Sell Your House

The Best Time to Sell a House May Not Be When You Think!

June 25, 2019 by Joe Ruben

When’s the best time to sell a house? If you’re like most people, you may think it’s the spring and summer, when inventory tends to be higher and the warmer weather brings more potential home buyers to open houses.

But with the housing market expected to weaken through 2020, that may not be the case. Unexpected events can also arise and force you to put a house up for sale any time of the year.

As with many things in life, timing is everything when selling your home to get top dollar for it. Here are some tips on when to list your home to increase your chances at receiving a fair offer for it.

Your Home is Ready to Show

If your home needs minor repairs or you’re planning to renovate the kitchen, bathroom, or another area you may want to hold off selling it until everything is taken care of.

Upgrades and cosmetic fixes not only add to your home’s value (thus justifying a higher list price), they also help your home display well in photographs and in person. Even minor work such as power washing the exterior, trimming weeds and bushes, and applying fresh paint can boost curb appeal. Eliminating clutter will help show your home in the best possible light as well.

The Market is in Your Favor

Like the economy, the real estate market fluctuates every few years. Putting your home up for sale while the market favors sellers is a wise move, because anything can change in a few months.

When inventory is limited, you’re most likely to receive competing bids for your home. The downside is it can be a bad time for you to find a new home with so many buyers vying for the same properties.

But just because a market is favoring buyers doesn’t mean your home won’t sell. It all depends on what are of the country your live in and what the local economy and job outlook there is like.

Your Finances Are Healthy

Moving isn’t exactly cheap. Most people like to have a new home purchased and waiting for them before they move out of the current one. This requires having enough money to pay for the new home and cover moving expenses, closing costs, and staging if necessary.

That’s why if you’ve been on the fence about selling your home and you’re financially viable with secure employment, now may be a good time to switch addresses. This includes being debt-free and having enough money set aside in a nest egg to cover unforeseeable repairs.

The timing is even better if interest rates are low, as once they begin to creep up you’ll face higher mortgage payments.

You Have Equity

Buying a home is an investment and hopefully one where your return is greater than what you paid for the home. You don’t want to sell yet if you don’t have equity in your current residence. Enough of your mortgage should be paid off so that you make some money through the sale.

You Need to Relocate

Sometimes our dream job is one that requires us to move out of state or across the country. Or perhaps you need to move to care for a sick loved one or are getting a divorce.

Whatever the case may be, sometimes we’re forced to move when life throws us a curve ball, or we’re faced with an opportunity that may never come again such as meeting the love of our life or finding a better job. In these situations, the time of year you put your home up for sale becomes irrelevant.

You’re Ready to Downsize

Maybe you’re an empty nester or widow who now finds you have too much living space to maintain. If downsizing into a smaller home can reduce your expenses and stress, that’s a sign you may want to sell your current home.

Keep in mind that in any of these circumstances, you also want to be emotionally ready to sell. This means being willing to vacate your home at a moment’s notice, working with a real-estate agent, and keeping your home clean and presentable. Selling a home can sometimes feel like a full-time job, so don’t do it unless it feels right to you.

Is the Best Time to Sell a House During the Warmer Months?

To be honest, the theory that homes tend to sell faster during the spring and summer doesn’t really have evidence to back it up. If you live in an area such as Arizona or Florida where the climate is pleasant during the winter, then your home is going to attract buyers any time of the year. Some buyers also like to make offers during the winter months because they’re facing less competition.

There are many factors that affect how long it takes to sell a home. Your location, the home’s condition, and listing price can play a part in getting an acceptable offer.

You may want to wait to sell your home until everything has fallen into place and you just know in your gut that it’s the right time to make a move. Selling a home is an important life milestone that shouldn’t be treated lightly.

We Can Help You Sell Your Home Fast

Usually the best time to your sell a house is when you know it’s time. But sometimes, as mentioned above, you may have to sell your home right now—and quickly.

Five Boro Home Buyers pays cash for homes in the New York City area. If you can’t afford to wait to sell your home for whatever reason, contact us for a fair cash offer.

8 Tips for Finding the Right Companies that Buy Houses for Cash

June 24, 2019 by Joe Ruben

Selling a house takes time. And it costs money. The average home sale costs the sellers more than $10,000!

Sure, you’ll make some money, but what can you do when you need to get out of your house fast? Not everyone has time to wait for their home to sell through the traditional real estate agent setup.

That’s when you should start looking for companies that buy houses for cash. They’ll pay you upfront and close on the house quickly.

But how can you find a company you can trust? What should you look for?

We’ve got you covered. Here are a few tips to help you find a reputable company to work with.

1. Speak with Friends

Lots of people sell their homes for cash, especially if they need to get out of the house quickly. And that means lots of people have worked with companies in the past. So, ask around.

Speak with friends who have sold their homes recently. Ask your coworkers for recommendations. You can even ask your attorney for suggestions.

Word of mouth is key and if someone else had a good experience with a company, you probably will, too.

2. Read the Reviews

Every cash home buying company will have reviews online. And it’s worth checking them out.

See what their reputation is like on the internet. Remember, internet reviews are anonymous and people often feel more inclined to say exactly what they’re feeling. This can give you insight into how the company operates.

If the reviews are good, the company is worth working with. If they’re bad or several people report the company as a scam, steer clear.

3. Check Their Profile at the BBB

General internet reviews are a great place to start, but once you have a list of companies you’re interested in, do a bit of digging on the Better Business Bureau’s website.

There, you’ll find additional reviews from verified customers. And you’ll be able to check the history of complaints filed against the company. Ideally, look for companies with A ratings.

4. Ask for References

It’s normal to interview more than one company when trying to get the best offer on your house. And that’s the perfect time to ask for references.

Reputable companies have previous clients that are more than happy to discuss their experiences with you. But you need to ask for those references and follow up with them.

If their past clients recommend them and had no concerns during the selling process, you’ll be in good hands.

5. Make Sure a Cash Sale is What You Want

Before you start working with a company, you want to make sure that a cash home sale is what you want. Otherwise, any company is going to feel like a bad fit.

Think about what you’re looking to accomplish. Are you hoping to get the most you can out of your home sale or are you needing to sell as fast as possible?

Cash sales may not be the right fit for every seller. And that’s okay.

6. Beware Pushy Tactics

Selling a house for cash does mean you’ll likely get a lower-than-market offer for your house. Why? Because the company is paying you in cash and sparing you the expense of working with a realtor.

But if the sales team is overly pushy and tries to get you to agree to a deal without giving you time to think about it, walk away. This is a surefire sign of a disreputable company.

Good cash home buying companies want you to make the best decision for your needs. This means they’ll be understanding if you need to think about the offer or want to discuss it with your family.

No homeowner should feel pressured out of their home, no matter what the circumstances are.

7. Look for Surprise Fees

Just as reputable companies won’t use pushy sales tactics, they won’t charge you any fees you’re not fully expecting.

If a company requires an application fee before they look at your home or asks you to pay a commission on top of other processing fees, walk away. These companies are out to nickel and dime you out of the money you deserve.

Trustworthy companies will always be upfront about any fees you have to pay (if you pay any at all). They’ll always give you an offer for your property for free. And you should never feel forced to accept that offer.

And you should never have to pay for the closing costs or any repairs during a cash sale. Your home should sell as-is and the cash house buying company should cover all closing costs and filing fees.

8. Go Over the Deal

Reputable companies want you to make sure you’re doing the right thing and that you’re comfortable with the situation. Go over the offer in detail with everyone involved. You can even take the written offer to an attorney and have them inspect it.

The most important thing is that the company offers you the chance to think about the deal before taking it. And you’ll know immediately if the company is one you should avoid—they’ll refuse to give you time to think.

The Best Companies That Buy Houses for Cash Aren’t Hard to Find

There are hundreds of companies that buy houses for cash. But not all of them are trustworthy, fair, and worth your time. Use these tips to weed out the bad from the good and get rid of your unwanted property fast.

If you’re ready to sell, whether the house is in good condition or needs a bit of TLC, don’t wait. Contact us today and let our experienced New York real estate pros get you a fair cash offer for your home.

Close with Confidence: The Most Important Real Estate Terms for New York Home Sellers

June 16, 2019 by Joe Ruben

Selling a home can be a trying time. First, you must prepare your home for the market which includes a long list of to-do items like cleaning and fixing minor or major issues. Then, you have to list your home which is a whole new world of real estate terms and big numbers.

That’s why you need to know real estate terminology before you list your home for sale. It could actually help you make the right decisions as you prepare for this extreme life event.

Whether you’re thinking about selling your home or you’ve already listed it, we’re here to help. Keep reading for a comprehensive list of all the important real estate terms that sellers should know.

Real Estate Terms Sellers Need to Know

Real estate jargon is a complicated language with a lot of terms and definitions. Not knowing what something means when your real estate agent or buyer or even banker is speaking to you can cost you time and money in the long run. It can also cause you to be taken advantage of if you’re not careful.

Take a look at these terms and make yourself familiar with them so that you can have educated discussions with all involved throughout the process of selling your home.

Listing Agent

If you’ve already listed your home, you may be familiar with this term. The listing agent represents the seller to home buyer’s and buyer’s agents.

Real Estate Agent

Sometimes also known as a realtor. Realtors must be members of the National Association of Realtors. Real estate agents and realtors can represent buyers and sellers as long as they hold current licensing.

Real Estate Broker

Real estate brokers generally work over other agents. They have passed a state broker’s exam and met a minimum number of qualifications to earn this title and responsibility.

Buyer’s Agent

You may have had a buyer’s agent when you bought your home. This agent represents the buyer during the sale process and transaction.

Loan Officer

A loan officer assists buyers with the purchase of a home. They generally work for mortgage brokers or banking institutions.

Commission

Real estate agents and loan officers earn their living off commission. This is the premium charged, typically a percentage of the sale of a home, for services provided.

For Sale By Owner (FSBO)

If you are interested in selling your home without representation, you may list it yourself. You will be solely responsible for advertising the home. This is an easy way to avoid paying commission.

Owner Financing

May also be known as seller financing. This definition is just like it sounds – the buyer finances the home directly through the seller thereby bypassing conventional mortgage lenders and financial institutions.

Multiple Listing Service (MLS)

One of the most important real estate terms to know when trying to sell a house is MLS. The multiple listing service is a nationwide listing site where agents and sellers can list details of their property for sale so that buyers can find them.

Staging

Many sellers find it beneficial to stage their homes according to trends in decor and design in order to appeal to buyers’ interests. You can hire a home stager or do it yourself.

Pre-Qualification

In realtor terms, a pre-qualification simply means that a buyer has the credentials to purchase a home.

Pre-Approval

A pre-approval indicates that the buyer has the financing to purchase the home.

Appraisal

When selling your home, you must have it appraised in order to evaluate the market value. The appraiser will determine this value by comparing your home to other homes in the neighborhood.

Equity

Once your home is appraised, you will know how much equity is in the home. This is the amount of worth minus the difference in what you owe on the home. In other words, it is the profit you will receive for selling the home if you receive full asking price.

Inspection

Each home for sale must have several inspections before a mortgage company will approve the purchase. This may include structural inspections, pest inspections, and others upon request of the buyer.

Contingency

Contingencies are certain stipulations in a real estate contract that must be met prior to the final sale of the home. These are generally provided by both buyer and seller.

Counteroffer

Once a buyer offers you an amount on your home, you should always come back with a counteroffer. This should be a lower amount than what the buyer proposed but within your comfort range.

Purchase Agreement

There’s always a lot of paperwork when it comes to selling a house. Including a purchase agreement. This agreement demonstrates the buyer’s intent to purchase your home.

Title

A home title is similar to a car title – it represents your rights to the property. Each time a home is sold, the title is transferred from seller to buyer which gives the buyer legal rights to the property.

Closing

The closing is the last stage of a sale transaction. You will meet with the buyer and any agents that have been involved as well as a title closer to sign all necessary documents which legally transfers the property from you to the buyer.

Final Thoughts

Knowing all of the proper real estate terms will benefit you throughout the process of selling your home. Keep this real estate glossary with you as you navigate buyers and agents so that you have something to reference when they start throwing around mortgage language. Not only will you feel more confident, but you’ll also come off as knowledgeable to those you’re dealing with.

If you have questions or want to sell your home fast, don’t hesitate to contact us. We buy homes for cash!

How Does a Breakup Affect the Home Selling Process?

June 13, 2019 by Joe Ruben

For many young couples, marriage is no longer essential before making big decisions like purchasing a home. However, purchasing a home with a significant other before you are legally married can present problems, especially after a breakup. On average, relationships between a millennial couple lasts for four years.

Unfortunately, four years isn’t exactly enough time to pay off a mortgage.

If you’re going through a breakup after buying a house with your significant other, you’ll probably want to sell your house fast. A quick Google search for “sell house for cash” might help a little, but there are some things you need to learn from the pros. We’ve gathered a list of things you need to consider when breaking off a relationship with a significant other when a home mortgage is involved.

Selling Your House for Cash After a Breakup

Depending on how you signed the paperwork for the home, one or both of you might be signed as responsible for paying down the home loan. In either event, the best option is usually to sell the home fast and to sell your house for cash. Here’s why.

It’s likely you were sharing expenses before. Utilities, internet, and the home mortgage are all going to add up. Unless you were counting on a breakup, you likely haven’t planned financially to be able to handle that extra burden. Additionally, if both of you are signed as owners on the home, you’ll both have partial equity in the home. This can become further complicated if one of you leaves and the other decides to take over the entire mortgage. While home equity can be negotiated, and you can buy out your ex from their equity, this is often a long process that ends up in bickering and more fighting.

When you sell your house for cash, it is easy to pay off the rest of the mortgage and then split the cash value of the home’s equity. Homes for cash is a great program for this as you don’t have to worry about closing fees and real estate agent costs. Fortunately, we buy houses for cash all the time and can help you out of sticky situations.

Let’s say you actually loved the home you had been living in. The good news is, if you were the sole signer or a co-signer on the home, you have probably been building good credit. With a good credit score, after your ex has been removed from the picture, you can often find another home that is just as nice (or nicer) for your new needs as a single person. In some cases, you might look for a home that has a few spare rooms that you can rent out to offset the mortgage cost.

What To Think About When You Sell

Here are a few other things you should keep in mind when selling your home for cash.

1. Take Care of all Utility Bills Beforehand

Often there is only one person listed on the utility bills, and utility companies require some sort of prior notice before discontinuing service. If you forget to handle utility bills in a timely manner, you may end up with several hundred dollars of extra charges, even after you sell the home.

2. Close-out Internet Contracts

Internet contracts are typically pretty easy to terminate, even if you to believe otherwise. Make sure you discontinue or pause your internet contract, telling the company you are in the process of a move. Moving is a legitimate reason to cancel an internet contract, and most internet companies will allow you to resume service at your new location at the same rate.

3. Take Care of Home Repairs

Taking care of all the little home repairs you have been putting off is important for getting the best home for cash valuation available. Do everything you can to fix leaky faucets, holes in walls, and other small issues.

Selling a house fast after a breakup is definitely a priority. At Five Boro Home Buyers, we understand that a quick, easy sale can make your life easier. So if you need to sell a house fast for cash, give us a call today.

5 Big (Apple) Tips for Selling Your NYC Apartment

May 16, 2019 by Joe Ruben

If you have an NYC apartment, you have one of the most valuable commodities anyone can ask for. For some people, a place to live in NYC is more valuable than gold. If you live in the city, then you’re at the center of a worldwide hub of intrigue and activity.

If you live in NYC, you live in the de facto capital of the world. Everyone wants a piece of it, and that means no matter the state of your apartment, it’s valuable to someone. That doesn’t mean you shouldn’t try to spruce it up if you’re considering putting your home on the market!

You can already make a lot of money by selling your home as it is. Yet, if you take a few simple steps to make your NYC apartment look better, you can profit even more. There is no such thing as charity in NYC, so think like a realtor and be sure to make the most you can off your apartment!

Keep reading below to learn how you maximize the profits off of your NYC apartment, with just a few simple tips!

1. Everyone Wants an NYC Apartment

The most important thing to remember about your NYC apartment is that everyone wants it. Over 62 million tourists visit the city every year, and each one leaves enchanted. They all dream about what it would be like to live in the city, and some would be willing to pay to find out.

The city is filled with too much opportunity to pass up. There’s a reason so many artists turn to NYC for inspiration; it’s where people go to believe more in themselves and in the world. The city bodes a challenge to all that live in it: if you can make it in New York, you can make it anywhere, after all.

2. Not Everyone Can Afford an NYC Apartment

Even if everybody wants to buy an NYC apartment, not everybody can afford one. The market in the city simply prices people out — it’s $5,000 per month just o rent a three bedroom apartment. Purchasing an apartment can cost a person millions of dollars.

If you’re trying to sell an NYC apartment, you should know the kind of person you’re targeting. The people that purchase NYC apartments are usually affluent, with elite and professional jobs. Some prospective buyers may not even consider your apartment to live in. Instead, they may just want to find a vacation apartment.

That means you should target your apartment to people who want to live in the lap of luxury. Decorate your apartment to make it look decadent and divine at the same time. You’re not selling to an average home buyer — you’re selling to someone who wants the thrills of the city.

3. Your View is a Work of Art

One of the most important parts of buying a new apartment is the view. It’s what your buyers will have to see every time they wake up in the morning, and the last thing they see before going to bed. Your apartment’s views set the tone for the whole room.

So make sure to frame it like a piece of art. When you’re preparing photos for your apartment’s listing, be sure the view is more than just visible. Take the picture during the time of the day when you think the view is the most beautiful. Edit the colors as you need to really make the room shine.

Most of all, you should frame your apartment’s views. This may mean simply draping it with appropriate blinds or adding complimentary knick-knacks to the railing. Yet, it can also mean catching a view at the right angle or going so far as to install windows that help make the view pop.

4. It’s at the Center of the World

If you spend your whole life in NYC, you may not realize how special the city is. New York City isn’t glamorized throughout the whole world without a reason. It’s the center of the world’s economy, and it’s where a seeming nobody can turn into a star right before your very eyes.

Make sure to advertise your location when you sell your apartment. Make a note of nearby attractions, diners, parks, and anything else. Let potential buyers know about the hidden, secret place you like to spend your time near your home.

It’ll do more than just sell the neighborhood and the apartment at the same time. By speaking with potential buyers about nearby amenities, and your personal favorites, you establish a rapport with them. That rapport can turn into trust, which can easily turn into a sale.

5. Time Your Sale Right, Or Miss Out

As with any other kind of market, the New York City real estate market is constantly fluctuating. The value of different homes and types of properties may not be the same in a month as it is today. Try to sell at a time when people emerge from their homes and fill the city with life.

The buzz of activity around your apartment will add value to it. This usually peaks around two weeks into May, when students start moving, families start looking for homes, and tourists fill the streets. By trying to sell your home during mid-May, you do more than just make more money.

You also sell it faster. Buyers understand that they’re competing with each other to land an apartment. If they see many other potential buyers flocking to the same place, they’ll feel the heat of healthy competition. It’ll make them more likely to jump on your apartment and make an offer.

NYC a Great Place to Visit, and to Live

New York City is a place abuzz with business and people; it’s where people go to live their lives to the fullest. That makes more than just a beautiful spot for tourists to flock during the summer. It also makes it the perfect spot to make a profit, using the right expertise.

You can’t just sell your NYC apartment as you would anywhere else. The city is special, and so your apartment is special too. It takes an expert to properly prepare it for buyers and to close a sale.

Contact us if you’re interested in selling your NYC apartment, and we’ll discuss the many things we can do for you. After all, nobody knows New York like New Yorkers.

Selling a Home: How Long Does It Take to Sell a House?

May 14, 2019 by Joe Ruben

You can picture it now – a big bold SOLD sticker pasted over the FOR SALE sign in your front yard. You need to sell your house. You want to sell your house. So how long does it take to sell a house?

If you live in New York City, your house could be on the market for over 135 days if you use the traditional selling process. NYC is one of the markets where houses sell the slowest. On Long Island, New York, nearly 77 percent of houses were on the market for over a month in April of this year.

The good news – there are other ways to sell your house in a much shorter time. If you live in one of these areas where the average days on the market doesn’t fit your timeline – check out your options. You may be able to sell your home in 30 days. Besides the market where you live, other factors impact the average time to sell a house in that market. Let’s take a look at five different variables that will determine the number of days that a house is on the market.

Listing Price

The most important factor in selling your home is the asking price. And there are different factors that affect the asking price. A home that potential buyers perceive as a good value for the money will sell quickly. A home perceived to be priced over its value will not.

Your home is valuable to you. You’ve made great memories there. You’ve lovingly cared for your home over the years. You’re a proud do-it-yourselfer and customized your home to your unique tastes.

Why wouldn’t potential buyers see the same value in your house as you?

Psychologists describe this belief as the endowment effect – we think our stuff is more special than other peoples’ stuff. Sellers often think their property is far more special than buyers do.

Here is an analogy. You believe your kid or your dog is the absolute best kid or dog in the world. When someone else doesn’t see what you see, it can be disappointing. Right?

This will sound harsh, but…get over it. The price of your home is not determined by how you feel about your home. Some of the key factors that drive pricing on houses are:

A historical sales price or what your house has sold for in the past
Comparison sales or houses recently sold in your market that are like your house
Inventory or the number of houses available in your market

If selling your house is stressful, pricing your house might be the most stressful aspect of the selling process.

Market Conditions

Are you in a seller’s market or buyer’s market?

A seller’s market is when the demand for a particular product or service is higher than the supply. If you’re selling your house, this might be the ideal time to sell.

You know you’re in a seller’s market if:

High demand from buyers
Few houses on the market so not much competition
Rising housing prices
Multiple offers on a house
Buyers more willing to compromise on contingencies

A buyer’s market is when there is more supply than demand. In the housing market, that means there are more houses on the market than there are buyers. This gives buyers more power to negotiate price.

If you’re in the market to buy a house, this might be the right time to buy. You know you are in a buyer’s market if:

Low demand from buyers
Many houses on the market
Pricing reductions
Slow sales and short sales
Seller’s more willing to compromise on contingencies

2019 is predicted to be a buyer’s market even though a lender’s mortgage rates are at their highest level since 2011.

Location

When you bought your house, you probably had a particular neighborhood or city in mind. One of the first things a real estate agent will ask a buyer is where they want to buy a house. Some important aspects of a house’s location are its proximity to:

Work – how long will the commute be for the potential buyer?
Desirable shopping – banks, grocery stores, gas stations, restaurants
Cultural centers and parks
Good schools – whether or not the buyer has children, schools always factors into the resale value

Appearance, Condition, and Age

At the end of a hard day of work, you want to come home to your own little oasis. Home buyers have watched HGTV and many have high expectations of what they can get for their money.

Buyers want a good-looking house in good condition. They want value for their money. Curb appeal matters. First impressions of your house start outside.

Is the landscaping tidy?

Does the house need a fresh coat of paint?

Buying a house is an emotional process. When buyers pull up to your house, they will get a feeling, and you want that feeling to be positive.

If curb appeal gets buyers to come inside, high-quality construction will keep them interested. But if buyers see problems – a leaky roof, sloping floors, old wiring – they may lose interest. Are you willing to invest in the necessary upgrades?

If your house is in poor condition and you need to sell it without making any upgrades, there are buyers out there that are willing to buy houses ‘as-is’.

Season

You could sell your house 20 days faster in most areas of the country if you list your house during the first two weeks of May. Why is spring time so popular? Generally, families want to move during the summer break.

There are exceptions to this. The best time to sell a home depends on the market in which you’re selling. If you live in New York City, data shows that listing your home in June leads to selling your house 21 days faster than if you listed it any other month.

Alternatives to the Traditional Selling Process

The traditional selling process isn’t for everybody. You may prefer listing the house yourself to avoid realtor commissions. You may need to sell your house immediately for any number of different reasons:

The bank is threatening foreclosure.
You’re filing bankruptcy.
The property is damaged.
You inherited property but you’d rather have the cash.
The house violates codes.
You’re getting divorced.

The answer to the question of how long does it take to sell your home can be answered with two words: it depends! Learn more about your options when it comes to selling your house.

Call to Get Your Cash Offer Today

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