Selling Your Home During Challenging Times
Selling a home is a methodical, deliberate process in any market. For sellers, the challenges of the current economic situation, the driver seat feeling of buyer’s, and the vast amount of inventory available can make the process seem that much more frustrating to the average homeowner. The good news is that it does not have to be that way. With a little work and creativity, any home can eventually be sold.
The first task at hand once you have decided to sell your home is to prepare it for showing to the general public. The age old adage of curb appeal still stands as one of the most important factors that get potential buyers to even consider looking at your humble dwelling. If the property looks run down or untidy, buyers will automatically assume the inside is in similar condition. Let me be very clear when I tell you that stacking trash cans neatly on the side of the house and removing the trash from your property is not where the process ends. The true value of curb appeal comes from the landscaping. If you don’t have a green thumb, hire a professional. The focus should be on removing dead plants and trees, weeding the flower beds, making sure the grass is full and green, trimming or changing out over grown bushes and shrubs, putting down fresh mulch, and planting bright colored flowers. Once you have your lawn and garden looking in tip top condition, focus on the sidewalks. Have broken or unleveled blocks replaced. Bring new life to old siding, roofing, walkways, and porches with the help of a good power-washing. Finally be sure to sand and paint railings, window trim, overhangs, sheds, and anything else that just needs a little freshening up.
Now that the outside is prepared, it is time to move inside. For a sure fire way to get the interior up to par, hire a professional staging company. They will make a list of things for you to do specific to your home and in some cases will do the staging process for you. If you would rather save the money and handle it yourself, keep in mind the goal of staging is to highlight the positive aspects of the home and tone down the effects of the negative aspects. You will need to focus on the following tasks:
1. De-clutter: Start the packing process early. Pack all personal effects. Empty tightly stuffed closets. Remove furniture that obstructs the usefulness of a room. You want to have all rooms as open and clear as possible so that potential buyers have room to imagine their own possessions utilizing the space.
2. Paint: If you haven’t painted the walls and trim in the last 6-12 months, this is a must. Though it takes time, the effects of fresh paint are hard to achieve otherwise. It leaves rooms feeling clean and well kept. Of course, this is also your opportunity to change any outlandish colors to neutral colors that brighten a room.
3. Clean: Clean everything including windows, sills, blinds, ceiling fans, cabinets, countertops, etc. Vacuum rugs and polish hardwood floors. Consider removing, shampooing, or even refinishing hardwood floors underneath worn-out rugs.
When it comes to preparing your home for sale, less is not more. The more you do the better the results you will have.
The next step in your journey is to find a Realtor you can put your confidence and trust into. The Realtor plays a few key roles. They should make sure that anyone your home meets the needs of knows that your home is for sale, the property is priced correctly, and the contract, once it is established, comes to a close. Your relationship with your Realtor should not end with the sign in the lawn. This should only be the beginning.
Be sure your home is getting the appropriate amount of internet and newspaper print advertising, as well as open houses, broker tours, etc. There is no such thing as over exposing a house for sale. Most buyers begin their search on the internet, so there should be a primary focus on this type of advertising.
Secondly, the Realtor will help you price your home. Price in this market sells. Many sellers have this belief that if they list the home higher then the market value, they will receive low offers anyway. Unfortunately this is just not true. If you price yourself out of the market, you will eliminate buyers that will not even bother to look at your home. The key to selling a house is to find the right buyer that will pay almost anything for it. If you eliminate the majority of the traffic by overpricing, you may miss your one buyer. The best plan of action is to price the home at the correct value suggested by your real estate professional and make adjustments every two to four weeks as needed. Inevitably you will receive a lowball offer here and there, but there is nothing saying you have to accept it or deal with that buyer.
To firmly rap your mind around the importance of pricing, imagine you were shopping for a car. The blue book value of the car is $8000.00, but a dealer has it listed for $12,000. Not only would you not pay $12,000 for an $8,000 car, you may take your business else where all together. You have more negotiating power as a seller if your home is priced correctly and at the least, you have more opportunities to negotiate.
Being creative is another great tool to help get your home sold quickly and for a fair price. Offering the buyer incentives such as money towards closing costs, or buying down their mortgage interest rate is a great way to stimulate interest. First time buyers in 2009 are already eligible for an up to $8000 tax credit thanks to the President’s stimulus plan. Why not sweeten the deal and help out with some of the upfront costs? Look to your agent for some other great ideas depending on your current situation.
If you follow this advice and keep a positive attitude throughout the process, you will inevitably sell your home for a fair price. For more resources on getting your home sold check out my website at www.TheBarskiGroup.com