At Home with Team Gabriel

Selling your house is no simple task. And when you sell on your own – known as a FSBO (or For Sale by Owner) – you’re responsible for handling some of the more difficult aspects of the process without the expert guidance you need.

The 2021 Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) surveys homeowners who recently sold their house on their own and asks what difficulties they faced. Those sellers say some of the biggest headaches are prepping their house for sale, pricing it right, and handling the required paperwork.

Working with an agent is the best way to ensure you have an expert on your side to guide you at every turn. Agents have the skills and knowledge that are essential to navigating each step with ease, efficiency, and accuracy. Here are just a few things a real estate agent will do to make sure you get the most out of your sale.

1. Make the Best First Impression

Selling your house requires a significant amount of time and effort. Doing it right takes expertise and an understanding of today’s buyers. Your agent knows the answers to common questions, such as:

• Do I need to take down my personal art?
• How much landscaping does my house need?
• What colors should I paint my walls?

Your time and money are important, and you don’t want to waste either one focusing on the wrong things. A real estate advisor relies on their experience to answer these questions and more, allowing you to make the right investments to prep your house before you list.-+

2. Maximize Your Buyer Pool – and Your Sale

Today, the average home is getting 3.6 offers per sale according to recent data from NAR. That’s great news if you’re planning to sell, since the more offers you receive, the more likely you are to sell your house in a bidding war, and for a higher price.

Real estate agents have an assortment of tools at their disposal, like social media followers and agency resources, that will ensure your house is viewed by the most buyers. Without access to these tools and your agent’s marketing expertise, your buyer pool – and your home’s selling potential – is limited.

3. Understand the Documentation, Including the Fine Print

Today, when a house is sold, more disclosures and regulations are mandatory, meaning the number of legal documents to juggle is growing. It’s hard to understand all the requirements and fine print (especially if you’re not an expert). That’s why your advisor is an invaluable guide.

Your agent knows exactly what needs to happen, what all the paperwork means, and can work through it efficiently. They’ll help you review the documentation and avoid any costly missteps that could happen if you tackle it on your own.

4. Act as Your Expert Negotiator

If you sell without an agent, you’ll also be solely responsible for all negotiations. That means you have to coordinate with:

The buyer, who wants the best deal possible

The buyer’s agent, who will use their expertise to advocate for the buyer

The inspection company, which works for the buyer and will almost always find concerns with the house

The appraiser, who assesses the property’s value to protect the lender

Instead of going toe-to-toe with all these parties alone, lean on an expert. Your agent relies on experience and training to make the right moves throughout the negotiation. They’ll know what levers to pull, how to address each individual concern, and when you may want to get a second opinion. When you sell your house yourself, you’ll need to be prepared to have these conversations on your own.

5. Price It Right

Real estate professionals have the expertise to price your house accurately and competitively. To do so, they compare your house to recently sold homes in your area and factor in the current condition of your house. These factors are key to making sure your house is priced to move quickly and get you the maximum return on your investment.

When you sell as a FSBO, you’re operating without this advantage. That could cost you in the long run if you price your house too high or too low.

In Conclusion 

There’s a lot that goes into selling your house, and it takes time, effort, and expertise to truly maximize your sale. Instead of tackling it alone, let’s connect to make sure you have an expert on your side. Give Our Team a Call at (860) 618-6233 for ALL of your real estate needs!

Once you’ve found your dream home and applied for a mortgage, there are some key things to keep in mind before you close. It’s exciting to start thinking about moving in and decorating your new place, but before you make any large purchases, move your money around, or make any major life changes, be sure to consult your lender – someone who’s qualified to explain how your financial decisions may impact your home loan.

Here’s a list of things you shouldn’t do after applying for a mortgage. They’re all important to know – or simply just good reminders – for the process.

1. Don’t Deposit Cash into Your Bank Accounts Before Speaking with Your Bank or Lender.

Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

2. Don’t Make Any Large Purchases Like a New Car or Furniture for Your Home.

New debt comes with new monthly obligations. New obligations create new qualifications. People with new debt have higher debt-to-income ratios. Since higher ratios make for riskier loans, qualified borrowers may end up no longer qualifying for their mortgage.

3. Don’t Co-Sign Other Loans for Anyone.

When you co-sign, you’re obligated. With that obligation comes higher debt-to-income ratios as well. Even if you promise you won’t be the one making the payments, your lender will have to count the payments against you.

4. Don’t Change Bank Accounts.

Remember, lenders need to source and track your assets. That task is much easier when there’s consistency among your accounts. Before you transfer any money, speak with your loan officer.

5. Don’t Apply for New Credit.

It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO® score will be impacted. Lower credit scores can determine your interest rate and possibly even your eligibility for approval.

6. Don’t Close Any Credit Accounts.

Many buyers believe having less available credit makes them less risky and more likely to be approved. This isn’t true. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those determinants of your score.

In Conclusion 

Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. If your job or employment status has changed recently, share that with your lender as well. The best plan is to fully disclose and discuss your intentions with your loan officer before you do anything financial in nature.

When you think of homeownership, what’s the first thing that comes to mind? Chances are you might focus on the non-financial benefits, like the security or stability a home provides. But what about equity? While it can be overlooked, a homeowner’s equity helps build long-term wealth over time. Here’s a look at what equity is and why it matters.

For a homeowner, your equity is the current value of your home minus what you owe on the loan. So, as home values climb, your equity does too. That’s exactly what’s happening today. There aren’t enough homes on the market to meet buyer demand, so bidding wars and multiple offers are driving prices up. That’s because people are willing to pay more to buy a home. Right now, this low supply and high demand are giving current homeowners a significant equity boost.

Dr. Frank Nothaft, Chief Economist at CoreLogic, explains it like this:

“Home price growth is the principal driver of home equity creation. The CoreLogic Home Price Index reported home prices were up 17.7% for the past 12 months ending September, spurring the record gains in home equity wealth.”

To find out just how much rising home values have impacted equity, we turn to the latest Homeowner Equity Insights from CoreLogic. According to that report, the average homeowner’s equity has grown by $56,700 over the last 12 months.

Curious how your state stacks up? Check out the map below to find out the average equity gain for your area.

How Rising Equity Impacts You

If you’re already a homeowner, equity not only builds your wealth, it also opens doors for you to achieve your goals. It works like this: when you sell your house, the equity you built up comes back to you in the sale. You can use those proceeds to fuel your next move, especially if you’ve decided your needs have changed and you’re looking for something new.

If you’re thinking about becoming a homeowner, understanding the importance of equity can help you realize why homeownership is a worthwhile goal. It builds your wealth and gives you peace of mind that your investment is a wise one, not just from a lifestyle perspective, but from a financial one too.

In Conclusion 

Whether you’re a current homeowner or you’re ready to become one, it’s important to know how equity works and why it matters. If this inspires you to make a move, let’s connect to explore your options and find out what steps you need to take next. We can tell you what your Home is worth in Today's Market with a FREE No Obligation Market Analysis of Your Home's Value! Just Give us a CALL at (860) 618-6233!

Here are my predictions for our real estate market next year.

Want to sell your home? Get a home value report
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What are my predictions for the 2022 real estate market? I think we will see a strong market, however, there will be a slowdown. We won't have the same activity we got in 2021.

There will be more inventory, so we might see more buyers enter the market, but they won't be out in full force like they were this year. There will also still be less inventory than normal. Hopefully, it will get better, but at this point, I expect interest rates to increase to about 3% or 3.5%. Right now, interest rates are sitting at 2.8% to 3%.

If you have any questions, feel free to call or email me. I’m always here to help.

Michelle talks about why she got into real estate and joined our team.

Want to sell your home? Get a home value report
Want to buy a home? Search all homes for sale

Why work with our team? Today our agent Michelle O’Leary talks about how she got into real estate and what drew her to Team Gabriel. She worked in retail management for 10 years, always thinking about how cool it would be to work in real estate. When she finally took the leap and started interviewing brokerages, she couldn’t find a place that she liked until she heard of us. To hear her full story, watch our latest video.

Learn more: https://thegabrielteam.com/why-michelle-oleary-joined-team-gabriel.html