As the Team Lead of a top-rated real estate firm in Los Angeles and Conejo Valley, I am often asked for details about home buying and selling. The Morton Team International answers some of the most common questions about buying and selling homes.
Q. When is the best time to buy or sell my home?
A. Many people feel the best time to make a move is during the summer. Quite a few professional industries are less busy during the summer months, which can make moving more manageable alongside a job. Also, families with children tend to find it more favorable to move during the summer when their children are on a break from school.
Another thing people tend to consider when selling/buying is whether it is a seller’s market or a buyer’s market, however, it may not be as important to factor in as you think. If you are selling your home in a buyer’s market, what you may give up on your home sale you will make up for on your home purchase. Similarly, in a seller’s market, what you gain in your sale, you may pay for when you purchase. This tends to even out the perceived “gains” or “losses” in either market setting.
Q. Is it a seller’s market or a buyer’s market right now?
A. First of all, with interest rates currently being so low, it’s a great time to buy.
That being said, the low number of houses currently on the market is making it a seller’s market. This means that sellers don’t feel the need to be as negotiable as they might at a time when many other comparable homes are available for buyers to choose from.
Q. How do I know what my house can sell for?
A. This is where hiring a good realtor becomes important. You want a realtor who will give you an honest and unbiased appraisal based on comparable homes in your neighborhood, your location, the condition of your home and the current real estate market. A good realtor will be helpful in offering advice on how to get the most money for your home and how to properly stage your home for prospective buyers.
Your realtor will tour your home and use the available data to compare what is selling in your neighborhood with similar square footage, lot size, number of bedrooms and added amenities (i.e., pool, views, material upgrades).
Q. What if I sell my home and I haven’t found a home I want to buy?
A. There are several different options to handle this very common situation. One option is to put a clause in the selling contract that the sale of your home is contingent upon you finding your home of choice. Another option is to include a “rent back” clause in the sale contract, enabling you to rent your home for one or more months at the end of escrow to give you time to find a new home before the new owners move in. A good realtor will be knowledgeable about and able to assist you with these options.
For selling and staging tips, go to TheMortonTeam.net and click on the staging tab.