» Outer Banks Home Improvement
» Why Using a Real Estate Agent is a Necessity
» Planning to sell your home alone? Read this first
» Selling a Home in a Buyers Market
» Tips to Prepare Your Home for Sale
» For Sale by Owner: Why Going Solo May Not Be Going Smart
Kitchen Makeover: Out of all the rooms in the house, the kitchen is the most popular to remodel. According to Remodeling Magazine, money spent to upgrade a kitchen produces the highest return on investment. "Hot" kitchen makeover trends include adding dual sinks, cooking stations, extra-long dishwashers, under-cabinet lighting, warming ovens and wine coolers.
Bathroom Fixer-Upper: Upgrading a bathroom is also a sound choice and will usually provide a significant return on investment. Large bathrooms are typically on the top of the list of priorities for those seeking to purchase a home. Adding skylights, glass block windows, ceiling fans and sunken whirlpool baths are also attractive selling features. If you don't have the room to expand or to accommodate larger appliances, or you don't think you'll be living in your home long enough to enjoy the changes and/or see a return on this kind of investment, stick with neutral, mid-builder level updated cabinetry, refreshed flooring and shower/tub, or a new sink and toilet.
Room to Grow: Adding a room or two, such as a spare bedroom or a study, is a significant home improvement that you will be able to take advantage of every day. In addition to the much-needed extra space, it can also potentially provide you with a good return on your investment when it comes to selling the property.
Landscaping the Lot: A professionally landscaped yard can certainly increase the "curb appeal" or desirability of a home. In fact, beautifying your lawn can be one of the most inexpensive home improvements. Additional simple landscaping projects include trimming and edging the grass, manicuring the trees and shrubs to open up the view of the house, removing any dead plants and planting flowers to brighten up the yard.
Repair Jobs: While many homeowners may want to update and remodel their kitchen, if the roof needs fixing or the chimney has to be reappointed, then they should prioritize these necessary repairs over any cosmetic changes. This applies to both sellers and those who plan to stay in the home for years to come, as these essential repairs must be taken care of before they cause the house to lose value. It is vital to look after the minor problems such as a leaky faucet or a loose cabinet to ensure that your house doesn't undergo any long-term damage. As soon as you notice a problem, fix it since this will help avoid a larger expense later on.
Cosmetic Touch-Ups: A paint job, new double-paned windows and new carpeting will increase the price of a house virtually dollar-for-dollar. Neutral colored paint and eliminating clutter can make a world of difference. However, don't go overboard with home improvement projects that will push a house too much above the current average value of homes in your neighborhood. It is important to make sure that your home has standards that are in-line with the other houses in the neighborhood, but you do not want to price yourself out of the market.
Home Improvement Professionals For Hire: Whether you need an architect, gardener, interior designer or contractor, it is always important to do a background check prior to hiring a professional. Get references from family or friends and interview them - checking is critical. The most important quality to look for is trust, not initial price.
Back to top
Marketing
Homesellers need the know-how of an experienced real estate agent to get the job done right, according to Marlene Ginsberg, a Sales Associate from Coldwell Banker Residential Brokerage Parsippany (N.J.). “It's the real estate agent's job to know the neighborhood, school system and other features that affect the value of a home, ” said Marlene. “We use this knowledge to help homeowners figure out the best price for their home and what type of buyers to attract.” Setting the sales price can be a real balancing act and is not always easy. If the price is too low, you can lose money; if it's too high, it can take too long to sell. An experienced real estate agent can help you balance all of these factors, including neighboring property values, improvements you've made, the current housing market and how soon you need to seal the deal. As important as setting the right price for your home is the development of a customized marketing plan. The marketing plan is what really sets a real estate agent apart from discount brokers and “for sale by owners,” and is designed to bring a multitude of potential buyers to your doorstep. “The marketing plan shows the real value of using a full-service real estate agent, ” Marlene explains, “Homesellers who try to do the job on their own don-t have as many options. For instance, they can't list the property with the Multiple Listing Service, in which the listing is shared with other real estate agents. Plus, after being in this business for a while, real estate agents become good matchmakers in connecting the right home with the right buyer.” Some of the marketing tools savvy real estate agents use are newspaper ads, Open House events and, of course, Web site listings.
The Sales Contract
Finding a buyer is only the first part of a real estate agent's job, according to Dan Parker, Principal Broker at Coldwell Banker / Kennon, Parker, Duncan & Key in Columbus, Georgia. Negotiation, from agreeing on a final price to writing the sales contract, is the next step. The details of the contract are very important, and if not handled properly, can put the seller back to square one, costing time and money. “It's very important that the seller is protected by the sales contract,” said Dan. “The buyer can back out of a contract, or even worse, sue the seller if the contract isn't prepared properly. And, extenuating circumstances - such as the buyer needing to sell their existing home first - can further complicate the contract process.”
Sizing Up The Buyer
An experienced real estate agent can also help you size up a potential buyer to make sure they are able to go through with the sale. An experienced real estate agent may consider mortgage pre-approval, past experience and the background of the buyer to help you decide if an offer is solid. This will save you time and may possibly avoid having to start over in the sales process. “The last thing you need is a buyer who backs out of the deal before closing,” said Randy Freed, Broker Associate from Coldwell Banker Residential Brokerage, Santa Barbara and Santa Ynez Valley (Calif.). “Consider the amount of the buyer's down payment, the amount they need to borrow and their ability to qualify for a mortgage. Finding a good buyer is as important as getting the right price for your home.”
Less Headaches
“Selling a home can be an emotional experience and working with a real estate agent can reduce some of the stress, save valuable time and give you peace of mind that the agent is taking care of the details,” said Randy.
This has been provided for informational purposes only. The views and opinions set forth in this newsletter are not necessarily the views and opinions of Coldwell Banker Seaside Realty. You should always consult with your own advisor when dealing with any of the issues visited herin.
Back to top
That's why most of us use a professional real estate agent from the start. Yet experts say about 15 percent of potential sellers first try to save the agent's commission by doing a For Sale By Owner, commonly called a FSBO (pronounced fizzbow).
Some succeed. Carolyn and J.C. Jones, for example, have sold several homes on their own. But Carolyn, who heads her own advertising agency, concedes that a lot of time and effort is involved long before they put their house up for sale.
"We study the market before we buy, get a choice location, do the remodeling that will give us a return on our investment and strive to have the most attractive looking yard and home in the community," she says. They also analyze home sales methodically, set their price carefully, hire a lawyer who specializes in real estate and apply all the professional marketing and negotiating skills they've developed over the years.
Could your FSBO be successful? Perhaps, but keep in mind that many of the 15 percent of would-be FSBO sellers invest time and money in the process, then turn to an agent when sales prospects dwindle. Moreover, agent-assisted sales typically put more money into a seller's pocket than a FSBO, according to studies cited by real estate specialists.
How much more? "On average you net 2-3 percent more--after paying the commission--by using an agent," says Michael W. Owen, a REALTOR® with Arvida Realty. "Your REALTOR® earns that commission--and you do come out ahead."
One big reason is the way shoppers approach FSBOs. "Buyers are looking for a steal when they're going to a FSBO," says Kerry Kelly of National Hallmark Realty. "They automatically deduct a sales commission before they start negotiating. The old saying is true: both sides cannot save the same fee."
There are other major financial and even emotional factors to consider before selling your own home. For example, an agent can give you competitive pricing and marketing edges that would require time, money or both to achieve on your own.
"You can't just talk to the neighbors for real estate pricing information," explains Mollie Bryan, a REALTOR® with The Prudential Florida Realty. "They may say that the Smiths got a price they liked, but that doesn't mean they got their asking price." REALTORS® have updated, comprehensive data on actual sale prices of homes in your area. They'll also give your house a broader exposure to the entire market than you can, especially if they're part of the multiple listing service available only to those displaying the REALTOR® symbol.
"Less than 5 percent of houses actually sell from an ad in the newspaper," notes Bryan.
And never forget you're competing against savvy pros, so you should offer at least some of the many services provided by agents:
Yet even all that isn't the hardest part, say agents. The toughest thing for most sellers on their own is not being able to screen prospective buyers.
It usually starts as an annoyance over time-consuming tours by curious neighbors or financially unqualified visitors. It may include concerns about strangers parading through your home. It often escalates into anger as you hear unflattering comments about your house. And, ultimately, it can get downright ugly as negotiations become heated.
"I've been in the business 25 years and I wouldn't sell my own home just for reason of emotion," says Marie Powell, president of Marie Powell and Associates, Better Homes and Gardens. "I feel you need an in-between person to do your negotiating. We all have sentimental values connected with our home that cloud our judgment."
That's an opinion shared by most veteran real estate salespeople. They believe their expertise and efforts in pricing, marketing and negotiating are well worth their commission. Which brings up a simple question: if most pros won't sell their own homes alone, are you sure you really want to?
Back to top
Price Your Home According to the Current Market
Just because a house comparable to yours sold for a very high price last year does not mean you will be able to realize the same price when selling your home now. Work with a full-service real estate professional to determine the appropriate, competitive listing price for your home. Remember that in this market, your sales associate may encourage a list price in accordance with others currently on the market, rather than those previously sold. Visit the Home Value Estimator to get a sense of comparative sales prior to meeting with your sales associate.
Be Thankful for Appreciation
While price appreciation has slowed in some markets in 2006, it is important to look realistically at the financial gains you have made over the years you have owned your home. According to the National Association of REALTORS®, over the last six years the median sales price of a single-family existing home in the U.S. appreciated 7.6 percent annually.
Make Your Home More Marketable
When a buyer sees your house for the first time, a critical first impression is made. If applicable, maximize curb appeal by trimming trees and planting flowers. A fresh exterior coat of paint might also prove valuable. Consider neutral colors for interior walls and carpets. Dark colors on walls, along with unnecessary clutter, make rooms look smaller. To see videos on making your home more marketable, click here.
Conduct a Full Home Inspection
If repairs are required, it is a good idea to go ahead and fix the problems. Potential buyers will cast an extremely critical eye over your home and, in a situation when more houses are available on the market, they may take a pass on a home that needs too many repairs. Be sure to have the home inspection report available for prospective buyers itemizing all of the repairs that have been made and the associated cost for each.
Offer a Coldwell Banker® Home Protection Plan
Homes with home warranties sell 15% faster, sell for a price 2.2% higher and are 29% more likely to sell.* With so many homes for sale in the real estate market, you need a competitive edge. A Coldwell Banker Home Protection Plan gives you that, while offering convenient, dependable service when you need it most — helping to protect you from the expense, hassle and frustration of unexpected covered home repairs while your home is on the market. A Home Protection Plan also applies to the home once sold, alleviating the hassle of home repair for the buyer. Make sure to differentiate your home from others in your neighborhood with a Coldwell Banker Home Protection Plan “Included” " sign rider. Ask your Sales Associate for details.
Offer a “Seller’s Contribution”
A seller can sweeten the deal by offering assistance to the buyer in ways that do not require lowering the asking price. These tactics can help your home to stand out from the crowd. For example:
Don’t Worry. Properly priced homes that stand out from the competition are selling and demand for homes is still at historical highs. Contact me to find out how long an appropriately priced home is expected to remain on the market in your area.
Back to top
Outside:
People tend to judge a book by its cover. Investing some time and money into your homes’ exterior can pay dividends.
Inside:
Give potential buyers a blank canvas to work with; let them see your home as a place they will live their lives in, and not the home that you are living in.
Fix-It:
Take care that you’re not selling a “fixer-upper” - from replacing light bulbs to touching up the paint, be sure to present your home in move-in condition.
Replace:
Items that are moving with you should be replaced before showing the house. The general rule of thumb is, anything attached to the home is expected to be part of the deal. Minimizing any confusion will minimize potential negotiating issues later on.
Minor Repair:
Consider making some small, inexpensive upgrades to your home.
Major Repair:
Be sure the costs of the repairs you are making don’t outweigh the benefits they will create.
Freshen Up:
Give your home a good “spring cleaning” both inside and out before someone sees it. Continuous maintenance will help keep your home in good order and prevent you from that last minute clean up before someone comes to see your house.
Ask a "buyer":
Invite a friend or neighbor to walk through your home like a buyer would. Get their opinion on whether or not it's inviting, clean and well maintained. Strongly consider making any changes they suggest.
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One of the most critical aspects of selling a home – setting the right price – often requires extensive market research and analysis of the property itself. While it is possible to gain an understanding of broad market trends, homeowners often don’t have enough time to analyze the nuances of their local housing market. On the other hand, real estate agents are immersed in such local trends on a daily basis. Over time, the best real estate agents will gain an incredible understanding of everything from the most popular neighborhoods and styles of homes to the types of amenities local buyers are looking for. When it comes time to set a sale price on your home, a real estate professional will be able to utilize this knowledge to determine the most accurate market value for your home.
While the pricing of a home can be a difficult process, the most challenging work begins when your home is officially for sale. Even if your home is in the most attractive location within the local market, you probably won’t find many interested buyers without marketing your property. This process begins with listings in real estate databases, newspapers and periodicals. After the listing has been marketed in such publications, the home is made available to prospective buyers through open houses and private viewings.
When a real estate agent is involved in the marketing process, many additional opportunities often develop. Utilizing their industry connections and relationships, real estate agents are often able to find prospective buyers that might not have noticed your home otherwise. While your home is for sale, you can expect your agent to work full time trying to find the right buyer for your home. By comparison, very few homeowners trying to sell their own homes have nearly as much time to devote to the marketing process.
Whether you are selling your own home or working with an agent, there is still plenty of work to be done after a buyer has agreed to purchase your home. A real estate agent may be able to help you work through legal documents such as the Purchase and Sale Agreement. However, those that sell their own homes need to negotiate these documents themselves or hire an attorney for assistance. Unlike most home sellers, real estate agents have experience with the closing process that may help both parties complete the sale as efficiently as possible.
Before deciding how to sell your home, try to consider that there are many factors that influence the real estate market and can make selling your own home very challenging. Understanding the unique risks and difficulties you may face during the selling process will not only help you make an informed decision about hiring a real estate agent – it may help you sell your home.
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» Why Using a Real Estate Agent is a Necessity
» Planning to sell your home alone? Read this first
» Selling a Home in a Buyers Market
» Tips to Prepare Your Home for Sale
» For Sale by Owner: Why Going Solo May Not Be Going Smart
Outer Banks Home Improvement
A home is arguably one of the largest financial investments a person will make in their lifetime. While property values over time are determined by national variables, the economy and local market conditions, the care and upkeep of a property is also a crucial element toward achieving a solid re-sell. Whether you are planning on adding more rooms to create extra space, upgrading your kitchen with new appliances or are thinking of putting your home on the market, Coldwell Banker Real Estate Corporation offers some essential home improvement tips that might increase the value of your home.Kitchen Makeover: Out of all the rooms in the house, the kitchen is the most popular to remodel. According to Remodeling Magazine, money spent to upgrade a kitchen produces the highest return on investment. "Hot" kitchen makeover trends include adding dual sinks, cooking stations, extra-long dishwashers, under-cabinet lighting, warming ovens and wine coolers.
Bathroom Fixer-Upper: Upgrading a bathroom is also a sound choice and will usually provide a significant return on investment. Large bathrooms are typically on the top of the list of priorities for those seeking to purchase a home. Adding skylights, glass block windows, ceiling fans and sunken whirlpool baths are also attractive selling features. If you don't have the room to expand or to accommodate larger appliances, or you don't think you'll be living in your home long enough to enjoy the changes and/or see a return on this kind of investment, stick with neutral, mid-builder level updated cabinetry, refreshed flooring and shower/tub, or a new sink and toilet.
Room to Grow: Adding a room or two, such as a spare bedroom or a study, is a significant home improvement that you will be able to take advantage of every day. In addition to the much-needed extra space, it can also potentially provide you with a good return on your investment when it comes to selling the property.
Landscaping the Lot: A professionally landscaped yard can certainly increase the "curb appeal" or desirability of a home. In fact, beautifying your lawn can be one of the most inexpensive home improvements. Additional simple landscaping projects include trimming and edging the grass, manicuring the trees and shrubs to open up the view of the house, removing any dead plants and planting flowers to brighten up the yard.
Repair Jobs: While many homeowners may want to update and remodel their kitchen, if the roof needs fixing or the chimney has to be reappointed, then they should prioritize these necessary repairs over any cosmetic changes. This applies to both sellers and those who plan to stay in the home for years to come, as these essential repairs must be taken care of before they cause the house to lose value. It is vital to look after the minor problems such as a leaky faucet or a loose cabinet to ensure that your house doesn't undergo any long-term damage. As soon as you notice a problem, fix it since this will help avoid a larger expense later on.
Cosmetic Touch-Ups: A paint job, new double-paned windows and new carpeting will increase the price of a house virtually dollar-for-dollar. Neutral colored paint and eliminating clutter can make a world of difference. However, don't go overboard with home improvement projects that will push a house too much above the current average value of homes in your neighborhood. It is important to make sure that your home has standards that are in-line with the other houses in the neighborhood, but you do not want to price yourself out of the market.
Home Improvement Professionals For Hire: Whether you need an architect, gardener, interior designer or contractor, it is always important to do a background check prior to hiring a professional. Get references from family or friends and interview them - checking is critical. The most important quality to look for is trust, not initial price.
Back to top
Why Using a Real Estate Agent is a Necessity
Preparing your home for sale, figuring the sale price, finding a qualified buyer, negotiating, closing and finally, moving. These are just some of the chores that will get your head spinning when selling your home. In today's market, using a real estate agent is almost a necessity, and getting a licensed agent into the process early is the first step to a smooth transaction.Marketing
Homesellers need the know-how of an experienced real estate agent to get the job done right, according to Marlene Ginsberg, a Sales Associate from Coldwell Banker Residential Brokerage Parsippany (N.J.). “It's the real estate agent's job to know the neighborhood, school system and other features that affect the value of a home, ” said Marlene. “We use this knowledge to help homeowners figure out the best price for their home and what type of buyers to attract.” Setting the sales price can be a real balancing act and is not always easy. If the price is too low, you can lose money; if it's too high, it can take too long to sell. An experienced real estate agent can help you balance all of these factors, including neighboring property values, improvements you've made, the current housing market and how soon you need to seal the deal. As important as setting the right price for your home is the development of a customized marketing plan. The marketing plan is what really sets a real estate agent apart from discount brokers and “for sale by owners,” and is designed to bring a multitude of potential buyers to your doorstep. “The marketing plan shows the real value of using a full-service real estate agent, ” Marlene explains, “Homesellers who try to do the job on their own don-t have as many options. For instance, they can't list the property with the Multiple Listing Service, in which the listing is shared with other real estate agents. Plus, after being in this business for a while, real estate agents become good matchmakers in connecting the right home with the right buyer.” Some of the marketing tools savvy real estate agents use are newspaper ads, Open House events and, of course, Web site listings.
The Sales Contract
Finding a buyer is only the first part of a real estate agent's job, according to Dan Parker, Principal Broker at Coldwell Banker / Kennon, Parker, Duncan & Key in Columbus, Georgia. Negotiation, from agreeing on a final price to writing the sales contract, is the next step. The details of the contract are very important, and if not handled properly, can put the seller back to square one, costing time and money. “It's very important that the seller is protected by the sales contract,” said Dan. “The buyer can back out of a contract, or even worse, sue the seller if the contract isn't prepared properly. And, extenuating circumstances - such as the buyer needing to sell their existing home first - can further complicate the contract process.”
Sizing Up The Buyer
An experienced real estate agent can also help you size up a potential buyer to make sure they are able to go through with the sale. An experienced real estate agent may consider mortgage pre-approval, past experience and the background of the buyer to help you decide if an offer is solid. This will save you time and may possibly avoid having to start over in the sales process. “The last thing you need is a buyer who backs out of the deal before closing,” said Randy Freed, Broker Associate from Coldwell Banker Residential Brokerage, Santa Barbara and Santa Ynez Valley (Calif.). “Consider the amount of the buyer's down payment, the amount they need to borrow and their ability to qualify for a mortgage. Finding a good buyer is as important as getting the right price for your home.”
Less Headaches
“Selling a home can be an emotional experience and working with a real estate agent can reduce some of the stress, save valuable time and give you peace of mind that the agent is taking care of the details,” said Randy.
This has been provided for informational purposes only. The views and opinions set forth in this newsletter are not necessarily the views and opinions of Coldwell Banker Seaside Realty. You should always consult with your own advisor when dealing with any of the issues visited herin.
Back to top
Planning to sell your home alone? Read this first
The mega-hit movie Home Alone featured some hilarious traps for unsuspecting bad guys. Selling a home alone has just as many pitfalls for unprepared good guys - and there's nothing funny about them.That's why most of us use a professional real estate agent from the start. Yet experts say about 15 percent of potential sellers first try to save the agent's commission by doing a For Sale By Owner, commonly called a FSBO (pronounced fizzbow).
Some succeed. Carolyn and J.C. Jones, for example, have sold several homes on their own. But Carolyn, who heads her own advertising agency, concedes that a lot of time and effort is involved long before they put their house up for sale.
"We study the market before we buy, get a choice location, do the remodeling that will give us a return on our investment and strive to have the most attractive looking yard and home in the community," she says. They also analyze home sales methodically, set their price carefully, hire a lawyer who specializes in real estate and apply all the professional marketing and negotiating skills they've developed over the years.
Could your FSBO be successful? Perhaps, but keep in mind that many of the 15 percent of would-be FSBO sellers invest time and money in the process, then turn to an agent when sales prospects dwindle. Moreover, agent-assisted sales typically put more money into a seller's pocket than a FSBO, according to studies cited by real estate specialists.
How much more? "On average you net 2-3 percent more--after paying the commission--by using an agent," says Michael W. Owen, a REALTOR® with Arvida Realty. "Your REALTOR® earns that commission--and you do come out ahead."
One big reason is the way shoppers approach FSBOs. "Buyers are looking for a steal when they're going to a FSBO," says Kerry Kelly of National Hallmark Realty. "They automatically deduct a sales commission before they start negotiating. The old saying is true: both sides cannot save the same fee."
There are other major financial and even emotional factors to consider before selling your own home. For example, an agent can give you competitive pricing and marketing edges that would require time, money or both to achieve on your own.
"You can't just talk to the neighbors for real estate pricing information," explains Mollie Bryan, a REALTOR® with The Prudential Florida Realty. "They may say that the Smiths got a price they liked, but that doesn't mean they got their asking price." REALTORS® have updated, comprehensive data on actual sale prices of homes in your area. They'll also give your house a broader exposure to the entire market than you can, especially if they're part of the multiple listing service available only to those displaying the REALTOR® symbol.
"Less than 5 percent of houses actually sell from an ad in the newspaper," notes Bryan.
And never forget you're competing against savvy pros, so you should offer at least some of the many services provided by agents:
- Be informed about the wide range of financing options buyers have.
- Be knowledgeable about details of your home (dimensions, building materials, average utility bills) and your neighborhood (schools, zoning, planning).
- Be sure your home is staged properly to showcase its benefits from curb to closets.
- Be available for showings day and night, seven days a week to reach the widest possible range of buyers.
- And, be very aware of your disclosure requirements so you don't have to pay unnecessary damages.
Yet even all that isn't the hardest part, say agents. The toughest thing for most sellers on their own is not being able to screen prospective buyers.
It usually starts as an annoyance over time-consuming tours by curious neighbors or financially unqualified visitors. It may include concerns about strangers parading through your home. It often escalates into anger as you hear unflattering comments about your house. And, ultimately, it can get downright ugly as negotiations become heated.
"I've been in the business 25 years and I wouldn't sell my own home just for reason of emotion," says Marie Powell, president of Marie Powell and Associates, Better Homes and Gardens. "I feel you need an in-between person to do your negotiating. We all have sentimental values connected with our home that cloud our judgment."
That's an opinion shared by most veteran real estate salespeople. They believe their expertise and efforts in pricing, marketing and negotiating are well worth their commission. Which brings up a simple question: if most pros won't sell their own homes alone, are you sure you really want to?
Back to top
Selling a Home in a Buyers Market
Although home appreciation has leveled off in some markets, sellers can still get good prices for their homes. The sale may take a bit longer, but a little creativity can help sellers move homes without having to drop the price.Price Your Home According to the Current Market
Just because a house comparable to yours sold for a very high price last year does not mean you will be able to realize the same price when selling your home now. Work with a full-service real estate professional to determine the appropriate, competitive listing price for your home. Remember that in this market, your sales associate may encourage a list price in accordance with others currently on the market, rather than those previously sold. Visit the Home Value Estimator to get a sense of comparative sales prior to meeting with your sales associate.
Be Thankful for Appreciation
While price appreciation has slowed in some markets in 2006, it is important to look realistically at the financial gains you have made over the years you have owned your home. According to the National Association of REALTORS®, over the last six years the median sales price of a single-family existing home in the U.S. appreciated 7.6 percent annually.
Make Your Home More Marketable
When a buyer sees your house for the first time, a critical first impression is made. If applicable, maximize curb appeal by trimming trees and planting flowers. A fresh exterior coat of paint might also prove valuable. Consider neutral colors for interior walls and carpets. Dark colors on walls, along with unnecessary clutter, make rooms look smaller. To see videos on making your home more marketable, click here.
Conduct a Full Home Inspection
If repairs are required, it is a good idea to go ahead and fix the problems. Potential buyers will cast an extremely critical eye over your home and, in a situation when more houses are available on the market, they may take a pass on a home that needs too many repairs. Be sure to have the home inspection report available for prospective buyers itemizing all of the repairs that have been made and the associated cost for each.
Offer a Coldwell Banker® Home Protection Plan
Homes with home warranties sell 15% faster, sell for a price 2.2% higher and are 29% more likely to sell.* With so many homes for sale in the real estate market, you need a competitive edge. A Coldwell Banker Home Protection Plan gives you that, while offering convenient, dependable service when you need it most — helping to protect you from the expense, hassle and frustration of unexpected covered home repairs while your home is on the market. A Home Protection Plan also applies to the home once sold, alleviating the hassle of home repair for the buyer. Make sure to differentiate your home from others in your neighborhood with a Coldwell Banker Home Protection Plan “Included” " sign rider. Ask your Sales Associate for details.
Offer a “Seller’s Contribution”
A seller can sweeten the deal by offering assistance to the buyer in ways that do not require lowering the asking price. These tactics can help your home to stand out from the crowd. For example:
- Offer to buy down the interest rate on the buyer’s mortgage.
- Offer to pay a portion of the closing costs.
- Cover the buyer’s mortgage payments for up to the first six months. Depending upon the size of the mortgage, the buyer can save several thousand dollars and the seller still gets the original asking price for the home. It is generally more financially advantageous to do this than dropping the asking price by $30-, $20- or even just $10,000.
- Many condos and houses across the country belong to homeowners’ associations that require annual dues. Paying the first year’s fees could be a big incentive to a buyer nearing the limit of his or her liquid assets.
- Offer to pay off a buyer’s bills. According to Realty Times, some loan programs allow sellers to pay off the credit card debt or auto loans of the buyer which will help him or her qualify for a better mortgage and prevent the need to buy a smaller, less expensive house.
Don’t Worry. Properly priced homes that stand out from the competition are selling and demand for homes is still at historical highs. Contact me to find out how long an appropriately priced home is expected to remain on the market in your area.
Back to top
Tips to Prepare Your Home for Sale
How you prepare your home for a potential buyer can affect the likelihood of selling quickly. Here are a few selling tips to help guide you along the way.Outside:
People tend to judge a book by its cover. Investing some time and money into your homes’ exterior can pay dividends.
- A trim landscape can attract buyers, so mow and water your lawn.
- Trim trees and bushes, and tidy up mulch and other ground cover.
- Cover bare spots in your lawn with grass seed.
- Plant flowers – an oft-repeated tale says that yellow flowers symbolize new beginnings and can evoke buying emotions.
- Clean sidewalks, walkways, and the sides of your home -- renting a power washer can be a good investment.
- Make your house number clearly visible from the street.
- Keep clutter to a minimum - store bikes, toys and other equipment.
- Repaint the home or touchup the necessary areas to present a clean and kept appearance.
Inside:
Give potential buyers a blank canvas to work with; let them see your home as a place they will live their lives in, and not the home that you are living in.
- Depersonalize your home by removing pictures, paintings, trophies, etc.
- Remove clutter around the house -- pack up random items you will be moving, remove books from shelves, and empty all counter space.
- Organize things behind closed doors –- smart buyers will want to open cabinets and closets, so keep it neat. This will show the buyer that you take care of the home down to the smallest detail.
- Alphabetizing your spice rack, place cup handles uniformly, and neatly stack dishes
- Hang jackets or shirts together and uniformly, and line shoes up
- Remove unnecessary furniture such as shelving units, extra leaves from the dining room table, or any thing else that may increase the appearance of a room – rent a storage unit if you must.
- Leave enough furniture to give potential buyers enough to imagine what the room is used for.
Fix-It:
Take care that you’re not selling a “fixer-upper” - from replacing light bulbs to touching up the paint, be sure to present your home in move-in condition.
Replace:
Items that are moving with you should be replaced before showing the house. The general rule of thumb is, anything attached to the home is expected to be part of the deal. Minimizing any confusion will minimize potential negotiating issues later on.
- Replace that light fixture which has been in your family for years.
- Change the bathroom sink you aren’t willing to part with.
- If you are taking any major appliances be sure to have their replacements in place before showing the home.
Minor Repair:
Consider making some small, inexpensive upgrades to your home.
- Replace any cracked tiles, or repair them.
- Patch any holes in the wall.
- Fix leaky faucets.
- Fix doors that don’t shut properly and kitchen drawers that jam.
- Replace light bulbs that are burnt out – more light gives a spacious perception.
- Replace worn bedspreads.
Major Repair:
Be sure the costs of the repairs you are making don’t outweigh the benefits they will create.
- Paint rooms neutral colors – it will give the room a bigger feel and eliminate your perception of a “good” color (for example, red may not be good for everyone).
- Discuss any other major repairs with your Sales Associate. (>> link to find a sales associate).
Freshen Up:
Give your home a good “spring cleaning” both inside and out before someone sees it. Continuous maintenance will help keep your home in good order and prevent you from that last minute clean up before someone comes to see your house.
- Clean windows on both sides.
- Rent a pressure washer to clean the exterior of the house.
- Clean cobwebs.
- Re-caulk bathrooms and bleach grout.
- Clean out the refrigerator.
- Wax floors and vacuum daily.
- Dust furniture, ceiling fan blades and light fixtures.
- Replace worn rugs.
- Hang fresh towels in bathrooms.
- Clean out musty smelling areas.
- Stop smoking inside the house.
- Bathe pets and clean out litter boxes.
- Empty all trash, recycle bins, etc.
- Dry-clean drapes and shampoo carpets.
- Use baking soda boxes in smell-prone areas.
- Place flowers, potpourri or air fresheners around the house.
- Monthly cleaning can preserve a floor’s shine.
- Clean all carpets.
- Clean all windows and mirrors.
- Clean water stains in all sinks and tubs.
Ask a "buyer":
Invite a friend or neighbor to walk through your home like a buyer would. Get their opinion on whether or not it's inviting, clean and well maintained. Strongly consider making any changes they suggest.
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For Sale by Owner: Why Going Solo May Not Be Going Smart
Those that choose to sell their own homes often hope to avoid the commission paid to real estate agents. While those familiar with the housing market and process of selling a home may enjoy a successful sale, plenty of inexperienced home sellers have encountered nothing but headaches. Besides limiting the number of potential buyers, the decision to sell by owner has cost many homeowners incredible amounts of time, energy and money. Before you make your own decision, you may want to assess the factors discussed here in relation to your own knowledge and resources.One of the most critical aspects of selling a home – setting the right price – often requires extensive market research and analysis of the property itself. While it is possible to gain an understanding of broad market trends, homeowners often don’t have enough time to analyze the nuances of their local housing market. On the other hand, real estate agents are immersed in such local trends on a daily basis. Over time, the best real estate agents will gain an incredible understanding of everything from the most popular neighborhoods and styles of homes to the types of amenities local buyers are looking for. When it comes time to set a sale price on your home, a real estate professional will be able to utilize this knowledge to determine the most accurate market value for your home.
While the pricing of a home can be a difficult process, the most challenging work begins when your home is officially for sale. Even if your home is in the most attractive location within the local market, you probably won’t find many interested buyers without marketing your property. This process begins with listings in real estate databases, newspapers and periodicals. After the listing has been marketed in such publications, the home is made available to prospective buyers through open houses and private viewings.
When a real estate agent is involved in the marketing process, many additional opportunities often develop. Utilizing their industry connections and relationships, real estate agents are often able to find prospective buyers that might not have noticed your home otherwise. While your home is for sale, you can expect your agent to work full time trying to find the right buyer for your home. By comparison, very few homeowners trying to sell their own homes have nearly as much time to devote to the marketing process.
Whether you are selling your own home or working with an agent, there is still plenty of work to be done after a buyer has agreed to purchase your home. A real estate agent may be able to help you work through legal documents such as the Purchase and Sale Agreement. However, those that sell their own homes need to negotiate these documents themselves or hire an attorney for assistance. Unlike most home sellers, real estate agents have experience with the closing process that may help both parties complete the sale as efficiently as possible.
Before deciding how to sell your home, try to consider that there are many factors that influence the real estate market and can make selling your own home very challenging. Understanding the unique risks and difficulties you may face during the selling process will not only help you make an informed decision about hiring a real estate agent – it may help you sell your home.
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