Tips for Sellers
Specific tips on displaying your home and closing the deal.
Survey: Sellers Fare Better With Agents
Your Realtor Diane Gussie
Sellers have a better chance at getting their house sold by using a REALTOR® than opting for the do-it-yourself approach, according to a survey of 1,000 home owners by HomeGain.com, an online real estate resource. Nearly 60 percent of home owners who used a REALTOR® to sell their home were successful compared to 39 percent of FSBOs, the survey found.
In the survey, 83 percent of home owners said they used a REALTOR® to sell their home, whereas 17 percent said they tried to sell it themselves. This corresponds to results from NAR’s 2010 Profile of Buyers & Sellers, which found 88 percent of sellers were assisted by a real estate agent. (Additionally, 83 percent of buyers bought their home through an agent.)
“It is especially striking that home owners fare significantly better in selling their homes using a REALTOR® than selling on their own,” says Louis Cammarosano, general manager at HomeGain. “Due to that relative success, the level of satisfaction in the home selling process is also higher for home sellers utilizing the services of a REALTOR® than those who try to sell their homes on their own.”
Among the findings in its For Sale by Owner vs. REALTOR® survey:
- 88 percent of home owners who sold their homes using a REALTOR® said they would use a REALTOR® again.
- 24 percent of FSBOs eventually contacted a REALTOR® to help sell their home.
Source: “HomeGain Survey Finds Home Sellers Fare 50% Better in Getting Their Homes Sold Using a REALTOR® Than Selling on Their Own,” HomeGain.com (Feb. 24, 2011)
Imagining the Possibilities, With Help
There is debate among real estate pros about whether homes being shown to buyers should be vacant or if they should bear a lived-in appearance, even if they are empty. While some believe vacant homes appeal to buyers because they look bigger and enable house-hunters to better visualize their own belongings in the space, others say that adding strategically placed items can make rooms that are a little dated look more appealing.
Even when homes are unoccupied, practitioners often do not leave them empty, either rearranging some of the seller’s belongings or hiring a professional stager to bring in furnishings that showcase the property’s best features. A consultation with a stager can cost a few hundred dollars, and full-out staging can require an investment of a few thousand dollars per month.
Some stagers offer more affordable plans in which living rooms, dining rooms, and kitchens are staged, while bedrooms are left empty. Staged properties often sell more quickly, and pictures of staged homes are more appealing than empty rooms to buyers conducting online searches. Some practitioners include staging consultations in their basic commission and require sellers to cover staging costs, while others will increase their commission rates based on how much they spend on staging.
Source: “Trying to sell your home? Take a theatrical approach,” Washington Post, Sandra Fleishman (02/05/11)
Sell my home now!
It’s easy to sell property. The hard part is selling real estate now. When there are more sellers than buyers, properties still sell. Staging your home is important, but not so important as some might lead you to believe. Advertising your property is critical and brochures can be beneficial. Ultimately, the most important factor is to get the home in the MLS and to price the home properly.
If a home is priced too high, few potential buyers will even see your house. After the home has sat on the market for a long time, buyers will expect a price drop even if the price has already dropped! For this reason it’s important to price your home at a point where it will attract attention.
In a tough market like the services of a good Realtor are needed more than ever. Your agent should be a hard worker who has the temperament to guide you through the process. You agent should be your advocate, actively negotiating your best deal. Sometimes this means getting top dollar. But sometimes this means know what to trade-off to get what you really want from a deal.
Selling your home quickly.
Here are a few quick tips to sell your house quickly.
- Choose a selling agent that cares about you and your situation.
- Price it right. Price is the biggest differentiator in a tight market. Set a price at the lower end of your property’s realistic price range.
- Put your house in order. Your property should be ready for the market before you begin showing it.
- Be flexible about showings. Home selling is often disruptive to daily life. And it’s a lot of work to have your house ready to show on the spur of the moment. But prospects that can’t see your house won’t buy your house. The more often your home is shown the greater your chances of selling the property.
- Be ready for all offers. Decide in advance what price and terms you’ll find acceptable. Don’t take offense at a ludicrous offer. Respond with a counter-offer to keep the ball moving.
In addition, Will Nesbitt has devised unique strategies to overcome the buyer’s market and to sell your home quickly. Ask him how he can save you money and sell your home quickly at the same time!
Net Proceeds
To find out how much money you’ll net from your house, add up your closing costs and subtract them from the sale price of the house.
Closing Costs for Sellers
Mortgage payoff and outstanding interest
Prorations for real estate taxes
Prorations for utility bills, condo dues, and other items paid in arrears
Closing fees charged by closing specialist
Title policy fees
Home inspections
Attorney’s fees
Survey charge
Transfer tax or other government registration fees
Brokerage commission
Total
Selling Homes With Pets
Good ole Fritz
Owning a pet, which six out of 10 U.S. households do, can be a problem for both sellers and practitioners seeking buyers.
Sellers with pets should do their best to eradicate pet odor. “Odor is the biggest obstacle,” says Trudy Severa, an associate with Long and Foster’s North Hills office in Reston, Va. “Anyone who is sensitive or with allergies is going to be put off.”
Pet hair is another turnoff for fussy people or those with allergies. A professional cleaning as well as frequent vacuuming can help.
It is also a good idea to remove the evidence of pet residents, including getting rid of dog doors, linoleum in unlikely places, even pet crates.
During showings it is smart to relocate pets because some potential buyers may find them objectionable, no matter how cute they are or where they are contained.
Source: Washington Times, Lisa Rauschart (12/03/2010)
Remodeling the Laundry Room Can Add Value
Remodeling a laundry room can add a surprising amount of appeal and value to a home. Here are some key steps:
- Pick a decorating style. A laundry room doesn’t have to be institutional. Giving it personality increases appeal.
- Add convenience. Starting with a laundry detergent dispenser, make it easy to get the job done.
- Choose a washer and dryer that are good looking, cost effective. and functional. Scrimping on the basics is false economy.
Source: Tribune Media Services, Kathryn Weber (10/24/2010)
Easy Tips for Staging a Home to Sell
homey kitchen at Carlyle Towers
If you’ve listed a property that will almost certainly be on the market for the Thanksgiving and end-of-the-year holidays, advise the seller to go easy on the decorations, says Joan Inglis, owner of Lake Wylie (North Carolina) Home Staging.
“Put a holiday centerpiece on the dining-room table and then remove it after Jan. 1,” she says.
Other advice from Inglis includes:
- Store toasters in the cabinet because it is almost impossible to keep them looking clean.
- Take all the magnets off the refrigerator.
- In a pricey home, get rid of any furniture that looks cheap. It interferes with the buyer’s ability to imagine themselves living there.
Source: Charlotte Observer, Allen Norwood (10/15/2010)
Sellers Quickly Transform Property with Paint
The best way to update a property is to paint it. It’s a job that many sellers can do themselves.
Here are six suggestions for making the work go quickly.
- Move the furniture. Get as much furniture as possible out of the way, and then cover what’s left with plastic drop cloths held in place with masking tape.
- Buy good paint. Top-quality latex interior paint will hide what’s underneath and make the job go faster.
- Tape the edges. Taping the edges with painters tape will speed up the job and make the results more professional.
- Work top down. Paint the ceiling first, then the walls, then the windows and trim and finally the baseboards. This will cut down on time spent repairing drips and splatter marks.
- Cut in the corners. Applying a three-inch band of paint around the edges will allow you to fill in the middle with a paint roller.
- Apply paint generously. Trying to stretch the paint won’t save sellers any money if they have to repaint.
Source: Paint Quality Institute (09/21/2010)
4 Tips for Setting the Right Sales Price
Sellers think their homes are worth more than their real estate professional recommends, and buyers think these same homes are worth less.
It’s a difficult disconnect that makes selling properties a challenge. Successfully marketing a home requires that the price be set carefully — or it will languish on the market. Among the considerations:
- How many homes are for sale in the neighborhood? The more homes on the market, the more important it is to list at the lower end of the scale. “I want buyers to ask why is this house priced so competitively,” said NAR President-elect Ron Phipps of Phipps Realty in Warwick, R.I. “I want the answer to be an offer.”
- Take short sales and foreclosures into consideration when pricing. If the competing properties are in lousy condition, they are less of an issue, but if they are well taken care of, yet priced 25 percent below market, they can be a serious factor.
- Negotiate decisively. “Buyers are not interested in back-and-forth negotiations these days,” Phipps said. “They are less emotional and more disciplined. They will walk away.”
- Cut the price when you have to. If no one shows up for an open house, if no one calls and if there are no offers, then the price is too high. That means it’s time to make a meaningful price cut.
Source: The Washington Post, Associated Press (09/18/2010)
Home Buying and Selling Tips for Fall
HGTV’s real estate site Front Door says the weeks between now and the end-of-the year holidays are the best ones to find a bargain. Here are some of their tips for fall buyers and sellers:
Fall Sellers:
- Replace faded summer plants with fall-blooming flowers and add autumn decorations to the home.
- Expect low-ball offers and be prepared with higher counter offers.
- Freshen up listing photos by shooting pictures that make it less obvious that the seasons have changed.
- Price the home to sell. A price that is a little lower than the competition may be a winning move.
- Be willing to show the property and hold open houses whenever potential buyers are ready.
Fall Buyers:
- Look for motivated sellers who have a reason to move on by the end of the year.
Fall colors
- Explore new constructions. Builders are often particularly interested in selling before the new tax year.
- Beware of fall maintenance issues. Consider overflowing gutters and leaf-covered lawns warning signs.
- Shape offers carefully. Even in this market it is possible to turn sellers off with a too-low bid.
Source: FrontDoor dot com (09/16/2010)
photo credit: paul (dex)
