Cincinnati Builder News & Property Updates
Home Sale Price vs. Homeowner Expectations
Few events in life match moving into a new home. It’s a new chapter and we all love that. There’s just one thing standing in the way… Your present home. Many homeowners become overwhelmed at the thought of making all of the necessary updates to maximize their sale. The truth is, there needs to be a balance between upgrades made by the owner, and expectations of home buyers. Finding that balance point can make the sale come faster, with higher profit, and much less anxiety. Below are a few tips that can help to make it happen.
Get a great agent - Shop for your real estate agent. If you’ve heard good references about someone… If they have a great track record in your area… If they are responsive, personable and sell you on using them, you will not have a better asset. A real estate agent works harder than anyone for your best interests. Agent’s speak from experience and will set the tone from your first meeting with timely advice. For this article, timely advice on preparing and pricing your home for the market.
Get the interior ready - It is important to repair and upgrade at least select features in your home that are outdated before placing a for sale sign in the yard. This does not necessarily mean spending thousands of dollars on interior remodels. First consider things like new door handles on kitchen cabinets, replacing outdated lighting, shampooed carpets and fresh paint. While remodels add some value to your home, you most likely will not get your money back for all the work and time that you put in. Instead, heed the advice of a qualified real estate agent. They have valuable experience on how an interior repair instead of remodel plan may yield a greater payoff if your home is outdated, especially if you are looking for a quick sale. Preparing your home for sale is a delicate balance. Trust your agent’s advice here.
Get the exterior ready - First impressions are lasting impressions. They matter most when selling your home. You wouldn’t believe how many times potential home buyers will discount a house tour before they even get inside because of a non-welcoming exterior environment. To avoid drive-by buyers, make your home’s exterior more appealing with colorful and groomed landscaping, freshly painted doorways, no yard gnomes, and cut that lawn regularly guys.
Get de-cluttered - When putting your home on the market, it cannot be emphasized enough that clutter is the easiest and most inexpensive negative to correct. Not only does it distract potential buyers from envisioning how they would fill the spaces. It can point out lack of ample storage. Also, make sure that the storage that you do have is organized and has the appearance of being able to accommodate more. Packed closets are not good. Climb outside of your comfort zone and get your home lightened of personal stuff. The best term to use is “neutralized”. Loud wall coverings need to be tamed to ones that are widely acceptable. Extensive photo collections should be pared down. Too much furniture or poor placement should be corrected. Rethink counter top knick-knacks in the kitchen and book shelf do-dads throughout the house. Think minimal. No elephant heads in the front hallway. You want the spaces to flow and be ready for the new owner to tour and dream of how they would make it their own.
Get the most bang - Pricing your home is crucial when entering the housing market. If it is set too low, you may leave money behind. If it is set too high, there will be fewer buyers. Not to pat real estate agents on the back too much, but they have today’s best tools at their disposal to accurately set a price. A good agent will gently steer “dream” numbers back to earth to keep things on track. They review comparable area sales to make sure you set a realistic price that will sell in a reasonable amount of time. Realtors also have a keen sense of where the local housing market is at the time of your sale. It is in their best interest to price your home optimally for a fast sale with greater profit.
Preparation is everything when selling your home, but don’t go overboard and add on a media room because you always felt that the house needed one. After the time it takes to remodel and the cost, the new owners may not appreciate the effort as mush as you. This may show up in the bid price. Stay conservative on updating. Make your home spotless, neutral and ready for dreamers. Save your energy and money for making your next home all that you envisioned.