Although the April deadline for the homebuyer tax-credit ended, MSN Money predicts that buyers will be able to make up the cost of the $8,000 tax credit and then some. So if you’re in the market for a new home, and you have all of your finances in order now may be the perfect time to start looking for a house.
According to the experts during the homebuyer tax-credit the market was still a sellers market, however Rona Fischman principal broker at 4 Buyers Real Estate in Cambridge, Mass. Says that “Savvy buyers can put their feet back into the market… It will be more sane and less of a sellers market.”
Although it is predicted that home mortgage rates will climb, housing inventory is raising and MSN also believes that home prices will decrease by 10% over the next year. Many sellers who were counting on the homebuyer-tax credit to get their home sold may be willing to strike a reasonable deal with homebuyers. Enlist the help of a broker to explore the listings history, such as whether or not the property has been previously under contract. If a home has previously been under contract the seller will be more motivated to sell the house, to make up for lost time, due to a contract falling through.
If you’re a seller some good tips include checking out your competition or comparable houses in the neighborhood or area. If you’re determined to hold out for the highest price be prepared to defend your price. MSN recommends to buyers to remind sellers that the abundance of equal houses on the market make it easier for them to walk away from a house and find one cheaper and comparable. By doing your research you will ensure that your house is priced perfectly.
Staging your home can also bring in potential buyers. Look into placing extra items such as personal photographs, oversized furniture and other items that clutter your home into self storage so that when homebuyers walk through your home they see themselves living in the space. According to HGTV’s Designed to Sell and owner of Lisa LaPorta Design in L.A. “The most important thing people can do to improve their home is to clear out, clean up and get rid of clutter.”
It may seem like a lot of work at first but your hard work will pay off in the end when you sell your house. LaPorta reccomends going through every room in your house, one room at a time, “Be ruthless as you go about purging your belongings. If you haven’t used it in three months, stagers say, box it up and store it away; if you haven’t used it in a year, get rid of it. Make a house rule that for every new item that comes in, an old one has to leave. Any mixed feelings you have about tossing life’s accumulated belongings will quickly be replaced with a sense of relief and appreciation of your uncluttered surroundings.”