Selling Advice and Tips (click to access):· Adding Value to your Property Determining Property Value
· Buyers seldom pay for Sellers’ Custom Decorating o Neutral decorating appeals to most buyers and will reduce marketing time
· Buyers expect certain Features, Amenities within Specific Price Ranges o Buyers will discount the price if quality, features, and room sizes are lacking for the price range.
· Incurable “Defects” Lowers Value o Buyers resist busy streets, unpopular floor plans, properties out of character for the neighborhood. o Sellers should expect a long marketing period or price below market value to sell within the average marketing period
· Asking Price Drives Value o Knowledgeable buyers will quickly check out a new listing. Buyers are reluctant to make an offer on an overpriced property believing that the seller is unwilling to negotiate. And when the seller does reduce the price, the buyers may have bought something else, are concerned that no one else finds the property appealing, or simply lost interest. o The price may have to be reduced to below market value in order to sell.
· At the time of sale, a home becomes a “Commodity” o “Market Value” is determined by what the buyer is willing to pay in today’s market for a comparable property. o The seller’s investment or emotional attachment is not a determining factor.
· Terms affect Price o The more liberal the terms, financing, possession,.... the higher the sales price. o The more restrictive the terms, the lower the price.
· Location, Location, Location o Convenience to work, schools, recreation, transportation, .... drive buyer demand.
· Buyers typically Pay More for New Construction
· Cost of Capital Improvements May Not be fully Recovered o The improvements may make the property more appealing and possibly sell faster, but the buyer seldom pays for the actual cost of the improvements.
· Deferred Maintenance Lowers Value o Buyers expect a property to be well maintained. The typical buyer will discount the value more than the actual repair costs.
(attorney / title company will pay off your mortgage, liens, home equity loans…) Take the time to go through your property and take a close look at what could be improved.
It is always a good idea to ask someone else his or her opinion. You can compare it to proof-reading
a paper; another person will always see things you cannot.
Whatever the size and value of your property, there are some basic guidelines you can follow.
You never get a chance to make another first impression so surface appearance is very important.
Try to think about things that can be done to give the property a better look and feel.
Clean, Clean, Clean. Buyers love a clean property or a clean house.
Smell is important too. If you walk in and it has a not so pleasant odor then it could turn off a potential buyer.
Fresh air is a great way to bring a nice scent into your home or property so try to leave the windows open every few days if possible. Air fresheners also work well and it usually doesn’t hurt to go over certain parts of
the furniture and carpet with something like febreze.
Too many items may also be a turn off and selling might be a good time to unload some of the things
that you do not need.
Your paint job may need upgrading. Good paint jobs can do wonders for the look and feel of your home or building.
Your local paint store will be happy to assist you with recommending colors based on what is popular or your
property type. It might be time to update those accent walls to a more modern or in style color.
Take the time to make sure that your paint job looks clean and professional.
Try to remove personal objects so buyers can focus on the property as much as possible. Some decorating is
nice but it should be non-personal. Personal items will catch the attention of potential buyers and turn their
focus away from the home or property.
Stay on top of items that need to be repaired or fixed. In the military we learned about the term preventive maintenance. It is always less costly to stay on top of maintenance issues before they get out of hand.
Lighting can make a big difference in the way a room looks to potential buyers. It might be worth 40 or 50 dollars to change the mood of a room in the house.
Avoid cooking meals that leave an odor in the house before potential buyers walk through.
It is also a good idea to be away from the house and let your REALTOR deal with potential buyers when they
come through.
Also remember to take any pets out of the house during viewings.
Before investing money into an upgrade or to repair an item, you will want to do an analysis with a contractor or
Real Estate expert to see if it will raise the value of your home.
This is always a tough situation because you might need to upgrade certain things to get the property to move
that do not necessarily raise the value exactly dollar for dollar with the cost to upgrade.
Usually upgrades that improve the look of the property like paint jobs, carpet and tile will increase the value of your home enough to be worth it. Landscaping is also another fairly inexpensive thing you can do to
improve a property.
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