Although you may have allocated significant time and resources to craft a home selling strategy, your residence still lingers on the real estate market. Fortunately, you can always revise your home selling plan as needed.
Ultimately, there are many reasons why now may be a good time to revisit your home selling strategy, and these are:
1. You can update your home listing.
A home listing often introduces a house to a potential buyer. If the listing is accurate, includes lots of information about a house and engages a buyer, he or she may set up a home showing. On the other hand, a home listing that misses the mark with buyers is unlikely to do you any favors as you try to sell your house.
By revisiting your home selling strategy, you can review your house listing. Then, you can update this listing to ensure it is informative, engaging and makes it easy for a buyer to determine whether your house is the right choice.
2. You can explore ways to differentiate your house from the competition.
The real estate market is fierce. Thus, even if you're selling a high-quality home at an aggressive price, you may face steep competition from other home sellers in your area.
If you revisit your home selling plan, you may be able to find ways to differentiate your residence from the competition. In fact, you can perform extensive housing market research at this point to analyze the real estate sector and find ways to promote your house to the right groups of buyers.
3. You can adjust your house's price.
If the initial asking price for your house proves to be too high, buyers may shy away from your residence. But if you revisit your home selling strategy, you can assess your home price and lower it based on your house's condition and the current state of the real estate market.
Of course, determining whether to lower your home's price can be difficult. And if you need expert help as you decide how to price your residence, you may want to collaborate with a real estate agent.
A real estate agent is a home selling expert who is happy to assist you in any way possible. He or she can help you analyze the price of your home and other aspects of your home selling strategy. And if home selling strategy changes are required, a real estate agent can make it simple for you to implement these changes.
In addition, a real estate agent will deliver comprehensive support throughout the home selling journey. He or she can help you showcase your house to the right groups of buyers and evaluate any offers to purchase your residence. Plus, if you ever have home selling concerns or questions, a real estate agent can respond to them at your convenience.
Take the guesswork out of revising your home selling strategy – work with a real estate agent, and you can get the help you need to achieve the optimal home selling results.
Photo by Daniel Tuttle on Unsplash
Buying a home, especially for the first time, might feel a little scary—notably if you've learned the home you’re considering for purchase is a zombie property. Even a pro at buying property may flinch when they initially hear this term.
No worries, a zombie property is not as frightening as it sounds. It’s a common term used in the housing industry, originating back to the 2007-08 housing crisis when tens of thousands of these homes were left behind because their owners couldn’t afford to make their mortgage payments.
What is a Zombie Property?
A zombie property creeps up when no one retains accountability for it. It usually occurs when homeowners leave their homes after receiving a foreclosure notice and incorrectly believe they must immediately vacate the property. They often don't realize there is an entire foreclosure process, one that doesn’t happen overnight. In most instances, they believe the lender that sent the notice will take over responsibility for the property, so they move out. In some cases, they do know they can stay but choose not to delay the inevitable and cut loose in search of greener pastures.
Meanwhile, the lender, for whatever reason, doesn’t complete the foreclosure process they initiated and the property stands abandoned. Since the homeowner has already walked away not realizing they still technically own the property, and the lender also doesn’t assume ownership, no one takes responsibility for the home. It essentially sits in a state of limbo—hence it being referred to as a “zombie.” Its ownership is not quite alive (abandoned), but not yet dead (foreclosed upon) either.
Pros of Purchasing a Zombie Property
The primary benefit of purchasing a zombie property is the price. Most of these properties are typically sold below market value, sometimes at rock bottom prices. Because some of them are eyesores, or have the potential to become attractive to squatters, municipalities and towns are eager to get these homes rehabbed and inhabited. This means buyers who are handy with repairs or who have the investment money available to fix up and flip the home for a profit can make out handsomely with this type of sale.
Cons of Purchasing a Zombie Property
While the financial benefits associated with zombie homes are lucrative, there are some potential pitfalls to be careful of when considering a purchase. In most instances, the original owner still retains the title to the home, so this legal detail will need to be addressed. Buyers also have to consider these homes may have deterioration, unsafe conditions or be unsanitary. This is especially a concern for properties that have been abandoned for a long period of time. Additionally, it takes more effort to navigate a zombie property purchase than a traditional foreclosure since no one is actively involved with the property.
Many potential buyers intentionally or inadvertently overlook zombie properties, but if you’re in the market, it’s not an option you should automatically discount. Don't let the zombie moniker fool you. If you perform your due diligence and find ways to mitigate any drawbacks, you could potentially land yourself a great home, rental investment, or profitable house-flip.
If a seller is motivated and your offer is the only one that comes in on a home for sale, you may have an easy time getting the home of your dreams. If there are multiple offers on a property, it’s a different story.
If there’s competition, it’s simple math that your odds in favor of you getting the home are reduced. You need something that will grab the seller’s attention. Writing an offer letter can be just what you need to sway the decision in your direction. Even if your offer is less than what other people have put on the table, an offer letter is a perfect way to get the attention of the seller.
What To Include
You may wonder what you should include in an offer letter. You’re charming the sellers in a way, but also giving them an opportunity to get to know you. If someone has lived in a home that they have loved for a long time, they’ll be happier knowing the next occupants will be just as happy living on the property.
What Do You Like About The Property?
You should include a lot of positive things involving the property and your ability to care for and maintain it. Tell the seller about the features you most love about the house. You should let the seller know that they hard work they have done over the years has paid off and you appreciate it. Do you like the skylights? Does a remodeled kitchen get your attention? Is the deck a great feature for you to entertain on? Let the seller know any and everything that enticed you to put an offer on the property in the first place.
Share Some Of Your Life
You don’t have to get overly personal or mushy, but you should include a bit about yourself and why you chose this property among the many you have seen. Maybe you grew up in the neighborhood. Maybe the home is perfect for your expanding family. Whatever the reason is for you to want this particular house you need to let the seller know.
In addition to personal details, you can include a pre-qualification letter, demonstrating your ability to afford the home. This helps sellers to feel comfortable with your financial background and continued upkeep of the property.
What Not To Include
While your plans for a property may be grandiose in your mind, don’t tell a seller what you plan to do with the proeprty in your offer letter. It’s nice that you want to update the kitchen, or re-do the bathrooms. It’s an insult of sorts to the seller so just omit these items. Keep your offer letter positive and brief and you may be well on your way to securing the property of your dreams.
Maybe you have always dreamed of a big yard with lots of space. With a big yard comes significant responsibilities. Are you prepared to care for a large yard? Do you know the disadvantages of having a big outdoor space for your home? Take a look at the advantages and disadvantages to having a big yard below. If you’re shopping for a home or getting ready to sell and find a new place, this information will be beneficial to you.
Positives
A Place To Play
One of the biggest reasons for wanting a big yard is kids. It’s nice to have a large area for kids to play in. It’s a safe space for your kids to be if you want to send them out to play.
Another great reason to have a large yard is for pets- dogs in particular. They love to run around and will be much happier if they have a bigger domain to roam.
More Space Between You And Your Neighbors
If you have a large yard, you probably also aren’t right on top of your neighbor. There’s less of an invasion of privacy when your neighbors can’t see into your windows from their kitchen. A large yard gives you that sense of privacy. You can freely have gatherings in your backyard, so the whole neighborhood doesn't have a view of what you’re doing.
It Looks Nice
A big yard just has a bit more appeal than a smaller property. Your home will have definite curb appeal. The key is to keep your yard looking healthy and lush throughout the year.
The Negatives
The Upkeep Can Be Tough
Many homeowners who have a large property pay landscapers to pay for the property. It can be challenging to keep up with all the needs a large yard brings. From mowing to fertilizing and mulching, it can take a professional to keep the yard looking nice. Landscaping is an added expense to owning your property. If the previous owner had an intricate landscape, you might need to cut back on the complexity. Do you need that fish pond? Should you hire a person to care for the pool?
Pro And A Con
At the core, a large yard can be a pro or a con when it comes to selling your home. Some buyers want a large yard for various reasons. Other buyers are deterred by large yard since they don’t want the responsibility of caring for these high maintenance properties. It’s understandable that different people will have different tastes.
When it comes to finding the ideal neighborhood for your next home, there's no "one size fits all" formula.
While some people enjoy the hustle and bustle of an urban environment, others prefer a quiet family-oriented neighborhood in the suburbs.
Whatever your preferences, convenience is near the top of just about everyone's priority list. Here's why:
Closeness to Work: Long, daily commutes are not only stressful, but they can cause you to miss family dinners, school events, and relaxing evenings at home. There's also the added cost of gasoline, highway tolls, and wear-and-tear on your vehicle. If you happen to be leasing a vehicle, then long commutes could result in additional mileage charges at the end of your lease. Although car leases vary, exceeding the mileage allotment set by the leasing company can sometimes run you as much as 25 cents a mile. That can potentially add up to a hefty surcharge!
While there are a lot of reasons to look for a home that's relatively close to your job or business, quality of life issues are among the most important. As an example, if your daily commute is 45 minutes, each way, that adds up to an hour-and-a-half on the road. If you factor in occasional traffic jams, road repairs, and other inevitable delays, you're talking about more than eight hours a week just driving back and forth to work. It's equivalent to adding an additional work day to your week! Although it's not always feasible (especially in two-income households), there are major advantages to finding a house that's less than a half-hour commute to your job(s).
Proximity to Conveniences: Life will also be easier if you live close to a well-stocked supermarket. When you shop at a large, high-volume grocery store, prices are more economical and food tends to be fresher. Corner grocery stores and pharmacies are nice to have nearby when you just want to pick up a few quick essentials, but for selection, price, and freshness, supermarkets are usually your best bet!
Other desirable locations to keep in mind when house hunting include good-quality schools, reputable childcare centers, and proximity to family and friends. Depending on your lifestyle, you might want to be close to airports, major highways, recreational facilities, and entertainment. It can also be an advantage to choose a home near medical and dental offices, a veterinary clinic, and a preferred church, synagogue, or mosque.
When launching a search for your family's next home, the key to success is to stay focused, create detailed priority lists, and work with a seasoned real estate agent. Whether you decide to live in a rural area, suburbia, or downtown, a real estate agent has the knowledge, training, and negotiating skills to help you get a good deal and match your lifestyle goals with your budget and timeframe.
