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Within a year from now, we would like to buy a new house. We currently own an existing house and this would be my first time selling.
What is the general timeline/steps to take to sell the house? I know that getting a pre-approval is the first step so we can know our price range for a new house, but when should I get that pre-approval? I am expecting a salary increase in a few months, so should I wait until then in order to get the maximum amount?
Once we find a house, should we put in an offer for it or should we concentrate on selling our existing home first? What about buying with a contingency of selling our existing home? It is possible we may be able to handle two mortgages at once, I will have to see once we get closer.
I apologize for the questions. Thank you for any help.
I'd say the outlook is balanced. The area never really experienced the real estate bubble.
Well, Denver never experienced the bubble either.
But, the market from 2009-2011 was a BUYERs' market. People would look at 100 houses and make low-ball offers. It sucked to be a seller.
Then, on February 19, 2012 it flipped to a SELLER's market. Look at a house at 0800 the first day on the market and make an offer or not by 0810.
It changed everything.
The real estate agents are now all praying to their various gods for inventory to increase as we are down to less than a 2 month supply.
1. I would suggest that you do some research on the Pittsburgh market (you have plenty of time) and try to determine where the market will be when you plan to put your house on the market.
2. I would also suggest that you get a HELOC for $20K so that you have some cash for fixing all the stuff you will need to fix.
3. Determine who your selling agent is going to be:
a. what 3 agents have the most listings in your neighborhood?
b. interview each:
i. "How many sides have you done in the last 12 months?"
ii. "What should I do to get my house ready to sell?"
4. Watch HGTV and take notes. Yes, it is dramatized, but you can learn a lot. Little things such as, no wallpaper.
Meanwhile, get your house ready to sell in case a good opportunity comes your way.
Here's my standard advice:
1. Fix everything that's broken, including touch up paint, caulking where needed, etc.
2. Clean, clean, clean, clean, clean
3. De-clutter. Start with anything you wouldn't move with you...and get rid of it. Figure out which items you can do without for a few months and be ready to put them in storage. This can wait until you're about to list.
A preapproval is only good for 90 days so don't waste your time getting one now.
As far as selling...
1) I am a huge fan of presale home inspections for the purpose of getting your home ready for market. Take care of all the repairs you need to do to make your home the best it can be.
2) Start decluttering and packing up things you don't use or need. Put them in storage.
3) Start to interview real estate agents when you are about 3 months out from being ready to list. They agent may use a stager and they will often have other suggestions that are inexpensive to implement.
4) Your home needs to be immaculate. Any grout needs to be in good shape and clean. Fiberglass showers need to be clean. Shower doors and frames need to be clean. Baseboards, blinds, fans...clean. You get the idea. The things you don't clean as often. Clean.
Within a year from now, we would like to buy a new house. We currently own an existing house and this would be my first time selling.
What is the general timeline/steps to take to sell the house? I know that getting a pre-approval is the first step so we can know our price range for a new house, but when should I get that pre-approval? I am expecting a salary increase in a few months, so should I wait until then in order to get the maximum amount?
Once we find a house, should we put in an offer for it or should we concentrate on selling our existing home first? What about buying with a contingency of selling our existing home? It is possible we may be able to handle two mortgages at once, I will have to see once we get closer.
I apologize for the questions. Thank you for any help.
It is easier to buy a house if there are no contingencies. It is best to sell a house before buying one, though I pulled off a close one. One Thursday, my house in DC sold and the next day, on a Friday, I used the proceeds for a down payment.
Handling two mortgages is a personal decision. It is never my option. I rented until I sold my last house before even thinking of buying.
It is easier to move in the summer or during a long break (Spring break or Christmas break), especially, if you have kids.
A year out is a good timeline. First 3 months, clean up and declutter the house. We used Goodwill , AMVETS, or the Salvation Army for donations. Then, we used a PODs to remove 1/3-1/2 of our stuff. Remove all personal items such as photos, diplomas, cultural items, etc. The place should have simple furniture and decorations but nothing distracting. I found many personal items to be distracting as a buyer.
Next 3-6 months should be on repairing or updating things based upon your budget. Obviously, using a realtor or another objective person is a good idea to come up with the list. Fresh paint, using neutral colors, getting rid of 20 year old wallpaper, repairing/replacing or at least stretching carpet, caulking various areas, cleaning areas and getting rid of dust bunnies/spiderwebs, de cluttering the yard and garage. My rule of thumb was if I didn't use it in the past 18 months, I didn't need it.
At the same time, you are screening realtors or finding a way to pull off a FSBO. If you do a FSBO, at least have a real estate lawyer with a general contract. We took a class with FSBO. It worked for one house. In other markets, we used realtors but that was more of a matter of time/convenience. Also, concurrently, consider where you wish to relocate. Determine your wants and needs. Determine a budget or overall limit. Start looking at open houses and even using a realtor to show you properties. Weigh the pros and cons of the area based upon resale, location, school system, amenities, liabilities (such as a pool, HOA, etc) and even the sex offender registry.
Last edited by titaniummd; 03-11-2013 at 06:02 PM..
As far as selling... things right now are selling with no owner effort... I mean junk so high in the garage and spring weeds already over a foot tall... this is the market in my area at the moment... can't predict the future.
To get the best price... deep clean, declutter, tend to simple repairs like the loose door knob, faucet drip, etc. and if nothing else... tidy up the yard. Even turning over the soil will make a difference...
The idea is to create desirability.
The old adage a coat of paint can work miracles is also true...
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