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Potential Costs When Selling Your Home

by Rose Price

There are some cost you may not know you could encounter when selling your Champaign Illinois home. Below is a list of some of the most common costs associated with selling your home.

Closing Costs: Although most of the closing costs are the responsibility of the buyer, the seller is expected to pay the property taxes and insurance up to the date of the closing, even if they're not due yet. In addition, some buyers will ask the seller for help with other closing costs as part of the negotiations.

Home Inspections: Although the buyer pays for the home and pest inspections, it's a good idea to get your own inspection before putting your house on the market. This way you're aware of any hidden problems before selling.

Home Repairs: If your inspector finds problems or if you know of problems that you have been wanting to correct, it is time to fix them. The less problems that the home has, the more attractive it is to buyers. Don't forget to budget for new paint, plants, hardware etc. that offers a fresh new look as well.

Realtor Commission: Typically there's a 4 percent to 7 percent commission on the sale price of the house if you opt to go with an agent. Usually this rate is between 5 percent and 6 percent, so be sure to account for this cost when pricing your home and figuring up your expenses that come with selling your home.

Legal expenses: Many sellers choose to work with a real estate attorney to examine the sales contract and assist with closing, which can be complicated.

Prepayment penalty: Many mortgages have prepayment penalties if you pay off the mortgage early. Be sure to examine your mortgage agreement and read the fine print.

Other Fees Negotiated by the Buyer: Buyer negotiated fees are becoming more common in the current real estate market. Some of the most commonly seen buyer negotiated fees might include a home warranty paid for by the seller, the cost of repairs needed to make the sale, and the cost for a home inspection. Keep in mind that most all parts of the real estate contract is negotiable.


Many homeowners are not aware of the costs involved with selling a home but there are some perks as well. With any home sale you are eligible for a tax write off of up to $250,000 gained in the sale of your home for a single owner, and $500,000 for married couples. This applies for most state taxes as well; check with a tax professional to get all the details of any tax credit that may be available to you and your situation. 

Contact me today for assistance in selling your Illinois home!

 

Rose Price, CIPS, CRP

Prudential Landmark Real Estate
Champaignrose.com

 

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How Can You Sell Your Home When Your Neighbor's is Unsightly?

by Rose Price

Have you looked at your neighbors home and though, "There goes the neighborhood!" Before you were trying to sell your Champaign home your neighbors overgrown lawn, chipping paint and littered driveway may have been unsightly and annoying, but now there unkempt property is a hindrance to you selling your home. How can you expect to get your asking price when your neighbor's house is not a good selling point?

Here are a few actions you can take to make your neighborhood a little more presentable:

1. Your best bet is to start by being neighborly and simply communicating with them. You may uncover a problem that you can help to solve. Is your neighbor elderly or ill? Perhaps you could help out with lawn care or basic maintenance. You might even get other neighbors involved to lend a hand.
2. If you have an HOA, you can go to the president or governing committee. Most HOA’s have strict requirements for upkeep, and they take quick action to correct violations.
3. Call the city code enforcement. If your neighbors’ grass is knee high and they have a rusted out Chevy in the front yard, they are probably in code violation.
4. Use a fence or landscaping to hide unsightly side or back yards.
5. Some home sellers who are serious may offer to pay to haul off trash or try to work out another option to try to help the situation.

Another property de-valuer, especially in today’s economy, is the foreclosure. While it is true that you unfortunately cannot personally do anything about a foreclosed home in your neighborhood, you should be prepared to take a hit on your home’s appraisal value. As unfair as it is, it is a good idea to be aware of the home values in your neighborhood and what other sellers are listing their homes for. You may need to consider discounting your home or offering incentives to counteract the foreclosure.

Foreclosure is so commonplace now that it probably won’t affect people coming to your neighborhood – in fact, it may draw potential buyers. You just have to be ready to compete with the ‘bargain’ a foreclosure may present.

Have you been in a similar situation? Share your tips with us - we would love to hear them!

 

 

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Use Curb Appeal and Good First Impressions to Sell Your Home

by Rose Price

With the general consensus being that it's a buyers market, the current real estate market can be very competitive for Champaign home sellers.  You need to make your home stand our to buyers by allowing them to envision themself calling your house home. How do you do that? With impressive curb appeal and awesome first impressions! 

This is where the home staging process begins and by following a few important staging tips, you will be prepared to  wow potential buyers and create an unforgettable home shopping experience.

Begin with your front yard. It should be inviting and clean. A good wash or fresh stain to the exterior of your home will present a fresh clean look.

Your lawns, shrubs and trees should be trimmed and flower beds and pots weeded so as not to take away from the exterior view of your home. If you are selling during the winter season, be sure to free the walkway of any snow or ice.  If the outside is inviting,  buyers will want to continue inside your home. 

Now that you have attracted a buyer into your home, first impressions don't stop there. A buyer will know within minutes of stepping foot into your home if they want to take a thorough look through the home.

A few things to consider when staging the interior of your home include the following:

  • Keep your home clean and free of clutter. Old newspapers and knick knacks do not attract buyers!
  • Remove "personalization" in your home by taking down family photos, knick-knacks and such.
  • Eliminate any strong scents that may be in your home (i.e. pet odors, candle scents, cigarette smells, etc.)  A fresh coat of paint is always a good idea that could help freshen and clean-up a room.
  • Some rooms in your home may appear small to some buyers so you may want consider removing extra furniture in a room to give the illusion of more space. The same effect can be achieved by eliminating clutter from closets.
  • Burn some calories with your cleaning and impress you buyer!  

Home staging is a tried and true method of getting the edge to sell your home and having curb appeal to draw potential buyers in is key! Contact me with any questions, I would be happy to help you with selling tips!

 

 

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Best Bathroom Remodeling Choices

by Rose Price

Many homeowners in Central Illinois are making the choice to remodel their existing home in lieu of buying a new home as a result of the recession and economy. In a recent survey by the National Association of Home Builders (NAHB), it is reported that respondents indicated that a bathroom remodel was one of their most common projects during the first half of this year. In fact, almost 61% percent of all remodels were done on bathrooms.

The popularity of bathroom remodeling may be attributed to the concept that it can be a very affordable way to make your master suite more comfortable and add value to your home when it’s time to sell.

If you are considering making some improvements to your bathroom, below are some tips to help give your bath a great lift:

Vanity Sinks: From artistic vessel sinks to furniture pieces that have been modified to accommodate plumbing, sinks can become a bathroom showpiece while keeping their functionality.

Countertops: Granite, ceramics, recycled glass and marble are all popular materials to consider if you want to update the counters of your existing vanity.

Showers: Open, walk-in showers are very popular right now and can be designed to accommodate more than one person.

Faucets: Old, polished brass fixtures really date your bathroom – check out new silhouettes and finishes for your faucets and cabinetry.

Lighting: Bathrooms that are well lit, especially with natural light sources look fresh and modern. Consider glass block windows and skylights to bring in natural light and create an open feeling.

Tile: Tile can be used creatively in the shower and wet areas as well as the floor and for backsplash.

As with any home improvement project, it is a good idea to first list your objectives, create a budget and do your homework before you select a contractor. The NAHB also offers a list of resources and reference guides to help make decisions and find qualified professionals.

 

 

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