The Mitchell Team's Blog
If you're planning to sell your house soon, you should prepare for the property selling journey. This can mean identifying potential home selling obstacles so that you can address these issues right away.
Now, let's take a look at three issues that house sellers commonly face, along with tips to address these problems.
1. Exorbitant Initial Asking Price
You may believe your house is worth more than you originally paid for it. However, there is no guarantee your home's initial asking price will fall in line with buyers' expectations. And if you ultimately set a high initial asking price for your home, your residence may linger on the real estate market for an extended period of time.
Oftentimes, it helps to evaluate the housing market in your city or town. This enables you to see how your residence stacks up against comparable houses. Then, you can use this housing market data to price your house appropriately.
You may want to conduct a home appraisal as well. Once you obtain an appraisal report, you can use the report's property valuation to determine how to price your house.
2. Poor Curb Appeal
How your house looks to buyers is key. If your residence has a messy front lawn, deteriorating siding, and other exterior problems, it is unlikely to garner buyers' interest.
For a home seller, it is important to allocate time and resources to boost a house's curb appeal. By mowing the lawn, repairing cracked or damaged home siding and performing other property improvements, a seller can instantly upgrade his or her residence's curb appeal.
If you need help with home improvements, you can reach out to local professionals. With assistance from landscapers and other home improvement specialists, you can quickly transform your house's appearance from drab to fab.
3. Cluttered Home Interior
If you have collected a vast array of antiques and artwork over the years, you may want to remove these items from your house before you sell it. Remember, the goal of a home seller is to make it easy for a buyer to envision what life may be like if they purchase your residence. If your house is filled with myriad personal belongings, it may be tough for a homebuyer to do just that.
To cut down on clutter inside your home, you can always host a yard sale or list various items online. You can also donate any unwanted items to a local charity, or give them to family members or friends.
As you get set to sell your house, don't forget to hire a real estate agent, too. This housing market professional can help you identify and resolve potential home selling obstacles. In addition, they will do whatever it takes to help you get the best price for your house.
Ready to list your residence? Consider the aforementioned home selling issues, and you can take steps to minimize these problems prior to embarking on the house selling journey.
Credit plays an important role in your ability to secure a home loan and to qualify for a low-interest mortgage. However, many first-time homebuyers aren’t aren’t sure about the exact relationship between credit scores and mortgages.
This doesn’t come as much of a surprise considering the many factors that go into your credit score and into your lender’s decision to approve you for a mortgage. So, in this article, we’re going to cover three commonly asked questions that homebuyers have about credit scores and how they’re used by mortgage lenders to determine your eligibility for a home loan.
Will my credit score go down if I check my credit report?
If you’re thinking of buying a home in the near future, one of the first things you’ll want to do is check your credit. However, if you’ve heard that some credit inquiries briefly lower your credit score you might be hesitant to find out.
This common misconception stems from the fact that taking out new lines of credit results in a temporary decrease in your credit score. The difference between checking your credit and a credit inquiry is simple: a credit check you can access for free online through a service like Credit Karma, whereas a credit inquiry is performed by a lender or creditor with whom you’ve applied for credit.
In short, checking your credit score online won’t affect your score. In fact, the major credit bureaus are required to allow you to check your credit for free once per year.
Can I get a loan with low credit?
Increasing your credit score is a lengthy process that requires careful financial management. Many people who have had difficulties paying off bills, loans, and credit cards will have to rebuild their credit. Or, if you’re young and don’t have a diverse history of credit payments, you’ll be starting from scratch to build your score.
If you’re hoping to get an FHA (first-time homeowner loan), the lowest your score can be is 580. However, that doesn’t mean you should always take a loan with a low credit score. When you don’t have a good credit history, lenders will seek other ways to guarantees their investment. This comes in the form of higher interest rates or PMI (private mortgage insurance) which you’ll have to pay on top of your monthly home insurance and mortgage payments.
Will applying for a home loan affect my credit?
Simply stated, yes. However, applying for a loan or get preapproved is considered a credit inquiry and won’t leave any lasting negative on your credit score. Making several inquiries within a short period of time, however, can significantly lower your score, so choose your inquiries wisely. And, be sure to monitor your credit score on a monthly basis so you have an idea of where you stand along the road to applying for a home loan.
248 Main St, Chelmsford, MA 01863
248 Main St, Chelmsford, MA 01863