3 Home Improvement Projects That Buyers Will Love

To increase your odds of selling in this market, you might want to look at completing a few home improvement projects. These are the three that we recommend.

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As we slowly shift to a buyer's market, it’s time to make some adjustments. For one thing, it's worth looking at some simple home improvement projects that can help ensure you sell your home quickly and at a top price. 

The thing is, when it comes to selling your home, not all home improvements are created equal. That's why I've collected the three top home improvement projects that homebuyers love, according to a report by the National Association of Home Builders:

1. A laundry room. More than anything, homebuyers currently want a separate room for washing, folding, and ironing clothes so they can keep the mess out of their living space. If you have an unused basement, it makes a lot of sense to put the laundry room there because all of the utility lines will be accessible and you probably won't have to demolish anything. A new laundry room could cost as little as $1,000 and could contribute a lot more than that when you look to sell your home.    

90% of buyers want energy-efficient windows in their home.

2. Exterior lighting. Exterior lighting is the most desired outdoor feature by homebuyers, appearing on 92% of wish lists. Your options for exterior lighting include spotlights, walkway lights, and pendant lights. Fixtures range in price between $65 to $132. Exterior lighting will present your home in the best possible light, impressing these potential buyers and increasing overall interest in your home. 

3. Energy-efficient windows. Most homebuyers today care about energy efficiency. Specifically, 90% of them want energy-efficient windows in their new home. A set of energy-efficient windows will drive down the costs for your utilities, improve comfort inside your home, and increase your home's curb appeal.

That's why, whether you are planning on staying in your home for a while or are looking to sell quickly, energy efficient windows are worth considering. In fact, that's true for all of the above projects. If you have any questions about any of these projects or what else you can do to add value to your home before selling, don’t hesitate to give me a call at 703-328-3434 or email me at Janet@TheGreshGroup.com. I look forward to hearing from you soon.

How to Keep Your Home Cool Without Cranking Up the A/C

Want to keep your home cool this summer without having to pay an arm and a leg in utility costs? Here are three alternative ways to cool your home.

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Temperatures are rising and so are your utility bills, courtesy of that big power hog: your air conditioner. If you want to cut down your cooling costs without having to crank up the A/C, here are three tricks you can try instead:

1. Fans and ice. You can easily make a DIY air conditioner, with nothing more than a box fan and some ice. Simply put the ice into a bowl and place it in front of the running fan. As the ice melts, it cools the air around it. The fan will then disperse that wonderfully cool air all around your home. 

Fans can do more than that, though. Another cooling trick is to run your ceiling fans counterclockwise—this will pull up the hot air, leaving you sitting in a cooler space. And installing a whole-house fan can literally pull out all the hot air from your home and siphon it up and out at minimal cost. 

2. Green cooling. Plants do a wonderful job absorbing sunshine and reducing the summer heat. If you're planning to stay in your home for a while, it might make sense to plant several deciduous trees on the south side of your home.  

Some of these will actually boost your home’s value.

Another option is several potted sunflowers, which grow quickly but have large leaves. Climbing vines or foliage on a trellis can keep the front of your home cool, while a green roof will both increase your comfort and reduce your energy bills year-round. 

3. A summertime schedule. For this natural trick, simply open up the windows in the early morning and shut them before you go to work. This will allow you to suck in some cool air and to keep out the hot air later in the day. For even better results, draw the shades during the day and consider getting heat-blocking blackout curtains.

These kinds of simple heat-busting tricks can be effective at reducing the heat during the summer months and lowering your energy bills by 30% to 50%.

Plus, small investments like planting a tree or installing a whole-house fan can also boost the value of your home. I bring this up because the summer is also when the real estate market gets hot. 

If you are ever in need of a trustworthy real estate agent, my doors are always open. If you have any questions or you are interested in buying or selling a home, don’t hesitate to give me a call at 703-328-3434 or email me at Janet@TheGreshGroup.com. I would be happy to help you.

The Key Steps of a Mortgage Pre-Approval

If you’re buying a home with a mortgage, you absolutely need to get a pre-approval first. Here’s why.

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There's no doubt about it. It's a very competitive market today if you are looking to buy a home.

Inventory is near record lows, and more and more homebuyers are entering the market. This means you need every advantage to grab that perfect home when you do find it.

One no-brainer is to get pre-approved for a mortgage. A pre-approval informs you of how much you can borrow and it's something you will need to do at a later point anyway.

A pre-approval can mean the difference between having your offer accepted or having to watch your dream home go to somebody else in a crazy market like this.

In spite of all these good reasons, less than 10% of buyers who got a mortgage get pre-approved by the lender who originated the loan. In other words, you can definitely get a leg up on the competition by starting your home search at the loan office rather than at the open house. 

A pre-approval definitely gives you a leg up on the competition.

Here are a few things that you will need:

1. Proof of income. At a minimum, lenders will want to see pay stubs from the past 30 days showing your year-to-date income, two years of federal tax returns, and two years of W2 forms from your employer.

2. Proof of assets. You will need to present statements from your checking, savings, or investment accounts to prove that you have funds for the down payment and closing costs.

3. Good credit. Most lenders reserve the best rates for homebuyers with a credit score of 740 or above. You can still qualify for a mortgage with a lower credit score, but a good lender will also recommend ways that you can improve your credit and qualify for a better loan. 

These are the biggest and most common things you will need to get pre-approved, though your lender might want to see some other documents as well. 

Once you are pre-approved, the buying process will be faster, more convenient, and less stressful. Most importantly, it will make it more likely that your offer for that perfect home gets accepted. 

That's why if you've been thinking of selling your home, now might be a good moment to start the process. If you have any questions, whether you are buying or selling, you can always call me at 703-328-3434 or shoot me an email at Janet@TheGreshGroup.com. I can give you more specific recommendations based on your unique situation. I look forward to hearing from you soon.

Smooth Sailing to Closing? Not always...

Here in the DC Metro/Northern Virginia area, inventory is so tight in certain price ranges that there are often multiple potential buyers for a home. You worked hard, staged your home just right, and the asking price for your home attracted multiple buyers. You now have an accepted offer, and are sailing toward closing. Nothing could go wrong, right?

Not so fast.

Problems can and do arise during the time it takes to get to closing. Here are just a few potential issues that could arise.

Read more here. 

How NOT to Stage Your Home

A recent Houston-area home has been making waves on the real estate scene, for all the wrong reasons. We would love to have been a fly on the wall when the listing Realtor talked to the seller about staging! With a price tag of over a million dollars, likely buyers will be able to see past the issues, but in lower price points, sellers need all the help they can get in properly showcasing the best features of their homes. 

Read more here. 

Median Days on the Market Drops to 27!

Read more here.

More Americans Chose to Own a Home Than Rent in Q1

According to the latest report from the US Census Bureau, more Americans chose purchasing a home over signing a lease to rent in the first quarter of 2017. This marks the first time since 2006 that the number of new homeowner households outpaced the number of new renter households.

Of the 1.22 million new households that were formed in the first quarter, 854,000 were new-owner households making the jump straight to homeownership rather than renting first.

Read more here. 

5 Reasons to Hire a Real Estate Professional When Buying or Selling!

Whether you are buying or selling a home it can be quite an adventurous journey, which is why you need an experienced real estate professional to guide you on the path to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO.

The 5 reasons you NEED a real estate professional in your corner haven’t changed, but have rather been strengthened by the projections of higher mortgage interest rates & home prices as the market continues to pick up steam.

Read more here.

Selling Your Home? Is Your Listing ‘Pet-Friendly’?

One of the many benefits of owning your own home is the freedom to find your ‘furever’ friend. By pointing out the aspects of your home that make it ‘pet-friendly’ in your listing, you’ll attract these buyers rather than alienate the 61% of American households that have a pet!

If you are one of the many homeowners looking to list your home for sale, how do you stand out to the millions of pet parents searching for their dream homes?

Whether a dog person, a cat person, or someone who prefers the company of another pet species, 99% of pet owners say that they consider their animal to be family. When finding a home, 95% of animal owners believe it is important that a housing community allows animals.

Read more here. 

We Hope Your Holiday Season Is Wonderful

We’ve got a special holiday message for you today. I’ve recruited some of my family members to help me out this time.
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This time of year can get very busy, but we wanted to make sure we reached out to send you a special holiday message.

Adam and Emma are here with our dog, Jack, to wish you a Merry Christmas and Happy New Year. From our house to yours, we hope your holiday season is wonderful.

We appreciate all of your continued support, and we look forward to helping you in the future. If you have any questions for us, you can always give us a call or send us an email.

We look forward to hearing from you soon!

What Do Good Northern Virginia Agents Do While You're Not Looking?

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Whether you're buying or selling a home, we are always looking at market trends -- what homes are being sold and what homes are failing to sell. We are working constantly behind the scenes in order to help you get the real estate results you desire.

We prospect every day. We call buyers and sellers constantly to see if we can find the perfect match for you. If you're a seller, I'm calling buyers to tell them about your property and to see if there is anyone looking for a place like yours. If you're buying, I call sellers to see if there is anyone selling a home that fits your wants and needs.

We also talk to a lot of other agents. We do something called brokers opens, which allows us to see a lot of different homes very quickly. During these opens, we talk to other agents to see what homes they have coming onto the market and to promote our own listings to them. It's a great exchange of information among professionals in the field, and it all benefits you, the client!

We also spend our money on marketing. Before we get paid, we are putting our time and money on the line to get our clients' homes bought or sold. We have professional stagers and photographers we employ for your benefit, all before getting paid!

We help the transaction go through as smooth as possible. There are a lot of potential road bumps that could derail a transaction, but we have the experience and the strategies to ensure a successful closing. To find out more of what we do behind the scenes, read this article.

If you have any questions about the other things we do behind your back to ensure the process is as stress-free as possible, please don't hesitate to reach out to us. We would love to help you soon!

Why Aren’t Millennials Buying Homes More Frequently?

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One thing we know for certain about the real estate market is that it is never going to stay the same for long. Today we want to talk about an interesting trend we’ve noticed in real estate: millennials are waiting longer to purchase their first homes than their parents did.

The typical first-time buyer now rents for an average of 6 years before buying a home, which is up from 2.6 years in the early 1970’s, according to Zillow.

We came across this great video from CNBC. I will give you my three biggest takeaways from the article.

1. Down payments are a huge factor
Renters in today’s market are struggling to save for down payments and qualify for mortgages. Most first-time buyers still depend on personal savings for at least some of their down payments, but rising rental prices have complicated the task of socking away money for a down payment.

2. Rising rental rates are complicating things as well Rental rates are causing 46% of renters aged 25-34 to spend more than 40% of their income on rent, up from 30% a decade earlier. 

3. Job security is important to millennial buyers
 The Money Source, a mortgage lender, examined applications from 5,404 millennial buyers and found that these buyers averaged nearly 4.5 years in their field of work and had held their current job for slightly more than three years. Those figures point to how critical career stability is to a younger generation.

Thanks for joining me today. If you want to read the full article, click above. Otherwise, give me a call or send me an email if you have any questions. Talk to you soon!

Title Companies: Crucial to Real Estate Transactions

Looking to buy or sell a home in Northern Virginia? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (703) 636-3588 for a FREE home buying or selling consultation to answer any of your real estate questions.

Title companies are often misunderstood by consumers, but don't be frightened by what you don't understand. They're here to help you!

 - Title companies dig up information about a property such as: finding all former owners & sellers to ensure a 'clean' property without any unpaid mortgages, or unpaid taxes or bills that would affect a sale.

 - They interact with lots of different parties, like title insurance companies to ensure coverage against hidden defects not found in the title search. Realtors, buyers, sellers, loan officers, surveyors, and homeowner's associations are coordinated with to ensure that all fees have been paid off.

 - Choosing a good title company is important, so be sure to communicate with your realtor often about making the right choice. Title companies with attorneys are ideal if something blows up during the settlement, and as always, be sure to pick an experienced team of real estate agents and Title processors.

The Gresh Group works only with the best title companies, lenders,law firms and all parties involved in the process to ensure that your transaction will be as smooth and stress-free as possible. Be sure to talk to me about choosing the right title company. It will make all the difference!

How a Home Warranty Protects the Buyer AND the Seller

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Homeowners Insurance is great – it covers a lot of things like fire, theft and vandalism – and in case there is a storm that causes significant damage, the policy’s right there to protect the owner.  But what about a policy that looks after the interests of the property while it listed on the market and one that works to the advantage of both sides of the buying and selling fence?  A home warranty is a perfect supplement to a homeowner’s insurance policy and it broadens the overall coverage in a variety of ways.  Here is a rundown of the variances between the two and how a seller getting a warranty policy on their home for sale is a great tool!

The Benefits of a Home Warranty Policy

While home insurance largely covers catastrophic incidences and damage, a home warranty policy goes far beyond in that it address the home including wear and tear items.  Also, maintenance and repair is typically includes in a home warranty policy.  As a selling tool, this is fantastic, because during the process – or even after the home is sold – for up to 13 months, the areas of the home covered under the policy are warranted.  Oftentimes, a buyer will come across an issue with something in the home that could become a deal breaker but with the added peace of mind of a warranty, the seller can sit back and relax knowing that most things will likely be covered.  Examples of things that fall into range of coverage on a home warranty are flooring, plumbing systems, electrical systems, and wear and tear of these areas plus also the furnace and in come cases, the roofing or other major components of the home.

Home Insurance Policy Advantages

The single biggest difference between a home warranty versus a home owners insurance policy is that the latter covers the basic replacement value in general if there is a major catastrophe such as a storm that cause damage, fire, theft or vandalism or personal liability.  There is not personal liability coverage under the home warranty policy, rather it focuses on the “used” contents of the home.

How a Home Warranty Policy Helps in a Real Estate Transaction

Home Warranty of America is a company that provides very good coverage under their policy (for a list of their benefits, click here) including 13-months of free seller coverage, with coverage beginning on the first of their home being listed for sale.  The free coverage period for the seller lasts for up to 180 days and the policy is only paid for upon sale of the home at closing.  The best part of a home warranty policy is that even after the buyer has taken possession of the property, the coverage continues.  That means that as a seller, you will not have to contend with any last minutes issues that can and do come up. When applying for the warranty, be sure to choose coverage that address all potential concerns you may have for the home so that if there were a need for repairs or coverage, you would have it provided as a benefit.

An industry association held a study in which it was determined that not only do homes sell up to 50% faster when there is a home warranty policy in place, but also the selling price typically comes within three percent of the list price.  In today’s real estate market – this is an advantage that any seller would want to avail!

5 Things to Do When Moving Into a New Home

 

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Moving into a new home can be an extremely exciting time in a person’s life.  However, it can also be incredibly hectic.  There are some things that can be placed on the back burner during the move in process.  With these five easy tips on moving into a new home, you can be sure to have your house as safe and cost efficient as possible.
 

Change the Locks

At closing time, the seller of a house turns over the keys to the new owners.  Many times, though, the previous owner will have given a spare key to a friend or neighbor in case of emergency.  Enlist a locksmith to come to the house and change all of the locks and get new keys made.  This final transition from one owner to the next will give the new homeowner peace of mind.  

Reprogram Your Garage Door Remote

Along with changing the locks of your home, reprograming your garage door remote will ensure the safety of your house.  Depending on the brand of remote, steps in reprograming it may differ, but the process is simple for nearly all brands.  Most remotes have a “Learn” button, which you must hold until the indicator light blinks.  While the indicator light blinks, press the button on your remote.  This should reprogram your garage door opener remote.  If this does not work, contact your remote manufacturer or local hardware store for assistance.  

Change Your Home’s Air Filters

Most air filter manufacturers recommend that you change the HVAC air filters once every month. Due to the increased amount of activity of moving furniture in and out of the house, a larger concentration of dust will collect in the ventilation system.   In order to improve the air quality in your home and increase heating and cooling efficiency, make sure you change your air filters right when you move in.

Install New Batteries in Smoke Alarms

When a person is selling their home, there are many different procedures they must do to ensure that it is ready for sale.  Often times, during the stress of the home selling process, the smoke alarms are forgot about.  Ensure the safety of your home and family by changing the batteries in the smoke detectors when you move into a new house.  This cheap and quick home improvement has the potential to save your family’s life. 

Replace Toilet Seat Covers
We probably don't need to go into specific details. but most people insist on swapping toilet seats.

What's the One Unbreakable Law of Real Estate?

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“Perform due diligence!” is the one law you should never break in any kind of real estate deal – residential, multi-occupant, or commercial!

What is due diligence? It’s a common phrase for the evaluation of a property and its surrounding environment before you commit to buying it.

Due diligence has two objectives. First, you want to reduce or eliminate risk! Needless to say, you’ll be assuming a large loan and will want to know exactly what’s right or wrong with a property before you sink any money into it.

Two, due diligence allows you to uncover real bargains, especially for investors. On the surface, one property may look like a “loser,” but a closer inspection may reveal that the building is structurally sound and requires only minor and inexpensive maintenance and repairs.

One part of due diligence is what you’d expect – the physical inspection of the property and inspection of all documents and records concerning that specific property. The other part is the inspection of the documents and records concerning that property.

In this article, I’ll just talk about the physical inspection portion of due diligence.

Physical Inspection of Properties

Below, I’ve listed all the inspection tasks which should be performed by a professional inspector. Of course, you should visit the property as well. Many times, a quick “eyeballing” can reveal any obvious signs or poor maintenance or decay - a leaky roof, wet basement, foundation cracks, cracks in the walls, plumbing leaks, etc.. In those cases, you’ll know you don’t need to waste any further time on that property.

As I mentioned earlier, such an inspection may reveal that you’ve actually got a bargain on your hands instead of a “dog.” In such a case, you’ll want to purchase or invest in that property quickly.

What happens when you find problems in a property and still like it? Well, then, you can require that the seller correct those problems or reduce the price before you sign any contract.

In general, defects fall into two categories. One category contains the obvious defects – wet basements, peeling paint, broken windows, leaky plumbing, warped floors, etc.

The other category contains the more expensive and dangerous hidden defects. These can include corroded pipes in the walls, roof or window leaks that don’t show up until it rains or snows, subtle cracks in the foundation.

Obviously, you want to make sure these hazards are spotted before you ever sign a purchase agreement. They can cost you a lot of money in the long run, not to mention the fact that they can send your blood pressure through the roof!

What Do Professional Inspectors Look For?

Below are the items inspectors examine when they check a property:

• Overall structural integrity
• Property drainage/landscaping
• Walks and drives 
• Foundation, footings, crawl space, basements, sub-flooring, decks
• Exterior walls, siding, trim 
• Windows, doors, cabinets, counters 
• Gutters, downspouts 
• Roof, roof shingles, roof structures. chimneys, attic
• Floors, walls, ceilings, etc.
• HVAC systems 
• Plumbing systems, (fixtures, supply lines, drains, water heating devices, etc.)
• Electrical system (wiring, service panel, devices, and service capacity
• Energy conservation/safety Items 
• Insulation & ventilation 
• Moisture intrusion/mold

And, of course, we can’t forget the voracious appetites of….bugs!

Pest Control Inspection

Depending on the area of the country in which you live, insects can cause a heckuva lot of damage to a property!

I’m talking about such bugs as termites, carpenter ants, powder post beetles, and any other insect that likes to munch on wood. Then, there’s fungus, in the form of “dry rot.” It can also cause a lot of destruction.
In such cases, you’ll need to hire the services of a specialist (pest control inspector) to examine the property.

If the operator identifies any problems, he or she should provide you with a diagram that pinpoints the location of the infestations. If serious problems exist, they need to be corrected immediately! The expense is usually paid for by the seller.

To protect yourself against any of the problems I mentioned above, ensure that the purchase contract provides for cancellation without penalty or loss of money if the physical condition of the property doesn’t meet standards.

What to Know About Closing Costs & Closing Fees

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So you’ve saved your down payment, picked the perfect home and you have a closing date.  You’ve probably received a statement from your lender in advance outlining the closing costs and fees you’ll need to bring along with you to the closing. 

Many times buyers have no idea what is included in this expense – seemingly the second largest chunk of change they need to fork over, next to the down payment.  To help clarify what all is entailed in the fees charged by your lender and paid toward the purchase of your home we spoke to an industry professional to get the details.

What Fees Are Included in Closing Costs?

Mainly lenders charge underwriting fees and processing – which together are considered “lending fees”.  In addition to those charges there are a few more routine but necessary steps adding to the closing costs.  These include the cost of having an appraisal done on the new home, pulling a credit report on the borrower, obtaining a flood certification as well as closing title fees on the closing date.  Additionally, prepaid interest and post-paid property tax are also items we see incorporated in closing costs.

Do These Fees Vary From Lender To Lender?

This is one of the main areas, in addition to minor fluctuations in current interest rates that lenders compete with each other for new loans.  We caution against paying any origination fees and discount points, which add to a percentage of your loan amount.  Each lender will charge varying underwriting processing fees but appraisals usually cost within the typical range of $325 and up.

How Much Can a Seller Contribute to Closing Costs?

The maximum amount a seller can pay in closing costs is about 6% and with the market being controlled largely by buyers, many sellers offer concessions in the way of paying all or a portion of closing costs.  In fact, savvy buyers know this going in to the deal and put this condition as part of their offer. Saving as much as several thousand dollars or more, this is a huge plus-point for buyers in today’s market and one that is regularly being utilized.  Since closing costs can be incorporated into the loan this can also affect the interest rate buyers end up getting by a nominal amount.

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It is a good idea to check with your lender or potential lenders if you are still shopping around to find out exactly what is included in their closing costs.  Be sure to consult with your Realtor to compare the numbers and confirm whether you are getting the best deal.  Also, it might be more beneficial to work with lenders in your Realtor’s preferred network of vendors. 

Understanding the Difference Between Online Resources and a Realtor

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The Internet can be a great resource for a host of things centered on buying or selling your home but in some cases, the most you can expect to gain is a basic understanding of things.  For something as serious and important as pricing your home to either value it or sell it, relying on the Internet can only go so far.  Here we’ve outlined some key differences between the figures you will yield from online sources versus those that have been compiled by your local Realtor.


ACCURACY IS VITAL
In today’s market especially, accurately pricing your home to sell is essential.  With it being a buyers’ market, you will have to gain a solid understanding of all factors that contribute toward your property’s value.  There can be negative repercussions of pricing a home either too low or too high.  One such scenario is if there was a seasoned buyer who had taken the time to research in advance of searching for homes.  That buyer’s knowing what to expect in the local market seeing your overpriced home could result in a turn-off and you could lose the sale.  By the same token, you stand to get the shorter end of the stick in case of not knowing what you could have charged.  Spending a little more time and/or expense can make a huge difference in the end outcome. 


ONLINE TOOLS AND CALCULATORS
There are more than several websites where anyone can log on, put in their zip code and be given an instant “analysis” of their real estate value. The figures that appear as results from searches made through online resources stem from a conglomeration of several weeks and sometimes months of data collected from a particular region. 

Websites such as www.zillow.com, www.realtytrac.com or www.trulia.com offer a great way to get a generic idea of the value that homes in your region are going for or have gone for recently.  As an added resource to other services also offered on these sites, the goal is not to assist homeowners in assigning a selling price on their property based on the data, rather to offer a snapshot on sales and pricing data for the area.  In fact, for many people it is the perfect tool to add an extra edge when determining the fair market value of your home, along with other factors. 


PROFESSIONAL COMPARABLE MARKET ANALYSIS
While online real estate tools are a great way to get a preliminary idea, they are only going to yield a figure that will show you where to start.  To get an accurate assessment, you will need to avail the professional services of a Realtor.  The only way to get an accurate “reading” of what the market rates are for homes in your vicinity and your neighborhood in particular, is to have a comparative market analysis conducted by a Realtor who understands your neighborhood.  There is a good chance that they have dealt with properties in the area on a first-hand basis, regularly interact with the agencies and organizations that deal with very homes in your neighborhood and are familiar with the people in various facets that you will end up needing to interact with yourself, as the seller of your home.

Realtors conduct a detailed Comparable Market Analysis (sometimes also called Competitive Market Analysis) through a series of data compilation of area homes and properties, considering factors such as amount of land, the square footage and number of bedrooms or typical amenities in the neighborhood.  But homeowners can also opt to delve into accurate detail about their property’s value by relying on an independent appraiser.  Also, through the use of CMA data the County Tax Assessor determines the value of your property taxes. 

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When you are pricing your home to sell, it is vital that you use all available resources.  At first, it makes sense to “shop around” and get to know the generalities before you head for the specifics.  And as with most transactions dealing with your real estate world, it is always best to rely on your Realtor for quality, effective and accurate information that is relevant to you and YOUR market.

Moving Out? In Today’s Real Estate Market, Which is Better, Renting or Selling?

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Contrary to what many experts, news media or analysts may have you believe, market conditions are not as bad as they are portrayed.  In some areas inventory is down, prices are up and the general consensus is a positive one, moving up in a positive outlook for the future.  But the question does arise when one is moving from a home – whether selling it now or renting it to hold out for a better selling price makes more sense.  Here we’ve put together some considerations that will help you discern which is the better choice for you.


Real Estate Is Always a Gamble, Now’s Not Any Different

There is no real way to tell exactly how the market will behave at any given time in the future but currently all trends reasonably point to both options being equally as viable.  If you opt to keep your home and rent it out, say for the next couple years or so, then there is a chance that prices will hit rock bottom and then begin to climb up again during that period.  However, there is also a chance that prices continue to plunge – in which case you would have been better off selling while a bit ahead of the game.

The main thing to keep in mind here is that even though things go up and down in the short term, real estate is a great long term investment and it’s fair to say that ultimately there will be a gain on your property value.  

Buyers’ Market Today, Who Knows What Happens Tomorrow

So many indications of it being a strong buyers’ market these days make it seem that the opportunities on the buying end of things are endless.  However anything can change and it can change fairly quickly.  Take our current interest rates.  Though buyers have been used to seeing such historically low interest rates for some time now, if the government decides to raise the rates it will instantaneously change things.  Since buyer’s ability to purchase will be affected in a major way, prices will concurrently come down.  

Heavy Foreclosure Inventory Appears to Dominate The Coming Path

Nationwide there are literally millions of foreclosure properties out there that need to go through the system.  As foreclosure and short sales flood the market, prices will plummet as a result of these distress sales.  In some markets this trend has crept into the upper-end niche of the real estate industry.

Why Renting Can Be Risky

If a homeowner rents out their property and while it is on rent the condition of the property suffers some damage – then they have negatively impacted the value of the home during a time when they had hoped for an increase in value.  This is the single biggest gamble when it comes to choosing to rent your home rather than selling it.

Also, there is no way to tell what the condition of the selling market may be when it comes time for you to decide to sell. 

Consult With Your Realtor To Assess Your Options

Realtors deal with myriad situations on a regular basis and they also intimately know the statistics of your neighborhood and surrounding areas.  By consulting with a trusted and reputable Realtor in your neighborhood, you can gain ample perspective on exactly how your property might fare in today’s market conditions.  An informed decision would be made, given the factors at hand so you can be assured that your choice is the best as per your own situation.