Lana Stepanskaia's Blog
Selling a home in a buyer's market may seem like a major struggle, particularly for those who are listing a residence for the first time.
Fortunately, we're here to help you streamline the process of selling your house so you can get the best price for your residence, even in a buyer's market.
To better understand how to succeed in a buyer's market, let's take a look at three factors that every home seller should consider before they list a residence.
1. Your Home's Condition
What is the current state of your home? Ultimately, your home's condition will play a key role in how quickly you can sell your house, regardless of whether you're operating in a buyer's or seller's market.
Before you add your residence to the real estate market, it often is a great idea to complete a property appraisal. This evaluation will allow you to learn about your house's strengths and weaknesses and prioritize home improvement projects.
Furthermore, there are many quick, easy ways to enhance your home's interior and exterior.
Removing clutter from your home offers an excellent option for those who want to free up space inside a residence. Or, you can always trim the hedges, remove dirt and debris from walkways and perform other home exterior tasks to bolster your house's visual appeal.
2. Your Timeline
When do you need to sell your home? If you're in a hurry to sell your home, you'll need to proceed cautiously, especially if you're operating in a buyer's market.
In this scenario, you'll want to establish a competitive price for your home from the get-go. This will require you to analyze the prices of similar homes in your area so you can better understand how your house stacks up against the competition.
If you have several months to sell your home, you may be able to wait out a buyer's market. In the meantime, you can always complete assorted home improvements to upgrade your house both inside and out.
3. Your Housing Market Expertise
How do you intend to get the best price for your home in a buyer's market? You may need extra help along the way. Lucky for you, a real estate agent is happy to provide you with the assistance you need to succeed.
A real estate agent is a housing market expert who understands what it takes to sell a home in a buyer's market. He or she will be able to help you prep your home for the real estate market so you can speed up the home selling journey.
Usually, a real estate agent will promote your house to potential homebuyers, keep you up to date about offers on your house and negotiate with property buyers on your behalf. This housing market professional also can provide honest, unbiased home selling recommendations at each stage of the home selling cycle.
Remove the guesswork that is commonly associated with selling a home in a buyer's market – use these tips, and you should have no trouble generating plenty of interest in your residence as soon as it becomes available.
3 Buehler Road, Bedford, MA 01730
35 Richardson Road, Burlington, MA 01803
Have you ever walked into a room and wondered, "What is that smell?” Perhaps it's the kitchen trash, or maybe a clogged drain or the moldy-smelling washing machine. No matter what might be giving off that foul odor, there are tricks that you can use to bring a halt to it.
Here are simple tricks to seek and remove any awful smells coming from your home.
1. Track it down
When it comes to smells, the sources could be numerous. The first step would be to find out where the stench is coming from, and bring it to an end. Check the places the smell could be emanating from such as your kitchen sink, the trashcan, the bathroom or even an accent rug. It could also be mold or mildew in the crevice of the tub or the lip of the fridge, or an animal carcass in the dryer vent or chimney. Once you have located the source, determine if you'll need to disinfect the area or if you'll simply need to throw away the cause of the smell.
2. Sewer smells
Sewer smells in the basement is one of the worst and concerning smells that could infiltrate your home. Is it a result of trapped water under a floor drain, or perhaps a clogged drain or a cracked sewer line? No matter the cause, it is imperative to find the source of the odor as soon as possible as leaving it unchecked could result in loss of your home's value. As soon as you discover what the problem is, fix it immediately to avoid any potential property value decreases or possible health issues that could arise from any substance residing within the sewage or trapped water.Some circumstances may require the assistance of a professional plumber or cleaner to take care of the issue. Be sure to get the appropriate estimates needed to correct the problem and clean away residue from areas that may have been affected.
3. Carpet and rug odors
Most of the time, homeowners keep looking for the source of that annoying house smell, forgetting to pay attention to the very thing beneath them – the carpet or rug. But often times, a simple cleaning will correct the issue of an over-trafficked carpet or rug. While vacuuming may get rid of the immediate dirt, you may need to delve a little deeper and steam or wash it. You could clean with a mixture of one part white vinegar and three parts water to remove the smell. You may opt to put it in your carpet cleaner and deep clean the rugs or simply spot treat a particular area. Either way, a homemade mixture or store-bought one can do wonders for your home's scent.
4. Food smell
Most of the time, cooking smells can get trapped in your kitchen, especially if you have a diverse menu of heavily spiced produce and proteins. A great way to remove the smell of these dishes from your kitchen and home is to wipe down the cabinets, interior and exterior, to get rid of any food residue or scents that may be trapped on or inside the cabinets. You may also want to consider removing any food waste after enjoying the dishes or if there are any raw components left over once you're done cooking.
Perhaps you may be worried that you might be too accustomed to possible weird smells in your home to know when one creeps up. Ask your real estate agent or staging professional to do a walkthrough of your home and get a second opinion. Once you’ve solved any deterring smell issues, create good scents to entice your buyers. Your agent will know what works best for buyers in your area, from cedar to baking bread.
Vacant land is a hot commodity – especially for builders. If you’re searching for a home, you may find one in an area that’s growing in population but still offers great lots. Interestingly enough, these areas that look like thriving cities could be zoned in an area deemed “rural.” If so, you may qualify for a rural home loan.
What’s a Rural Home Loan?
Rural home loans are issued by the U.S. Department of Agriculture (USDA) and have specific criteria and qualifications. These loans are designed to provide homeownership to rural and suburban Americans that may not qualify for conventional financing. Here are some advantages:
- USDA guarantees all loans against default
- No down payment
- Lowest funding fee of all loans backed by the government
- No private mortgage insurance requirement
- Flexible credit guidelines
How Do I Qualify?
In order to qualify for this program, you must be a U.S. citizen or have permanent residency. Credit scores should be 640 at a minimum and proof of stable income is required. The lenders check payment history – you should have no late payments or collections, and the adjusted household income should be equal to or less than 115% of the area’s median income. The property must be the primary residence and located in a qualified rural area.
There are many places that qualify as rural that will surprise you. Gone are the days where there is nothing around and all you see is miles and miles of empty land. Obtaining a rural loan will allow homeowners to purchase in areas that provide land that’s worth the money.
The USDA Loan Process
The process has a few components involved. First, you must find a lender and prequalify. It’s best to find a lender specializing in this area to get the best benefit. The lender is going to focus on how much you want to borrow, your income and other assets and your monthly debts. In order to qualify, they will do a hard credit inquiry.
After the prequalification to determine how much you are eligible for, you go through the preapproval process which is more in-depth. The lender will require photo identification, tax returns, W-2’s, bank statements, and pay stubs. This is when they determine your debt-to-income ratio to see how much you can actually afford.
The next step is finding a USDA-approved home. This is where you work with a realtor to find properties that appeal to you. Once you find it, it’s time to sign a purchase agreement, go through processing and underwriting, and finally, the closing. Securing the loan is based on the broker, your financial situation and the property you have chosen.
Have you seen a home in a rural area that you like? Now you know the criteria involved with obtaining a USDA loan. Are you ready? The rest is up to you.