Q1 - My home is currently on the market; however, I haven't had many offers. Can I try to refinance while my house is listed for sale?
A - You cannot refinance your mortgage if your house is currently listed for sale. In fact, most lenders will not allow you to refinance for at least 6 months from the time you took your home off the market. They will most likely need an explanation letter as to why you've decided to take your home off the market.
Q2 - I have had my house on the market for a few weeks and no one has even come to look at it. Does this mean my price is too high?
A - Pricing is a very key factor in today's marketplace. Homes priced correctly, are selling. It is important to check comparable sales in your area. This information is easily obtained on-line. In addition, the marketing tools you are using to sell your home play an important role in reaching prospective buyers. Do you have a web presence? Have you publicized Open Houses? It may also be helpful to consult with a real estate professional that specializes in selling homes in your area.
Q3 - My house has been on the market for about a year. I believe I started my price way too high, and I am now more realistic about my house and its value. I feel since it has been on the market so long people think there is something wrong with it. Do you suggest I take it off the market for a while and then put it back on with the new lower price?
A - In this market environment, homes priced correctly are selling. With interest rates being at their lowest since the 1950's, don't waste time. Be sure to reduce your home's listing price so that the revised price is in line with comparables in your area.
Q4 - My husband and I are thinking of buying, however, we are not sure if we should buy or continue to rent? We are a little nervous about buying a property. How do we know if we are making the right decision?
A - There is something to be said about pride of ownership. If you are buying a home to live in, you are making an investment in your future. Why pay rent, when borrowing rates are so favorable? Choose something that gives you a comfort level so that you don't feel too stretched financially, but can move forward and find your dream home!
If you have a real estate question for Dottie, please send it to; Reporters@WorldPropertyChannel.com