Even with bold headlines heralding the bubble bursting and a credit crunch, 2007 was the fifth best year on record for existing home sales. While we are not seeing the incredible levels of appreciation common during the housing boom, many neighborhoods have remained relatively unaffected. However, no matter what is happening with pricing, the dynamic between buyers and sellers has changed. In today's market sellers need to be more focused and realistic in timing and expectations. The following are some tips that will help you as you venture into selling your home.
You need to price your home according to the current market, taking into account the specific market trends in the neighborhood. In markets that are declining, being ahead of the curve, may mean taking a very conservative approach to setting your initial asking price. Setting your price based upon the sale of a nearby home which sold for a high value last year does not mean that you will be able to realize the same price when selling your home now. One of the most important aspects of pricing is to pay attention to the asking prices and days on market for homes currently for sale in your neighborhood. Smart pricing can mean the difference between multiple offers (there are still houses where that happens) and being on the market for months waiting for an elusive buyer.
Be patient. Buyers are taking their time. The days of selling houses in two weeks or less are pretty much gone. Average time on market for most areas has risen to months and in some markets, years, rather than weeks.
Concentrate on making the home as attractive to a buyer as possible. Items that help sell homes are curb appeal, overall condition, amenities, price and the old favorite, location, location, location. You may not be able to control all of these things, but the better you score on most, the easier it is going to be to sell and sell in a reasonable amount of time.
First impressions mean everything! Remember, it takes only a few seconds for most people to make up their minds. Maximize curb appeal by trimming trees and planting flowers. A fresh coat of paint can be helpful for weather worn exteriors. Overall colors should be earthy, natural tones with contrasting accent colors that help buyers take notice. Capturing the colors of the natural world is gaining popularity this year. More homes are being outfitted with copper and bronze tones and bringing more warmth to metallic finishes.
One of the easiest, most economical and most successful ways of prepping a home to go on the market is a cosmetic touch up. This includes replacing worn tile, carpets, window coverings, paint, and overall landscaping. Updating old light fixtures with designs that match the current style and décor of the home can make a significant improvement. Take care of the small maintenance tasks such as burned out light bulbs, doors that stick or won't close, dripping faucets, etc. These items will add in the overall feeling that the home has been taken care of and well maintained.
While your home is on the market, keep it clean. It may be hard with a family, pets and a job, but it is important that your home makes a great impression every time it is shown. We have walked through homes with piles of dirty laundry, dirty dishes, garbage, toys, etc. and it doesn't make for a pretty picture. You want people to appreciate the beauty and comfort of their surroundings, not wonder how fast they can get out of the house.
It is important to de-clutter your home. While many of us prefer that ‘lived-in' feeling, it interferes with a buyer's ability to see the size and overall flow of the home. You want a buyer to see themselves in their new home so make it as easy for them to imagine that as possible.
If you decide to take on major projects such as a kitchen or bathroom remodel, be careful not to go overboard with upgrades that will push your house too much above the current average value of homes in your neighborhood. It is important to make sure that your home has amenities that are in-line with other houses in the neighborhood. Don't price yourself out of the market.
You should leave while your home is being shown. A Realtor will be with there with their client. You want them to be able to speak freely while they are there. Additionally, if there are questions, your Realtor should answer them. By saying the wrong thing, you could weaken or jeopardize a potential transaction.
If you don't have that decorator touch, think about staging. A great stager can take a tired house and make it into a stunning home.
Know what fees outside of the commissions you might be responsible for paying such as county transfer taxes, city transfer taxes, inspection fees, escrow fees, title fees, legal fees, etc.
Make sure that your disclosures are complete and that you disclose everything that you know about your home. It is not just a good idea, but also the law. The more you disclose before someone writes a contract, the less negotiating you will do during the transaction. Failure to disclose a material fact, will also leave you open to be sued in the future.
Ask questions! Your Realtor is there to help you.
A home is one of the largest financial investments most of us will make in our lifetimes. While property values over time are determined by many variables, including economic and local market conditions, the care and upkeep of a property is also a crucial element toward achieving a solid re-sell.
To find out more information check out our websites at www.geoffre.com and www.peterwolfre.com
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