Prepping and Showing
How can I improve the value of my property?
How do you increase the value of your property?
How do I prepare the house for sale?
How do you prepare a house to sell?
House Conditions To Avoid
What repairs should the seller make?
14 Steps For Showing Your Home
Tips For Short Notice Showings
How does someone sell a slow mover?
How can I improve the value of my property?
The biggest factor outside of a homeowner's control is market conditions. But other issues -- including the condition of the property, specific home improvements and neighborhood stability and safety -- can influence property values.
The greatest rise in home prices occurs when the economy is strong and the number of home sales is increasing. Though markets vary, that has occurred several times in recent history -- including the early 1970s, late 1980s and late 1990s.
Specific home improvements can increase the value above the cost of the improvements. According to Remodeling magazine, which publishes an annual "Cost vs. Value" remodeling report, a remodeled bathroom returns 81 percent to the owner, a bathroom addition, 89 percent and a master bedroom suite, 82 percent. Remember, quality pays. Well-planned and well-executed remodeling jobs are a good investment while bad work seldom enhances value or livability.
The safety and security of a neighborhood can affect property values, too. If you live in a high-crime area, an organized community watch program not only will lower the crime rate but give home values a boost, too.
How do you increase the value of your property?
The biggest factor that can affect property value -- market conditions -- are outside of your control. But other factors -- including the condition of the property, certain home improvements and neighborhood stability and safety -- are not.
For example, specific home improvements can increase your property value above the cost of the improvements themselves, such as remodeling a kitchen, adding a bathroom, finishing a basement or upgrading landscaping. Just be sure that quality pays with remodeling. A bad remodeling job will do little to boost your property value.
If you live in a high-crime area, an organized community watch program not only will lower the crime rate but can enhance property values, too. It also helps to live in an area where other homeowners are upgrading their homes, which can help pull up your property value, too.
The bottom line is to measure the cost of any improvements you want to make against the overall values in your neighborhood. If you overimprove for the neighborhood, you may not necessarily recover your costs or boost your property value significantly.
How do I prepare the house for sale?
First and foremost, put it in the best condition possible, especially if you are in a market with few buyers and lots of homes for sale. That means taking care of any major repairs that could deter a buyer (such as replacing any broken windows or replacing a leaky roof) if you can afford it. Next, work on your home's curb appeal. Make sure your landscape is pristine. Mow the grass, clean up any debris and weed the garden beds. Plant a few annual flowers near the entrance or in pots to be placed by the door.
Other quick fixes that don't cost a lot of money but can help you get top dollar for your home:
- Clean the windows and make sure the paint is not chipped or flaking. Be sure that the doorbell works.
- Clean and freshen up rooms, furnishings, floors, walls and ceilings.
- Make sure that bathrooms and kitchens are spotless.
- Organize closets.
- Make sure the basic appliances and fixtures work.
- Replace leaky faucets and frayed cords.
- Eliminate the source of any bad smells, such as the kitty box.
- Use air freshener or bake a batch of cookies before your open house to ensure that the house smells inviting.
- Invest in a couple of vases of fresh flowers to place around the house and next to any information about the house you have prepared for buyers.
How do you prepare a house to sell?
Doing whatever you can to put your house's best face forward is very important if you want to get close to your asking price or sell as quickly as possible. Short of spending a lot of money, here are several ideas for making your home show better:
- Sweep the sidewalk, mow the lawn, prune the bushes, weed the garden and clean debris from the yard.
- Clean the windows (both inside and out) and make sure the paint is not chipped or flaking. And speaking of paint, if your home was built before 1978, new federal law gives a buyer the right to request a lead inspection. If you think you might have some problems, do the inspection yourself beforehand and make any fixes you can.
- Be sure that the doorbell works.
- Clean and spruce up all rooms, furnishings, floors, walls and ceilings. It's especially important that the bathroom and kitchen are spotless.
- Organize closets.
- Make sure the basic appliances and fixtures work. Get rid of leaky faucets and frayed cords.
- Make sure the house smells good: from an apple pie, cookies baking or spaghetti sauce simmering on the stove. Hide the kitty litter.
- Put vases of fresh flowers throughout the house.
- Having pleasant background music playing in the background also will help set your stage.
House Conditions To Avoid
Whether you're selling or purchasing a home, you want to ensure that the home in question is in good condition. ASHI (American Society of Home Inspectors) recently completed a survey and found the following to be the most common problems in homes today.
Improper surface grading and drainage Over 33% of the inspectors surveyed rated this problem as the most troublesome. Improper surface grading and drainage can be responsible for household disorders such as leaky basements and crawl spaces. The grading and drainage problems can be fixed either by regrading the ground away from the house or replacing gutters and down spouts.
Improper Electrical Wiring 20% of the surveyed inspectors rated this as the most common problem. Some inspectors suggested that over 70% of electrical wiring in homes is installed incorrectly, mostly by do-it-yourselfers. The problems included insufficient electrical service, inadequate overload protection and amateur wiring connections.
Roof Damage Leaking roofs ranked third in the survey, resulting most often from old or damaged shingles or improper flashing and drainage. Asphalt and wooden shake shingles have a life span of between 20 and 30 years, slate shingles can last more than 100 years.
Heating Systems The heating system is an item that must be dealt with if it fails the home inspection, and the majority of real estate sales contracts require it to be in working order. The most common problems include broken or malfunctioning controls, blocked chimneys and unsafe exhaust disposal. Problems in this area should not be overlooked, as they can be dangerous if left unattended.
Lack of Maintenance While this problem is common, it is also avoidable. Signs of poor maintenance include: cracked, peeling or dirty painted surfaces; crumbling masonry; makeshift wiring and/or plumbing; and broken fixtures and appliances.
Structural Issues This area includes damage to structural components such as foundation walls, floor joists, rafters and window/door headers. Many of these problems are a result of some of the conditions listed above.
Plumbing Faulty fixtures, waste lines and the existence of old or incompatible piping materials are also common problems.
Exteriors While these flaws may not affect the property structurally, defects in windows, doors and wall surfaces can cause discomfort to residents via moisture and air penetration. The most common exterior problems are inadequate caulking and weather-stripping.
Poor Ventilation Over sealing a home can trap excessive moisture inside resulting in rotting and failure of structural and non-structural elements.
Fortunately, many of the most common problems in homes can often be fixed quickly and inexpensively. The ideal solution is to fix them before they can cause significant damage to your home.
What repairs should the seller make?
If you want to get top dollar for your property, you probably need to make all minor repairs and selected major repairs before going on the market. Nearly all purchase contracts include an inspection clause, a buyer contingency that allows a buyer to back out if numerous defects are found or negotiate their repair.
The trick is not to overspend on pre-sale repairs, especially if there are few houses on the market but many buyers willing to buy at almost any price. On the other hand, making such repairs may be the only way to sell your house in a down market.
14 Steps For Showing Your Home
As a homeowner, you can play an important role in the timely sale of your property. By taking the following steps, you can help your Realtor sell your home more quickly and at the highest possible price.
- First Impression A well-manicured lawn, neatly trimmed shrubs, clutter-free porch, and a freshly scrubbed or newly painted front door will welcome prospects. The first impression is critical so if it is autumn, rake the leaves; if it is winter, shovel the walkways. The fewer obstacles there are between your home and a prospective buyer, the better.
- Invest Time For Dividends This is your chance to clean up financially. Prospective buyers would rather see how great your home really looks than try to imagine how great it could look with a little work. Thorough cleaning and some minor redecoration can add charm and value to your property. Clean up the living room, bathrooms and kitchen. Make minor repairs if the woodwork is scuffed or the paint is fading. If you are worried about time, hire professional cleaners or painters.
- Check Faucets And Bulbs Check your home for dripping faucets and discolored sinks, which might suggest faulty or worn-out plumbing. Ensure that all the light bulbs are working and buyers are not trying to view your home in the dark. Fix the little problems so that they do not detract from the selling points of your home.
- Safety Homeowners learn to live with all kinds of self-set booby traps: roller skates on the stairs, extension cords, slippery throw rugs and low hanging lights. Make sure that your home is as non-perilous as possible for buyers to view.
- Storage Space Homebuyers are looking for more than just comfortable living space; they are also looking for storage space. Keep your attic and basement clean and free of unnecessary items.
- Closets Remember, the better organized a closet is, the larger it appears. This is a great time to box up any unwanted items and donate them to charity.
- Bathrooms It is important to check and repair damaged or unsightly caulking in the tub and showers, as bathrooms sell homes. It also helps to display your best towels, mats and shower curtains.
- Bedrooms Create a spacious look by getting rid of excess furniture. Make the atmosphere comfortable with fresh curtains and cozy bedspreads.
- Emphasize Daylight Pull back your curtains and drapes during the daytime, so that buyers can see how bright and cheery your home is.
- Keep Things Light When showing your home in the evening, turn on all of the lights, inside and outside. Light adds color and warmth, making prospective buyers feel welcome.
- Pets Dogs and cats have a talent for getting underfoot while your home is being shown. While they are great companions, keep your pets out of the way while a buyer is looking at your home.
- Atmosphere Homebuyers want to view your home with a minimum of distraction. While your home is being shown, keep the television and stereo volume low and conversation to a minimum.
- Never Apologize A buyer will try to imagine living in your home and how he/she would change things to better suit their lifestyle. If a prospect makes a derogatory comment about your home, don?t take it personally; let your Realtor handle it. No matter how humble your home, never apologize for its shortcomings.
- Let Your Realtor Do His/Her Job While nobody knows your homes as well as you do, your Realtor understands the buyers and what they want. Let your agent articulate the virtues of your home and negotiate price, terms and other real estate matters.
Tips For Short Notice Showings
While your home is listed for sale, there may be occasions when you receive a call that a prospective buyer is coming to see your home. Don't let that overwhelming feeling of panic set in, follow these easy pick-up tips to get your house in show-time shape in minutes.
The Game Plan:
- Assign responsibility for each room to a family member. When you have a last minute showing, each person knows which room to straighten.
- Have a get-away planned. Know where you will go when you have to vacate the house for a showing. Consider the library, park, playground or to visit friends. Run errands, do your grocery shopping or pick up the dry cleaning.
Entire House Strategies
- Eliminate any stray crumbs or dirt on the floors with a quick pick-up using a hand held vacuum.
- Turn on the lights, even on sunny days, rooms show better when they are brightly lit.
- Open the curtains and blinds to let in as much natural light and exposure to views as possible.
Kitchen Clean-Ups
- A lot of prospective buyers house hunt on their way home from work, or dinnertime. Use paper plates. Eat on them and then toss them into the trash to avoid unsightly dirty dishes and speed up clean time.
- If you are caught with dinner on the table, place it into the refrigerator and re-heat it in the microwave when the buyers have gone.
- Prepare a pot of cloves, cinnamon sticks and water. Quickly bring the spices to a boil; turn back immediately to simmer and your home will have a warm, inviting smell.
- Air-dry hand washed dishes in the upper rack of the dishwasher to keep the sink clean and clutter free.
- Wipe out cooking spills with a quick squirt of grease cutting spray cleaner and rub with a paper towel. This will add sparkle and shine.
Laundry Disguises
- Put dirty clothes in the washer until you have time to launder them and the same goes for clean clothes that you haven't had time to put away, let them sit in the dryer instead of a messy pile.
- If you have more laundry than you know what to do with, drop it in a basket, fold two large bath towels and place them on top. Laundry goes from messy to neat. Hidden Storage
- Utilize under-the-bed storage boxes for last minute pick-ups of toys, books and the occasional dirty socks.
- Keep a small box of pertinent items stashed in a handy location such as the coat closet floor. Use the box to keep keys, wallets, pet leashes and shoes, anything you need to locate quickly when you are leaving to let an agent show the house.
Final Check Run through the house room by room, from top to bottom, to make sure everything is in shape. These are just a few simple things that you can do that will make a positive impression on prospective buyers.
How does someone sell a slow mover?
Even in a down market, real estate experts say that price and condition are the two most important factors in selling a home.
If you are selling in a slow market, your first step would be to lower your price. Also, go through the house and see if there are cosmetic defects that you missed and can be repaired.
Secondly, you need to make sure that the home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage, and listings on the local multiple listing service (MLS) and on the Internet.
Another option is to pull your house off the market and wait for the market to improve.
Finally, if you who have no equity in the house, and are forced to sell because of a divorce or financial considerations, you could discuss a short sale or a deed-in-lieu-of- foreclosure with your lender.
A short sale is when the seller finds a buyer for a price that is below the mortgage amount and negotiates the difference with the lender.
In a deed-in-lieu-of-foreclosure situation, the lender agrees to take the house back without instituting foreclosure proceedings. The latter are radical options. Your simplest, and in many cases most effective, option is to lower the price.