Selling a Home

SELLing tips from the pros

Times are changing and you’re thinking about moving the family into a new home. But before you start searching for your next dream home, you’ll need to figure out when you’re going to sell your existing home. The decision is a complex one, especially considering the unpredictable economic environment you’re living in. And while there’s no magic formula for determining the best time to sell a home, there are several factors you should consider.

THE WRONG TIME TO SELL

This likely won’t come as a big surprise: you should avoid selling your home during the winter holiday season. Tensions run high during the holidays and budgets run low. The result? No one’s really itching to buy, and offers that do come in are often low. So as a general rule of thumb, avoid the months of December and January when selling a home.

THE BEST SEASON FOR SELLING

Conventional wisdom dictates that spring is the best time to sell a home. In spring, the holidays have past, the new school year is still a while away, and gardens and other outdoor spaces tend to look their best. And while spring is the season that sees the largest amount of buyers, it’s also the season when inventories are highest. This means lots of competition, so if you’re going to sell in spring, you really need to get your property to stand out with effective marketing and staging.

THE BEST DAY FOR SELLING

According to research, Thursday is the best day of the week to list your home for sale. By listing your home for sale on a Thursday, you can make it available immediately for weekend showings. Come Saturday – the busiest day for real estate – your home will have only been on sale for two days, which is great for attracting full-price offers. In general, the shorter amount of time your home remains on the market, the higher the offer you’ll receive.

QUESTIONS TO ASK BEFORE SELLING A HOME

Selling your home is a big financial and emotional task, which requires lots of planning. So before you decide to put your home on the market, here are four questions to consider.

What is my home worth?

Several factors go into determining your home’s market value. These include the condition of the property, square footage, location, amenities, as well as recent comparable property sales. For a snapshot of your home’s current value, you can enter your address into a free online value estimator tool. Alternatively, you can look at a recent property tax bill to get your home’s tax assessed value, which is a percentage of your home’s fair market value. If you know your state’s assessment rate (which is usually between 80 and 90 percent), you can estimate fair market value by dividing your tax assessed value by that assessment rate.

How can I sell at the highest price possible?

There are several simple, low-cost things you can do to boost the value of your home. These include eliminating clutter, washing windows and walls, and installing higher wattage bulbs to create a brighter environment. Larger projects, like adding bedrooms and renovating kitchens and bathrooms, typically yield more substantial increases in sales price. Staging your home, which helps paint a picture for how buyers will use their new space, can also add value.

How long will my home be on the market?

The time your home spends on the market depends on several factors, including location, how competitively your home is priced, and how aggressively your home is marketed. Statistics show that if a home is properly priced, an offer should come in within the first 12 showings. If you want to speed up the sales process, don’t underestimate the value of staging. Research shows that well-staged homes can sell up to 32 percent faster than homes that aren’t staged.

How can an agent help?

A real estate agent can help with all aspects of the selling process, from pricing to marketing to handling the intricacies of closing. An agent will negotiate on your behalf to secure the best price – and quickest sale – possible. Looking for an agent who can help guide you through the selling process? Feel free to contact us!

pros and cons of staging vs. vacant house

“Staging” is a term used to describe the ways in which homeowners or their real estate agents prepare a property in order to show it to potential buyers and negotiate a sale as quickly as possible. Staging typically involves positioning furniture and decorative items in ways that make rooms look larger and adding more natural and artificial light. Staging also extends to the outside of a home through landscaping and creation of “curb appeal” to draw in buyers.

Pros of Staging

Pros of a Vacant House

While a vacant house may not look as inviting as a staged home, especially for buyers who find it hard to visualize the potential of the space, it does offer some positives. Picky decorators can envision their own décor in the space, or feel like they have a blank canvas with which to work. A vacant house also emphasizes the fact that the owners have already moved on, which means the home is available right away. If a vacant house is clean and in good repair, buyers can focus on architectural elements and design features rather than someone else’s furniture. These aspects of an un-staged home can entice a quick sale.

Cons of Staging

Staging a home can take time, effort and money, especially if you hire a professional to do it for you. Most staging begins with the current residents packing away personal items and removing excess furniture to make rooms look bigger. If you’re living in a staged house while it’s for sale and being shown to potential buyers, you have to get used to living in a decorated space that has to look picture-perfect on short notice. This can be tricky for families with children or pets. If you opt to stage your property but not live there, you’ll have to leave key furniture in place or rent furniture for the duration of your property sale.

Cons of a Vacant House

A vacant house doesn’t give off a warm, homey feeling the way a staged home does. If there are any defects, like scratched floors or stained carpets, they tend to stand out more in an empty space than in a decorated space. In addition, potential buyers may try to make offers below market value because they know the owner is no longer living in the house and likely wants to sell it sooner rather than later. Not only are you likely to see a slower sales time with a vacant house, but you may see lower prices as well.