Tips for Selling your Home in Today's Market:
Differentiate From the Neighbors
In
order to attract attention and to make your home more memorable,
consider custom designs or additions, such as landscaping, high grade
windows or an updated roof. This can help improve the home's
aesthetics, while potentially adding value to the home. Any
improvements should be practical and use colors and designs that would
appeal to the widest audience.
However, while it can pay to spice up your home, don't over improve it. According to a 2006 article in Realtor Magazine,
some renovations, such as adding a bathroom or a sun room, might not
always pay. The data suggests that the nationwide average amount
recouped for a bathroom addition is about 75%. For a sun room it's even
less. If you're going to invest
in renovations, do your research and be sure to put your money into the
things that are likely to get you the best return. In addition, if you
have added any custom features that you think buyers will be interested
in, make sure they are included in the home's listing information. More
than ever, in a down market you should take every small edge you can
get.
Clean the Clutter
It
is imperative to remove all clutter from the home before showing it
to potential buyers because buyers need to be able to picture
themselves in the space. This might include removing some furniture to
make rooms look bigger, and putting away family photographs and
personal items. You may even want to hire a stager to help you make
better use of the space. Staging costs can range from a couple of
hundred dollars for a basic consultation to several thousand dollars,
particularly if you rent modern, neutral furniture for showing your
home. Many people feel that stagers can make a home more sellable, so
hiring one deserves some consideration.
Sweeten the Deal
Another way to
make the home and deal more attractive to buyers is to offer things or
terms that might sweeten the pot. For example, sellers
that offer the buyer a couple of thousand dollars credit toward closing
costs, or offer to pay closing costs entirely will in some cases
receive more attention from house hunters looking at similar homes. In
a down market, buyers are looking for a deal, so do your best to make
them feel they're getting one.
Another tip is to
offer a transferable home warranty, which can cost $430 to $480 for a
one-year policy and will cover a failure by appliances such as air
conditioners and refrigerators. Depending on the policy, other
appliances and house gadgets may be covered as well. A potential buyer
may feel more at ease knowing that he or she will be covered against
such problems, which could make your home more attractive than a
competing home.
Improve Curb Appeal
Sellers
often overlook the importance of their home's curb appeal. The first
thing a buyer sees is a home's external appearance and the way it fits
into the surrounding neighborhood. Try to make certain that the
exterior has a fresh coat of paint, and that the bushes and lawn are
well manicured. In real estate, appearances mean a lot. What better way
to set your home apart than to make it attractive at first glance?
Get Your Home in "Move In" Condition
Aesthetics
are important, but it's also important that doors, appliances,
and electrical and plumbing fixtures be in compliance with current
building codes and in working order. Again, the idea is to have the
home in move in condition and to give potential buyers the impression
that they will be able to move right in and start enjoying their new
home, rather than spending time and money fixing it up.
Pricing the Home
Regardless of how well you renovate and stage your home, it is still important to price the home appropriately. Consult a Realtor to see what comparable homes are going for in your area.
It's
not always imperative to be the lowest priced home on the block,
particularly when aesthetic and other significant improvements have
been made. However, it is important that the listing price is not out
of line with other comparable homes in the market. Try to put yourself
in the buyer's shoes and then determine what a fair price might be.
Bottom Line
Selling a home in a down market requires a little extra work. Do everything you
can to get the home in excellent shape and be prepared to make some
small concessions at closing. These tips, coupled with an attractive
price, will increase the odds of getting your home sold. |
|
Posted By
Andrea Attwater
At
2:20 PM
•
Comments (0)
Trackbacks (0)
|
Trackbacks:
http://www.andreaattwater.com/blog/track.aspx?id=58
|
Let me answer your questions about buying or selling a home.
|