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Key Facts to Selling Your Home (Part I)

When selling your home, there are several important facts to consider when working with your real estate agent beyond just listing your home and waiting for offers to roll in. Below is a BRIEF overview. For detailed outline of the process, please contact us.
Define your needs.

Write down all the reasons for selling your home. Ask yourself, “Why do I want to sell and what is my ultimate goal after the sale?” For example, a job opportunity in another city may necessitate your move, a growing family may prompt your need for a larger home or conversely children moving out may signal it is time to downsize. For your goals, write down if you’d like to sell your house within a certain time frame or make a particular profit margin. Together, we can map out the best path to achieve your objectives and set a realistic time frame for the sale.

Name your price.

Your next objective should be to determine the best possible selling price for your house.Currently, the Roxbury Market is booming, you want to price your home to get the most traffic.  Setting a fair asking price from the outset will generate the most activity on your home. We know what comparable homes are selling for in your area and the average time those homes are sitting on the market. Remember: You’re always better off setting a fair market value price than setting your price too high. Studies show that homes priced above their market value take longer to sell. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. 
Prepare your home.

Most of us don’t keep our homes in “showroom” condition. If you have kids, at any given moment, it can look like a bomb exploded in your living room. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer. First impressions are the most important. As your real estate firm, we can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers. We can provide feedback on inexpensive things if you are on a tight budget. You want buyers to envision themselves in “their new home” NOT Your current home.
Get the word out.

Now that you are ready to sell, we will implement the marketing strategy specifically designed for your home. There are many ways to get the word out, including: The Internet, Yard signs, Open houses, Media advertising, Agent-to-agent referrals, and direct mail marketing campaigns. In addition to listing your home on the MLS, we will use a combination of these tactics to bring the most qualified buyers to your home. We also host monthly seminars to help potential buyers get pre-approved to purchase a home. We cover a range of topics with the goal of helping attendees improve their credit, earn a higher income, and understand the home buying process from start to finish. We are also very active in and around the community. Our Roxbury real estate consultant Terrance Moreau can be seen mingling with community members in Dudley Cafe, speaking with home owners and providing feedback to homeowners because he is passionate about his community.

Be sure to check back for Part II of this series.

For questions, feel free to contact our office at 617-297-8641 or email us at Contact@MandrellCo.com.

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Credit affects all major financial decisions that involve someone lending you money/credit. It should be no surprise that your credit score will also affect your mortgage rate. Your credit scores affect the kinds of mortgages you can be approved for, how much you can borrow, the mortgage rates you’ll pay and even how much you’ll pay for private mortgage insurance (PMI). It’s not impossible to buy a home with damaged credit; it’s just much more expensive.
Credit scores are instrumental in applying and being approved for a mortgage. When it comes to FHA financing at least, you will be required to have a credit score of at least 580 in order to be eligible for a loan. The higher your credit score is beyond that, the better the terms will be. With a 580 credit score you also qualify for the low 3.5% down. If your credit score is below 580, you can still qualify for an FHA loan but you will need a 10% down payment. The drawback to a 580 is that your interest rate will not be at the national average, it will most likely be slightly higher. Consult your mortgage lender for more information. (We work with several lenders who work hard to get you the best rate, to be connected to one of them, please click here)
This is why it’s so important to understand your credit score in the months before you apply for a mortgage. If you do have impaired credit history, you’ll want to work to improve your credit scores before you even apply. And if you already have good credit, you’ll want to keep it as high as possible by avoiding taking on other new debt.
We host seminars throughout the year regarding improving credit and have affiliations with credit repair companies.
For more information, feel free to contact us.

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**Your lender decides what you can borrow but you decide what you can afford.**

When you make the decision to purchase a home, it is worth your time to consider total expenses and mortgage payments in your decision.
Lenders are careful, but they make qualification decisions based on averages and formulas. They do not take into account the nuances of your spending patterns and responsibilities. So, leave a little room for the unexpected, as well as the obvious new opportunities your home will give you to spend money, from furnishings, to landscaping, to repairs.
No matter how expensive your market though, we urge you to think carefully before stretching your budget quite so much.
Deciding how much you can afford should involve some careful attention to how your financial profile may change in the coming years. In the long run, your own peace of mind and security will matter most.
If you or your spouse suddenly became unemployed, would you be able to cover your mortgage and other expenses?
Would you be able to maintain your current lifestyle with your new mortgage payments?
Would you be able to pay your mortgage with the addition of a child?
Would you have money for emergencies (car troubles, broken heater)?
These are all things you need to think about when deciding to purchase a home. It is an investment into your future and you want to make a wise choice. To learn more about investing in real estate visit BostonWealthBuilders.com or schedule a no obligation consultation today!

 

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As the Seller, You Need to Understand Your Buyers

As the seller, you control three factors that will affect the sale of your home:
* The home’s condition
* The asking price
* The marketing strategy
However, it’s important to note that there are numerous other factors that influence a buyer. The more your home matches these specifications, the more competitive it will be in the marketplace. When The Mandrell Company represents you, we will advise you on how to best position and market your home to overcome any perceived downsides.

Factors Affecting Property Value
Location
Perhaps one of the most influential factors for buyers is something you can’t control: location, location, location. According to the National Association of REALTORS, neighborhood quality is the No. 1 reason buyers choose certain homes. The second most influential factor is commute times to work and school.
Size
Home sizes continue to increase but do not be dismayed… smaller homes typically appeal to first-time home buyers and “empty nesters,”or couples whose children have grown up and moved out. There is always a right way to market your home, no matter the size.
Amenities
If your home lacks certain features, you can renovate to increase its appeal, but be sure to consult your agent to ensure you are updating to what the typical buyer wants. Using market conditions and activity in your area as a gauge, we can help you determine whether the investment is likely to help or hinder your profit margin and time on the market.
Together, we can work together to make your home appealing to typical buyers and get you strong offers from DAY ONE!
Feel free to contact us today!

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