Many sellers are tempted to take their homes off the market between Thanksgiving and New Year's. They feel the market significantly slows down and that they have little chance of selling - so why disrupt their holidays? While the slowdown may be true to some degree, there are several advantages for keeping a house on the market during this time frame. First, the buyers that are out looking are serious buyers and are ready to offer on something they like. In addition, there usually are fewer properties on the market this time of year so the competition is reduced. Plus the holidays offer a perfect time to dress up a home for prospective buyers. Sellers looking to sell should seriously consider keeping their home on the market through the holidays - it may turn out to be their most wonderful time of the year!
Visit my website www.donnaforest.com for more tips on selling your home and give me a call! 603-526-4116
Radon is a colorless, odorless, radioactive gas that occurs naturally in the ground from the breakdown of radium. It is very prevalent in New Hampshire. Studies show that high levels of radon increase the risk of lung cancer. Radon enters your home through cracks in the foundation and even from the release of the gas in your water (taking a shower for example). Today's buyers test for radon in the air and water and expect sellers to mitigate levels that are higher than recommended guidelines. Buyers can also use this as a negotiating point to reduce the sales price. For sellers to maximize selling potential, it is best to test before listing and install mitigation systems as needed. This will make the home more saleable and avoid a point of conflict with buyers. In order to better understand radon, contact the State of NH at 721-4764, or give Donna a call for a free state environmental fact sheet on radon, 526-4116.
Donna Forest, Broker Associate
For most people, selling their home is an emotional experience. Many memories are tied up in a house. As your house goes on the market, you need to bear in mind an important thing – your home has just become a commodity. It’s property. Real estate. Your goal is to have other buyers see it as their potential home. As difficult as it sounds, failure to make this emotional disconnect can cost you buyers. Part of preparing a house for sale is to de-personalize it. Remove family photos, trophies, knick-knacks, etc. This allows buyers to visualize themselves in the space without being distracted. A house with personality is great – just try to keep the “person” out of it.
For more selling tips, visit my website www.DonnaForest.com.
It’s human nature – we put a greater value on things that we already own. This is a well known theory called the “endowment effect” developed by an American economist, Richard Thaler, in 1980. One classic study is done with mugs where Group A, with no mugs, is asked how much they would pay for a mug. The typical answer is $4. Group B is given mugs and then asked how much someone would have to pay for you to part with it. The average response is $8.
I see this happening frequently with sellers when it comes to pricing their homes.
Even though they are shown similar houses sold for less and the competing homes are priced lower, sellers still want to price their house higher. The negative consequences of the endowment effect is that homes take longer to sell, the price ends up “chasing” the market and sellers eventually end up selling for a lower amount than if the house had been initially priced correctly.
Bottom line – sellers should be aware of how the endowment effect impacts their decision-making on price. Don’t go by what you “think” it is worth. Make decisions based on what is actually selling in the market. Give me a call if you need a REALTOR® to help you price your way to a successful sale! Donna Forest, 603-526-4116, email: donna@donnaforest.com, web site: www.donnaforest.com
Let’s face it – showing houses in the middle of winter can be very challenging. However, if buyers are willing to brave the cold and snow, they are most likely serious about buying. Here’s what you should be doing to make sure your house doesn’t give them the cold shoulder.
- Keep the driveway clear. It’s definitely a turn-off f to navigate ice-covered, bumpy driveways.
- Shovel walkways and decks. Sand if icy. Not only does it provide safe passage, it also shows you care about your home.
- The house should be warm. Buyers will rush thru a cold house and it leaves a negative impression.
- Make it light and bright so it shows well even on grey days. Get rid of heavy drapes, use higher wattage light bulbs.
These are basic & common-sense tips and yet I’ve trudged thru snow drifts, gotten stuck in driveways, and have been in houses where it’s warmer outside than in. Visit my website for more tips on selling and if you are looking for an experienced Realtor with the common sense to help sell your house in any season, then give me a call!
603-526-4116
Not every renovation will necessarily add value to your home for potential buyers. They may not like your choices. People also like to make their own renovations over time. There are certainly some which are sought after, but there are definitely some which aren’t, including the following:
Swimming pools. In most instances, it’s unrealistic to think that the addition of a pool will increase your property’s chances of selling.
Over-improving for your neighborhood. If your renovations drive the price of your property well beyond its neighbors, you’re making a mistake. Plus, you may well have increased the maintenance costs and taxes on your property, also unappealing to buyers.
Extensive landscaping. In general, adding a lot of landscaping (without specific purpose) is personal and may not appeal to a buyer. Keeping your yard mowed and picked up and your bushes trimmed is a better choice.
Some High-end upgrades. Thing like imported tiles, fancy bath tubs, built-in Jacuzzis, hand-decorated wallpaper, Persian rugs, expensive light fixtures, etc., may be appealing to you, but they can be very personal choices which buyers would prefer to make themselves.
Wall-to-wall carpeting. Better to clean than replace which again allows for the buyers’ personal choices. Don’t cover wood flooring. It’s better to refinish it than cover it with carpeting.
Invisible improvements. Things like new plumbing and heating systems sound great on paper, but everyone expects there to be heating and plumbing in the house they buy. Make sure it has been serviced recently and is functioning properly. In general, buyers are more impressed by what they see.
A refinished or well-decorated basement. This is the type of improvement which might help clinch a sale to some buyers, but they still might not be ready to pay more for this feature. It’s unlikely that it will pay you back.
Building or upgrading a deck. Be sure that your existing deck is in good repair, but money spent on new or upgraded decks probably won’t make the difference in your selling price.
Patio frills. Water fountains, fish ponds, awnings, gazebos, or a multi-purpose playground are expensive “luxuries” which may or may not impress a buyer and may even help clinch a sale, but they too are not likely to increase the value of a home to the extent of their cost.
The addition or expansion of a garage or carport. Garages are one of those things that, in our part of the country, people want and assume that most properties will have. They might be willing to pay a bit more if the house has one, but, again, not perhaps as much as it cost you to add one.
This article was adapted from an article which appeared on Yahoo! Finance, on Wednesday, February 9, 2011. It was written by Fred Fletcher, a Yahoo! Contributor.
A substantial majority of both home owners and current renters agree that owning a home is a smart decision over the long term. That’s according to the results of a National Association of REALTORS® survey of 3,793 adults conducted online by Harris Interactive.
The American Attitudes About Homeownership survey found that in today’s challenging economy, 95 percent of owners and 72 percent of renters believe that over a period of several years, it makes more sense to own a home. In addition, an overwhelming majority of home owners are happy with their decision to own a home – 93 percent of owners surveyed would buy again.
“Home owners and renters agree that home ownership benefits individuals and families, strengthens our communities, and is integral to our nation’s economy,” said National Association of Realtors® President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “The results of this survey illustrate just how important issues related to home ownership are to people in this country.”
The survey uncovered some differences between home owners and renters, as well. While more than half of owners are “very” or “extremely” satisfied with the overall quality of their family life, only one-third of renters report the same levels of satisfaction. Similarly, 43 percent of home owners are very/extremely satisfied with their community life, compared with 30 percent of renters.
A majority of renters – 63 percent – said that it was at least somewhat likely that they would purchase a home at some point in the future. Among this group, young adults (18-29 years old) have the strongest aspirations for home ownership; only 8 percent of young adults said that it was “not at all likely” that they would purchase a home at some point in the future.
In today’s market, many aspiring home owners are faced with worries about job security and creditworthiness. Among renters who are very or extremely likely to buy a home in the future, three out of five consider confidence in job security and creditworthiness to be an obstacle.
One point of agreement between renters and home owners was support of the mortgage interest deduction (MID). Seventy-four percent of owners and 62 percent of renters say it’s “extremely” or “very” important that the MID remain in place.
“At a time when the middle class is under increasing economic pressures, both home owners and renters agree that the mortgage interest deduction should not be targeted for change,” said Phipps. “Given strong public support of and aspirations toward owning a home, we need to keep policies in place that support and encourage responsible, sustainable home ownership for our future.”
This survey was conducted online within the U.S. and fielded October 6-20, 2010. A total of 3,793 adults, 18 and older were surveyed, including 1,880 home owners, 1,115 renters, and 798 young adults. All samples came from the Harris Poll online database and were weighted for age, sex, race/ethnicity, education, region and household income to be representative of the U.S. general population of adults 18 and older. Propensity score weighting was also used to adjust for respondents’ propensity to be online.
Results are available online at www.realtor.org/statsanddata/homeownership/attitudes_homeown.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
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Source: National Association of Realtors, January 19, 2011.
REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS®. All REALTORS® are members of NAR.
Since the most enjoyable part of selling your home occurs when the proceeds from the sale are deposited into your account, there are some things that you can do that will help you reach that goal more quickly. Most sellers need to de-clutter, which means not only, removing knick-knacks and taking out excess furniture, but removing other distractions from your home which make it harder for buyers to picture themselves living there. Many sellers like to sort through their personal property themselves, but there is help out there in the way of home organizers who specialize in assisting people through the selling and moving process. Consider combining this service with a professional stager to make your house stand out from the competition. Living in a home that is on the market can be disruptive. Ideally, you, your children and pets should be out of the house when it's shown. Buyers feel inhibited by the sellers' presence. They won't say anything negative about the house while you're there. Work with your agent to set up a showing procedure for your home that you can live with, knowing that it gives your house the best chance to make a good impression if you, your children and pets skedaddle. The perfect house doesn't exist, so buyers always have to make compromises. It's important for buyers to have an opportunity to weigh the pros and cons of a home while they are there with their agent. Here’s a great hint: Preparing for showings is easier if you have bins in the bathrooms for your personal effects, in the kitchen for things you use daily, and to store children's toys. These hints will help get you to the settlement table sooner! Based on an article on InMan.com, November 15, 2010 authored by Dian Hymer, a real estate broker with more than 30 years' experience, who is a nationally syndicated real estate columnist and author of "House Hunting: The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide."
Have a Contract? It’s Still not Time for the Bubbly!
Getting a house under contract can sometimes be challenging enough. However, it’s still not time to break out the champagne once it happens. According to a survey by the Nat’l Assoc. of Realtors, about 14% of pending sales don’t close and another 20% are delayed but eventually close. Most of the issues can be attributed to financing or home inspections.
So what can you do? Be mentally prepared that there most likely will be hurdles to overcome and the closing date may not be concrete. Have a home inspection prior to putting your house on the market and make needed repairs so you can avoid post-contract negotiations or worse, giving the buyers reason to walk from the contract. Be aware that tighter lending regulations can slow the process - anything from the house not appraising to last minute negotiations that create a 3-day delay due to new lending rules. It’s a complex process and that’s why you need a knowledgeable Realtor to help navigate your way to a successful closing. Give me a call and put my 15 years of experience to work for you. 603-526-4116
Donna Forest, ABR
Here is some good advice for those folks who have sold their homes and need to pack up and move on.
First decide if you are going to do it yourself, or hire a full-service company or, relatively new, hybrid, of the two. Then, get recommendations from friends and relatives on the best choices and solicit two or three quotes. Like most undertakings, working with a high-quality, customer-service oriented company can make all the difference in how you feel during and after the move. Sort your belongings into categories: keep, throw out, recycle, donate, or sell. Try to be flexible in the timing of your move; you can save a lot of money by asking the mover for the different rates for different times. Save on packing materials by packing a lot yourself and using your own belonging as breakage buffers. If you have a large collection of books, check into mailing them; it might be cheaper than the movers. Lastly, decide ahead of time where your furniture and belongings will be placed in their new location. All of these suggestions can help save you time, money, and worry.
Source of information: based on an article originally posted on RISMedia, July 13, 2010. (c) 2010, Chicago Tribune. Distributed by McClatchy-Tribune Information Services.