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Existing-Home Sales Retreated 3.3% in June; Monthly Median Sales Price Reached Second-Highest Amount Ever

Existing-Home Sales Retreated 3.3% in June; Monthly Median Sales Price Reached Second-Highest Amount Ever

Existing-Home Sales Retreated 3.3% in June; Monthly Median Sales Price Reached Second-Highest Amount Ever

WASHINGTON (July 20, 2023) – Existing-home sales slipped in June, according to the National Association of REALTORS®. Sales varied among the four major U.S. regions, with the Northeast experiencing gains, the Midwest holding steady, and the South and West posting decreases. All four regions recorded year-over-year sales declines.

Total existing-home sales1 – completed transactions that include single-family homes, townhomes, condominiums and co-ops – receded 3.3% from May to a seasonally adjusted annual rate of 4.16 million in June. Year-over-year, sales fell 18.9% (down from 5.13 million in June 2022).

“The first half of the year was a downer for sure with sales lower by 23%,” said NAR Chief Economist Lawrence Yun. “Fewer Americans were on the move despite the usual life-changing circumstances. The pent-up demand will surely be realized soon, especially if mortgage rates and inventory move favorably.”

Total housing inventory2 registered at the end of June was 1.08 million units, identical to May but down 13.6% from one year ago (1.25 million). Unsold inventory sits at a 3.1-month supply at the current sales pace, up from 3.0 months in May and 2.9 months in June 2022.

“There are simply not enough homes for sale,” Yun added. “The market can easily absorb a doubling of inventory.”

The median existing-home price3 for all housing types in June was $410,200, the second-highest price of all time and down 0.9% from the record-high of $413,800 in June 2022. The monthly median price surpassed $400,000 for the third time, joining June 2022 and May 2022 ($408,600). Prices rose in the Northeast and Midwest but waned in the South and West.

“Home sales fell but home prices have held firm in most parts of the country,” Yun said. “The national median home price in June was slightly less than the record high of nearly $414,000 in June of last year. Limited supply is still leading to multiple-offer situations, with one-third of homes getting sold above the list price in the latest month.”

Properties typically remained on the market for 18 days in June, identical to May but up from 14 days in June 2022. Seventy-six percent of homes sold in June were on the market for less than a month.

First-time buyers were responsible for 27% of sales in June, down from 28% in May and 30% in June 2022. NAR’s 2022 Profile of Home Buyers and Sellers – released in November 20224 – found that the annual share of first-time buyers was 26%, the lowest since NAR began tracking the data.

All-cash sales accounted for 26% of transactions in June, up from 25% in both May 2023 and June 2022.

Individual investors or second-home buyers, who make up many cash sales, purchased 18% of homes in June, up from 15% in May and 16% the previous year.

Distressed sales5 – foreclosures and short sales – represented 2% of sales in June, virtually unchanged from last month and the prior year.

According to Freddie Mac, the 30-year fixed-rate mortgage(link is external) averaged 6.96% as of July 13. That’s up from 6.81% the previous week and 5.51% one year ago.

Single-family and Condo/Co-op Sales

Single-family home sales decreased to a seasonally adjusted annual rate of 3.72 million in June, down 3.4% from 3.85 million in May and 18.8% from the previous year. The median existing single-family home price was $416,000 in June, down 1.2% from June 2022.

Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 440,000 units in June, down 2.2% from May and 20.0% from one year ago. The median existing condo price was $361,600 in June, up 1.9% from the previous year ($354,800).

Regional Breakdown

Existing-home sales in the Northeast grew 2.0% from May to an annual rate of 510,000 in June, down 21.5% from June 2022. The median price in the Northeast was $475,300, up 4.9% from the prior year.

In the Midwest, existing-home sales were unchanged from one month ago at an annual rate of 990,000 in June, slumping 19.5% from one year ago. The median price in the Midwest was $311,800, up 2.1% from June 2022.

Existing-home sales in the South faded 5.4% from May to an annual rate of 1.91 million in June, a decrease of 16.2% from the previous year. The median price in the South was $366,600, down 1.2% from June 2022.

In the West, existing-home sales declined 5.1% from the previous month to an annual rate of 750,000 in June, down 22.7% from one year ago. The median price in the West was $606,500, down 3.4% from June 2022.

About NAR

The National Association of REALTORS® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

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For local information, please contact the local association of REALTORS® for data from local multiple listing services (MLS). Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

NOTE: NAR’s Pending Home Sales Index for June is scheduled for release on July 27, and Existing-Home Sales for July will be released on August 22. Release times are 10 a.m. Eastern.


1 Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR benchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2 Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).

3 The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

4 Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s REALTORS® Confidence Index, which include all types of buyers. The annual study only represents primary residence purchases, and does not include investor and vacation home buyers. Results include both new and existing homes.

5 Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s REALTORS® Confidence Index, posted at nar.realtor.

 

SOURCE

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

7 Essential Tasks That Home Sellers Frequently Overlook

7 Essential Tasks That Home Sellers Frequently Overlook

7 Essential Tasks That Home Sellers Frequently Overlook

7 Essential Tasks That Home Sellers Frequently Overlook

When it comes to selling your home, the to-do list seems never-ending: from finding a reliable real estate agent and doing touch-ups to fixing that stubborn air conditioner and considering staging options. With so much on your plate, it’s not surprising that certain important tasks sometimes slip through the cracks (and we’re not here to place blame!).

To ensure a smooth selling process, our team of experts—experienced real estate agents who have assisted numerous home sellers—has pinpointed the often overlooked to-do’s. Rest assured, these tasks won’t demand much time, yet their value is immeasurable.

Follow this invaluable advice, and you’ll find that selling your house may not be as overwhelming as people often make it out to be.

1. Google your address

It’s crucial for sellers to be proactive in monitoring what’s being said about their property on the internet. Surprisingly, not all sellers take this step, but it’s highly recommended. According to the National Association of Realtors®, a staggering 90% of buyers utilize online resources while searching for a home.

Sellers are advised to pay attention to their online listing’s appearance, as it significantly impacts the concerns potential buyers may have. For instance, if the estimated value on the site differs greatly from your asking price, it could be due to incorrect information in the tax records about the number of bedrooms or bathrooms in your house. Fortunately, this is a simple issue to rectify.

Another important factor to consider is the influence of mapping technology, particularly Google Maps’ street view. It’s possible that the street view of your property might not display the improvements you’ve made, which is why it’s essential to include those updates in your listing to give buyers a comprehensive and accurate view of your property. Being aware of these online aspects will enhance your selling process and ensure you make a strong impression on potential buyers.

2. Account for improvements and issues

It is suggested that if you’ve been a homeowner for an extended period, take the time to compile a list of all the issues you’ve successfully addressed during your tenure. This may encompass various matters such as chimney fires, water damage, or basement floods. Regardless of whether you resolved these problems or not, it’s crucial to disclose this information to potential buyers to avoid potential legal issues post-sale.

It is also emphasized the significance of revealing any “invisible improvements” you’ve made, such as regrading the land or installing a French drain system. Sharing these enhancements can provide a considerable sense of reassurance to prospective buyers.

Similarly, when it comes to sewer lines, tanks, radon remediation, or leaky skylights, and disclosure is important. Being forthright about these aspects builds trust and transparency between you and the buyer.

3. Check your real estate agent’s references

To safeguard your time, money, and peace of mind, it is crucial to be diligent in finding the best real estate agent for your needs, as a poorly behaved or incompetent agent could lead to significant consequences. Here are some extra steps you can take to ensure you make the right choice

Before making any decisions, it’s essential to verify that the individuals you are considering to work with hold a valid and up-to-date real estate license, and have a clean track record with no complaints filed against them. Take the time to schedule a meeting with the agent in person to get a better understanding of their qualifications and approach. Additionally, don’t hesitate to reach out directly to a few of their provided references to gather insights into their past performance and client satisfaction. Being thorough in these steps will help ensure you select a reliable and trustworthy real estate professional.

4. Insist on social media marketing

In addition to staging your home beautifully, setting a competitive price, and listing your property, there’s another crucial aspect to prepare before you’re fully ready to sell: a well-thought-out social media marketing plan. Marianne Leonard Cashman suggests several must-do strategies, including video tours, floor plans, and captivating photo galleries, all promoted on platforms like Facebook and Instagram.

Cashman emphasizes the importance of utilizing all available avenues to attract the right buyer for your home. This involves ensuring your agent showcases your home not only on their website but also on their agency’s website. Moreover, your property should be promoted on various other sites that specialize in marketing homes and providing information about upcoming open houses. By leveraging social media and online platforms effectively, you can significantly enhance your property’s visibility and increase your chances of finding the perfect buyer for your home.

5. Make sure the doorbell rings

The importance of attention to detail cannot be underestimated when it comes to selling your home. Even seemingly minor cosmetic repairs can have a significant impact on the success of your sale. Neglecting to fix something as simple as a broken doorbell may send a negative message to potential buyers, making them wonder about other potential issues within the property.

First impressions are crucial. A well-maintained home, starting from the moment buyers view it from the curb, conveys a sense of pride in homeownership and diligent care. This perception, in turn, translates to reduced energy and costs for the buyer as they anticipate moving into a well-kept property.

6. Clean inside everything

Storage space can be a significant selling point for homes. Hence, it’s essential to be prepared because potential buyers will thoroughly investigate closets, drawers, cabinets, ovens, refrigerators, and even the dishwasher—whether they are cleaned or not. Ensuring these spaces are spotless is crucial.

Investing in a professional deep-cleaning service will prove beneficial, as it can potentially increase your sales price by at least tenfold. Remember, simply sweeping and scrubbing the surfaces until they shine is not enough. The job is not complete until every trace of dust, crumbs, and unwelcome critters are meticulously cleaned from the small spaces within these storage areas. By prioritizing this level of cleanliness, you will leave a positive and lasting impression on buyers, potentially accelerating the sale of your home.

7. Clarify which items are not included

It’s crucial to avoid potential complications with buyers falling in love with your house due to its custom window treatments or other fixtures that you intend to take with you when you move. To prevent any misunderstandings, it’s essential to be clear about what items are included in the sale and what you plan to take with you.

The law generally considers anything bolted to the wall or ceiling as part of the property and, therefore, transfers to the buyer unless explicitly excluded in the contract. If you have specific items you want to keep, such as a flat-screen TV, chandelier, or custom pot rack, it’s essential to label them as excluded from the sale as soon as the house is listed. This way, buyers won’t assume they come with the property and be disappointed later on.

Being upfront and transparent about what is included in the sale will help ensure a smoother and more positive home-selling process for both you and the potential buyers.

Experts in Residential Real Estate in Orlando

If you are BUYING or SELLING real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Well Maintained Home in Polo Park Just Listed

Well Maintained Home in Polo Park Just Listed

 

412 Tivoli Park Dr, Davenport, FL

bg-image Click here to Get Directions

$224900

2 Beds 2 Baths 6499 sqft Lot

Welcome to your dream home in the popular golf community of Polo Park! This desirable home offers the perfect blend of comfort, style, and convenience, making it an ideal place to settle down and enjoy the Florida lifestyle. The Well come home! Looking for a well maintained 2/2 manufactured home in a popular active adult community? This home is for you!. Pride of ownership shines through as you approach the home. The long driveway and carport offer plenty of offroad parking. At the back of the carport is the large screen room with vinyl windows which also provides access to the workshop/shed which houses the washer and dryer and provides ample storage. Access to a small covered area from the rear door of the screen room is where the current owners store their garbage cans. Overlooking the front of the property is a covered raised porch area which also provides access into the property through the living room area. An archway adjoins the family room and dining room. A built in china cabinet in the dining room provides additional storage and display space. Alongside the dining room is spacious kitchen offering a good selection of cabinets (some with pull out shelves and kitchen carousels for each access) and ample counterspace and eat area with small bistro table and two chairs. Natural light shines through the skylight. Towards the rear of the homes are the bedrooms, bathroom and small bonus room/office with built in computer desk and cabinets. The guest bathroom is situated opposite the family bathroom. The master bedroom is expansive and adjoin the master bathroom which has a large walk-in closet and separate toilet and walk-in shower room. Looking for activities? Polo Park has lots to offer with two clubhouses, two community pools, tennis courts, bocce, horse shoes, shuffleboard as well as a nine hole golf course. Golf is not included in your HOA fees. Lots of amenities and activities. Located close to highway 192 providing easy access to restaurants, grocery stores, medical facilities as well as theme parks and Posner Park shopping mall located a short drive away further south on highway 27. Time to live the Florida lifestyle!

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Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Closing on a House: Helpful Settlement Advice for Home Sellers

Closing on a House: Helpful Settlement Advice for Home Sellers

Closing on a House: Helpful Settlement Advice for Home Sellers

Closing on a House: Helpful Settlement Advice for Home Sellers

In order to finalize the purchase of a house, it is important to reach the settlement table. Although you are approaching the final stages of selling your home, it is not time to relax just yet. While it may be a relief to no longer worry about constantly showing your home, you still have responsibilities towards the buyer, the buyer’s agent, and the contractual agreements.

As a seller, it is crucial to understand the essential aspects of the settlement process

What contingencies impact sellers before closing on a house

Although the primary responsibility for finalizing financing and acquiring homeowners insurance lies with the buyer, there are certain contract contingencies that may also affect you as the seller, particularly if you are currently residing in the home.

Prior to the closing of a house, it is common for most transactions to involve a home inspection. As the seller, you will be required to make your home accessible to the inspector and subsequently engage in negotiations with the buyers based on any findings from the inspection, as stipulated in the terms of your contract.

In addition to the standard home inspection, certain contracts and lenders may require a termite inspection and a radon gas inspection. In such cases, it will be necessary for either you as the seller, your listing agent, or the buyer’s agent to ensure that the home is made available for these specific inspections.

Prior to the closing of a house, another crucial step is the appraisal. If the appraisal value surpasses the agreed-upon sales price, buyers can take comfort in knowing they have acquired a home below its market worth. Once the contract is signed, the seller cannot negotiate for a higher price.

However, if the appraisal value falls short of the sales price, the buyer’s lender will limit the loan amount to the lower value. In such cases, the buyer may need to provide additional funds to bridge the financing gap or request renegotiation of the contract. Your agent can offer guidance on the best course of action, but it’s important to remember that both you as the seller and the buyer are bound by the terms of the contract.

Before proceeding to settlement, it is advisable to thoroughly review the contract with your agent and ensure that you are prepared to fulfill any obligations you have made. This includes determining which items will be conveyed to the buyer and addressing any repairs or improvements that you have committed to making.

Negotiating a settlement date

Buyers and sellers usually engage in negotiations to determine a settlement date that works well for both parties. If you have sold your home but are not yet prepared to move into your new residence, there is a possibility to negotiate a “rent-back” arrangement with the buyer. This allows you to remain in the home after the settlement by paying rent to the buyer.

Typically, lenders impose a maximum rent-back period of 60 days. If you require a longer duration, it is important to discuss this with your buyer and your agent.

Alternatively, some sellers may allow the buyers to occupy the property before the settlement takes place. In either scenario, it is crucial to establish a written agreement that outlines the responsibilities of each party in the event of any damage or loss to the house or its contents during the transition period.

Settlement services

The decision regarding the party responsible for providing settlement services, also known as closing or escrow services, can vary between different markets. In many locations, the buyer is the one who selects the settlement company, while in other places, it is the seller’s choice. During the closing process of a house, the buyer will provide the necessary funds to purchase your home, and the settlement agent will review the sales agreement to determine the payments you will receive. The title to the property is then transferred to the buyers, and arrangements are made to officially record this transfer of ownership with the appropriate local records office.

During a typical closing, adjustments are made to ensure the final amounts owed by the buyer and the seller are accurate. For instance, if you have been making property tax payments through an escrow account, you may receive additional credit for prepaid taxes. Conversely, if the property taxes have not been paid correctly, you may receive a reduced amount at settlement.

Once the necessary settlement documents are signed and the house keys are exchanged, you are officially liberated to transition to your next home.

Experts in Residential Real Estate in Orlando

If you are BUYING or SELLING real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Avoid DIY disasters that ruin the first impression for buyers.

Avoid DIY disasters that ruin the first impression for buyers.

Avoid DIY disasters that ruin the first impression for buyers.

Avoid DIY disasters that ruin the first impression for buyers.

When you’re checking out a home for sale, it’s not just about the curb appeal, my friend. Sellers usually spruce things up before putting their house on the market, like giving those cabinets a fresh coat of paint and swapping out the hardware.

But hey, here’s the deal: if the job isn’t done right, you bet buyers are gonna notice the shoddy workmanship. In fact, some buyers might completely lose interest in the house if the renovations are a hot mess.

So, hang tight and let’s spill the tea on the most common DIY projects that home sellers tackle—and how they can totally botch ’em up.

1. Altering garage space to add square footage

Extra square footage is usually a hit with potential buyers, but there’s a catch: it has to flow naturally and seamlessly with the rest of the house. That awkwardly converted space can be a deal breaker for many.

I recently had a client who encountered this issue. The homeowner had enclosed the carport, put carpet over the cement garage floor, and turned it into a game room. But guess what? The buyer took one look at it and didn’t even bother checking out the rest of the house. Talk about a turn-off, right?

Converting a garage into living space may give you more room inside, but it comes at the cost of losing valuable storage and parking space. And in this case, it even messed up the curb appeal because instead of a garage door, there was just a wall at the end of the driveway. Not exactly the ideal first impression.

2. Doors that don’t open right

We all understand that a stunning front door can instantly boost the curb appeal of a house. However, if that door sticks or requires some fancy handle maneuvering just to enter, all that appeal goes down the drain. And guess what? The same goes for interior doors too. If you’ve invested in upgraded doors for your home but they aren’t properly installed, they’ll quickly lose their “wow” factor.

A door that swings the wrong way or doesn’t give enough clearance to the sink, toilet, or cabinetry is a dead giveaway that a licensed professional wasn’t involved in the process. It’s all about the details, my friend, and a well-hung door can make a significant difference in the overall impression of your home.

3. Haphazardly placed hardware

If your kitchen cabinets are still in top-notch condition but could use a hardware upgrade, pay close attention to how you position those new knobs, pulls, and handles.

Believe it or not, even seemingly minor details like backward or upside-down hardware don’t escape the eagle-eyed gaze of buyers. These little blunders can be a major turnoff for potential buyers who are looking for a move-in ready property. Let’s face it, nobody wants to deal with fixing someone else’s sloppy work when they’re looking for their dream home.

4. Crown molding that looks anything but elegant

Crown molding has the potential to add value and elegance to a room by framing it. However, if the installation is poorly executed, it can have the opposite effect.

In a recent example, a condo underwent renovations before being listed for sale. The family room was upgraded with the addition of crown molding. Unfortunately, the craftsmanship left much to be desired, with noticeable flaws such as visible cuts and nails.

Furthermore, this lack of attention to detail extended beyond the family room to other areas of the house, including the trim work. Potential buyers quickly noticed these subpar finishes, which ultimately deterred them from considering the property. This serves as a reminder that meticulous workmanship and precision are crucial when aiming to create a positive impression on prospective buyers and maximize the chances of a successful sale.

5. Painting over imperfections on the wall

Painting is a go-to DIY project for many homeowners. It’s a cost-effective way to give a room an instant refresh, but there’s a catch—it has to be done right.

Simply rolling a fresh coat of paint over surfaces that haven’t been properly prepared won’t hide imperfections like cracks, gaps, or chipped paint. These flaws will show through the new color, completely defeating the purpose of impressing potential buyers with freshly painted rooms. The key here is to properly prep the walls before painting to ensure a smooth and flawless finish that will make a positive impact on buyers.

6. Botched mortar jobs

Uh-oh! Your open house is just around the corner, and guess what? You’ve just spotted cracks in the mortar between the bricks next to your front door. While you might be tempted to make a quick hardware store run for some mortar filler and tackle the job yourself, here’s the deal—you’ll need more than just a caulk gun to handle those gaps properly.

The real issue arises when old mortar isn’t removed and new mortar is simply applied on top. That shoddy DIY approach can seriously harm the overall aesthetic of your house, making a terrible first impression on potential buyers. It’s crucial to take the necessary steps to address the issue professionally and ensure that your home leaves a positive lasting impression on buyers.

7. New vanity, old faucet

Having an updated bathroom can greatly attract buyers, and one of the key elements that can transform its appearance is a new vanity. It has the power to change the overall aesthetics from old and grimy to fresh and modern—unless you’ve only done half of the job.

According to Melanie Everett,  founder of Melanie Everett and Company, a stylish and contemporary vanity loses its impact when buyers notice that you didn’t replace the outdated, calcium-corroded faucet. It simply doesn’t make sense. Moreover, it’s worth noting that you can easily find trendy faucets for under $100.

Consistency is key when making small tweaks to your bathroom. It’s essential to ensure that all the elements work together harmoniously. So, if you’re going for a new vanity, it’s wise to make sure that the faucet matches the desired aesthetic. Don’t overlook these details that can make a significant difference in attracting buyers and creating a cohesive bathroom design.

8. Painting worn-out kitchen cabinets

It’s common knowledge that an outdated kitchen can be a deal breaker for many potential homebuyers. However, if you haven’t had the chance to replace your worn-out cabinets, you might think that a fresh coat of glossy white paint can make them look new for the listing photos, right? Well, not quite.

Trying to fool buyers with the appearance of the cabinets in listing photos won’t work when they visit the property in person. While the light color may initially attract buyers to request a show

It’s important to be upfront about the condition of your kitchen cabinets. While a coat of paint can help freshen them up, if they are in poor shape, it’s best to address the underlying issues or consider a more comprehensive renovation. Being transparent with potential buyers will save both parties from disappointment and ensure a fair assessment of the property’s value.

Experts in Residential Real Estate in Orlando

If you are BUYING or SELLING real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Closing on a House: Settlement Tips for Home Sellers

Closing on a House: Settlement Tips for Home Sellers

Closing on a House: Settlement Tips for Home Sellers

Closing on a House: Settlement Tips for Home Sellers

Right before you seal the deal on your dream house, there’s one last step: the settlement table. You’re almost done with the whole process of selling your home, but hold off on that sigh of relief just yet. Sure, you can finally let go of the stress of showing your home around the clock, but you still need to play nice with the buyer, their agent, and stick to the commitments laid out in the contract.

So, as a seller, here’s the lowdown on what you need to know about the settlement process.

What contingencies impact sellers before closing on a house

When it comes to finalizing the purchase of a house, the buyer carries the responsibility of securing financing and obtaining homeowners insurance. However, there are a few contract contingencies that may also affect you, especially if you’re still living in the house.

Before closing the deal, most transactions involve a home inspection. This means you’ll need to make your home available for inspection and then negotiate with the buyers based on the inspection findings, as specified in the contract terms.

Apart from the home inspection, some contracts (and certain lenders) may require a termite inspection and a radon gas inspection. In such cases, either you, your listing agent, or the buyer’s agent will need to arrange for the inspections to take place.

Another crucial step before closing is the appraisal. If the appraisal comes in higher than the sales price, the buyers can feel satisfied knowing they’ve purchased the home below its market value. Once the contract is signed, you can’t renegotiate the price upwards.

However, if the appraisal comes in lower than the sales price, the buyer’s lender will limit the loan amount to the lower value. The buyer might need to provide additional funds to cover the financing gap or may request renegotiation of the contract. Your agent can guide you on the best course of action, but remember that both you and the buyer are bound by the terms of the contract.

Before heading to settlement, it’s essential to review the contract with your agent and ensure you’re prepared to fulfill any obligations you’ve agreed to regarding conveying items to the buyer and completing any promised repairs or improvements.

Negotiating a settlement date

When it comes to settling on a date for the transaction, buyers and sellers usually negotiate to find a mutually agreeable settlement date. If you’ve sold your home but aren’t quite ready to move into your new place, there’s a chance to negotiate a “rent-back” arrangement with the buyer. This means you can stay in the home after the settlement by paying rent to the buyer.

Typically, lenders place a maximum limit of 60 days for rent-back situations. If you require a longer period, it’s important to discuss it with your buyer and your agent.

Alternatively, some sellers may allow the buyers to move into the property before the settlement takes place. In either scenario, it’s crucial to have a written agreement that outlines the responsibilities in case anything happens to the house or its contents during the transition period.

Settlement services

The process of determining who handles settlement (also known as closing or escrow) services can vary from one market to another. In many areas, it’s the buyer who selects the settlement company, while in other places, the seller takes on this responsibility. During the closing on a house, the buyer provides the funds for purchasing your home, and the settlement agent carefully reviews the sales agreement to determine the payments you’ll receive. The title to the property is then transferred to the buyers, and necessary arrangements are made to record this transfer with the local records office.

During a typical closing, adjustments are made to ensure the final amounts owed by the buyer and yourself, the seller, are accurate. For instance, if you’ve been paying property taxes through an escrow account, you might receive additional credit for prepaid taxes, or if there were any issues with the tax payments, it could result in a reduced amount received at settlement.

Once all the settlement papers are signed, and the keys to the house are exchanged, you are free to move forward and embark on your next home adventure.

Experts in Residential Real Estate in Orlando

If you are BUYING or SELLING real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.