It’s a good time to be a home seller – homes are selling fast and for a premium – but that doesn’t mean you can jump into the market ill-prepared. Knowing what to expect can position you to make the most of this seller’s market.
Roughly one in six (17 per cent) homeowners in the US plan on selling their home in the next 18 months, according to a new NerdWallet survey conducted online by The Harris Poll among 2,127 homeowners. Those listings will be a welcome sight to buyers currently competing for a limited number of homes commanding top dollar.
The March survey found that this current market is playing a role in many of these home sellers’ motivations. In fact, 45 per cent of those planning to sell in the next 18 months say recent changes to the housing market, including higher asking prices, have spurred them to sell earlier than initially planned. If you’re among the homeowners preparing to be on the favoured side of this strong seller’s market, here’s what you need to know.
Avoid pre-sale home renovations
In addition to cleaning your house for showings, preparing to sell your home often means doing minor (or major) repairs and upgrades. But homebuyers are stalking real estate listings and jumping on those that even get close to checking all the boxes, so sellers could likely save some money by limiting or forgoing expensive projects altogether.
More than four in five (81 per cent) homeowners planning to sell in the next 18 months say they plan to spend money on major repairs or renovations to make their home more appealing to potential buyers prior to selling, typically expecting to spend $2,000. But 17 per cent of those planning to sell in the next 18 months who will spend money on repairs and renovations prior to selling say they’ll spend $15,000 or more.
“You really can get away without doing renovations and minor repairs,” said Holden Lewis, a mortgages expert with NerdWallet. “Unless the house has a major problem like a leaky roof, you’re probably better off selling as-is. Make it a priority to declutter and depersonalise the home so it’s easy for buyers to imagine themselves living there. The buyers can fix it up and renovate it on their own dime and schedule.”
Unless the house has a major problem like a leaky roof, you're probably better off selling as-is
The sale will happen very quickly
If you list your home in this market, there’s little question of the outcome. Barring any significant defaults or dramatic overpricing, you’ll sell your home. It will happen quickly and you could receive multiple offers over listing price.
Nearly half (45 per cent) of homeowners planning to sell in the next 18 months said recent changes to the housing market have spurred them to sell earlier than initially planned, according to the survey. Single-family homes are in high demand, so selling now means you’ll sell faster and for a higher price than you would under other conditions.
Existing homes are only on the market for an average of 20 days, according to the most recent data from the US National Association of Realtors – that’s listed and under contract in less than three weeks. So be prepared to sell the moment you hang that “For Sale” sign. It’s ideal to have your next home already lined up, but that may be easier said than done.
Stiff competition for a replacement home
The very things that make it a good time to sell make it a tough time to buy a house. Just 10 per cent of those planning to sell in the next 18 months said one of their primary motivations for selling is that they no longer want to be a homeowner, according to the survey. For the rest of these sellers, entering the crowded pool of homebuyers will present challenges.
Whether it’s the location – such as moving closer to family, outside the city or for a new job – or the home features, every item on your list of must-haves will make finding your next home a greater challenge.
Given the likely ease with which you’ll sell and the difficulty you might have finding a replacement home, it may make sense to be under contract on a purchase when or soon after your home hits the market.
“The trickiest part of navigating today’s market is finding a home to replace the one you’re selling,” Mr Lewis added.
“You can make the buyer’s purchase contingent on your finding suitable housing. In other words, you can make your buyer wait. Normally, buyers are reluctant to accept that condition, but we’re in a seller’s market and sellers make the rules.”
The Bio
Amal likes watching Japanese animation movies and Manga - her favourite is The Ancient Magus Bride
She is the eldest of 11 children, and has four brothers and six sisters.
Her dream is to meet with all of her friends online from around the world who supported her work throughout the years
Her favourite meal is pizza and stuffed vine leaves
She ams to improve her English and learn Japanese, which many animated programmes originate in
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Fines for littering
In Dubai:
Dh200 for littering or spitting in the Dubai Metro
Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle.
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle
In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Last-16 Europa League fixtures
Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm
Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm
Inter Milan v Getafe (one leg only) 11pm
Manchester United (5) v LASK (0) 11pm
Thursday
Bayer Leverkusen (3) v Rangers (1) 8.55pm
Sevilla v Roma (one leg only) 8.55pm
FC Basel (3) v Eintracht Frankfurt (0) 11pm
Wolves (1) Olympiakos (1) 11pm
COMPANY PROFILE
Name: Cofe
Year started: 2018
Based: UAE
Employees: 80-100
Amount raised: $13m
Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Company%20profile
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COMPANY%20PROFILE
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