Unfortunately, home selling has become a more complex business than it used to be. New seller disclosure statements, longer and more mysterious form agreements, and a range of environmental concerns have all emerged in the past decade.
More importantly, the home-selling process has changed. Buyer brokerage -- where REALTORS® represent homebuyers -- is now common nationwide, and good buyer-brokers want the best for their clients.
The result is that while almost 100,000 existing homes are sold each week, the process is not as easy for sellers as it was five or 10 years ago. Surviving in today's real estate world requires experience and training in such fields as real estate marketing, financing, negotiation and closing -- the very expertise available from REALTORS®, just like US!
Are you ready?
The home-selling process typically starts several months before a property is made available for sale. It's necessary to look at a home through the eyes of a prospective buyer and determine what needs to be cleaned, painted, repaired and tossed out.
Ask yourself: If you were buying this home what would you want to see? The goal is to show a home which looks good, maximizes space and attracts as many buyers - and as much demand - as possible.
While part of the "getting ready" phase relates to repairs, painting and other home improvements, this is also a good time to ask why you really want to sell.
Selling a home is an important matter and there should be a good reason to sell -- perhaps a job change to a new community or the need for more space. Your reason for selling can impact the negotiating process so it's important to discuss your needs and wants in private with the us before listing your property.
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CLUTTER-FREE HELPS SELL HOMES
At the start of a new year a lot of us get motivated to give our homes a good cleaning. It's a way to clear the physical and mental clutter and, if you're selling your home, it's a must-do to help attract buyers.
According to HomeGain, cleaning up and de-cluttering can gain you thousands of dollars at the time of the sale and cost you as little as a few hundred dollars, if you use experts, to get the job done. Next week, I'll explore other repair areas that result in the greatest return; but this week, it's all about getting organized to increase the chances of selling your home.
I recently took on the task and unloaded about 25 trash bags worth of once-prized possessions. It's funny how, as the years go by, time and lack of room can make you realize that those prized-possessions are just eating up space while serving little purpose. Most of us have more than we need. Having more stuff than you need in a home is not appealing to buyers. It can make them feel cramped, nervous, and overall uncomfortable in your home which may result in a lower offer.
The best approach to de-cluttering is to have an organized plan. Expert organizer Mary Pankiewicz of Clutter-Free & Organized suggests making a list of all the areas that need to be organized; otherwise you run the risk of giving up.
"What people do is they try to do too big of a project and then they get overwhelmed and then they get discouraged," says Pankiewicz.
So, if you're rolling up your sleeves and getting started, a good place to start de-cluttering is the hall closet. Why? Buyers are certain to open it up and check it out for space.
"The thing to remember, particularly with closets is, it doesn't matter how big the closet is -- if it looks crowded, the buyer still thinks it's a small closet," says Pankiewicz.
De-cluttering a home can be a huge task that can be made even more laborious if you're not careful. "What people will want to do is haul everything out of that closet and then they don't know what to do next because they've got too much stuff to deal with."
She recommends a systematic approach to clearing clutter. Pankiewicz tells clients to first start with everything on the floor. Pull those items out and leave everything on shelves inside. Go through the items and get rid of the things that you don't have a use for. "The golden question to ask is not 'Will I ever use that?' That's what I call the keeper question because the answer to that [question] is 'Who knows, maybe.' So then I better keep it," says Pankiewicz. She says the better question to ask is, "What will make me use this or what will make me need this?"
Pankiewicz says when that question is asked, often people realize that they're never going to use the item and then are more willing to let it go.
Once you've found the stuff you're ready to get rid of, what do you do with it? Many sellers attempt to store it until they can have a yard sale or they donate the items. If you donate your items, make sure you take a look at the book Money for Your Used Clothing by William R. Lewis, CPA. The book tells you what the IRS will let you take as a tax deduction in 2008 for various items.
"If it's cluttered before the move, it's chaos after," says Pankiewicz. She adds, "The key mistake is people not making a decision before they pack things up."
That can be a very costly mistake for sellers. "They put stuff in storage and they pay for it year after year and then when they finally look at it, it's nothing they want," says Pankiewicz.
"The sooner you get your house ready to sell, the better decisions you'll make," says Pankiewicz. She says if sellers wait until the last minute then they tend to hold on to things and pack them up in storage saying, "I'll look at it later." That's how the clutter simply follows them from home to home.
Published: Realty Times, January 9, 2009 / Article written by Phoebe Chongchua
When should you sell?
The marketplace tends to be more active in the summer because parents want to enroll children in classes at the beginning of the school year (usually August). The summer is also typically when most homes are likely to be available.
Generally speaking, markets tend to have some balance between buyers and sellers year-round. In a given community, for example, there may be fewer buyers in late December, but there are also likely to be fewer homes available for purchase. So, home prices tend to rise or fall because of general demand patterns rather than the time of the year.
Owners are encouraged to sell when the property is ready for sale, there is a need or desire to sell, and the services of a local REALTOR® have been retained.
How do you improve your home's value?
The general rule in real estate is that buyers seek the least expensive home in the best neighborhood they can afford. In terms of improvements, this means you want a home that fits in the neighborhood but is not over-improved. For example, if most homes in your neighborhood have three bedrooms, two baths and 2,500 sq. ft. of finished space, a property with five bedrooms, more baths and far more space would likely be priced much higher and likely be more difficult to sell.
Improvements should be made so that the property shows well, is consistent with the neighborhood and does not involve capital investments, the cost of which cannot be recovered from the sale. Furthermore, improvements should reflect community preferences.
Cosmetic improvements -- paint, wallpaper and landscaping - help a home "show" better and often are good investments. Mechanical repairs - to ensure that all systems and appliances are in good working condition -- are required to get a top price.
Ideally, you want to be sure that your property is competitive with other homes available in the community. As a result of seeing numerous homes, we can provide suggestions that are consistent with your marketplace
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