7. SELLING: Ignore the housing market.
Don’t waste your time watching the housing market for
the best time to sell. According to Investopedia, “it doesn’t
matter what your home is worth at any given moment except
the moment when you sell it. Being able to choose when you
sell your home, rather than being forced to sell it due to job
relocation or financial distress, will be the biggest determinant
of whether you will see a solid profit from your investment.”
8. SELLING: Will renovating always increase
my resale value?
Make conscious decisions when renovating your home.
While newer will entice potential buyers, be cognizant of what
rooms you update and how you do it. An updated kitchen will
increase the value of your home, but be sure to appeal to a wide
range of tastes. A good place to start is with the appliances.
Realtor.com states that homes with stainless steel appliances sell
15 percent faster than those without. Updated bathrooms are
easier to satisfy a wider range of buyers’ desires for luxury, but
be sure to keep the colors neutral.
9. SELLING: Don’t spend earnest money!
Many sellers make the mistake of depositing and spending
earnest money before closing day. If the transaction doesn’t go
through or the buyer pulls out due to repair issues, it is up to the
seller to return the cash. It is recommended to have a real estate
agent or broker hold the deposit. Most buyers’ earnest money
will be held in an escrow account until the closing day, allowing
the money to remain untouched by either party.
10. SELLING: Consider names and numbers.
Just when you think you’ve checked all the boxes for an easy
sell of your house, take a second look at your address. According
to Zillow, street names and house numbers matter! If you
happen to live at 666 Fanny Hands Lane, you may be out of luck
(however that particular street is in the United Kingdom, so you
should be safe). Innuendo-laden street names tend to not sell as
quickly as something like Thunder Road, for example. American
numerology says that 666 is bad luck and could decrease the
value of your home by 2 to 3 percent. Also, steer clear of the
number 4, considered unlucky in Chinese culture. Stick to the
number 8, or include the lucky digits 316 in your asking price! n
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