Getting your house under contract is a great first step, but beware…there are five common mistakes often made by sellers which could endanger the eventual closing. To keep your closing on track, be sure you … Don’t ignore contingencies This one is simple: if your contract requires you to do something before the sale, do it, and do a good job of any repairs Fix things that break Remember, there will be a walk-through. If the buyer notices that something has broken since he last saw the house, and it hasn’t been fixed, at the least, he could call for a delay of closing until the repair is made. Even worse, he might lose confidence about your trustworthiness and the condition of the house and he may walk away from the sale. Don’t get lax about deadlines Follow the timelines required in the contract to a “T”. Don’t refuse to negotiate any further Be prepared to listen to requests by the buyer for reasonable price negotiations. Don’t fail to mention liens to your agent and the buyers These things will come up in the title search anyway and could derail the closing. Take care of them up front. Article source: BuyAndSell.HouseLogic.comBy: G. M. Filisko
Published: March 30, 2010
If your house has been on the market longer than expected and you’ve had minimal activity, it’s time to review the 4 things that impact selling: Price, Condition, Location, and Marketing Plan.
- Price – Evaluate the market with your agent to see the recent solds and new listings. Discuss where your house fits into this market data. Now may be the time for a price reduction.
- Condition – Look at your house through buyers’ eyes. Spruce up, fix problems, de-clutter. Review feedback from showings to see if there are any issues which should be addressed.
- Location – If you are located close to the road or packed in with other homes for example, you can only overcome a poor location by lower pricing. “What price will make the road ‘go away’?”
- Marketing Plan – Review where your property has been marketed with your agent. Look for heavy internet exposure, make sure your home is distributed to multiple sites, check the pictures on MLS to be sure there are as many as possible and that they represent your house to its best advantage, discuss the target market to consider other placement.
It takes time to market and sell a home – keep in mind that the average days on market in the Sunapee region is around 5 months (statistic derived from the NNEREN MLS). If you’re looking for an agent who has the expertise to get your home sold, then give me a call at 603-526-4116.
Donna Forest, ABR
Have you had to move before your house has sold? Here are some tips if you are in this situation:
- Make sure the house is super clean after everything has been moved out. Dirt, smudges, dirty sinks, etc. really jump out in an empty house. If necessary, arrange for some touch-up painting.
- Leave a rug at the front door to minimize the tracking of dirt & water.
- Don’t leave empty boxes, bags of trash, and unwanted personal items. It gives a more “run-down” feeling to the property.
- Arrange to have the lawn mowed in summer or the driveway plowed and sidewalks shoveled in the winter. Overgrown lawns or sidewalks knee deep in snow are turn-offs for buyers.
- Check with your insurance company to make sure your empty house is covered. Some companies require a different (and unfortunately, more expensive) policy if the house is vacant for a long period of time.
If you are looking for an experienced agent to help sell your house, then give me a call! 603-526-4116
RISMEDIA, in their real estate magazine, often offers great tips for both buyers and sellers. An article published in early spring summarized these timeless great suggestions for anyone trying to sell their home from Sandra Rinomato, host of HGTV’s popular “Property Virgins” show. Before staging, the first step is to, “Get it clean, clean, clean,” said Rinomato. “If your house isn’t clean, it instantly sends up negative thoughts that the home is not well maintained. If your house is spotless, you’re ahead of the game,” she said. Next, “stage” your house so “…potential buyers can superimpose themselves and their lifestyle on the house.” Here are her tips: 1. Visit model homes and check out magazines for inexpensive decorating ideas which will appeal to the general public. 2. Home improvement can be as simple as spiffing up the outside with a fresh coat of paint, new shiny hardware on the front door and plant some flowers. 3. Declutter everywhere. This will make rooms look larger, and don’t forget closets. 4. Replace light bulbs with energy-saving, but bright, bulbs. Open or remove curtains. “Light, bright rooms give the impression this is a happy place—and everyone wants to move into a happy place,” said Rinomato. 5. Feature only a few pieces of furniture with broad appeal. Pieces pulled away from walls will make rooms look bigger. 6. Make sure a room’s primary use is obvious. 7. Keep kitchen counters clear; the same for nightstands and bureaus. Clean under the sinks in the kitchen. 8. Minimize the presence of your pets. Deodorize thoroughly. 9. Organize storage spaces. It’s even worth renting a storage locker. 10. When you’re done, call in your friends and REALTOR to get an objective opinion. RISMEDIA, March 19, 2010—(MCT)—(c) 2010, The Orlando Sentinel (Fla.).Distributed by McClatchy-Tribune Information Services.
First thing is don’t get mad! These may be the buyers (in disguise) you have been waiting for!
Here are some helpful things home sellers should know about “low-ball” offers:
1. First, understand that, in this market, you should be prepared for the possibility of an unacceptably low offer.
Your agent will help you be ready and work with you to agree ahead of time what constitutes a “low-ball” offer on your house. If you have an understanding and a plan ahead of time, it will ease the process.
2. Don’t automatically assume that buyers are trying to be insulting. There are many reasons a buyer might submit a low offer.
A lowball may be all the buyers can afford; it could be an investor looking to steal the property, or a buyer who really likes your property and is just taking a shot at it, never knowing if you're going to say yes or no.
3. If the initial offer seems out of the question, should the seller just ignore it or make a counter?
Even if the offer is so low, you wouldn’t consider selling at that price, make a counter-offer. Keep the negotiation lines open. You never know where it will take you.
4. In such a case, the next move will be revealing.
The smaller the move, the closer the buyer likely is to his goal. A big jump could mean that there is hope of reaching agreement. And you may have found yourself a buyer!
Based, in part, on an article written by Mary Umberger, a freelance writer in Chicago, which appeared in the September 8, 2020, issue of Inman News online.
If you are planning to sell soon and think that renovations will increase the value of your home, then some research might be in order. Not all remodeling projects deliver the same bang for the buck when it comes to resale. Studies suggest that most renovation projects do increase the price of a house, however, the increase is typically less than the cost of the project. Generally a homeowner will experience a return of 75% to 80% on the dollar at resale. Some of the more cost effective improvements are major kitchen upgrades, bathroom remodeling, and anything that adds square footage. Keep in mind that the cost recouped can be affected by the quality of finish and even the type of neighborhood and local conditions.
Probably the biggest advantage that remodeling has is the fact that it increases the appeal of your home to buyers. A gleaming state of the art kitchen with granite countertops and bathrooms with tile and glass can sell a house more quickly than a home with an outdated kitchen and harvest gold appliances. You can count on me for helpful tips whether you are buying or selling real estate. Give me a call!
Donna Forest- Overpricing. Your home will stay on the market longer and buyers will be less inclined to make offers.
- Using emotional values to price the property vs. factual market conditions.
- Not preparing the home for sale before it goes on the market.
- Listening to the opinions of friends and relatives vs. the professional advice of your realtor.
- Not giving the first offer serious consideration. Most often, it seems that this turns out to be the best one.
For more selling information, visit my website and click on “Resource Links” and/or “Free Reports”!
What Sellers Should Know About Home Trends in 2010 In today’s economic climate, practicality and price are the driving factors influencing consumers’ decisions on home building and buying. Here are a few of the top trends in 2010, according to the National Home Builders Assoc.(NAHB).
- Smaller homes. Consumers are buying homes with less square footage, though they still want the open concept floor plan.
- Energy efficient appliances and efficient HVAC systems.
- More natural light.
- Separate laundry room.
- Eat-in, partially separated kitchen.
Home buyers are also looking for walk-in closets, great rooms, insulated front doors, low-E windows, 9’ ceilings, programmable thermostats and separate tub/shower in master bath. Why should you as a seller care about this? Simply put, if you want to sell your house, you need to make your house as appealing as possible to the largest number of buyers. Give buyers what they want instead of what you think is fine. Incorporating as many of these desired features into your house wherever affordable and practical will maximize buyer appeal and help get a quicker sale. Give me a call if you would like the full report from the NAHB on consumer preferences! Donna Forest, Broker Associate 603-526-4116; donna@donnaforest.com www.donnaforest.com
If your home is on the market, it might be useful for you to be aware of the following statistics regarding Home Buyers. The source of this information is the 2009 National Association of Realtors Profile of Home Buyers and Sellers.
Active home search (median):
- Number of weeks searched: 12
- Number of homes seen: 12
First-Time vs. Repeat Buyers:
- First-time buyers: 47%
- Repeat buyers: 53%
- Median age of first-time buyers: 30
- Median age of repeat buyers: 48
Buyers who definitely would use same agent again: 81%
Actions taken as result of Internet home search:
- Drove by/viewed a home: 77%
- Walked through a home viewed online: 61%
- Found agent used to search/buy home: 28%
Information sources used in home search:
- Internet: 90%
- Real estate agent: 87%
- Yard sign: 59%
- Open house: 46%
- Newspaper ad: 40%
- Home book or magazine: 26%
Source: 2009 National Association of REALTORS® Profile of Home Buyers and Sellers
Not all remodeling projects deliver the same bang for the buck when it comes to resale. If you are planning to sell soon and think that renovations will increase the value of your home, then some research might be in order. Studies suggest that most renovation projects do increase the price of a house; however, the increase is typically less than the cost of the project. Generally, a homeowner will experience a return of 75% to 80% on the dollar at resale. Some of the more cost effective improvements are major kitchen upgrades, bathroom remodeling, and anything that adds square footage. Keep in mind that the cost recouped will also be affected by the quality of finish and even the type of neighborhood and local conditions.
Probably the biggest advantage that remodeling has is the fact that it increases the appeal of your home to buyers. A gleaming state of the art kitchen with granite countertops and bathrooms with tile and glass can sell a house more quickly than a home with an outdated kitchen and harvest gold appliances. Particularly in this market, that is the goal, to make your home stand out from the competition.
More pertinent information can be found at:
