Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

Why Your Agent Is So Particular About Wording

by Luke Fields

If you're getting ready to put your house on the market, your real estate agent is going to compose a text for your house's real estate listing. This is not a quick process, and your agent will likely ask you for a lot of detail about your house even after he or she has seen the interior and exterior. There's a reason for all that care: The listing is crucial in getting your house to sell. Listings that are worded correctly and that have the right type of detail can make your house fly into the arms of a happy buyer.

What's Been Remodeled or Added?

Upgrades and additions are big business. While there's some attraction in buying an older house, most buyers want a home that is more in line with modern desires and needs. For example, if you're selling a Craftsman home that was built in the 1930s but that had its plumbing and wiring totally upgraded last year, that's a detail the agent will want in the listing. Details like these show buyers that the house is not going to cost them a lot of extra money after the sale.

Use Luxurious Wording -- Most of the Time

The exact wording can also play a role in how fast the house sells. In 2006, a professor at the University of Guelph found that specific words helped or hurt home sales, with more luxurious and positive descriptions selling better. For example, "motivated" sellers didn't have fast sales, but "beautiful" homes sold faster and for more than other homes. Oddly, though, this tendency for lovely terms wasn't always present; the DIY "handyman special" zipped right out of sellers' hands and into buyers' arms.

Name Drop

Tell your agent about all your appliances and fixtures, including brand names. The agent may want to include some of the more prestigious names in the description. For example, if you're selling a home that will have a washer and dryer come with it, and those appliances are from a brand that is well-known for quality, you want to emphasize that name in the listing. That shows buyers that they are getting a home with features that were chosen with care and that are meant to last.

Work with your agent to get all of the necessary details on paper, and let the agent have at it when creating the description. Once your listing is ready, you need to get ready for offers. Contact a realtor's office like Susan Li - Coldwell Banker Prime Properties for more information and assistance. 


About Me

Do You Need Private Mortgage Insurance?

Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.