Chapel Hill NC Home Blog

When surfing the web, I came across some information about mistakes home buyers make.  In this market, I thought it would be a good topic to discuss.

1. Waiting to Sell Your Home-It’s more important to sell your existing home before you commit to buying a new one.  It takes a lot longer to find a buyer than it would have a year ago.  With the current state of the economy, you don’t want to be stuck carrying two mortgages.

2. Your Credit Score-Every year you should obtain a copy of your credit report, especially if you plan on buying a home.  Most credit reports contain some type of error and it can take at least several weeks to have an error corrected.  Sometimes an error can disqualify you from a competitive interest rate or a mortgage altogether.

3, Skipping the Mortgage Preapproval Process-In a tight lending market, it’s important to shop around for a mortgage and get preapproved by a lender before you start looking for a home.  It’s not as easy to get a loan as it used to be.  Your mortgage rate will be based on how risky they feel you are.

4. Your Budget-It’s a buyers market.  Don’t be afraid to make an offer that’s below the asking price.  Also, don’t be foolish to walk away from a property you really like over a few thousand dollars.  I was involved in a situation like this in NY.  I was told as a buyer “You can’t make an offer like that, it’s too low”. I said “Yes I can, worse case scenario they will say no”.  I lived in that home for 7 years!!

5. Signing a Contract with Contingencies-Not only do you need to secure a mortgage, you also need to find a seller that is ready to move at the same pace as you are.  You don’t want to get yourself involved in a situation when the sale is dependent on the seller finding a new home first.

I hope these tips have helped you.  Good luck with finding the home that’s right for you!

Staci Green-Transaction Manager for                                                                      Masha Halpern & The Smart Move Team                                  www.TheSmartMoveTeam.com

While surfing the web, I came across some articles in Aol and Yahoo about mistakes home sellers make.  I agree with what they said so I thought I would discuss them.

1. Asking Too Much-if you price your home too high, you risk turning away potential buyers (especially in a slow market).  Your home is worth only what someone is willing to pay for it.  When real estate times were better, it was easier to get comparable prices going back 6 months.  Because market prices have gone down, now you must compare prices for similar properties currently on the market.

2. Questioning the First Offer-Sometimes the first offer might be the best offer.  You can’t assume you will get a better offer the longer you hold out.  It’s actually the opposite-the longer your home sits on the market, the greater chance a seller will have to reduce his/her price.

3. Failing to Respond to All Offers-If you get an offer that is too low, do not reject it.  See if you can negotiate.  It’s a buyer’s market right now so they have the upper hand.  If you really need to sell your house, it will cost you more money in the long run if it sits on the market for a long time.

4. Paying for a Home Stager-You want your property to stand out but I don’t think it’s necessary to pay someone to stage your home.  Not everyone can picture how a home will look after they have added their own touch to it, so if possible, keep the walls clean and bright, get rid of the the clutter and knick-knacks and make all necessary repairs, even the smallest of problems, before buyers enter your home. A clean, neat, bright home gives off a much better vibe than a dark messy home.

5. Picking the Wrong Buyer-After the recent national mortgage disaster,  it’s especially important to choose the right buyer.  Choose someone with a prequalification letter issued no more than 4 to 6 weeks ago.  Also watch out for a buyer who needs a contingency (stating the deal won’t close until they sell their own home).  The best buyers are first time home buyers who qualify for a mortgage in advance or someone who has already sold their existing home.

I hope these tips have helped you.  Hopefully you will have a smooth transaction when it comes to selling your home.

Staci Green-Transaction Manager for                                                                       Masha Halpern & The Smart Move Team                                  www.TheSmartMoveTeam.com