Want to make your home appealing to a broad range of homebuyers? Devote the necessary time and resources to get your residence move-in ready. By doing so, you may be able to generate substantial interest in your residence and accelerate the home selling process. Getting your home move-in ready can be quick and simple – here are three tips to ensure you'll be able to prep your house accordingly: 1. Prioritize cosmetic repairs. Repair broken baseboards, leaky faucets and other minor problems that otherwise might damage your home's value. This enables you to enhance your home's appearance and ensure buyers won't have to worry about these repairs if they decide to purchase your residence. Completing cosmetic repairs might seem tough at first, but making a list and finishing it item by item can help you make the right fixes without delay. And after these repairs are performed, you'll be able to boost your home's chances of making a positive first impression on homebuyers. Remember, cosmetic repairs may appear costly and time-consuming, but they can deliver long-lasting value. Homebuyers are sure to notice even the smallest issues when they examine your residence, and home sellers who eliminate these problems altogether can speed up the home selling process. 2. Clear as much space as you can. De-cluttering is paramount for home sellers, especially if they want to get their homes move-in ready. And home sellers who strive to clear out as much clutter as possible can increase their chances of an immediate sale. Typically, homebuyers want to envision what it's like to live in a house during a home showing. Meanwhile, if you de-clutter your residence, you'll be able to make it easier for homebuyers to consider how they may transform this house into a home. When it comes to showcasing your residence, you'll want to do everything possible to create a memorable experience for homebuyers. Therefore, de-cluttering will enable you to take another step toward helping your residence make a distinct impression on homebuyers. 3. Go neutral whenever possible. Dazzling homebuyers is important, and using neutral colors throughout your home may help you impress homebuyers as soon as they enter your residence. For instance, bright yellow walls can make a bold statement but could turn off the majority of homebuyers. In this scenario, homebuyers may move on to another residence or make you a below-average offer (and wind up repainting the walls if they purchase your residence, too). On the other hand, the use of neutral colors can help you boost your home's appearance in a number of ways. These colors will complement a wide range of individual styles and tastes and feature a classic look and feel. As a result, homebuyers likely will notice a home seller's use of neutral colors for all the right reasons. And ultimately, this may accelerate the process of generating genuine interest from buyers who check out your house. Selling a residence often can be difficult for inexperienced and experienced home sellers alike. Fortunately, those who are focused on getting their houses move-in ready can improve the quality of their residences and boost their chances of a quick sale.
A house needs to be sold three times when it is on the market. First it needs to be sold to other agents so they will want to show and sell the home. Second it needs to be sold to buyers and lastly to the appraiser. Even if the buyer is willing to pay a certain price for a home they usually need a mortgage. That means it is actually the bank who is buying the home. The bank wants to protect their investment so they do an appraisal. When the appraisal comes back low or as an under-appraisal deals can fall apart. If you are a seller or a buyer you need to know how to protect yourself from short appraisals? Here are some suggestions from Bankrate.com for buyers and sellers. If you're a buyer: -- Tell your lender to find an appraiser who comes from your county, or perhaps a neighboring county. -- Request that the appraiser have a residential appraiser certification and a professional designation. Examples include the Appraisal Institute's senior residential appraiser, or SRA, or member of the Appraisal Institute, or MAI, designations. -- Meet the appraiser when he or she inspects the home and share your knowledge of recent short sales and foreclosures that might skew the comps. "Many appraisers are just pulling up data out of MLS (Multiple Listing Service) or off the deed at the courthouse and not checking it out," Sellers says. "Most good appraisers will appreciate the information." And yes, you can speak with your appraiser; the prohibition only applies to your lender. If you're a seller: --·Get an appraisal before you list a home. Search for a qualified appraiser in your area on the Appraisal Institute website. -- Use the appraisal to set a realistic listing price for your home. -- Give a copy of your pre-listing appraisal to the buyer's appraiser. The more professional appraisers will understand that you're just trying to add more data and another perspective. -- Question a low appraisal. There's always a chance the appraiser or a supervisor will take into account new or overlooked information.
Knowing who the home buyers are when selling your home can help you create a successful marketing plan. It is important to create a marketing plan around the potential pool of buyers for your home. Each year the National Association of Realtors conducts a survey to find out who buyers are and what they are looking for. Here is just some of what they found: Are you surprised by any of these statistics? If so, what surprised you?
They say a picture is worth a thousand words and we often focus so much on the photos of our home that we put little emphasis on the words that are used in Words are powerful and because the multiple listing service limits the amount of words that can be used in a listing it is important to make them count. Here are some words and phrases to bring in the buyers: Create an emotion: Buyers buy on emotion so be sure to tell them what it is like to live in the home. Paint a picture of sitting by the fire or entertaining in the open floor plan. Use specifics: Don't just say new or updated. If the kitchen boasts high-end appliances tell the potential buyer the brand name. Describe the shelves and racks in the walk-in closets or the brand name replacement windows. Highlight location: Is the home blocks away from stores, transportation or can you see the beach from the bedroom window? If so, tell the buyer exactly how close it is to desirable amenities and community resources. Update the listing: Change up the wording if the house has been on the market for a while. Try highlighting some different features. Don't forget to remove the comments about the Open House or how the listing "won't last". The words that describe your home can be just as important as the pictures so make sure that you use every character allowed to highlight the features and bring in the buyers.
1. Basing the asking price on needs or emotion rather than market value. Many times sellers base their pricing on how much they paid for or invested in their home. This can be an expensive mistake. If your home is not priced competitively, buyers will reject it in favor of other larger homes for the same price. At the same time, the buyers who should be looking at your house will not see it because it is priced over their heads. The result is increased market time, and even when the price is eventually lowered, the buyers are wary because "nobody wants to buy real estate that nobody else wants". The result is low priced offers and an unwillingness to negotiate. Every seller wants to realize as much money as possible from the sale, but a listing priced too high often eventually sells for less than market value. An accurate market evaluation is the first step in determining a competitive listing price. 2. Failing to "Showcase" the home. A property that is not clean or well-maintained is a red flag for the buyer. It is an indication that there may be hidden defects that will result in increased cost of ownership. Sellers who fail to make necessary repairs, which don't “spruce up” the house inside and out, and fail to keep it clean and neat, chase away buyers as fast as REALTORS® can bring them. Buyers are poor judges of the cost of repairs, and always build in a large margin for error when offering on such a property. Sellers are always better off doing the work themselves ahead of time. 3. Over-improving the home prior to selling. Sellers often unwittingly spend thousands of dollars doing the wrong upgrades to their home prior to attempting to sell in the mistaken belief that they will recoup this cost. If you are upgrading your home for your personal enjoyment - fine. But if you are thinking of selling, you should be aware that only certain upgrades to real estate are cost effective. Always consult with your REALTOR® BEFORE committing to upgrading your home. 4. Choosing the wrong REALTOR® or choosing for the wrong reasons. Many homeowners list with the real estate agent who tells them the highest price. You need to choose an experienced agent with the best marketing plan to sell your home. In the real estate business, an agent with many successfully closed transactions usually costs the same as someone who is inexperienced. That experience could mean a higher price at the negotiating table, selling in less time, and with a minimum amount of hassles. 5. Using the "Hard Sell" during showings. Buying a home is an emotional decision. Buyers like to "try on" a house and see if it is comfortable for them. It is difficult for them to do if you follow them around pointing out every improvement that you made. Good REALTORS® let the buyers discover the home on their own, pointing out only features they are sure are important to them. Overselling loses many sales. If buyers think they are paying for features that are not particularly important to them personally, they will reject the home in favor of a less expensive home without the features. 6. Failing to take the first offer seriously. Often sellers believe that the first offer received will be one of many to come. There is a tendency to not take it seriously, and to hold out for a higher price. This is especially true if the offer comes in soon after the home is placed on the market. Experienced REALTORS® know that more often than not the first buyer ends up being the best buyer, and many, many sellers have had to accept far less money than the initial offer later in the selling process. Real estate is most sale-able early in the marketing period, and the amount buyers are willing to pay diminishes with the length of time a property has been on the market. Many sellers would give anything to find that prospective buyer who made the first, and ONLY, offer. 7. Not knowing your rights and obligations. The contract you sign to sell your property is a complex and legally binding document. An improperly written contract can allow the purchaser to void the sale, or cost you thousands of unnecessary dollars. Have an experienced REALTOR® who knows the "ins and outs" fully explain the contract you are about to sign. 8. Failure to effectively market the property. Good marketing opens the door that exposes real estate to the marketplace. It means distinguishing your home from hundreds of others on the market. It also means selling the benefits, as well as the features. The right REALTOR® will employ a wide variety of marketing activities, emphasizing the ones believed to work best for your home.