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| Selling a Home |
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| A Best Season to Sell | A Market Analysis | About First Impressions |
| About Pricing Your Home | Am I Asking Too Much ? | Are Kitchens Important ? |
| Before You Renovate | Comparing Property Values | Competitively Price Your Home |
| Detailing the House | Disclose Everything | Do I Fix It Up |
| Do I Landscape ? | Do I Want to Sell My Own ? | Does My Home Smell ? |
| Dogs and Showings | Don't Over Inflate the Price | Finding A Buyer |
| First Impressions | Get Rid of H.O. | Hold an Open House |
| House Odors | House Showings and Pets | How About My Kitchen |
| If it's Broken... | Intelligent Pricing | Is My House Overpriced ! |
| Keep Up the Plumbing | Landscaping | Light it Up |
| Looking Good ! | Market Trends | Market Value |
| Marketing Your Home | Please, No Strong Odors | Plumbing |
| Prepare Your Home for Kids | Preparing to Sell | Prepping For Sale |
| Pricing it Right | Pricing Your Home | Sell Your Own ? |
| Setting Your Price | The Importance of Storage Space | Think About the First Offer |
| Trading Down | What Affects Prices | What is my House Worth ? |
| When to Leave the Old Nest ? | Yes, There is Sellers Remorse |
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A Best Season to Sell  |
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| It’s a common belief that the best time to sell a house is in the spring, when flowers are blooming, birds are singing, and the grass is newly green. Indeed, the “spring market”, in many places, is the real estate equivalent of store-owners’ pre-Christmas season. It seems that not only sex appeal but something Realtors® call “curb appeal” is heightened by the spring air. |
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| Still, Realtor® do sell houses year round and they can help you to identify all the factors affecting property sales in your area. The area’s potential for economic growth and diversity, its environmental health, its access to other communities, current interest and tax rates—all of these things affect the local real estate market. |
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| Your house may sell on a somber, chill November day when interest rates are low and there’s a warm smell of freshly baked cookies in your home. Planting a “for sale” sign among the spring flowers makes for attractive advertising, but knowing the market in every season makes a real difference in the timely sale of your home. |
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| A Market Analysis |
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| When you are trying to determine a fair price for your home you have the choice of just plain guessing, of hiring a professional appraiser or of consulting a real estate agent. |
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| If you decide to hire an appraiser, look for one who has worked with lenders. An appraiser’s estimation of property cash value is based on sales of similar homes in the current market. There is no guarantee that you will sell your home for its appraised value. |
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| You can also ask a Realtor® for a market analysis of your property. This will be a written document outlining recent property sales in your area and comparing these homes with yours. It may also identify larger forces shaping the real estate market in your area. |
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| Most Realtors® provide a market analysis without fee or obligation. |
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| About First Impressions |
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| There is a psychological term that is applicable to how potential buyers will perceive your home. That term is "the halo effect". The halo effect refers to the fact that our first impression affects everything we subsequently see. In other words, if the first thing a buyer sees (or worse yet - smells!) is something unpleasant - it will tend to cause them to look at everything else about your home with a negative attitude. |
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| So unless the property is one that you are marketing at a discount to people who are seeking a "handyman's special", you would be wise to look at your house with new eyes. Start right at the curb, where your potential purchasers will get their first impression of your home. Stand and look - is the yard neat and appealing? Could an investment of a few dollars in plants or fence paint make a difference? Look at your house - is there peeling paint on the window sills? Sagging gutters? |
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| Ask your Realtor® for suggestions as to things you could reasonably do to make your house have that "angelic" halo effect! |
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| About Pricing Your Home |
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| The primary reason for properties not selling in a reasonable amount of time is improper pricing. You, of course, will want to get as much as you can for your property, but an overpriced property will be difficult to sell. The price of property, like the price of stocks, will rise and fall in cycles. |
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| Sometimes you may find yourself in a "buyers market" in which there is more sellers wanting to sell in your area than there are prospective purchasers - in this case property values move downwards. At other times you may be in an area that is particularly desirable to a lot of homebuyers (a seller's market) and your property value will go up. |
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| In order to determine what you can expect your property to sell for in today's market your Realtor® will look at the recent selling prices of similar homes in your area. Please note that it is the selling price that is indicative of the price you can expect to get and not the listing price. The type and condition of the buildings on your property, the size of the lot, zoning, topography, and location are all important factors in determining the listing price that your Realtor® will recommend. |
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| Once you have completed the listing and the house is being shown to potential buyers, your Realtor® will start to get feedback from other Realtor®. If your property has failed to sell, and feedback indicates that buyers are generally not making offers due to the price of the property, you may have to reevaluate your price with your Realtor® and adjust it in order to sell the property. |
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| Am I Asking Too Much ? |
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| The one factor that speaks the loudest to your potential purchasers is price. The condition and location of your property will also attract buyers but the right pricing will be the most influential factor in determining the length of time it will take to sell your home. |
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| If your house is listed and has had a number of showings but no offers, then it may be time to consider a price adjustment. If you feel your house isn't selling as fast as it should, it is time to sit down with your Realtor® and re-examine your pricing. Your Realtor® can provide you with the selling prices of comparable properties in your area. |
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| There is no point in looking at what properties are LISTED at - the market is determined by what homes are actually SELLING for. Your Realtor® will also be able to tell you how long these properties were listed before they sold. This information needs to be current, as the present market may be very different from what it was 6 months or a year ago. |
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| While you may be able to check listing prices in your area, only your Realtor® will have easy access to the actual sales prices through the Multiple Listing Service. |
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| Are Kitchens Important ? |
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| The hub of most family life is the kitchen and, as such, is extremely important to most buyers. The kitchen is one area of your home in which a small investment may well indeed bring you a higher selling price. |
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| Your kitchen must be clean and free of clutter when buyers are viewing your property. There should be no dishes in the sink and your appliances and floor should shine. |
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| Your Realtor® can help you take a critical look at your kitchen and can advise you if a minimal investment in a bit of paint, new flooring, countertop or new cabinet fronts would be likely to pay for themselves by putting more sales dollars in your pocket. |
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| Before You Renovate |
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| Once you have decided you want to place your home on the market, talk to a Realtor® and find out what sells a home before you go ahead with renovations. |
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| Renovations can be quite costly and may not be the selling point of the property. Naturally, you want your property to be attractive to prospective buyers but your Realtor® can provide you with tips on what improvements that you should be making. Your property may be fine just the way it is, or may require a few minor touch-ups. |
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| Everyone has different tastes and it would likely be wise to trust the professionals in the real estate business in knowing how to present your property in the best possible light. A prospective buyer will be looking at your home and imagining how they might make changes to suit their tastes. |
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| It is a good idea to give your property a "face lift" if it needs it. Talk it over with your Realtor® and see what you might do to improve the look of your property. It's amazing what a coat of paint and little wallpaper can do! |
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| Comparing Property Values |
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| You can judge a particular property, as an investment, by knowing sales figures for other, similar local properties. This information is available to anyone. Realtors® keep track of selling price, date of sale and details of financing on sales in their area as a matter of course. Often, they have been involved in the actual sales and can supply additional information about properties of interest. |
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| You can make up a list of places and drive by each of them for comparison purposes. You can judge the value of a property and gauge how yours should perform as an investment, based on meaningful data, rather than guesswork. |
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| Competitively Price Your Home |
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| Your Realtor® will recommend that you price your home “competitively”. What are they talking about? You're being advised to take into consideration the many variables that affect real estate values: interest rates, recent sales in your area, the active or sluggish nature of the current market. |
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| Realtors® put their experience and expertise at your disposal because they want your home to sell quickly at a reasonable price. Even in a healthy market a steep price may scare off potential buyers. |
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| A high-priced property may be on the market for weeks or months, only to sell for much less than the seller might have reasonably asked in the first place. |
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| Detailing the House |
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| Houses, just like cars, can be "detailed". Detailing is, in essence, a superficial thing, but makes a huge difference to first impressions. In order to detail your house; pretend you are Mr. or Mrs. Fussbudget. Grab a notebook and start at the front sidewalk - now remember - you're that awfully critical Fussbudget person - you're not your easy going self! Notice every little thing and write it down. Maybe you've gotten used to that broken gate picket where little Johnny used to jam his sneakered foot to swing and wait for Dad, perhaps it only evokes a smile. The Fussbudgets won't smile though! - Put it on the list to fix. |
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| Go through the house and make note of everything that minor effort can improve. Note if doorframes are dirty, walls are marked, fittings are loose, doors squeak, paint is peeling, etc. etc. You can also note areas where perhaps a few plants would brighten things up. "Decluttering" a home makes a huge difference. Perhaps some of your belongings can be packed away in preparation for moving. Investing in a few big bamboo baskets could provide a quick way to deal with everyday clutter, especially if you have children. This is the ideal time to get ruthless with clutter and donate everything that you don't need to charity. You'll not only make your house more "show worthy"; you'll also help the needy! |
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| Disclose Everything |
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| After living in your home for many years, you are about to take the leap and list your home, but you know it's not a perfect house. There's a leak in the roof, which only happens when the heavy rains hit the roof at a particular angle; the basement door needs to be slammed to close properly, and the dryer becomes overheated after three consecutive loads of laundry. |
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| Like any home, yours has peculiarities. Before you sell your home you can either do one of two things - make the repairs needed or let potential buyers know of all the difficulties. A number of buyers will insist on having a structural inspection done before they go ahead with the purchase as a means of easing their own minds, to know beforehand what they might be getting themselves into. |
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| If some buyers choose not to bring in an inspector, it is still your responsibility as the seller to let them know of all the problems with your home. If you do not, you may be sued in the future for false information and may have to pay to have the repairs made anyway. |
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| Do I Fix It Up |
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| The ideal listing is freshly painted, with beautiful wood floors or handsome carpet, and is outfitted with an up-to-date kitchen and bathroom. Does this describe your home? If not and you’ve decided it’s time to sell, your Realtor® can give you some suggestions. If it’s going to take more than a bout of spring cleaning to get your home ready for market, you may want to consult with both a Realtor® and a home improvement contractor. |
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| Realtors® know what colors and styles buyers are currently favoring, and can sometimes offer cost-effective solutions to specific problems. The contractor can provide an estimate and framework for putting your plan into action. Having looked at repairing and refurbishing your home, you may decide that the price—in dollars or disruption—is simply too much. |
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| In this case you may want to sell your home as a “fixer-upper”, having consulted with your Realtor® to determine what you can expect to get for an “as is” sale of your home. |
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| Do I Landscape ? |
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| Many prospective home purchasers will drive around selected neighborhoods seeking out "For Sale" signs. If they see a house that appeals to them, they may then contact the listing Realtor. Purchasers may also see the sign when they are driving past to look at another listing in your neighborhood. Having an attractive front yard will help you take full advantage of this "drive-by trade". |
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| A front yard that is free of clutter, weeds and with a well-mowed lawn are absolute basic requirements. You can further attract the eye of potential purchasers by providing some splashes of color in the garden. An investment of less than fifty dollars at your local nursery can provide ample color. The types of plants you can choose from will change according to the season. |
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| Blooming plants are most desirable or if there are none available for the season you can usually get plants with brightly colored foliage. Ask your local nursery people to help you with appropriate selections. Think of those beautiful, bright flowers as Mother Nature's inexpensive little marketing tools! |
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| Do I Want to Sell My Own ? |
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| You've decided to move, and the question of the hour is "should I sell my own home or should I use a Realtor®?" There was a time when the process of selling a home was as simple as delivering money - or perhaps even a couple of cows! - And walking in to a vacated cabin. |
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| Things are not quite so simple these days - we have indeed "come a long way baby" and that road we've come a long way down is not the road of simplicity. Many laws now govern Real Estate transactions and there are many traps an uneducated seller can fall prey to. Lawsuits are on the increase and the situation shows no sign of changing. |
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| Physically marketing and showing your home is a hassle but the place where very real potential problems arise is in the required paperwork. There are now laws governing disclosure of defects, warrantees and the like. These laws can vary from area to area and laws constantly change. |
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| Buyers are also notorious for getting "buyers remorse" (much like wedding day cold feet!) after you have accepted their offer. If your contract has any legal loopholes, perhaps just a missed initial, your buyer could demand cancellation of the deal at the last moment. If you have made plans to move or buy another home based on this anticipated sale; you could find yourself in a bad position. |
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| Does My Home Smell ? |
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| Everyone's home smells of something! It may be pleasant - those yummy cinnamon buns you baked from Grandma's recipe. It may be unpleasant - that kitty litter box that little Johnny promised he would keep clean if he could have his kitty! Perhaps someone in the house smokes and the smell lingers in the drapes and furniture. |
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| The way a house smells has an immediate and enormous influence on the way prospective buyers view your house. Some people will walk into a house that smells of cigarette smoke and immediately cross it off their list. If anyone smokes in your house and any nonsmoker walks in - they will find the smell offensive. If anyone in the house smokes you should have the house thoroughly cleaned - walls, drapes, furniture and carpets and then have the smoker smoke outside until you move. |
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| Pets also bring odors. Unless you are meticulous and always keep your pets bathed and they bed down only on items that you wash regularly, your home will smell of pets. There is no point in just bathing your pets if your carpets and furnishings are already "odoriferous". Have everything cleaned and then have your pet lie only on bedding you can regularly wash. |
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| Filling a house with deodorizers or perfumed sprays will not counteract bad smells - it will merely add more smell, one that many people find offensive or are allergic to. There are professional cleaning companies that use products that are designed to remove odors. |
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| If you take care of getting the house "nose worthy" before it is shown you will also have the pleasure of living in your fresher smelling house! |
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| Dogs and Showings |
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| Your dog Muffin may be the most lovable, docile puppy in the world with you and your family. But when strangers come around he suddenly turns into "Cujo". It's his job to warn away strangers! But this can be a problem when the real estate agent is showing your house to a steady parade of strangers. |
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| Just as you and your children have agreed to be elsewhere when your property is being shown, your dog is a member of the family too and needs to be "elsewhere". Perhaps this would be a good time to take him for a run at the beach or a nice time to visit a dog-loving friend. |
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| Many people are frightened of dogs and will not enter the premises even if a dog is confined in the basement. One of these people could have turned out to be the buyer. Many Realtor® have concerns about entering premises where a dog has been left and rightly so! The Realtor® doesn't know the dog and vice versa. |
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| If you must leave your dog at home during the open house, please leave signs advising that your dog is confined and where he is. Most of us love dogs and know that they can be our best friends and fiercest protector. It's just that we don't want them protecting to the point of scaring off potential buyers. |
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| Don't Over Inflate the Price |
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| Ready to sell? With a market that fluctuates you need to have information available to you in order to price your property competitively based on current market conditions. You know how much you paid for your property, now it's time to determine an asking price which is going to make it attractive to prospective buyers as well as make you happy! |
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| A professional Realtor® can help you determine a realistic price to ask for your property.They will research recent sales in the neighborhood and will provide you with information about current properties on the market and current asking prices. In this way, the Realtor® can determine a good selling price for your home based on such factors as the condition, location and size of your home. The Realtor® can also let you know of properties that have been sitting on the market for some time, possibly due to over inflated asking price. |
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| Naturally once the seller has decided to place his/her home on the market, they would like to close a deal as quickly as possible as well as making as much of a profit as they can. However, an over inflated asking price may not only delay the sale of the property but may also result in the owner settling for less than the bottom end of his asking price. |
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| The Realtor® wants both buyer and seller to be happy. Therefore, they will assist you determine a realistic price based on their knowledge of the market and years of experience closing deals. So don't over inflate! You may end up cutting your own profit. |
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| Finding A Buyer |
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| You've made your plans and are ready to move on - you're a happy seller. Now you just need to find a happy buyer and the match is made! How can one best find that buyer? |
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| Your Realtor® will take care of advertising your home, use specialized media and direct mail techniques, adding it to the Multiple Listing Service, putting signs out to catch the attention of people driving by, and will lobby other Realtors® to have them show you home. Your help is also needed to find that buyer. |
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| The most important thing you can do is keep your house and yard in an appealing condition. Refer to the FAQ "Do I Landscape" for some ideas. |
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| You can also tell everyone you come in contact with that you are selling your home. That parent who sits beside you at Little League games may live just a few blocks from you and would love to move within the neighborhood. They may have a family member or friend who would like to move close. Someone can live a block away from you and not know your house is for sale if they never drive in your direction. Talk to the check out girl at your supermarket, maybe that home you've grown out of would be the perfect starter home for her! |
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| First Impressions |
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| First impressions are very powerful; your first impression will usually affect the way you interpret everything else that you subsequently see. There is a phenomenon known as the "halo effect". |
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| The halo effect means that the first thing you see, or smell, will create an atmosphere or a halo, which will then surround whatever else you see. If that first impression is negative it will create a negative halo. Everything you subsequently see in that house will be seen through this negative halo. |
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| Small defects that one might overlook, if the first impression was a positive one, are looked at with a critical eye and all add together to create an overall negative view of a home. If the first impression is a positive one then it causes you to look through more "rose colored glasses" at the rest of the house. |
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| Imagine that you had a doorframe that you had used to measure your children's height over many years. You've forgotten to remove the pencil marks you made over the years. If a potential buyer comes in and has first seen flowers and a freshly painted verandah, they may look at those marks and smile. They may view those pencil lines as a sign that this was a happy family home and they could enjoy happy family life in this home. |
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| Someone who has received a negative first impression may view those same remarks as one more piece of evidence that this home has been sloppily cleaned and maintained! Beauty is indeed in the eye of the beholder - and you can affect those eyes with the first impression you create! |
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| Get Rid of H.O. |
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| A distinctive, often disagreeable odor that is immediately apparent when you enter a home is referred to by Realtors® as "H.O." and can be traced to a specific source such as heavy smoking or distinctive odors left by a pet. |
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| Whatever the cause, the source of the odor must be removed, rather attempting to mask it with "air fresheners" which only point out that a problem exists. H.O. can and has prevented homes from selling for months beyond the time when a similar property without the problem would have been sold. Only a substantial reduction in selling price will combat the sales resistance generated by unpleasant or distinctive odors left untreated. |
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| Your Realtor® has undoubtedly dealt with the problem before and will be able help you find an answer to removing H.O. from your home should you or they, feel that it exists there. |
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| Hold an Open House |
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| Now that you've put your home on the market you need to show prospective buyers what a great place it is. The best way to do this is to hold an "open house". |
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| Your Realtor® can handle this for you.They will let you know what you can do to prepare your home for showing (get rid of the "dust bunnies") and will do all the footwork: put up signs, show up early on Sunday morning. You don't need to do another thing except go out for a nice leisurely breakfast. And please do! |
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| It's much more comfortable for everyone concerned if you don't stick around while your home is being viewed. Your Realtor® is skilled and adept at pointing out your home's best points. If the seller is there during the open house sometimes they can hamper this process. You don't really want to hear any negative comments about your home. Remember that everyone has different tastes and you know yourself that you made some changes when you bought the property! |
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| So let your Realtor® do what they're trained to do - put your property in the best possible light and make suggestions to the prospective buyer how a few small changes would make this property just right for them! |
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| House Odors |
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| Much the same as we learn to sleep peacefully through the normal noises in our houses at night we also get used to the odors in our houses and cease to smell them. However, that potential buyer will certainly notice every odor in our house! |
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| Carpets and drapes are the worst offenders for holding odors. If you have any doubt at all about them being absolutely clean and fresh smelling, it will be worth your while to have them cleaned. |
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| If your best roommates come with four legs and a tail, you need to take special precautions. Fido and Fluffy also tend to come with odors that we loving owners stop smelling. If you have four legged friends living in your house be extra sure that the carpets are clean and fresh - also that favorite couch that they love to sneak up on! You may have to remove any furniture that cannot be cleaned. |
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| Cat litter boxes can also be a source of unwelcome odors greeting your prospective purchasers. As some people have allergies or are fearful of pets, it is a good idea for all concerned (including your dog or cat who may be distressed by strangers in the house) if they can be safely put in a separate area (or visit Granny!) while the house is being shown. |
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| Now, if you had time, imagine your buyers coming in to the smell of just baked goodies...yummy! |
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| House Showings and Pets |
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| Pets can create problems for an agent who doesn't know in advance that they may encounter them during a showing. Nothing can be more disconcerting, for example, than running into a large dog as you go through the front door, even if the animal is friendly. Some people, and this includes agents as well as buyers, just aren't comfortable with cats, dogs or whatever and their unannounced presence could well affect the sale of your home adversely. |
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| Do discuss such a potential problem with your Realtor® so that they can clue in other agents in advance of the showing. Special problems with buyers such as a cat allergy may bring a pre-showing phone call that will avert an embarrassing incident. |
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| A large dog may mean a lot of dog-walking while the showing takes place, but it's a small price to pay for a serious offer to purchase, rather than a hurried goodbye from an uncomfortable or frightened buyer! |
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| How About My Kitchen |
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| If you’re selling your home, take a good close look at your kitchen—potential buyers sure will! Once you make the decision to start showing your home be sure to give the walls, cupboards, floors and appliances a thorough cleaning. Clear the counter tops of small appliances, and remove as much of the “stuff” of daily living as possible. |
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| Give some thought to low-cost improvements like a coat of paint, new wallpaper or flooring. If you can, bake something wonderful like apple pie or cookies just before the house is to be shown. Leave your wholesome baking temptingly in view, but remember to wash the dishes! |
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| If it's Broken... |
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| Few houses are in perfect shape at all times and even if you're conscientious about maintenance, there will probably be a few small items that you have let slide until it's more convenient to fix them. |
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| But, a decision to sell brings with it the need to make your listing as attractive as possible and this means fixing whatever is broken, without exception. Your agent may have suggested several ways to "dress up" your property prior to placing it on the market. |
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| This may mean a little extra attention to landscaping and/or the exterior paint; a new carpet for that back bedroom or pressure-washing the patio. Such considerations are important, but your agent probably isn't aware of most of the small things that you know need attention and may come to light during a viewing, or slow down progress toward a successful closing. |
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| The offer to purchase will require proper operation of all major systems and appliances and is usually assured by a pre-purchase, expert inspection commissioned by the buyer. |
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| Before listing the property you should ensure that these items are checked and any necessary repairs carried out. |
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| Intelligent Pricing |
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| How strongly motivated are you to sell your house? Not sure? Look at your asking price. The lower the asking price of a property, the higher the motivation to sell. And vice versa. There are other elements as well, of course. Some sellers want to see a return on their initial investment in the property, while others are considering what they need to buy a new home. |
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| Setting a price is a crucial part of selling your property. Pricing your home correctly is essential. An over-priced home won’t sell, and reducing the price later won’t bring back the buyers you’ve already lost. Location, accessibility and condition of the property are important factors to consider. |
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| A good Realtor® will provide a market analysis, which can make your choice of listing price easier. |
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| Is My House Overpriced ! |
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| The price your home will bring at any given time is really set by what a buyer is willing to pay for it. The group of people looking to buy sees a cross section of what is available and, together with the advice of their Realtor®, form a close idea of what they can get and for how much. Pricing your home for appreciably more than its true market value--what the buyers see as its value compared to other, similar listings they have seen or know about, can keep it on the market, unsold, indefinitely.Buyers don't know that, privately, you'll settle for thousands of dollars less than your asking price. They just know it's priced well above market value and probably won't even look at it. |
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| Wishful thinking, or waiting for that one buyer to fall in love with your home, is counter productive. Realtors® know that when you finally do come down to a figure more in line with the market's idea of what it should be, the chances are you will still have a tougher time attracting buyers than you might have, otherwise. Overpricing is a bad idea. Work with your Realtor® to set a realistic competitive price for your home. |
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| Keep Up the Plumbing |
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| Anyone who has passed a sleepless night listening to a dripping faucet or an endlessly running toilet will appreciate plumbing, which is in good order. |
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| Inefficient or problematic plumbing not only increases your water bill; it creates the impression that your home is not well maintained. This is especially true if that never-ending drip has begun to discolor the sink or tub. When your house is on the market it is doubly important that the plumbing be in good shape. If the bathroom or kitchen needs work, a buyer is likely to discount the value of your home beyond what it would actually cost to repair or renovate. Even if plumbing inadequacies don’t leap out at the buyer on first inspection, anyone making a serious offer will probably ask for a structural contingency. This allows the buyer to have an expert check systems and appliances carefully. |
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| A responsible Realtor® will likely recommend needed repairs as part of preparing to put your home on the market. |
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| Landscaping |
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| The investment you make in time, effort and money on the landscaping of the grounds and surroundings of your home not only enhances its value when you decide to sell, but contributes much to your enjoyment of the property during your own residence there. |
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| Often, the pride you take in yard maintenance and improvement encourages your neighbors to do the same and has a positive effect on the value of homes throughout the neighborhood. |
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| Sellers are aware that an attractively landscaped setting means that their home will sell faster and bring a better price when it goes on the market. Attempting to pay last minute attention to enhancing the appeal of your listing can be expensive--especially if the task is large and you need to bring in professional help. |
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| Shrubs, trees and similar plantings cost less to obtain and look better if they are purchased as seedlings and nurtured over time. Some items--a neatly clipped, living hedge, for example--can't be added as a last minute feature at all. Habitual attention to work of this nature well in advance of the sale means bigger profits all around. |
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| Light it Up |
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| Whether you live in a climate where people typically have "Florida" rooms attached to their houses or in the more northern areas, a house is always more appealing when there is more daylight in the home. As the song says, "let the sun shine" in! |
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| Enlarging a window in a strategic area can make a huge difference to light levels in your home. Almost everyone finds that bringing the "outside in" makes a home more appealing. Look at your home, or prospective home, and see if there is a place where you can install a sliding glass door. Creating a patio, deck or garden area outside the doors very effectively brings the outside in. |
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| Skylights make an enormous difference in light levels and can be installed in any room without loss of privacy. Increasing the light levels in your home will also help plants to thrive and the plants in turn will help the air quality of your home. |
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| Looking Good ! |
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| Appearances are important; weather you're trying to sell yourself to a prospective employer, or your house to a buyer. |
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| Both depend largely on the impression you make and looking good is crucial to success. It may be hard to find time to do windows, scrub floors and pick up the clutter before each showing, especially if you're getting ready to move yourself. |
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| A neatly painted, scrubbed exterior and a well-cared-for yard outside, together with a pleasing, squeaky-clean interior are a combination that works powerfully for success of the sales process. |
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| Time and money spent sprucing up your home before you list it and while it's on the market will be returned in a quicker sale at a better price than you could otherwise expect. |
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| Market Trends |
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| Last year the people across the street put their property up for sale and the buyers were coming in busloads. You know they got a very healthy price for their home. This year you’ve got a “for sale” sign in front of your house and nothing is happening. What gives? |
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| Well, you’re experiencing the fickle side of the real estate business. Your neighbors probably sold their home in a strong sellers’ market, when property prices were rising rapidly. Unfortunately, all good things must end, and in every seller’s market prices will reach a point at which people refuse to buy. When the market bottoms out like this, sellers have to seriously reconsider their asking price if they hope to sell. |
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| The shift from sellers’ to buyers’ market can occur very quickly. It’s worth consulting with a Realtor® for advice on the current market phase. |
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| Market Value |
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| Your home should sell fast if the price is right and a professional market analysis will quickly establish what that price should be. |
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| Full time Realtors® know what homes comparable to yours are selling for, and you should be realistic in setting a price that is competitive with other properties currently listed. |
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| Many factors influence your home's true market value: size, condition, and yard area, interior finish and so on. Special features such as a finished basement, a hobby room or custom-made cupboards add value. |
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| Your Realtor® knows how these factors affect asking price and is able to compare your home fairly against similar homes that have sold recently. A price within 5% of market value should garner a reasonably quick offer and hopefully the successful completion of the sale. |
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| Marketing Your Home |
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| From the time you list your home, you and your Realtor® must work together to see that it sells as soon as possible at the best possible price. |
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| It’s your responsibility to see that your home looks its best, inside and out. It’s your Realtors® job to ensure that your property is given wide exposure to potential buyers. |
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| The Realtor® will work with you to develop a coherent, written marketing plan. This plan lets you know what will happen while your property is on the market. It will tell you what your Realtor® is doing to sell your home, and suggest ways in which you can help your property to sell. From the day you sign a listing agreement you and your Realtor® will be in regular communication. |
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| The Realtor® will provide progress reports and pass on comments from potential buyers who have seen your home. You should have ample opportunity to ask questions and to brainstorm additions or alterations to the marketing strategy. |
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| Please, No Strong Odors |
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| Potential buyers react to the way a home smells. Strong residual odors of cigarette smoke, cat boxes, fried food, disinfectants, bug spray, etc. have been known to kill what was formerly a lively interest in buying a particular home. Get a good noseful of your home: does it pass the sniff test? Cigarettes and pet smells are the two biggest closure killers. |
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| Think about banning smoking in your house while it is on the market. Change the litter box regularly. Get rid of furniture or carpeting which bears the marks and aromas of pet toileting accidents. Some cleaning services special in odor removal, and there are also a variety of products on the market, which will help. |
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| Even if a buyer’s current home smells just like yours, he or she will not react well to lingering odors in a house that is being shown. |
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| Plumbing |
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| Before placing your home on the market, it makes sense to be sure that any obvious stumbling block to a quick sale is removed. High on a list of such items is the plumbing. |
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| Water stains in suspicious locations: under bathroom fixtures, on ceilings or along baseboards near the kitchen sink can be a red flag that quickly turn a prospective purchaser off. Warning signs of this nature raise questions about the whole system and will often turn a prospective purchaser away, simply because most of the system is hidden behind walls, under floors and is otherwise inaccessible to easy inspection. |
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| Most sales agreements stipulate that the plumbing and other basic systems in the home be in good repair in any event, so addressing the problem and touching up any water damage before you list will contribute markedly toward a smooth, trouble free closing. |
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| Prepare Your Home for Kids |
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| There’s a distinct possibility that some of the people who come to view your home are going to bring their kids. Although the Realtor® will be with them, there’s no guarantee that these children will be constantly supervised while in your home. |
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| Every real estate agent has at least one story about that heart-stopping moment when an unsteady toddler grabbed a lovely, expensive fragile object, or a child suddenly ran top speed toward the edge of a deck with no railing. |
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| Use your common sense when preparing your home for viewing. Place electrical cords and breakable or sharp objects out of reach of small hands. Place a clearly visible note-advising parents to supervise young children near stairs, decks and other areas of concern. |
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| If your marketing plan has identified young families as potential buyers, you may want to put a few toys out to keep kids entertained, and to help parents see your home as a place where their family would be safe and happy. |
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| Preparing to Sell |
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| Prospective buyers of your home will want to know that the structure is in good repair and that the plumbing, wiring and so on are functioning properly. |
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| They'll want a pre-purchase inspection by an unbiased expert that they commission to assure them that this is so and provision for it to be carried out is normally stipulated as part of the offer. |
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| It would be well to fix anything you know about before you list the property. A roof that leaks in wet weather, faulty plumbing or appliances that don't work properly are things that you will be aware of and can take care of at once. |
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| But being confronted by a lengthy list of items brought to light by the inspection, the buyers may decide against proceeding with the purchase. This is doubly true if your listing is competing against new construction in the area. |
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| Since the money will have to be spent anyway, doing the repairs in advance will insure that the sale proceeds smoothly, without maintenance snags. |
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| Prepping For Sale |
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| Not too many people buy a house as a result of falling madly in love with the beautiful bathroom. But a buyer will have second thoughts about a home with a bathroom in poor condition. |
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| Second rate bathrooms are seen as a sign of a second rate property. Dripping taps and running toilets worry potential buyers. For the buyer, the slightest hint of plumbing problems is a red flag: “UH OH, major expense potential here!” |
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| Make sure your plumbing is working properly and repair any cosmetic damage before putting your home on the market. Thoroughly clean the bathroom and get rid of any mildew or water stains. Invest in a new shower curtain, bathmat, and possibly a few plants for the bathroom. |
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| Even something as simple as pleasant-smelling soaps and fresh towels can increase the attractiveness of this room. |
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| Pricing it Right |
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| How much is your property worth? In fact, it's worth whatever you can get in the current market and, wishful thinking aside, not a penny more, however much you'd like to price it higher. |
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| Realtors® keep a close eye on property values throughout the area in which they work and can name a figure when they list your home that always reflects what they know similar properties are going for in your neighborhood. They know that adding more than a small amount of negotiating room to what they estimate you should get will only cause your home to languish unsold. Priced out of the market. |
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| Sellers are usually happy when their property moves quickly, but occasionally complain that the price "must have been too low!" On the contrary, a quick sale is the expected result when the selling price reflects the true value of your home. |
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| Work with your Realtor® to set the figure where it belongs. |
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| Pricing Your Home |
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| There are a number of factors affecting the selling price of a home. How are homes selling in your area? Is there any commercial development close by? Does this commercial area contribute only traffic and noise, or is it creating a demand for housing in your locality? Has a new bus route been added in your neighborhood? Is there a highway or major roadway planned? |
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| All of these sorts of factors, taken together, represent market conditions affecting the sale of your property. A good Realtor® can identify and help you to evaluate these factors in setting a fair price for your home. |
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| Sell Your Own ? |
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| So you want to sell and are trying to determine whether to sell your property yourself or get professional help, which of course will cost you in brokerage fees. But you may actually be saving money when you rely on a professional Realtor® and here's why! |
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| Real estate sales can be complicated, and a misunderstanding of the real estate language or clauses may cost you money or even the deal. Real estate agents are aware that many of their listings come from people who have tried to sell their own properties only to find that a technicality may have cost them the good deal they assumed had been made. |
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| The real estate agent is a professional who understands the legal jargon included in a purchase agreement. He or she can help you understand what your obligations are and can assist you negotiate your deal. Each jurisdiction has a standard contract form that will reflect the legal requirements of the negotiation in your area. |
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| The real estate agent can put together a purchase agreement, which is appropriate for both buyer and seller. Such contracts include the sales price, financing contingencies, completion deadlines, and other items that are required in order to meet local government requirements. |
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| Don't sell yourself short. Get a professional Realtor® to assist you with the legal complications. The money you think you may be saving in brokerage fees may not be a saving at all. You don't want to lose a deal or end up in legal entanglements that would cost you in the long run. |
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| Setting Your Price |
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| Real estate prices are never carved in stone. It’s possible to list a home at a price slightly above market value and get lucky, especially in a busy market. |
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| On the other hand, if you want to sell quickly you may want to set a price, which is slightly lower. In either case, setting your price within 5% of market value will increase the likelihood of good offers and a reasonably quick sale. |
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| If you are in the predicament of selling one house to finance the buying of another, and timing and price are both big issues, you will need to consult a highly skilled Realtor®. |
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| The Realtor® will be able to lay out all the options for you, including adjustable rate mortgages and owner financing. |
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| The Importance of Storage Space |
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| It really seems to be a law of nature that people tend to grow out of the available storage space however much they may have available. |
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| Buyers looking for their first home come from apartments, and often-small rental homes where their storage space was severely limited. Those looking to trade up often do so because of an increase in family size: they, too are space conscious. |
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| Whatever the situation, the closets and storage areas of your home are sure to receive close scrutiny during a showing. Accordingly, you should do your best to see that they are kept uncluttered and don't appear too crowded. |
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| You need to capitalize on what you have and the best way to do it is for these spaces appear to be more than you need, not less. You will likely have numerous items that you won't want to take with you when you move, so holding that planned garage sale before you list the property will help in this regard. |
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| You may even want to find temporary space elsewhere for items you need to retain but don't have room to comfortably store. |
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| Think About the First Offer |
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| Realtors® who are experienced and "in the know" will tell you that often the first offer to be submitted for your property will be the best offer. |
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| When a property is "fresh" on the market, there is usually a rush of prospective buyers who are ready to make a purchase. If they like what they see and the price is within their budget, they are likely anxious to make a deal. |
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| Perhaps they have already been looking for some time or your property fits their needs perfectly. The offer may not be exactly what you might have wanted but think carefully about negotiating - this may very well be the highest offer you receive! |
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| Trading Down |
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| A family home that was sized "just right" when your children were in it invariably ends up far too large when college beckons and you no longer need the multiple bedrooms, bathrooms, and playground-sized yard. |
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| The "empty nest" is redundant without nestlings and it's time to trade down to something more manageable and convenient. You need to consult a real estate sales professional who is aware of the problems you face and how they will affect the sale of your present home and the search for another. They can advise you on how best to handle the tax implications of the unspent cash surplus that results when you move to home of lesser value. |
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| If you're considering a move from the country to an urban environment, they can point out lifestyle considerations that may affect your choice. Choose a Realtor® you are comfortable with and let them help you make the right decisions. |
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| What Affects Prices |
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| There are a number of factors affecting the selling price of a home. |
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| How are homes selling in your area? Is there any commercial development close by? Does this commercial area contribute only traffic and noise, or is it creating a demand for housing in your locality? Has a new bus route been added in your neighborhood? Is there a highway or major roadway planned? |
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| All of these sorts of factors, taken together, represent market conditions affecting the sale of your property. A good Realtor® can identify and help you to evaluate these factors in setting a fair price for your home. |
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| What is my House Worth ? |
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| A house is only valued at what another person is willing to pay you for it.Many different professionals will offer their expertise as far as what they think your real estate's market value or worth is. |
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| Ultimately, the buyer decides whether or not to seal the deal with an arrangement dealing with the price and all that they get for said monies. As a seller, how can you and the buyer arrive at a happy medium, to being financially rewarded while being honest? |
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| Buyers come to a settlement based on comparisons between like homes in their price range and judge the features against their asking price. Wisely, they choose the home with the highest value for the lowest price. Sellers shouldn't worry that buyers are going to try and get more than what is fair. |
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| As the seller, you must decide what features your home offers and what those are worth. It is your choice. Your Realtor® will help you with these decisions, but ultimately it is yours to make. |
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| When to Leave the Old Nest ? |
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| You look outside and that swing hangs empty from the tree, the grass is growing underneath and it's been a long time since this big yard was needed for your children. You and your spouse are tired of maintaining a large house and yard and wonder if it's time for someone else's children to enjoy that swing. |
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| A lot of us, as we age, contemplate moving closer to the many amenities offered in the city. There are many recreational, educational, and cultural activities available in the core of cities. |
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| If, however, you are the type of person who would not enjoy those activities and are happiest living a quiet life surrounded by plants and animals, you may not want to consider a "downtown condo". |
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| Before making any irrevocable moves, do a little research and soul searching. Visit friends who have moved into city homes and talk to them. Be realistic with yourself as to how to like to spend your time also what you are physically capable of doing. If you have concerns about future mobility, then perhaps you need a home with no stairs. If you are enjoying driving less and less, perhaps it's time to live somewhere with a good transit system. |
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| There's a lot to think about before deciding where you want to fly to when you leave that old nest! |
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| Yes, There is Sellers Remorse |
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| You put your home on the market and less than a week later your Realtor® phones to say they have a great offer, less then your asking price, but more than you were really expecting to receive. The buyers were fair and seemed really excited about your home. You talk to your Realtor® and decide to go for it. |
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| Half an hour later you're sitting on your couch after walking through your whole house looking at all the work you've done over the years, and you start to feel horrible. Did you act too quickly? Could you have gotten more money if you waited longer or showed it more? Will the buyers respect the home and all the memories you're leaving behind? Will they enjoy the hot tub as much as you did? |
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| These feelings are so normal that they have been given a name "seller's remorse". Realize that these emotions are only short-lived and will be swiftly replaced by the anticipation of moving into your new dream home. |
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