Thinking about selling? Here are some frequently asked questions.
What should I do to prepare my house for market?
Psychologists use the phrase “halo effect” to describe the fact that our first impression affects everything we subsequently see. First impressions are critical when a potential buyer comes to see your house. So unless the property is being sold at a discount to people who are seeking a "handyman's special", you would be wise to look at your house with new eyes.
It begins with “curb appeal”. How does the property look before they even get out of the car. Is the yard neat and well groomed? Could it benefit by some new shrubbery or some extra care for the lawn? How does the front of the house look? Does it need a coat of paint or some attention to shutters, gutters, etc? Is there clutter in the yard, too many cars in the driveway? Tiny imperfections can be big drawbacks in the eyes of a homebuyer. Houses, just like cars, can be "detailed".
Go through the house and make note of everything that minor effort can improve. Note if doorframes are dirty, walls are marked, fittings are loose, doors squeak, paint is peeling. Look especially for cosmetic flaws that may alarm a buyer with concerns about major problems behind the flaw – such as water marks and misaligned doors and windows.
Get ruthless with the clutter we all collect as the years go by. Throw out, sell or donate everything that you don't need.Pack away items you don’t need on a day-to-day basis or items that are out of season. "Decluttering" a home can makes a huge difference in its appeal.
When it comes to major improvements or repair jobs, talk to your real estate agent about the potential pay-back connected to fix-up projects. Some are worthwhile, others won’t make a difference.
Of course, prospective buyers will want to know that the structure is sound and in good repair. Nowadays, you must expect the purchaser to commission an inspection by an independent company who will check the plumbing, wiring, heating system and appliances as well as the roof and foundation. Items that are deal-breakers such as leaky roofs or faulty furnaces should be repaired or replaced before you list your house for sale. You don’t want the inspector to scare off potential buyers with a lengthy list of faults.
What’s the best time to list my house?
Many homeowners try to get the timing just right, as though they were timing the stock market. The truth is that you have just one house and you are seeking just one buyer. So the best time to put your house on the market is when that one buyer is out looking. That could be anytime.
Some people believe that the best time to sell a house is in the spring, when flowers are blooming, birds are singing, and homebuyers are riding around the neighborhood. The truth is that houses sell every day, some in the heat of summer, some in the dead of winter. The best time to list your house is when you’re ready – whatever season that might be.
Of course, the greater concern may be market conditions. These days, there is a large inventory of houses for sale and lenders are cautious about the qualifications of the borrower. In some areas, house are selling for less that they were last year. Does that make it a bad time to sell? Probably not. Remember, you have just one house to sell and you’re seeking just one buyer. And mortgage money is readily available at affordable rates for people who are creditworthy.
As for prices being lower, in all probability, the home you want to buy is a bit lower as well, so it doesn’t really make any difference.
These are general observations. For your specific situation, talk to one of our real estate professionals who can help you sort our the pros and cons.
How much should I list it for?
The primary reason for properties not selling in a reasonable amount of time is improper pricing. You, of course, will want to get as much as you can for your property, but an overpriced property will be next to impossible to sell. Buyers will be comparing your property to others in the same price range. If yours doesn’t measure up, it doesn’t sell.
It is wise to remember that neither the seller nor the real estate broker set the price at which a property will sell. It is only the buyer who accepts or rejects your asking price. Set that price too high and they look down the street.
You should price your house fairly if you’re serious about selling. But how do you know what’s fair? You can do some research on what similar properties are selling for, you can guess, or you can ask one of our real estate professionals for a market analysis of your property. This will be a written document outlining recent property sales in your area and comparing these homes with yours. It will also identify larger forces shaping the real estate market in our area.
We customarily provide a market analysis without fee or obligation. |
