Jim’s Mortgage Corner | The property

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We purchased our home for $ 250,000 about six years ago, and based on what the homes in our area are selling for, we believe it has increased substantially in value during that time. We are ready to move to a larger home and we are trying to decide whether to work with a realtor or make a sale from owner (FSBO) and possibly save money on fees. Do you have any recommendations or pros and cons for both?

You are asking a great question. The Western Slope housing market continues to grow year after year, averaging 8-11% over the past 5 years. If you bought a home for $ 250,000 six years ago, it could be worth between $ 400,000 and $ 450,000. This market offers great opportunities, so now is the time to sell your home.

The most common reason homeowners try to sell their home on their own is to save money. However, you are likely to make more money working with a real estate agent, as homes sold with an agent average 6% more than self-sold homes. (Collateral analytics).

Selling a home on your own can also be legally difficult. Your agent acts as a third party to help you avoid legal danger. All of the agents I work with attend classes regularly to ensure everyone is protected when doing home transactions.

Because of COVID, safety is your priority. When you sell yourself, it is very difficult to control the entrance to your home. Estate agents are highly experienced in keeping you safe with proper COVID-19 advice. They can also use technologies such as virtual tours to restrict access to your home.

There is a reason real estate agents are licensed and require ongoing training. Closing a deal can be challenging. If you are trying to sell your home yourself, you will have to negotiate with the buyer, buyer’s agent, home inspector, appraiser, and possibly even the buyer’s attorney.

I often see how inspections are abandoned during tender wars, especially with the FSB. Although no background checks are required to obtain a mortgage loan, they are highly recommended as they can reveal items concerning the condition of your home. While a home may look great from the outside, it may need costly renovations on the inside. In the seller’s market, some buyers choose to forgo validation if they are competing with other bidders and want to make their offer more attractive to you, the seller.

Buyers who bid less than the asking price sometimes refuse to inspect the house in order to be on the seller’s side. Most importantly, a home inspection protects not only the buyer, but also the seller. The landlord is not required to correct everything on the home inspection report, and you can only agree to fix the basic elements. An experienced real estate agent can advise you on what you should agree to fix on your home inspection report.

For the above reasons, I recommend contacting a real estate agent.

Branch Manager, NMLS No. 1721861

Cherry Creek Mortgage, LLC, NMLS 3001



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