I want to sell my house in Portsmouth – so where do I start? Well let’s get into this topic so you can sell your house as quickly as possible.
So I want to sell my house – where do I start? Perhaps a new addition to the family, you need another room, maybe the kids have gone off to university and it’s time to begin to downsize.
Well as these changes have come about in your life and you’re considering the next step, the first step you need to take is to make sure you get a good realtor to help you in this process with selling a house fast in Portsmouth.
There are a number of ways you can go selling a home.
One way is you can ask a friend or a family member that has dealt with a realtor recently and go with a referral like this, another way is just to call a few of them and interview them and just see if there’s a good connection between you all, but whatever you decide and however you go about this process, it is important that the realtor you find is a realtor who can aggressively market your home.
How To Sell Your House Fast in Virginia - Why Is My House Not Selling?
Now you can put it on an MLS which is a multi listing service, your Realtor will help you do that, that’s not a problem.
We will all do that and just wait for the right kind of traffic to come across this and there you go, you’ll find somebody that may be willing to put down what you want or enter into negotiation for that house that you’re going to sell fast in Portsmouth.
But if you find a realtor who does more than this, a realtor who aggressively markets the house with various forms of media, that house is going to sell, and it’s going to be at the top of the pile and getting more traffic than homes that are just listed and using the old school method just waiting for traffic to go by and hopefully you’ll find somebody who will match up with the property well.
Sell My House Fast Virginia
So choose wisely, make sure that you have a realtor who can do good marketing for your home.
So once you find your realtor it’s important to spend some time to speak to your realtor about your home and how you can better present that home.
You know today many people watch real estate programs on HGTV and various other stations and of course their expectations as a result are very very high. It’s ok that you want to sell my home as is in Portsmouth.
Talking about Model Homes and Selling Your Home Fast
Also many go to new builds and in those new build sites they have model homes and these homes are done immaculately so obviously their expectations are very very high.
But if you take the time to just walk through your home with your realtor, this can be very helpful. You’re almost ready to Sell Your House Fast!
If you do an assessment room by room you’ll know exactly what to take care of and this doesn’t necessarily mean that you’ll have to break the bank in order to do expensive remodeling or expensive staging of your home.
Just taking a little bit of time to take care of this in a good way with your realtor can make all the world of difference and get that home sold right away in Portsmouth!
In the description to this video you’ll find a link to our PDF on ‘How to Prepare Your Home for a Successful Sale’, this will really help you with this step.
Can I Sell my House While my Divorce is Pending?
Remember, it’s very difficult to change a first impression.
One of the most important things to get right is the pricing because you have to know that you can Sell My House Fast in Chesapeake or any area in Virginia.
Pricing your home right will determine whether or not it is sold quickly or it sits on the market.
Kris Krohn with REITV.
Today we're gonna talk about the absolute best time to sell a house.
So when is the best time to sell a property? Well, the truth is it depends.
If you bought it the right way, then anytime should be the right time.
However, will there be times in the market that are more advantageous than others? Try this one for a minute: Consumers and investors usually follow separate andopposite tracks.
So when all the consumers are buying up real estate, do you know what investors are typically doing? That's when they're selling! When everyone is in this buyer's market, that's when you can usually sell for the highest price andthat's when investors wanna trade into different properties.
But the opposite is also true.
When all ofthe consumers are dumping and saying "The sky is falling and it's the worst investmentthat we saw in '07 and 2008 and 9 and 10!".
What were investors like me doing? We're buying up everything like crazy! WarrenBuffett - he had his own hedge fund at the time.
He was buying 30.
40,000 homes peryear into the markets that actually were totally decimated.
So, best time to sell a home is really atthe market high before it falls out is when you're going to really cash in on top dollar.
But if your strategy requires that, then you may have in fact, the WRONG strategy.
Becauseif the market is ever turning and moving it away that it's not advantageous for you, youshould be able to continue holding that home, cash flowing it, and continuing to make moneyon it.
This is one of the reasons why one of my manyrules in real estate is that I buy below the median.
Why do I do that on my short-termbuy and holds? Because if the market ever turns AGAINST me, I'm gonna keep on cash flowingthat property and those lower-priced homes - they don't lose value like a million ora half a million dollar home does.
So Warren Buffett has this principle, right?He calls it the margin of risk.
And really when you talk about the best time to sella house, I wanna draw attention to how Warren Buffett has become a multi-billionnaire andthe, one of the greatest philanthropist of our day and age; all based on a very simpleprinciple you may have heard called Buy Low, Sell High, okay? Warren is a really great example if you readhis book Snowball, of an individual that really live his principles.
He says if you wannareduce your risk, you gotta increase your margin of profitability.
So it's real simple:If you buy a house as an investor, you buy it with a lot of equity 'cause if you do,whether it's the wrong or right time to sell, you can sell profitably! Understanding this principle is key for thisnext part: If you buy the right house, you can sell itanytime for great profit.
I've got an example here of the house that I've just recentlysold.
This is a house that I sold in.
purchased in '05 and sold in 2015.
So I've held ontothis house for 10 years and here's some background on this house: I actually leveraged a partner'smoney and a partner's credit to buy this house.
So how much money was I into this deal? Iwasn't in it at all.
And I used my staff and my team and we basically lined it up.
Now I have here the HUD.
This is actuallythe closing documents on selling this house where I received as you can see here a $38,986check.
But here's the summary on this spread that I wanna point out.
I purchased this house in 2005 and we boughtit for $109,000 and a down payment of 10% was $1,069.
My expenses over the life of holdingthis was 70,000 but my income was a 107.
What's the difference? Roughly $37,000 that we gotto make in cash flow and to down payments, deposits, along the way.
Then when we soldthe house, we collected a check for $28,000 that me and my partner got to split afterI paid back my partner the $9,000 that he put in.
So he put in the money, he got paid back.
So basically there's 28,000 of profits to split, there's 37,000 that was made alongthe way, 37 and 28 is roughly $65,000, okay? So this tiny little house - 4 bedroom, 1 anda half bath, did a good job taking care of me.
Now let's just for a moment take a look atthe ROI.
I could've sold this house at any time but why did I sell it now? Well, it'sbeen a cash cow.
The little bit out, how do I know it's a cash cow? For a moment, takea look at the ROI! We put in $9,000 but look at what we got out? $65,000! That's a 720%increase.
Now, divide that over holding the home for10 years and that is 72% a year on your money.
Now, my business partner and I made 72% ayear based on whose money? His money! He's.
he and I get to split the ROI 36% each.
Butlet me ask you, if I put no money in, what is my real net ROI? It's infinite! Think aboutit.
I didn't put anything in, but I got all of that money coming back out to me.
So this is an example of 'I could've soldthis house at any time.
It's been cash flow cowing.
Why did I really sell it?'.
Becausethe market was right! What do you do when the market's wrong? Just keep making moneyand keep cash flowing! When you do real estate the right way, itcan always be a great time to buy, hold, or sell.
which is why I love short-term buyand hold strategies 'cause I get to make my money along the way.
I hope you've enjoyed today's video on thebest time to sell your house.
Put some comments below! We'd love to respond and give you thehelp that you need as we work on turning you into a brilliant, bright, and successful realestate investor.
The pricing of your home must reflect the true market value.
You know today many people have access to a lot of applications that help them see what’s on the market in a particular area, to know the homes that are there and what they’re being sold for, so it’s important that you do a little homework yourself, get informed of the market area where your home is located, find out how much the homes are being sold for in that area, but most importantly here is where you’re agent, your Realtor is so important in helping you get Cash for Home Fast.
You know yourRealtor is very informed of the market area, I mean this is what they do for a living day to day, they will be able to get the home priced right.Kevin MartinBlockedUnblockFollowFollowingJun 20, 2017
Do you need to sell your house fast? You are at the right place. We buy houses Pismo Beach CA fast for cash.
Best Way To Sell My House - Real Estate Agent, FSBO or Local Home Buyer?
That price will reflect the true market value
If your home is sitting way too long on the market, what’s going to happen is that a prospective buyer is going to start to think, hey what’s wrong with this house, why isn’t it selling and these questions are going to really cause traffic to diminish. It’s tough to simply want to Sell My House Fast and expect to have eager buyers wanting to pay Cash for Home Fast too.
Research shows that between the third and sixth week of the marketing process that’s when the most potential buyers are attracted, so it is important that, first your home has the right pricing and second that there is good aggressive marketing behind it.
You want to maximize traffic that’s going to view your home, draw them in to visit the home and put an offer on that home.
As I mentioned earlier, the visual presentation of your home is very very important.
You know first impressions are very very hard to undo so you always want to create the best possible first impression.
For this reason I don’t recommend that you do mobile phone pictures.
Get a realtor who is going todo professional quality pictures.
You know today on search engines when people are looking at multi listing services and they’re viewing the pictures, usually when a picture is presented if it’s of poor quality they’re probably only going to view the first few pictures and they’re gonna move on to the next property, and this is something you don’t want to happen to your property.
Getting good quality pictures will keep them glued to that screen and they can really consider your house the way it should be considered, and actually today even video production is a very important part of the marketing process, so if your realtor is able to produce a video for you, this is ideal.
You know this will really maximize the amount of eyes that will be looking at your property and considering it for the next purchase.
When it comes to marketing your home, gone are the old days of sitting in the backseat of your real estate agents car or following along behind and looking at multi homes.
Today the Internet has changed the whole experience for good.
Today people are on multi listing services, they are also watching videos that are aggressively being marketed through social media, so it is important that you’re estate agent, your Realtor is up-to-date with all the modern modes of marketing, so make sure you make this one of your criteria in choosing your real estate agent.
That way the right kind of marketing will be put forth and experience maximum exposure of your home and really entice those buyers to come and put an offer on your home and get it sold quickly.
If you found this video helpful, please subscribe, we’d love to have you on board with us, we have a lot of helpful videos coming out that will have information that you’ll find useful whether you’re a buyer or you’re interested in selling property.
Also share this with a friend and leave a comment in the comment section, also if you’d like to call me, call me at the number that you see below, I’d love to hear from you and talk property with you, also remember that there is a PDF thereon ‘How to Prepare Your Home for a Successful Sale’, anyway, until next time, all the best!.
Sell My House Fast For Cash – Can I Do That in Portsmouth?
Key Things Millennial Home Buyers Must Know
Millennials are a group of individuals born in the 1980s and 1990s and are within the ages of 18 and 36. Also known as generation Y, many are sidelined by tight credit, high student loan debts, and low paying jobs. In fact, until the past few years, these have been the key reasons they were slow to enter the real estate market. Now, they make up well over 30% of new home buyers and that trend should continue going up as they start to mature and pay off existing debt.
Compared to previous generations, such as baby boomers or the silent generation, these younger individuals have a different outlook when it comes to long-term investment, especially owning a home. One thing you can bank on is that Millennials know what they want in a home!
Read on to learn more about millennial home buyers, key characteristics of this generation, as well as a look at their attitude towards real estate investment. If you happen to be a millennial, you will learn how easily it really is to prepare and become a homeowner.
Characteristics of Millennial Home Buyers
These characteristics will help you understand the millennial demographic and tip you off if you are unsure if you are one (between the ages of 18 and 36)....
- 66 percent of millennial home buyers are first time home buyers
- Their median income is approximately $82,000 per year
- 66 percent of these buyers are married couples
- 50 percent of these buyers say that the main reason for buying a house is the desire to own a home
- 20 percent of them previously lived with their parents, relatives, or friends
- 24 percent of them owned a previous residence
- 56 percent of them rented a house or an apartment
Millennial Home Buyers Attitudes Towards Real Estate Investment
- Many millennials want to own homes or invest in real estate. In one of the studies conducted by the National Journal Heartland Monitor, 69 percent of the younger generation in the U.S. generally regard home ownership or real estate investment as a smart and achievable goal.
- Some millennials are scared to own a home because of the upfront costs they are facing. As homes go up in price, so do the costs associated with owning those homes. However, it is not just higher prices that may be putting some of this generation off. The thought of settling in a new place or living in different circumstances also sounds unattractive. Some, therefore, find renting an attractive option because of its affordability and flexibility.
- About 20 percent of the respondents in the U.S. feel that although owning a home is a smart move, this decision is not financially viable for them right now. Of the respondents, there are more minorities who feel their finances probably would not enable them buy a home. All millennial buyers have options so check with a local lender before writing homeownership off as a distant dream.
- Because some millennials are hesitant on home buying or real estate investing, they will continue to rent houses and apartments until their situation changes and they are more comfortable. As their needs change, rent prices will creep up, which will force many to purchase a house. In fact, according to a new study conducted by Choice Home Warranty, 30 percent of millennials plan to buy a house in 5 years’ time.
In a nutshell, whatever challenges you may be facing, buying a home as a millennial is a smart and achievable goal. If it is money that is preventing you from achieving this goal, you need to come up with a strict financial saving plan or find a way to acquire the funds as a gift from a family member. As you would expect, there are always financial institutions that are ready to help millennials get mortgage loans, even those with less than desirable credit scores.
How to Meet Your Home Ownership Needs
- First, you must understand the type of house you want to buy. According to a new study conducted by the National Association of Home Builders, most millennials tend to invest their money in homes that are older, smaller and less expensive. The main reason for this is that many millennials have not accumulated enough wealth to purchase new, bigger or expensive homes.
- You must also figure out things you want in the home. These are basically the things that drive you to buy a home to begin with. According to a survey conducted by Metrostudy, a Houston based national housing research firm, millennial buyers are looking for small but high-quality homes, especially in the suburbs. Some of them also look for homes with flexible space to entertain family and friends rather than larger properties to keep all their "stuff".
- You must know where to find your preferred home. With many agents posting listings on their websites, and via social media, it is very easy for millennials to find what they want before they even view the first property. Because many use their smartphone for home searches, they can quickly and easily search for new listings, get more information about the available inventory, and find details about the owner/home long before they contact a local real estate agent for assistance.
There are many real estate options for millennials right now and this definitely includes their ability to purchase a home. Now that many are settling down and having families, the appeal to own their own home is a strong pull. That is why agents need to market to this demographic. Those that do will benefit from dealing with savvy and knowledgeable consumers who know what they want and have a plan to make it happen.
How To Sell My House Quickly
The real estate market is soft. It is truly a buyers market. In addition, the ability for a buyer to secure a new mortgage has reached unprecedented levels craziness. To get a new mortgage these days, a potential buyer has got to have almost pristine credit along with backup savings and a long, stable work history.
I am in the business of buying investment homes and then selling them for a profit. In the following paragraphs, I am going to describe how you can sell your house quickly. You will not have to pay realtor commissions. You will not have wait 45 to 60 days while your buyer gets a blessing from his mortgage company. You will not have to put up with all the back and forth price dickering. You will truly have the upper hand here.
The very first you need to do involves some work. Your house needs to be marketable. Now, I am not going to go into all the specifics of updating your house here. You will find that in some of my other articles. Suffice to say, drive up appeal needs to be good, the inside of the house will need to be updated, uncluttered and clean.
Now that your house is ready, take pictures of the outside front, living areas, kitchen and baths. Take some time and search your area online for three good web sites to place an ad. Craigslist might be one of them. Your ad headline will read something like this: Rent To Own Home. Easy Qualify.
I know what you are thinking, I do not want to be a landlord. I know, I get it. But read on, it gets better.
The type of buyers we are going to attract are people who may be self employed. They make a good living and have cash but do not necessarily show a great deal of income, because of expense allowances, on their 1040 tax form at the end of the year. Your buyer may also be coming off a divorce that forced them to into a bad situation. There are other scenarios, but basically you have good people.
Your offer to a potential rent to own buyer is this: You will lease the house to them for a specified period of time. Typically, one year is good. The amount of rent paid should be more than the amount you need to pay each month on your mortgage. That includes taxes, insurance, p.m.i. or other monthly expense you incur on the house. Positive cash flow is essential. You should expect to make at least $100.00 to $300.00 per month in positive cash flow.
The damage deposit you will require will be high. Typically a deposit is one month rent. In your case, because you are offering to sell the house on an option, the damage deposit will also function as the option deposit. The amount can be anywhere from $2500.00 to $30,000.00 or greater. I like to see a minimum of 5% of the purchase price paid upfront.
The wording of the lease must also include a statement that the renters, because they are buyers to be, will be responsible for all upkeep, maintenance and repairs. In other words, they do not call you when the water heater goes out or the toilet backs up. They agree to take on all those responsibilities.
You will then write up a separate option agreement. The option period should coincide with the term of the lease. the option allows the renters to buy your house in a specified period of time at a set price within that period of time. The option agreement should state that the damage deposit from the lease agreement is to be applied to the purchase price of the house. The agreement should read that the option deposit is nonrefundable.
If your would be buyers turn out to be not so good or walk away from the lease, remember that you have a very sizable damage deposit with which to get the house ready for a new buyer and pay for your mortgage during the down time.
This is a great deal for the buyer who cannot quite qualify for a mortgage. They get to move into a great home right away with very little resistance. Meanwhile, the option allows them time to fix their credit report and lower their debt to earning ratio or whatever else they need to do to qualify for a bank mortgage.
But most of all, this is a great deal for you! You set the price. You get a substantial amount of money upfront. The renters pay your mortgage for you. You make an additional monthly income on the positive cash flow from the rent. You do not make repairs or become a landlord. When it comes time to sell, there are no realtor commissions to pay, among a host of other normal costs like a homeowner warranty.
When the day arrives that your renters call you and say they are qualified and ready to buy the house, you will meet with them and write up a purchase agreement. The purchase agreement will state the price they will pay for the house, which side will pay for each type of closing costs and the date that the closing will take place. Everyone involved will need to sign and date. If a person is married, most states require the spouse to sign as well. Take the purchase agreement to a title company and inform the new mortgage company where the closing will take place.
Also, remember that the income you receive from your renter pays for your mortgage liability and then some. Therefore, there should be no problem being able to secure a new mortgage for you when you move into your new house because the house generates income over and above the liability.