Thinking of Downsizing?
People downsize ALL THE TIME! If you are one of those people, then you have come to the right place! Downsizing can be a great opportunity provided that the current sale offers incentive. Keep reading to learn how you can improve your odds:
WHAT ARE YOUR DOWNSIZING GOALS?
Sellers should work on setting a few goals based on the reality of their current market. For instance, selling in a hot market can return a lot more money than expected. However, it should be noted that a higher cost might need to be paid for a smaller home within the same market conditions. Here are some things to consider when thinking about downsizing: the status of the market you'd like to move too (hot market or not?), the thought of supplementing your income with the sale of your current home and the amount of money that you wish to have left over.
Answers to these questions will help sellers identify how much they would like to get from the sale of their current homes, and a budget for the amount the plan on buying to acheive their downsizing goals.
DOES YOUR CURRENT HOME NEED IMPROVEMENTS?
Everyone wants to get a little more out of their home for sale. One way to do such is to consider making certain upgrades that appeal to home buyers. A modern home buyer is looking to find an energy efficient home with a decent number of bedrooms and storage space. Although making these improvements may cost a lot of money, a few targeted upgrades could dramatically increase the sale price! For instance, adding a custom storage to closets and the garage is less expensive, and offers buyers what they want!
Sellers who plan to upgrade their appliances should think about selecting those with the energy star designation. A minimal extra investment could imrpove the home's comeptitiveness in the market.
WHEN SHOULD YOU SELL YOUR CURRENT HOME?
The main goal to downsizing and using the profits to fund retirement or other enterprises is to sell high and buy low. Under normal market conditions, the best time to sell a home is typically mid spring. By comparison, the optimal time to buy is typically in the month of January. Downsizing could be a dream come true, with extra money as an added benefit! By maximizing interest in the home and selecting an ideal time to sell, sellers may get a higher sale price and a better return on their investment!
Have Questions regarding Real Estate? The Iris and Evelyn team are here to help! With their countless years of buying and selling Real Estate Properties, their experience and knowledge can help you make the right choice!
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