the costs of potentially owning multiple properties
Prevent your listing from remaining on the market too long and becoming “Market Stale”
It is also important to note that it will be difficult for most buyers to secure financing for a home purchased above Market Value
THE MOST COMMON REASON A PROPERTY DOES NOT SELL IN A REASONABLE PERIOD OF TIME IS OVERPRICING
"If your home enters the market overpriced, many buyers will overlook it from the get-go because it will be out of their range. By the time you reduce the price to fair market value, many potential buyers will have already found something else. Other buyers may initially be interested in your new low price, but they'll also see that your home has been sitting on the market for some time, which could lead them to believe there is something wrong with the home.” Shannon Petrie, HGTV
“First impressions are crucial when selling your home. "The first 10 days after you implement a listing into the MLS are the most important because that's when it's going to generate the most activity," Gaye Atherton, Atherton Appraisals