Enticing Buyers to Want Your Home

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Pick a market – any market and chances are you will find there is far more inventory on hand than there are buyers.  The hardest hit in our current real estate industry are homeowners trying to sell their homes in the midst of all the competition.  But there are a few things you can do to stand out in the crowd, making buyers instantly want your house over other homes.  By following our four tips below, you will find that your home will generate more interest, you’ll likely receive more offers than others and when it comes time to sell, you will get a better price. 

Repair, Renovate and Remodel

Spend some time, energy and money fixing up the areas in your home that you have tended to in years.  So often homeowners neglect to repair small nuances or take on the expense to manage larger issues but if you do not take care of these things prior to listing your home the consequences can be severe.  If buyers come across faulty structure, inadequate insulation, malfunctioning systems or even smaller issues – it will result in an instant turnoff and cost you the potential sale. 

Take time to survey all that may need to be done in the home. We recommend hiring a general contractor or an inspector to learn of potential issues that would also come up during the buyers’ inspection later on.  Based on the outcome, decide what you can afford to have repaired or redone.  You may want to consult with your Realtor for some advice on what areas would be more valuable to buyers.

De-clutter, Remove Personalization, Clean Up

Given that there are so many choices out there for buyers, unless the space is clean and clear of extra clutter and until they can see the home for its offerings, there is a good chance buyers would pass up the home and move on to the next.  Keep in mind that buyers are imagining living in the space and would like to be able to visualize their own belongings in the home.  Rather than allow your personal items to distract them, take measures to provide clean lines, open spaces and simple décor. 

Maintain a Neutral Color Palette

Most prospective buyers (and sellers) know from watching reruns of House Hunters on HGTV, that redoing most cosmetic changes in a home is the least expensive of renovations needed in setting up a new home. However, it remains to be one of the most distracting aspects while searching for the perfect home.  Though wallpaper can be changed buyers do not want to have to contend with it.  Similarly, the last thing they want to have to do is repaint bold colors with a color more suited to their own tastes.  The easiest way to deal with this and something that can be done in one weekend is to paint your walls in neutral tones like a light beige. This will allow buyers to visualize their own customization while appealing to almost anyone.

Present Your Home With Modern, Updated Décor

Almost all buyers these days expect to be “wowed” and that usually comes from walking through homes with wide-open spaces, clean floors or carpet, modern neutral color palettes and fresh, inviting décor. Whether you revamp the décor with a trip to the local import store or hire a professional home stager to help get you set up to sell, it is essential that your home be appealing and attractive by today’s standards.  Mismatched appliances or countertops that went out of style two decades ago are details that can jeopardize your sale and even end up in getting no offers at all.  Browse the Internet to get ideas and incorporate small but impactful changes that will make buyers wish they were already living in the space.

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As professionals in the real estate industry, we come across homes on a daily basis and equally interact with buyers very frequently.  One of the best things you can do is to consult with your agent, maybe ask him or her to walk through your home and offer a critique on some of the areas that could use some updating.  It doesn’t take much but by following these tips you will be able to take down that  “For Sale” sign and have the pleasure of putting up a “SOLD” sign!

What Determines the Value of Your Home?

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Basically, a home's worth is determined by its market value. How is "market value" determined? Most often, it's figured by a comparison ("comp") with homes similar to yours in the surrounding area. So, if the homes in your neighborhood average, say, $250,000, then it's likely that the value of your property will fall in the same range. But market value is also determined by a number of factors including the following: 

External Factors 

There can be several external factors influencing the value of your home. One is "curb appeal", or the first impression your property makes upon prospective buyers. A home that's in excellent condition on the outside will make a great first impression; a home in poor repair instantly loses its appeal to buyers. Other factors can include lot size, popularity of an architectural style of property, water/sewage systems, paved roads, sidewalks, etc. 

Internal Factors  

The condition of a home's interior also has a huge influence on prospective buyers. When you've demonstrated "pride of ownership" and kept up the maintenance (quality paint, trim, molding, etc.), a buyer's interest will immediately perk up for the simple reason that they know your care and concern will result in less cost and maintenance for them. Other internal factors include construction quality, condition of appliances, size and number of rooms, heating/cooling type, energy efficiency, etc. 

Supply and Demand 

"Supply and demand" simply refers to the number of homes for sale versus the number of buyers. When there are more homes than there are buyers, prices tend to be lower. When there are a lot of buyers chasing few homes, then prices tend to rise. In effect, supply and demand affects how quickly your home will sell. Location More than likely, you already know the old saying, "There are three main factors in real estate - location, location, location." While that's not the whole story, desirability is a big factor for home buyers. They may want to live in particular school district known for its education excellence…a great and safe neighborhood with rising property values…etc. 

But I Know My Home Is More Valuable Than a Lot of Comparable Homes in My Neighborhood  

Aren't Allowances Made for This? Definitely! Sometimes, it can be difficult to find homes exactly comparable to your own. So, dollar adjustments are made for the differences between your home and comparable properties. 

Where Do I Find Sales Comparison Information? 

The easiest source to access is your Realtor. After all, it's his or her business to know such information! But, there are also other sources you can tap into in order to get a complete picture of your home's value in comparison to others in your neighborhood. Here's an overview of them:

1. ) The Local Assessor's Office  

It's very likely that your local assessor will be able to provide the sales history of a particular house, neighborhood, or style of architecture. Many assessors also provide lists of recent sales which you can browse and compare to the assessment roll. Today, many municipalities provide local sales and assessment information online making it very easy to access. Check with your local government agency to find out if they provide this service. 

2.) Online Private Companies  

You can search for these companies using the Google search engine and the keywords "comparable home sales" or "comparable sales." Some companies offer free information; others charge a nominal fee. If you wish to get more specific, you can Google "real estate database" and type in the name of your particular state to get additional property information. 

3.) Your Local Newspaper  

It's likely that your local newspaper is a great source of specific real estate information. Look for quarterly sales reports in the real estate or business sections.

The Key to Getting the Price You Want (or Close To It) for Your Home 

The key to getting the best value is finding and matching the right buyer to your home. And that's the job of the Realtor! He or she should work hard to qualify those buyers upfront so the right people are viewing your property! In other words, the Realtor should weed out "lookers" and other unsuitable buyers as a first step in working with you. See how I do that for you by calling me today!