Home Seller Tips: 3 Reasons to Decline the First Offer on a Home

As a home seller, receiving the first offer on your residence can be an exciting experience. However, the initial offer on your home may prove to be insufficient for a number of reasons, including:

1. The offer fails to meet your expectations.

Ideally, a home seller will allocate the necessary time and resources to fully analyze a house before adding it to the real estate market. This will enable a home seller to establish realistic expectations for his or her house and price it accordingly.

Conducting a home appraisal offers a great starting point for a home seller to determine the true value of a residence. This appraisal ensures a home inspector will examine a residence’s interior and exterior. Then, the inspector will provide a report that details a house’s strengths and weaknesses.

With a home appraisal report in hand, a home seller should have no trouble establishing a “fair” price for his or her residence. And if an initial offer falls short of this price, a home seller can politely decline the proposal and wait for additional offers.

2. The homebuyer has submitted a “lowball” proposal.

In some instances, a homebuyer may submit a “lowball” offer in the hopes of acquiring a terrific house at a budget-friendly price. If a home seller cannot differentiate between a reasonable offer and a lowball proposal, he or she risks missing out on an opportunity to optimize the value of a residence.

An informed home seller should examine the prices of available houses that are similar to his or her own. By doing so, this property seller can see how his or her residence stacks up against the competition and map out the home selling journey accordingly.

Moreover, an informed home seller will mow the front lawn, trim the hedges and do whatever it takes to enhance a house’s curb appeal. This home seller likely understands the importance of making a positive first impression on homebuyers, and as a result, will perform assorted home exterior improvements to help reduce the risk of receiving a lowball initial offer.

3. The offer does not correspond to the current state of the housing market.

For a home seller, it is essential to work with a real estate agent who can provide full details about the current state of the housing market.

A real estate agent can help a home seller differentiate between a buyer’s market and a seller’s market. Plus, this housing market professional can provide honest, unbiased recommendations about whether a home seller should decline an initial offer on a home.

Many real estate agents are available in cities and towns nationwide, and these housing market experts are happy to help home sellers in any way they can. If you employ a real estate agent before you list your home, you can reap the benefits of unparalleled guidance at each stage of the home selling journey.

There is no reason to settle for a subpar initial offer on your residence. Instead, consider a first offer closely, and you can make an informed decision about whether to decline or accept it.

What Should I look for in a Starter Home?

With rent prices shooting soaring across the country, many young Americans who were previously happy renting while they saved for a home are now turning to other options.

One common solution is a starter home. If you want to keep your monthly mortgage prices low while being able to build equity and slowly save for your “forever home.” a starter home can be a great option for first-time buyers.

When does it make sense to buy a starter home?

Buying a home means mortgage payments, home maintenance and repairs, and closing costs. However, they can also be a great introduction to the responsibilities of homeownership.

Better yet, starter homes allow you to build equity that can be used toward the down payment of your next home, something that first-time buyers often struggle with. This could help you secure a lower interest rate and avoid costly private mortgage insurance (PMI).

Sounds great, right? But when shouldn’t you buy a starter home?

It might not make sense to buy a starter home if you don’t plan on living in it at least 3-4 years. You might find that the cost of renting is less than that of your mortgage payments and closing costs if you don’t live in the home long enough to reap the rewards.

It also might not be a good idea if your family is going to outgrow a small home in the next few years for the same reasons mentioned above. That makes it all the more important to discuss your long term plans with your spouse before considering a home.

Things to look for in a starter home

1. Resale value

One of the most important aspects of your starter home should be the ability to resell it in the future. Now, there is an endless number of factors that go into the marketability of a home. Key factors include the condition of the home and keeping it well-maintained, as well as the location of the home. Buying a starter home in an area that will attract young professionals down the road is typically a good investment.

2. Small size = low price

It probably goes without saying, but finding a home with a low price, at the expense of square-footage, is most often a smart choice when it comes to starter homes.

Small homes are cheaper to buy, cheaper to heat, and cheaper to maintain. However, since housing prices are trending upward, you’ll likely still see a positive return on your investment in ~5 years time when you’re hoping to buy again.

3. Reasonable home improvements

If you can spare the time, buying a starter home that needs some work can be an excellent investment. It can be more difficult later on when you have a large family to care for and less time to focus on making improvements.

Tips to Make Moving Day Easier and Less Stressful

Moving to a new home can be both exciting and stressful — especially if pets and young children are involved!

Fortunately, there are plenty of strategies for avoiding frayed nerves and keeping problems to a minimum.

Cultivate a Positive Mindset: Making a conscious decision to remain cool, calm, and collected throughout your move will set the stage for a more relaxed experience for everyone. Since stress and irritability can quickly spread from one family member to another, it’s up to the parents to set a positive example for the kids. When you resolve to be patient and optimistic about how things are progressing, you’ll tend to be more resourceful, encouraging, and solution oriented.

Be organized: Creating a priority list of tasks that need to be completed by a target date is an excellent strategy for staying focused and on schedule. There are a lot of details to attend to when you’re moving, so it’s usually necessary to have a written plan and a checklist of things to remember.

Here are three ideas to consider for avoiding confusion at your new home: Clearly label all boxes; make sure that screws and other fasteners for dissembled furniture are stored in an easy-to-find clear bag or container, and take a photo (for easy reference) of cable and Internet connections before disconnecting your TV, sound system, and computer equipment. That way, when everything needs to be reassembled and reconnected at your new home, the process will go much more smootly!

Some people tend to just throw odds and ends into boxes, hoping that all the “pieces of the puzzle” will somehow magically fall into place at their new home. Unfortunately, when you pack your belongings in a haphazard manner, frustration is always the end result.

If you really want to be super-organized, consider drawing a “furniture map” of each major room. That way, you can give copies of the plan to the movers and hopefully streamline the furniture setup phase at your new home. Another efficiency tip is to color-code your boxes to help make sure the right moving boxes end up in the correct rooms.

First-Day Survival kit: Since it’s highly unlikely that you’ll unpack all your belongings and supplies on the first day, it’s always a good idea to pack toiletries, medications, a first aid kit, and cleaning supplies in an easy-to-reach place. Other things you might want to have handy in the car for the first day at your new home would be a vacuum cleaner, pet food, dog leashes, toys for the kids, stuffed animals, games, healthy snacks, and cold beverages.

Miscellaneous Priorities: Digital photographs and computer files can be securely stored on a portable hard drive or a free cloud storage service available through Google or Dropbox. As far as small valuables, such as laptops, jewelry, mobile devices, and important documents, it’s generally recommended that you transport those items with you in your car — preferably in a clearly marked box.