Tag Archives: advice

How To Get Top Dollar For Your Home

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How does a seller get top dollar for their home? Every seller wants the assurance that his/her house will sell at the highest price possible. But, real estate, as with most industries, is a highly inexact science. There are many factors at play within rapidly changing market terrain. While there are no concise answers as to how one ensures a house sells for top dollar, there are some important considerations to deliberate as the seller that can help you maximize profits, maintain control and reduce the stress that comes with home-selling.

  • Know why you’re selling and keep it to yourself.

The reasons behind your decision to sell impact the process greatly. Do you already have another house in escrow? Do you need to sell quickly? Or is profit your highest priority? All of these questions will factor into your pricing strategy. However, do not reveal your motivation to anyone else other than your agent or they may use the information against you during negotiations.

  • Set your price appropriately.

Setting the right price is the single most important decision you will make when you decide to sell. Price too high and you will turn off potential buyers. Price too low and you may leave money on the table. Make sure you do your homework by looking at comparable sales in your neighborhood in the last 3-6 months. Visit all the competitive offerings and see how they’ve been priced relative to the condition of the home. It’s always good practice to know your competition. While pricing, stay as objective as possible, and really look at your house from a potential buyer’s perspective. Emotional attachment to the house tends to drive pricing higher than necessary.

  • Maximize your home’s sales potential.

You may not be able to change your home’s floor plan or location, but you can make cosmetic updates that will enhance buyer impression. Assess your home, again, through the eyes of perspective buyers, and determine what can use updating. Fresh carpeting and/or a paint job can transform a space dramatically. If possible, avoid showing the house empty. You want to help potential buyers envision the home as their own, so provide neutral staging or de-personalize your existing décor. Furthermore, make repairs to visible damage. And don’t ignore the exterior. Buyer impression starts upon arrival at the house, so make your home appealing from the curb.

  • Consider a pre-appraisal and a pre-inspection.

A pre-appraisal will provide you with an objective basis for pricing your home. Additionally, a pre-inspection can identify any issues with the house that you can address ahead of time rather than during escrow as re-negotiating during escrow can be more costly since you’ll have less leverage and the transaction can be at stake.

  • Know your buyer.

While you shouldn’t disclose much about your reasons for selling, you should try and find out who your buyers are. Why are they moving? Do they need to move quickly? Are they in good financial standing? Having some information on the buyer’s motivation and personal situation will give you the upper hand in the negotiations process.

  • Time your sale.

If possible, watch market conditions carefully and time your sale. Typically, spring and summer are good times to sell. But specific to your market, be mindful of supply and demand. Are there more buyers than sellers? Are interest rates reasonably low? When there are more buyers in the market, sellers can get better pricing and terms, especially if there are multiple parties interested in your property.

  • Hire the right listing agent to represent you.

Truthfully, nothing is more instrumental to your successful home sale than the right real estate agent for your needs. Not all listing agents are created equal. If you hire an experienced agent, they will perform all the research necessary to advise you on all the points listed above: pricing, home improvements, negotiations, timing of the sale, etc. Get a few quality referrals from friends and interview several agents. As part of the interview, make sure you understand how each agent’s marketing plan for your property differs.

To sell your home for top dollar requires proper positioning of your property to the maximum number of prospective buyers. Educating yourself on market conditions and having an experienced agent as your representation will increase the likelihood of a successful transaction for top dollar.

 

DIY Staging Tips

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In last week’s blog post, we covered a few tips on how to prep your house prior to listing it for sale.  We discussed improving curb appeal and light remodeling to make the home more universally appealing.  To that effort, we also mentioned the importance of de-cluttering, de-personalizing and cleanliness.  So now that the house is neutral and clean, how does one dress each space to additionally enhance a buyer’s impression of the house?  This is where the art of staging comes into play.  Should you want to take a crack at staging your house, here are some few helpful tips to consider.

Furniture Grouping

Roll up your sleeves and start moving furniture. There’s a common belief that rooms feel larger if the furniture is pushed up against the walls, but it actually isn’t true.  Reconfigure your sitting areas by floating furniture away from the walls.  Reposition sofas and chairs into groupings that look conducive to conversations. Not only will this make the room feel more inviting, but it will open up the space and the area will appear larger.  Give yourself permission to remove furniture items entirely if the room requires more breathing room for better traffic flow.

Accessorize

Style your dining room table as if you’re expecting a dinner party.  Bring some greenery indoors as flowers and plants instantly add vibrancy and life into any room.  Place pleasant, non-controversial artwork or photography that befit the style of your home on walls that seem too bare.  Dress each bed with complementary linens and pillows for a comfortable, lived-in look.  For the master bedroom, remember to tow a gender neutral line when selecting bedding and accessories.

Home Lighting

Do not forget to consider lighting.  The first thing a real estate agent does when showing a home is to turn on all the lights, regardless of the time of day.  So at some point, mimic a showing and turn on all the lights in the house to give yourself the buyer’s perspective.  What you want is to make sure that your home looks warm, inviting and well-lit.  As it turns out, most homes are improperly lighted. To remedy the problem, increase the wattage in your lamps and fixtures. Aim for a total of 100 watts for each 50 square feet.  Make sure you have all three types of lighting in the house: ambient (general or overhead), task (pendant, under-cabinet or reading) and accent (table, floor or wall lamps).

Make Awkward Spaces Functional

One way to really add value to a house via staging is by creating a purpose for an otherwise awkward space.  The area under the staircase can sometimes fit a small desk for a quaint office nook.  Transforming a blank space into a practical area gives the house a feature that is memorable to the buyer.  It also gives the impression that the house is bigger and thoughtfully functional.  If you have an awkward space, check out interior design websites like Houzz for inspiration on how to give it a quick transformation.

Make Every Room Count

Most of us have a room in the house that is a “hobby room” which is a euphemism for “dumping ground.”  As part of the decluttering process, make sure the room is thoroughly cleansed and all unnecessary items are removed.  Then, give the room a purpose.  Would potential buyers want to see a guest bedroom?  Or an additional kid’s room?  Making a real room out of what was your junk room will have a big payoff on buyer impression.

The goal of staging is to breathe new life into the house, giving it universal appeal.  Chances are, while living in the house, you’ve made it work very specifically for yourself over the years.  Staging removes some of the specificity and quirkiness.  When well done, it gives buyers an idea of how to use every space well and maximizes the home’s potential for positive impressions.  Staging is immensely valuable tool in selling a house.

Prepping a House For Sale

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If you are getting ready to put your house on the market, consider a few of these tips to help maximize appeal and improve how well your house shows to prospective buyers.

1)   Enhance curb appeal.

When a house goes on the market, generally the owners have expended some thought and energy towards making the interior of the home look immaculate.  But, you only get one opportunity to make a positive first impression, so do not let the exterior of your home go untouched:

  • Power wash the house!  A quick power wash takes years of dirt off of the house, making a huge immediate difference.  Get the siding back to a vibrant state and have the windows sparkle.
  • Make sure your house number is clean and easy to read.  Visitors dislike not being able to identify the house quickly as it makes the house not feel welcoming.
  • Consider a handful of new landscaping to impress upon visitors.  Fresh greenery really enhances the appeal of the home and gives the impression that the home is well attended to.  And don’t forget to prune back overgrowth.
  • Create a welcoming front door and porch area.  This can be a simply a new door mat, a coat of vibrant paint on the front door, or a casual patio set that creates an inviting seating area.

Many of these exterior improvements can set the tone for the rest of the showing, impressing upon buyers the feeling of a cared-for home, one of steady maintenance and quality upkeep.

2)   Make obvious repairs.

Now is a good time to attend to the small repairs that have accumulated over the years of living comfortably.  Broken window pane, cracked deck tiles, non-functioning light fixtures – addressing the visually-obvious issues beforehand helps touring buyers stay focused on the big picture of whether the house is a good fit for their needs.  Removing these detracting items paves the way for a smooth and favorable showing.

3)   De-clutter and depersonalize.

Buyers want to envision their belongings in the home they are touring. Help them see that vision by removing personal effects such as framed photos, tchotchkes, extra items of furniture, and toys.  The idea is to have the house look generic and spacious.  The old adage “less is more” is sage advice to heed.  Hire a cleaning crew to deep clean the house and have every surface return to near-original glory.  Keep in mind that people during showings may check out the closets and cluttered closets imply lack of storage, so definitely make a pass at organizing and filtering through your closet spaces.

4)   Neutralize.

The teal accent wall highlighting the dining room might be too bold for some buyers.  If you are going to make some light redecorating changes, consider going neutral in the choices you make.  A neutral palette is generally received as welcoming and will appeal to the majority of the people walking through the house.  Complementing color can be added through linens and bedding and décor items.

Once the house has been prepped, then the discussion can progress to furniture staging.  Stay tuned next week and we will provide some staging advice.