Selling Out
How to sell your home in today's market .
When you live in a home or condo, it’s easy to look past shortcomings such as outdated appliances or leaky faucets. But decide to sell, and those shortcomings could ruin your chances of receiving your asking price. If you’re planning on selling, take a step back and put on your “prospective buyer” glasses to ensure you’re getting the most out of your home’s value.
“No matter how many great elements you have in your house, people’s eyes are drawn to negative features first,” write Martha Webb and Sarah Parsons Zackheim in Dress Your House for Success. “Buyers are ‘inspecting’ — looking for clues to uncover hidden costs. Anxious to protect themselves, they seek reasons not to buy your house.”
The reality is that today’s market is a buyer’s market, and there are two types of buyers. First, you have the buyers who are looking for the good deal. They are watching the prices of homes and looking for panicky sellers. Second, you have the buyers who are waiting. They feel pretty certain that prices will be much lower; thus, they wait.
Gourmet Food Meets Spa Getaway
Before you decide to put the “for sale” sign on your front lawn, you need to plan for some simple updates. Let’s start with the kitchen.
Today, home buyers are interested in a large kitchen with lots of workspace. Other incentives might be solid surface counters, high-quality flooring, and newer appliances. Families gather, eat, and study in the kitchen, so assure your prospective buyers that yours is in tip-top shape, ready for action.
The next most popular area in the house is typically the bathroom — the master bath, to be exact. Looking for room to relax and primp, home buyers are searching for large, sprawling bathrooms with ready-to-pamper amenities, such as whirlpool tubs, double sinks, and showers with multiple jets. Also, when renovating a bathroom, don’t forget to spend a little cash on the behind-the-scenes plumbing. Ensure that the new additions are backed up with an updated water heater and pipes.
Already spent your economic stimulus check? Simple updates don’t necessarily have to cost a fortune. Even subtle changes, such as a new kitchen faucet or updated cabinet door hardware, can make a huge difference.
Out With the Old, in With the New
Are you a pack rat? If so, you might be getting excited about selling your place and moving to a bigger one. Before you do, make sure you have de-cluttered, creating the illusion of lots of storage space. If you’re a man, nothing beats an oversized garage and tons of attic space. For the ladies, closets, closets, closets.
To de-clutter, get ruthless about tossing anything you haven’t used in a year. Make a house rule that for every new item that comes in, an old one gets kicked out. Use inexpensive baskets to hide unsightly papers and magazines, while at the same time adding texture and visual interest. If you love to read, try stacking books vertically instead of horizontally. The stacks of books will serve as pedestals for pottery or photos.
Don’t forget to a take a look from the outside. Curb appeal is extremely important, and as we all know, first impressions are everything. A house that appears tidy and well cared for will sell more quickly and usually for more money. A good first appearance can add as much as 10 percent to the value of a home. For instant appeal, consider painting the front door a bold, cheerful color, such as red. Add a trio of seasonal potted plants on the landing to dramatically brighten and refresh your home’s entry to make visitors feel welcome.
As you’re thinking about increasing the value of your home, also consider what may be decreasing the value. Extras such as a pool, stale décor, a bad roof, and outdated appliances can instantly decrease the value in most situations.
One of the biggest decisions you’ll make is whether to hire a real estate agent. Realtors know today’s market and have access to more tools to help sell your home in a timely fashion and at a fair price. Selling on your own can be stressful and, in some cases, buyers are more reluctant to look at homes that are listed as for sale by owner, preferring to work with a Realtor.
Buyers today are also being persuaded with creative financing options and incentives. By offering these extras, you will lure more prospective buyers. Consider offering seller financing, paying some of the buyer’s closing costs, including a one-year home warranty, or offering other buyer incentives.
Any way you spin it, the housing market is down. As a seller, you’ll need to be realistic about the price of your home and the time it might take to sell it. Buyers these days need to be persuaded, so sellers should expect to negotiate on price and keep their homes on the market for months. The good news is, it’s a buyer’s market, and although you may not sell your home at an ideal price, there’s a good chance that you’ll get a killer deal on your next one.
