The number of existing homes on the market is in the millions. Annually the number of homes bought and sold within the US is staggering. Like their owners, each home transaction is unique. But owners and prospective buyers want the same thing in the end: the best deal that is right for them, with minimal stress.
Selling a home has evolved from a simple ‘ for sale by owner’ sign in the yard. Things like new seller disclosure statements, thick and elaborate form agreements, plus environmental studies and other concerns have all slowed the process over the span of ten years.
It is no mystery that home selling has changed. Buyer brokerage is a common practice across the US. Homeowners and prospective buyers depend on REALTORS® represent their interests.
Though the number of homes changing hands exceeds the 10,000 mark, making the transition between owners is no simple matter. Buyers and sellers depend on local REALTORS®, their experience and training in such fields as real estate marketing, financing, negotiating and closing are truly invaluable.
Prepare for the Sale
About seven months out, before the first open house, preparation should begin. Staging areas and making improvements to the structure and the superficial decor is essential to get buyers interested. This is the time to determine what needs to be cleaned, painted, repaired and tossed out.
Think like a Buyer and ask yourself the hard questions. If you were thinking about purchasing this house, what would you want to improve? To attract as many buyers as possible you want to make the exterior and interior as clean, spacious and modern as possible.
Though this time is mostly devoted to preparing the structure of the home, now is an excellent time to reflect and be honest with yourself. Why do you really want to sell? If you are making a career move or expanding your family, there reasons can impact the negotiating process. Have an in depth talk with the REALTOR® who lists your home. Make sure you’re both on the same page.
When to Sell
Depending on the time of year, it may be best to wait until the school year ends to sell your home. New buyers look at the marketplace in times of transition, when the move will be best received by family members, especially school age children. Summer is when the most homes are available and buyers are more active.
In general, there is a balance between both buyers and sellers year round. Individuals, or childless couples often look to move before or after the holidays. But overall, home prices rely on patterns of supply and demand, rather than the time of year.
How Do You Improve Your Home’s Value?
Buyers will always look at the lowest priced homes in their ideal neighborhood. Like many buyers, they are restricted to their budget. Make sure that your home is priced competitively with current home values in the area. You don’t want to be the most expensive house on the block. Now everyone will see your remodel with five baths and four bedrooms as an exceptional value. Though it may have been a useful addition to you, it may not be right for a young family looking for a starter home. Know your buyer, your investment in the property might not be recovered from the sale if you only think of your own use.
Money is better spent on cosmetic improvements like fresh paint, new wallpaper, addition to landscaping, and so on. These improvements to curb appeal and interior decor are better investments than sinking money into a costly renovation. In addition, to get top dollar, invest in new appliances or repairs to appliances like the boiler or hot water heater.
Finally, contact an agent who specializes in your AREA, not just your neighborhood, and furthermore, an agent who will treat your property as if it was their own, market it as it was their own, and SELL it like it was their own. Call Brian Pearl today!
Brian Pearl, P.A., Realtor®
The Pearl Antonacci Group | Lang Realty