"The Price is Right" - 10 Tips to Price Your Home Perfectly

Love Selling Your Home Series This series, Love Selling Your Home: Minimize Your Stress, Maximize Your Profit, is a step-by-step guide that covers everything you need to know to sell your home in today’s market, from finding a real estate agent to all the way to settlement day. Selling your home can be an overwhelming and emotional experience. So many never-ending decisions to make and things to do from start to finish. And many of those decisions can either help maximize your profits from the sale, or hurt them.  Just facing that unknown outcome can cause stress and anxiety for many sellers. That’s why you need to focus on successful strategies that help you price your home “right” from the very beginning! Let this next statement sink in: Every single day your home sits on the market, it essentially loses value.  I can’t emphasize this enough to sellers. It’s so important to price your home correctly when you first list it so that you attract buyers who are serious and ready to make offers. That means not pricing it too low (buyers will wonder what’s wrong with it), but also not pricing it too high (buyers will cross it off their list.) You want to avoid that “huh?” reaction. Even when inventory is low and buyers are eager to view any listing that comes up, you don’t want to make any mistakes with your initial pricing.  Here are 10 tips to make sure you price your home perfectly. Your agent should go over many of these items with you to help determine a list price for your home. Look at recent comparables or “comps.” It’s a given to look at these but  how you interpret this information is what matters most. What is a comparable?  It’s a home that is similar in size, location, and condition. Only consider homes that have actually sold, not homes currently on the market. That’s a more telling sign of the market. Don’t just look at the asking price, but also the net price.  Did it go up or down from the asking price?  Did the seller pay closing costs?  How is the comparable home different than yours when you take out size, location, and condition?  Did it have a better or worse view; a better or worse street; a better or worse yard?  Be honest about the differences and how they would impact the price of your home. Only look at the most recent homes sold.  Appraisers look as far back as 6 months to arrive at a value, so you should look at homes that have sold within the last six months as well.  And, the more recent the better, especially if the market is rapidly changing. What you paid for your home a few years ago or what you could have gotten at one time is not relevant when pricing your home to sell today. Don’t ever get stuck with this thinking at all! You can’t count on getting every dollar you’ve spent on your home throughout the years.  Unfortunately, sometimes what we like, not everyone likes. Every homeowner hopes any upgrades are solid investments with a good return. It’s time for some honest evaluation and understanding of how well your home shows to today’s buyers (not those from three or five years ago). What’s the inventory now or in the next few months? If there is less inventory and more buyer demand, then you may be able to set your home’s price a bit higher. But remember to tread carefully here so you still attract buyers to view your home. That way, they are the ones who could push the price up due to multiple offers. Try to avoid putting your home on the market during a holiday weekend and/or the holiday season at the end of the year.  Homes always sell for less during these times. Don’t aim for Memorial Day weekend, but the weekend or two before it! Pricing your home correctly is both art and science, and most of the time the online estimators are not correct.  Because there are so many factors that go into pricing a home, such as what a seller has done to the property since owning it, there can be huge swings in prices, even in the same neighborhood, on the same block! My approach to pricing is simple.  I’m seeing homes all day every day with buyers and so I know how they react to certain price points and what a home needs to have to reach a certain price.  I take that knowledge and experience and apply it to the uniqueness your home brings to the marketplace.  And, time of year also changes pricing strategy as well. Since there are many factors that go into pricing a home correctly for the best outcome, contact me, and I’d be happy to walk through your home and tell you what it could be priced at and the marketing strategies I use to get you the most money possible out of your largest investment.  Now that you know how to price your home, you will be ready for next week’s article, Marketing Your Home to Sell Quickly and Profitably. You’ll see that a customized approach to marketing your home will attract buyers who mean business!

Easy Fix-Ups to Make Your Home Shine

Love Selling Your Home Series This series, Love Selling Your Home: Minimize Your Stress, Maximize Your Profit, is a step-by-step guide that covers everything you need to know to sell your home in today’s market, from finding a real estate agent to all the way to settlement day. First impressions from the get-go are very important when it comes to selling your home. But you don’t need to spend thousands of dollars to get your home ready. There are many easy and inexpensive ways to make your home look its best and show well to potential buyers.  If you plan to move anytime soon or in the next year or so, start to think about what your home needs to make it shine and be more profitable in the long run! Be Smart and Strategic •Don’t waste money or spend foolishly. Little improvements can add up so come up with a plan before you head out shopping or tackle any projects. Take the time to go through your home to know what rooms need help. That way you’ll get a complete picture of potential projects and expenses. •Make sure to consider attractive upgrades or enhancements that have a much bigger bang than their actual buck. That way your initial investment will not only help sell your home but you’ll reap the reward of a better sales price. •Know your market and what potential buyers are looking for in a home. Every neighborhood is different so know what features are big selling points. If comparable homes have granite or quartz counters, you may want to consider upgrading if yours is lacking.  •Don’t think you need to do major renovations, even in the bathroom and kitchen.  Focus on basic updates that make your home look clean, stylish and polished. Smaller upgrades can make an impact on your home, and show it’s well-loved and well-maintained. Buyers want to see that. • Skip the luxury fixtures or appliances, since there are less expensive ways to make these rooms attractive to buyers. But do stay clear of anything that looks cheap or not well-made.  That would be wasted money since buyers will not be impressed and will budget in the cost to upgrade themselves. • Buy things you can take with you to your next home. If you buy colorful throw pillows, a new area rug, or a new duvet cover for a bed, try to select items that you can use in your next home. Think strategically every time you make a purchase. •Give yourself time to get projects done. Selling a home can be stressful as it is. You don’t need to feel rushed to try and get it all done in a couple of weekends. Start working on your home well before you want to list it. You’ll avoid making rash decisions that could cost you more money. Make Your Home Sparkle & Shine • Declutter everywhere, and we mean everywhere. Pack up many of your items now before you move. It’s such a simple thing to do and can make a big impact when someone walks into your home. Clear those bathroom and kitchen counters, bookcases, closets, pantries, cabinets, etc. • Clean your entire home thoroughly.  If you can’t do it yourself, then hire a professional cleaning company to come in and really make everything shine. Then maintain that sparkle yourself on a regular basis. Don’t forget to clean your carpets. • Paint is a cheap and easy upgrade you can do yourself. A fresh coat can do wonders to a room, especially if you keep it neutral. Don’t have enough money to paint everything? Then just do the trim and ceiling and you’ll be amazed at what a fresh coat of white paint can do for the room for half the cost. •Keep your pantry and cabinetry clutter-free. Organized shelves and cabinets make even a small kitchen look like it is functional and has lots of storage space. Definitely don’t stack or store your tableware, pots, and kitchen tools haphazardly! •Remove window treatments and screens to let in as much light in as possible.  A bright home is a cheerful, welcoming home. You might want to consider a professional window cleaner. Drapes can be so subjective (you either hate or love the fabric or style) so removing them makes buyers focus on the rooms and the light! • Don’t forget about lighting. Consider replacing outdated light fixtures or replace the bulbs with the highest wattage to lighten up the rooms. Even getting a new lamp shade can bring a pop of color into your room. Get Designer Touches for Less • Add color, warmth or ambiance. Try new pillows for your couch, colorful placemats in the kitchen, flower arrangements, a shelf and candles in the bathroom, new bathroom rugs, or a floor lamp. Pick a focal point in each room and make it pop, like a bed in the bedroom with updated linens or a plant in the corner of your living room. • Look for guidance in design magazines and on Pinterest. If you can’t afford a professional stager or consultant, and desperately need some design guidance then get some magazines or go on Pinterest to see what the average person finds appealing now. A few items placed strategically in your home can make a big impression. • Don’t forget to use what you already have if necessary. Maybe something in your bedroom or another room (such as a painting, chair, a cool mirror, etc.) can bring more style to your living room and vice versa. Ask a friend for input and be open to mixing it up! Showcase Rooms for Everyday Living • Make extra rooms have a purpose with style.  Turn an extra bedroom into a real guest room or a great office space. Show buyers what each room can be used for and stage it with furniture or pare it down if necessary. You want buyers to picture themselves using that room. • Showcase any unique spaces or features. Do you have a nook, alcove or area under the stairs? Now is the time to play it up and make it look nice and useful.  Create a work station or a quiet reading bench in that space with all the necessary “props.”  Think cozy blanket on that bench with a nearby tray for a coffee cup or books. • Make your dining room and kitchen tables look polished and pretty. You can set the table with linens and tableware, use colorful placemats, or flowers in a vase.  Put some designing touches on all your table spaces (even the one on your patio!). Again, Pinterest is a great source of ideas. Kitchen Fix-It’s on a Budget • Service your kitchen appliances and make sure they are in working order.  Do this now so you have the time to repair or replace if necessary. • Replace outdated appliances with mid-range products that don’t break the bank. Buy less expensive but reliable and attractive looking appliances. Similarly, if there are any appliances that you lack, which most buyers consider essential, it makes sense to buy one (like a dishwasher—you can get a nice model for under $1,000). •Don’t replace your cabinetry entirely—even if it’s a little outdated since it’s just too subjective. You might think sleek, white Scandinavian cabinets are the way to go, but you’ll be in a bind if your potential buyer prefers dark wood. Make sure they’re clean and polished though. •Invest in refacing (not replacing) your cabinets if they are extremely outdated.  Many refacing companies will give your cabinets a fresh façade for well under $2,000, and it’s a good investment in creating a polished feel for your home. •Get new hardware for cabinets if you don’t reface. That will give them a more updated look and feel for much less. You could even consider a new backsplash to add some pizazz. •Don’t go crazy getting a new expensive countertop. There are so many different counter options these days that it’s impossible to find one that will please most people.  If you do need to replace, find a good deal on one of the more popular options in your neighborhood right now so that it’s comparable to other homes. Bathroom Must-Do’s for Less • Clean and refinish stained or dirty grout to avoid any yuck reactions. Hire a professional if needed, it will be worth the cost. • Reglaze old tubs or sinks to make them sparkle.  This can also cover up that outdated green or pink color! It’s better to create a more pleasing neutral bathroom if you can. Your home will appear more “move-in ready” and that’s what many buyers look for today. • Replace outdated or small shower fixtures.  If you have a 30-year-old, tiny showerhead, replacing it with a large, rainwater-style model will lend a subtle spa-like quality without costing a lot.  Again, new sink faucets and hardware can make a difference. •Don’t feel like you should replace your vanity but consider painting or refacing cabinets.  Plus adding some new hardware can update its look too. If it’s extremely small vanity and your budget allows it, buy an inexpensive but attractive one at Home Depot or Lowes. • Freshen up the vanity areas in bathrooms with inexpensive fixtures. Go with a bigger mirror and better lighting to create a cleaner, updated look. •Use Pinterest for some easy design ideas. Look for a bright colored rug, consider floating shelves, put in scented diffusers, hang new towels (that you can take with you to your new home too!). As you can see, you can find easy and inexpensive ways to make your home look its best. Sometimes you’ll need to spend a little bit more money but the investment should be worth it. Thinking about all the things you could do to make your home shine can be overwhelming.  Focus on what you must do, and get those items done first.  Not sure what would have the biggest impact on your potential buyers?  That’s what I’m here for!  Just email me and we can set up a time to walk-through your home and see what you need to do to prepare your home to sell and more importantly what you can skip! Now that your home is all ready for buyers, it’s time to price it! Next week in my Love Selling Your Home series, I’ll show you how to price your home so you’ll get the right foot traffic your home deserves. Don’t miss “The Price Is Right” Gets Your Home Sold.

Is Your Home "Sellable"?

Love Selling Your Home Series                                                                                                                    This series, Love Selling Your Home: Minimize Your Stress, Maximize Your Profit, is a step-by-step guide that covers everything you need to know to sell your home in today’s market, from finding a real estate agent to all the way to settlement day. You’re ready to sell your home, but how do you know if potential buyers will love it or not? In real estate we call it the “sale-ability” factor of a home.  This comes into play when you compare your home to others that have sold recently in your neighborhood and how you should price your own home. Before you list your home, you and your agent will consider some key factors when determining the listing price to ensure that you home is priced right to bring in buyers.  The condition and location of your home have the biggest impact on the price and expected time frame for selling. And if you’re a condo owner, you’ve got a whole other set of factors that can affect your unit’s sale-ability. No one wants the home they’re selling to sit for weeks or months, and then have no choice but to take it off the market. It becomes a tainted home and this perception can snowball and scare away buyers who wonder, “What’s wrong with it?” To avoid this scenario, carefully (and honestly) examine your home with your agent to see if it’s sellable in today’s market. And if not, decide what you’ll need to do to make it more attractive to buyers. Keep these key factors below in mind as you appraise your own home.  Some you can control and change, some you can’t. Condition A home that is not well-maintained or has outdated features is usually not appealing to many buyers today. They would rather pay for a more move-in-ready type of home. Look around your neighborhood and compare your home to others that have sold recently. If most had updated kitchens and bathrooms and features yours does not, then your home is not on the same playing field when it comes to price. You’ll need to decide if you’re willing to sell “as is” and the price will reflect that. See if your home has any unique features that are a plus and can push the price up when compared to others or at least level the playing field. If yours has a finished basement and most don’t, then that’s a positive for your home. Do you have a large patio for outside entertaining? Did you install new windows throughout? Are there hidden hardwood floors under the wall-to-wall carpeting? Look for those positives! Some conditions go way beyond outdated features and lack of care, some homes may have severe water problems in the basement that need to be disclosed to buyers. Same if you face other more serious problems with termites, radon, mold, and foundation/structural problems. You will need to disclose these conditions, consider fixing them, or drop the price to reflect any repairs needed. Homes with awkward layouts, especially in kitchens, tend to turn buyers away. How about your backyard that’s basically a hill, or the twenty steps up to your front door? Homeowners who’ve lived in a home for a while tend to get used to certain “negative” features that even they didn’t like when they first moved in. So look at your home with fresh eyes and accept the reality of its features or layout. Next week’s article will cover more of the specifics of what you can to do make your home shine for buyers, including what projects are worth the time and money to help your home sell for more money. So look out for that one! Location Most sellers know that location, location, location can be a selling point. Certain neighborhoods are hot and, on the flip side, certain neighborhoods are just not as desirable. What’s yours right now? Your agent can give you an idea of the current housing market of your particular neighborhood, and where it could be headed in the next few years. You can’t change the location of your home so it’s a bigger challenge if you live near certain things that are just not attractive to buyers. Are you too close to a school or a fire station? Do you live on a busy street or busy corner lot? Is your home near power lines? What about a commercial district that is more industrial than hip?  Your price will need to reflect these negatives to get the buyers to view it. Look for some positives to your location that can be a big plus for your home and can offset any negatives it may have with buyers. Do you live in a cul-de-sac or have an amazing view? What about a well-regarded school district? A park or running/bike trail nearby? Are any new developments or new buildings going up around the area? If so, your agent will consider any impact, both positive and negative, it could have on your home. When will the construction end? Will there be more traffic? Will new stores and better amenities come into the neighborhood? Timing The timing of your home’s listing can affect both the price and length of time it takes to sell. Usually springtime is at the height of the selling season with lots of very interested buyers. However, that also means your home will face more competition from other listings. This is when you need to truly know how your home stands up to the competition around it. Although there is less competition from other listings around the holidays and in the winter, most buyers take a break from their home-buying search at this time. Typically, homes that are listed from Thanksgiving to New Year’s often sit longer and sell for less.  Even the same house relisted during the spring market sells more quickly and for a higher price. Condo Rules and Regulations If you live in a condo, then you’re dealing with a whole other set off issues when determining the “sale-ability” factor of your home. First and foremost is the financial health of your condo community. Does it have enough reserves or is it strapped for money?  Lenders want to see at least 10% of the yearly budget going to a reserve account.  If this is not the case, they simply will refuse a loan in the building even though YOU might be financially qualified for that price point.  Other factors to consider: Have there been any special assessments recently?  Is the association keeping up with repairs and maintenance? No buyer wants to get trapped with a condo association that is not well run. Remember, each buyer will review those very important condo documents to get the complete picture! One sign that a condo community is stable is that the owner occupancy rate is high, and units are not investor-owned or rented as much. Having a high owner-occupancy rate is one of the requirements for a condo community to be FHA-approved and to meet Fannie Mae requirements. Another ratio that is often overlooked is whether one entity or person owns more than 10% of the units.  Again, if this one tiny ratio is out of whack, the lenders will refuse to lend a buyer funds to buy any unit in your building. This lowers the pool of buyers that could buy your home, therefore reducing your price compared to the building next door. Wondering if your home is sellable?  Before you start spending time and money on any improvements, let me do a free walk-around to let you know what you need do to your home to sell it for the most money possible, but put the least amount of time and money into it.  Simply email me and we can schedule a time and I can even suggest some of the best and most reasonably priced contractors who can do any necessary work for you as well.  My list of contractors are the most reasonable in town, while still doing great work!  I’d love to share them with you.  Stay tuned for next week’s article in my series Love Selling Your Home. Today’s article helped you look at your home to determine its sell-ability. Next up — Easy Fix Ups to Make Your Home Shine — what you can do to cancel out some of those negatives.

11 Things To Think About When Choosing An Agent To Sell Your Home

Exclusive 8 week series I am excited to bring you this series — My Secrets for Buying a Home – featuring little-known tips and strategies that you can’t get anywhere else.  I created these secrets through trial and error helping buyers over the years.  I’ve tested everything that works and weeded out what doesn’t. It’s all here in one place for you! Buying a home can be confusing and even intimidating at times. That’s why it’s perfectly okay to find yourself outside of your comfort zone. My goal with this series is to make you more comfortable and that starts with making you a more confident and knowledgeable homebuyer … with an insider’s edge. The eight articles in this series will uncover “the why’s, the how’s, and the must-do’s” of home buying. You’ll better understand yourself and the journey you’re about to take. So when the time comes, you’ll be fully prepared (and confident) to make an offer on a home. These topics are like the “back story” or a first glimpse of the “behind the scenes” of buying a home. They are a good overview about things you should think about and consider before you begin a serious search for a home. Everyone needs to prep themselves before embarking on something new, right? By reading these articles, you’ll become a more attuned buyer who understands that buying a home doesn’t have to be stressful or full of regret.  (I’ve got other series that will be more detailed about mortgages, budgeting, and each and every step you’ll need to take up till closing.) Let’s get started with a rundown of each article for our series: Go With the Flow of the Market:  Just like riding a wave in the ocean, you’ve got to learn about that natural ebbs and flows of the market and what to expect when.  Buying a home requires an understanding of not only the seasonal shifts in market activity but also the weekly flow of the market.  You need to change tactics depending on the season and I’ll break it all down for you and tell you exactly when the tide is coming in. What NEVER to Do Before Buying a Home:  Did you know that some normal — even harmless everyday activities — could hurt your chances of buying your dream home?  I’ll tell you exactly how you can avoid common slip-ups that might take you out of the homeownership game.  Red Flags to Avoid When Buying a Home: No home is perfect, butour list of hidden red flags could save you in the long run.  You might be surprised by what to look out for before you make an offer. I’ll explain how to know the difference between a red flag and when to waive the white flag in surrender and move on to another, better home. 4 Little Known House Hunting Tips: Many buyers think looking at homes is much more fun than dealing with their mortgage company. And we agree! But even though you’ll feel like you’re house hunter on an episode of HGTV, it’s still time to be strategic. I’ll tell you about two little-known things you should do, and two things you shouldn’t do when house hunting. Our Buyers’ Most Frequent Questions Answered: The questions swirling around in your mind are likely the same ones that every buyer wants to ask too. You want to make sure you don’t do something wrong, right? Or, you might worry that you don’t know what you don’t know?  I provide answers to some of the most common questions we get AND you’ll become better informed and more reassured. Is the “Paradox of Choice” Derailing Your Home Search: As a buyer you might find yourself “wanting to see everything” in your price range or needing to look at “just one more” house or condo? I use the secrets in this book every day with clients and can’t wait to share them with you!  More is not always better! How to Buy a Home Even with Student Loan Debt: You’ll be surprised at how you can still buy a home despite having what feels like crushing amounts of student loan debt.  There are even some great loan programs for people in certain industries, like doctors, that have ultra-high amounts of debt.  “Can’t stop, won’t stop” is my motto when it comes to student loans being in the way of you becoming a homeowner.  Buying a Home Is Like Falling in Love: I always say, buying a home is like finding a mate — you’ve got to know your must-haves and your deal breakers.  And, did you know that sometimes you have to get your heart broken by losing out of a property before you can get serious about buying? Sometimes that “first breakup” makes you stronger and wiser. Here’s how you can make the most of your journey in finding a home you love … and will eventually buy.