Tips to Avoid Overpricing Your Home

For home sellers, maximizing the value of your residence is key. However, it is important to remember the dangers associated with overvaluing your house.

If you overprice your residence, homebuyers may choose to look elsewhere for their dream house. As such, it may take you many weeks, months or years to sell your residence if you fail to price it correctly from the get-go.

So what does it take to avoid the risk of overpricing your home? Here are three tips to help home sellers set a fair price for any residence, in any real estate market, at any time.

1. Review the Housing Market in Your Area.

Spend some time assessing the local housing market – you’ll be glad you did. This will enable you to better understand how your home compares to other residences in your city or town so you can price your house accordingly.

Check out the listing prices of homes that currently are available as well as the sold prices of residences that recently were purchased. By doing so, you’ll be able to collect a broad assortment of housing market data and use this information to determine the right price for your house.

2. Get Your Home Appraised.

A home appraiser will conduct an in-depth examination of your residence, help you identify problem areas and determine your house’s value. That way, you’ll be able to enter the real estate market with realistic expectations and set a fair asking price based on your home appraisal.

Furthermore, a home appraisal offers valuable insights into ways that you can improve your home. The assessment will allow you to learn about the pros and cons of your home, and ultimately, determine the best ways to transform your house’s weaknesses into strengths.

Don’t forget to evaluate your home’s interior and exterior as well. Completing home improvement tasks will improve your residence inside and out. Plus, performing home maintenance may allow you to set a higher asking price than you initially expected.

3. Hire an Experienced Real Estate Agent.

Let’s face it – navigating the real estate market can be a long, arduous process. Thankfully, real estate agents are available that possess extensive industry experience and know-how, ensuring you can set the right price for your house without delay.

Perhaps best of all, a real estate agent understands the ins and outs of both buyer’s and seller’s markets. As such, he or she can offer recommendations about how to price your home, enhance your house’s interior and exterior and much more.

With the right real estate agent at your disposal, you should have no trouble setting a fair price for your home. In addition, this professional will do whatever it takes to promote your house to the right homebuyers consistently, bolstering your chances of optimizing the value of your residence.

Don’t leave anything to chance when you sell your home. Instead, employ a real estate agent, and you can speed up the process of selling your residence.

3 Home Selling Incentives to Motivate Homebuyers

As a home seller, it is important to note that you’re not alone in the real estate market. In fact, dozens of other nearby home sellers likely are doing everything they can to promote their residences to prospective homebuyers. This means that you may need to think outside the box to generate interest in your home.

Fortunately, every homebuyer is looking for a bargain, and home sellers who offer incentives may be able to sweeten the deal if a homebuyer is interested in purchasing a residence.

Incentives are readily available that you can offer to homebuyers, and some of the top incentives to consider include:

1. Covering the Closing Costs.

Closing costs can add up quickly for homebuyers and may be a deterrent for a buyer to purchase a particular residence. However, you can eliminate this deterrent if you agree to cover even a portion of a homebuyer’s closing costs.

Agreeing to cover a homebuyer’s closing costs up to a predetermined amount may help you seal the deal with a prospective buyer. And ultimately, this incentive could make it easier for you to reap the benefits of a quick sale.

2. Allocate a Set Amount for Home Upgrades.

After a homebuyer conducts a property inspection, he or she may ask for upgrades to a residence’s furnace, windows or other areas. These issues may be deal-breakers, unless you allocate a set amount to account for potential home upgrades.

Completing these upgrades on your own may prove to be both time-consuming and costly. On the other hand, setting aside a set amount for upgrades and agreeing to deduct this amount from the total cost of your home could serve as a distinct incentive for homebuyers.

Ultimately, you’ll want to do as much as possible to ensure that a homebuyer remains interested in your home after an inspection is completed. And by determining a particular amount to deduct from your home’s price and sticking to it following an inspection, you’ll be better equipped to satisfy a homebuyer’s home improvement demands.

3. Including the Appliances.

You may have had your heart set on bringing your washer, dryer and refrigerator to your new home. Conversely, a homebuyer might want to avoid the hassle of installing new appliances if he or she buys your current residence.

So what can you do? Including the appliances with your home may allow you to close the deal with a homebuyer.

Remember, home appliances can be replaced, and you may be able to find new appliances that suit your future residence perfectly. And if a homebuyer wants the appliances in your home included in a deal, it may be worthwhile to offer this incentive to finalize an agreement.

Selling a home can be tricky, and getting support from a real estate agent who understands the local market is essential. This real estate professional may help you brainstorm unique incentives that you can offer to homebuyers and speed up the home selling process.

Consider the value of offering incentives to homebuyers, and you could boost your chances of a fast home sale.

Fix the Small Things Before You List Your Home

You have made the decision to put your home up for sale. Before you stick the sign in the yard there are a few things you will want to do. Buyers can be picky and the competition can be stiff. So now is the time to do all the little repairs you’ve always meant to do but never had the time for.

Here are just a few of the basic repairs you will want to conquer before the first prospective buyer walks through the door:

1.Tackle the Entrance

This is the first thing people see when they come to your home. Paint the front door and trim surrounding the door. Repair sagging screen doors and replace any missing or corroded hinge screws and tighten the rest.

2. Spruce up the Perimeter

Walk the perimeter of your home, clear away dead plants, clip blossoms, and clear away leaves and other yard waste.

3. Recheck the roof

Any problem that has the word roof in it scares a buyer away immediately. Replace missing shingles and fix hanging gutters.  Remove any moss growing on the roof as this shows signs of neglect.

4. Clear and caulk gutters.

Clear all the debris out of the gutters and recaulk the gutter end caps.

5. Patch nail holes and repaint.

Patch up nail holes in the walls of your home. Use a lightweight putty to fill the holes and paint the repaired spots.

6. Clean the Grout

Deep clean tile grout with bleach.  Regrout tiles where needed and recaulk cracks between sinks, tubs, toilets, counters and floors. This will give your tile a whole new look.

7. Stop Dripping Faucets

Fix leaky faucets before the buyer notices them.  You may need to call in a plumber to do this task. Before you do that you can shut off the water supply and check for moisture on the wall around the valves and on the floor of the sink cabinet. Many hardware stores carry faucet rebuild kits that contain the 6 to 12 parts most likely to fail, including the metal ball, O rings, springs and gaskets.

 

 

How to Prepare for an Open House

Beautiful Custom Kitchen Interior in a New House.An Open House can be an integral part of selling a home. Not every home is a candidate for an Open House due to factors like market conditions, location or condition.

If you are planning an Open House there are some helpful hints to ensure you have the most successful Open House on the block.

Here are some tips on how to have the perfect Open House:

  • In most communities, Sunday afternoon is typical and expected.
  • Two hours is also typical.
  • Avoid conflicts with holidays, community celebrations or special events such as the Super Bowl.
  • If possible try to be aware of the weather forecast, although this may be difficult to do.

There are some things you can do prior to your Open House to help it succeed.

At least one week prior to your first Open House:

  • Host a brokers only Open House. Agents and brokers will preview your home and identify possible buyers they have for your home.
  • Make your home look as large as possible by moving large pieces of furniture into storage.
  • Remove items not included in the sale. Remove the chandelier you got for a wedding present and the bookcase that fits so perfectly it looks built-in. If buyers don’t see it, they won’t want it.
  • Take Fido with you. Make arrangements for your pets to leave the house when it is being shown.
  • Two to Three Days Before Your First Open House

    Clean the house top to bottom. Get in every nook and cranny, wipe down the walls, windowsills, vacuum the corners and baseboards and yes wash those windows.

    • Clean and buff your appliances, that includes the stove inside and out.
    • Launder all the bedding, towels, rugs and other fabrics in your home.
    • Touch up spots on the walls.
    • Sweep and clean out the garage.
    • Mow the lawn, sweep the sidewalks, and clean up the bushes and flowers.

    24 Hours Before Your First Open House

  • Air out the house by opening the windows.
  • Make your home smell delicious by baking bread or apple pie.
  • Go through each room one by one and try to look for last minute fixes.
  • Add an arrangement of flowers.
  • Why You Can’t Sell Your Own Home

    Did you know that home sellers that use a real estate professional on average get 16% more in the sale of their home? In rare instances, some people are able to sell their own homes without the services of a real estate agent but for most it is tricky business.

    Here are a few reasons why you can’t sell your own home.

    1. A home for sale needs to be in the MLS (multiple listing service). You need to be a licensed real estate broker or  agent to be able to put a home in the MLS. Not having your home in the MLS is problematic, it will be difficult to advertise your home on many home search engines and websites.

    2. Many real estate agents won’t show homes that are for sale by owner. For a real estate agent it can be difficult to deal directly with a home seller. Agents are used to receiving a commission on the sale and without a written agreement there is no guarantee that the buyer’s agent will be compensated for his or her services. Not having the cooperation of local agents significantly limits the pool of potential buyers.

    3. Many buyers do not want to deal directly with the seller. Potential buyers usually feel uncomfortable looking at a home if the owner is present.  They will also be less likely to make an offer if they have to negotiate directly with the seller. Real estate agents create a much needed buffer between the seller and the buyer.

    4. A real estate transaction is not always easy. Many times there are potential liability issues. Sellers would need to be well schooled in the real estate laws especially surrounding escrow and disclosure requirements.

    My House Expired! Now What?

    One of the worst things that can happen to a would-be home seller is when the home never sells and expires from the multiple listing service. Waiting week after week or month after month for an offer is frustrating. Selling a home can be a stressful and emotional experience and when it doesn’t sell there are a number of questions to ask before making the next move.

    Here are just a few to consider:

    • Should you renew an expired listing with the same broker?
    • Should you list with a new broker?
    • Should you relist the home for sale at all?

    Before placing blame consider why the home didn’t sell. Here are some questions to ask:

    • Were you motivated to sell?
    • Did you follow the recommendations of the broker?
    • What was the marketing plan to sell your home?
    • Ask the broker why the home didn’t sell.
    • Was the home priced properly?
    • Was it available to show to potential buyers?
    • What was buyer’s feedback about your home?

    After honestly reviewing these questions consider if there is something you as the seller could have done differently. If you feel it was the broker who did not fulfill their promises than it may be time to find a new broker. If your broker did their job and worked diligently to sell your home then it is probably you that needs to make some changes.

    Before you relist and make another potential mistake visit other active properties for sale to determine how your home compares to the competition. Consider if you may need a price adjustment. Ask for another comparative market analysis to determine if your home is priced to beat out the competition. You may also need to do some repairs before selling. Staging your home for sale is also always a good idea.

     

    What Buyers Want

    Today’s homebuyers are savvy and they know what they want. If you are looking to get top dollar or a quick sale you will want to make sure you home has what it takes to meet the high standards of today’s buyers.

    Here are a few things that top buyer’s lists:

    1. Smaller: Believe it or not buyers are purchasing smaller homes but that doesn’t mean they are sacrificing for smaller spaces. Open and flowing floor plans are big hits with buyers today.

    2. Energy Efficient Appliances: Buyers know energy efficient appliances save money and they want them in the home they purchase.

    3. Storage: Who doesn’t love storage? Built-ins, custom closets and shelving sells homes.

    4. Outdoor living space: Living space on a deck or patio increase the square footage and usable space and buyers are looking for a private outdoor area to relax and entertain.

    5. A kitchen with eating area: Kitchens sell homes. Buyers want a large kitchen with a designated eating area.

    6. Home office: More and more people are working from home and need a place to work that is away from the hustle and bustle of the main living area.

    Think about inventive ways to use space in your home to show a buyer that your home has everything they want. You may want to use a home stager to help you showcase these areas.