Homeowners that are considering selling their home today are facing a scary realty: A down market. For the last several years property has increased in value by leaps and bounds. But today’s market as one of my customers put it is a buyers market.
I have shown this customer several properties over the last few weeks and when they would find something that was of interest they would make a very low offer compared to list price. When I would try to explain that the sellers were most likely not going to accept that she would just smile and say: “It’s a buyers market” and I would always say: I guess so, but that does not mean they are going to give their property away. To make a long story short we did finally find her something that she was able to get at a good price and both buyer and seller walked away happy.
So if your thinking of selling your property look at a few of these tips to help a buyer make a good offer for what your property is really worth. A buyer will pick it to pieces right now so lets take care of a few low cost issues that will bring high dividends.
According to the National Association of Realtors, median existing home prices are down 7.1% from last July and are not expected to recover until well into 2009.
Don’t set your mind on big ticket items that you most likely will not recoup all of the cost when you sell. Just look at a few inexpensive projects that will make your home stand out and seem to be well cared for and add a few extra dollars in your pocket at closing.
- The first thing I like to tell a seller is have your home inspected by a professional home inspector. The cost will range from $250.00 to $500.00 depending on how in depth your inspector is. Let him/her go through the home and look for things that you would not see or have seen but think that it’s nothing to worry about. Remember all the little things add up to bigger things.
- Paint: a little paint can go a long way in making your home look well cared for and fresh. Remember your not painting for you so stay away from bold colors. Stay neutral but warm. Be sure to fill all nail holes, sand and caulk where needed. I suggest that you start with your front porch. Were not just talking about the inside of the home. The front entry is going to be their first impression so make sure that the door is painted as well as trim. Don’t forget to freshen up the baseboards, trim and ceiling after you finish the walls. (Oh by the way now that you have the family photos down pack them away and be selective on what you do put back)
- Fixtures: Give a room a more modern look by replacing old faucets, door handles and knobs and light fixtures.
- Energy Efficiency Updates: These can be a little more expensive than new handles on your cabinets, but will go a long way in selling your home. If you are still using a older furnace/air conditioner, hot water heater etc. now would be a good time to look at replacing it. A buyer will most likely make a lower offer if they fill they are going to have to put a new one in soon. And think of the money you will save on your utility bills while your home is on the market.
- Landscaping: First impressions are everything. I don’t know how many times a buyer will drive up and down the streets looking at homes that have for sale signs in the yard. But if your home does not make a good first impression they are not going to call on it. Make sure that your yard is mowed when needed, flower beds are well maintained, toys and debris are picked up. Blooming flowers and fresh mulch will give the buyers a feel that the inside is as well maintained as the out.
There are always something that needs done when your a home owner, but these above mentioned items are not costly and will bring you a higher return in the long run.
If you would like to get additional tips on selling your home, give me a call. I would be happy to do a walk through of your home and let you know where your at on the market.
Happy Updating
Barb
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