Every year Remodeling Magazine publishes research on the average return on investment (ROI) on 20 popular home projects in 149 markets across the US. The 2018 report found overall you make back only about 56% of the money spent on renovations. This is down from the last two years where the expectation was at 64%. Of course the ROI varies with the project. In the New England markets, new garage doors have the highest ROI at 99%, followed by siding replacement at 80% and vinyl windows replacements at 75%. Enhancing curb appeal provides higher payback than interior projects.
Spending money on a house does not mean it automatically goes up in equal value. Putting on a $10k roof won't increase the worth of a home by $10k. Buyers expect to purchase a home with a roof that has a reasonable life expectancy. There is a difference between maintenance and enhancement. Bottom line, if you are thinking of selling, replace or repair is better than adding rooms or doing major remodels. Contact me for sound advice on where to spend your money when getting ready to sell! 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com
- Overpricing – Even in a good market, a house priced too high will just sit.
- Not Prepping Home – Decluttering, depersonalizing, cleaning. All a must do before selling.
- Neglecting Curb Appeal – First impressions count. And you don’t get a second chance at enticing buyers.
- Ignoring Repairs – Poor maintenance will leave buyers wondering what else is wrong with the house. And can be deal killers when the home inspection is done.
- Being Emotional – When a house goes on the market it becomes a commodity and not your home. Making decisions based on emotions will cost you.
- Taking Offense at Low Offers – Buyers are trying to buy at the lowest price they can. An offer is most always a starting point for negotiations.
- Not Hiring a Professional – It’s a fact For Sale by Owners end up selling for less than if they hired a realtor.
If you are thinking of selling and looking for expert guidance throughout the process, then contact me – a certified Seller Representative Specialist! 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com
Picture this – you’re getting ready to sell or trade-in your old car. What do you do? Common sense says you get rid of the years of accumulated stuff, clean it up and make necessary repairs. Why? First of all, no buyer wants to look at a car full of your things. And secondly, you want to maximize how much you can make on the sale by getting it in good condition. In fact, you may even take it to a car detailer. Well, the same holds true when you are ready to sell your house. In order to attract buyers and get the most money for what is probably your largest investment, you need to de-clutter and de-personalize your home and neutralize your décor. The house should be shiny clean from top to bottom including windows. And everything should be in good working order and up to snuff. Hiring a home stager would up the rewards, just like a car detailer. While it is hard to make the leap from living in your home to living in a house ready for the market, it will be time and money well spent with shorter days on market and more money in your pocket at the end! If you are thinking of selling this spring, contact me for more selling advice. 603-526-4116, www.DonnaForest.com, Donna@DonnaForest.com
Almost every sale entails having a home inspection. Sellers can take steps ahead of time to ensure this goes smoothly. Below are some tips to help prepare for inspection day.
- Make repairs in advance of the scheduled inspection and don’t try to hide what’s not working. If something breaks with no time to fix it, leave a note and how it will be corrected.
- The house should be clean and in showing condition. The inspector and buyers will be going through it in much more detail.
- Provide easy access to the attic, furnace, utilities, and under sinks. An inspector should not have to spend time moving your belongings to inspect.
- Replace any burned out light bulbs.
- Leave a sketch of the septic system so it can be easily found.
- Make plans for both you and any pets to be gone from the property for at least 3 hours.
While it’s a little nerve-racking to have your house so thoroughly examined, taking steps to get ready will help ease the process. Contact me if you would like more tips on preparing your home for sale! 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com
Teamwork from the Team that works –Better Homes & Gardens Real Estate - The Milestone Team
The answer is “yes”. It is both depending on the property you are trying to buy or sell. I know, the news is full of stories on the shortage of inventory, high demand, and rising prices. The truth is the type of market you face is dependent on the price point and condition. In general, our area does not have enough listings in the price range for the bulk of buyers who are buying. Home prices have reached unaffordable levels for many 1st time buyers. And the downsizing baby boomers have specific needs (newer, 1st floor master, near town amenities, mostly under $400k) for which there is pretty low inventory.
Overall, sales are about the same as 2016 in New London, Sunapee, & Newbury, mainly due to lack of desirable inventory. New London is actually down from last year YTD, thru Oct. With a median price of $342,000 in these 3 towns combined and an average days on market of 127 days, it can be confusing to understand what type of market is in play.
Bottom line, buyers trying to find a move-in ready home under $300k are in a sellers’ market. Sellers with homes that don’t fit the desired condition and price for the bulk of buyers are in a buyers’ market. Whether buying or selling, contact me if you want to know what you are facing!
Figures are based on information from the Northern New England Real Estate Network, Inc. for the period 1/1/16 thru 10/31/16 and 1/1/17 thru 10/31/17.
Donna Forest 603-526-4116, www.DonnaForest.com, Donna@DonnaForest.com
If you are thinking about selling and wondering if it would be better to wait until spring, here are few reasons why it may make sense to list now:
- There are fewer homes for sale which means less competition for your property.
- There may not be as many buyers out looking but those who are house hunting are serious buyers.
- Prices are expected to appreciate 5% over the next year (CoreLogic). If you are moving to a higher priced home, it could cost more if you wait.
- The process will be quicker as lenders and appraisers are not swamped this time of year.
If you feel it’s time to move on with your life then it may not be worth waiting for the spring market. With proper pricing and enhancing your home for maximum effect, a house will sell regardless of the month. Give me a call to get the Better Homes & Gardens The Milestone Team advantage any time of year. Donna Forest 603-526-4116, www.DonnaForest.com, Donna@DonnaForest.com
Want a higher price and shorter time on the market for your home? You should be staging your house by adding decorative touches and updates. Here are a few “To Do’s” before going on the market:
- Have your Realtor go room to room making suggestions for improvement. Ask them to be honest and be prepared for constructive criticism.
- Pay attention to the kitchen. Put away cookbooks, utensils, excess cooking machines, etc. Put new hardware on the cabinets for a quick update. Clean off windowsills, organize cabinets.
- Update bedrooms and baths. Buy new bedcovers. Add a new shower curtain with matching towels. Clear off countertops, nightstands, and dressers.
- Boost curb appeal with fresh mulch, potted flowers, add new exterior lighting, and paint the front door.
Remember, first impressions count. If this sounds like too much for you to attempt, there are professional staging companies in the area that can do as much or as little as you’d like. Simple changes can have a big impact on the appeal of your home. Contact me if you’d like more advice on selling. 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com
Selling your house can be scary: It’s been your home, where you’ve lived and made memories. Chances are good it’s your most important asset and your biggest investment so far. Wrestling with the emotional heft of putting your home on the market is a difficult byproduct of real estate — but once a closing date has been set, the hard work is done. Right?
Actually, it’s not uncommon for sellers to feel pangs of regret when a buyer gets serious. If you’re feeling remorse for your soon-to-be-former home, don’t panic: You’re far from alone.
“When you’re selling a house, you’re not selling an object,” says Bill Primavera, a REALTOR® in Westchester County, N.Y., and “The Home Guru” blogger. “A house provides shelter and is probably the biggest thing we ever acquire, so it has a bigger impact on our life.”
The Origins of Seller's Remorse
Moving is one of life’s biggest stressors. According to Daryl Cioffi, a Rhode Island counselor and co-owner of Polaris Counseling & Consulting, it’s one of the biggest instigators for depression.
“There’s a lot of latent stuff that happens when change occurs,” Cioffi says. Are you feeling insecure? Are you wondering if you made the right decision? Those feelings are normal reactions to change — but when they get tangled up with the sale of your biggest investment, they can be downright terrifying.
Related: 9 Feelings That Are Totally Normal When You Sell Your Home
Here are some things you can do to help you manage the emotional roller coaster that comes with selling your home:
Do the Emotional Work Beforehand
Doing the emotional work before it’s time to sell is the best way to avoid regret.
“Look at the flaws of what makes it not the perfect home for you,” Cioffi says. Is it just too small for your family? Does your Great Dane need a bigger backyard? Ask yourself, “How can I close this chapter?”
That doesn’t mean you have to develop negative feelings toward your current home. You’re just trying to remind yourself of why you decided to move on.
Here's how to cope:
“Begin the detachment process by saying: ‘This works for me now, but it won’t work for me forever,’” Cioffi says.
Once you’ve processed your reasons for selling the home, give yourself space to grieve the house you’ve loved and the memories you’ve made inside its walls. It’s OK to be sad you’ll never step inside your child’s first bedroom again; conversely, that’s not a reason to stay in a home forever. You can even have fun with your grief. Why not acknowledge your feelings by throwing a goodbye party for your house?
Focus On the Future
Working through your feelings early will make the selling process smoother, but even if you spent time grieving before putting your home on the market, it’s still normal to feel some pangs of sadness during closing. While it’s easy to tell yourself you’re overreacting, getting past remorse isn’t a simple process.
How can you do it? Say goodbye to your old home and prepare yourself for what’s next. If you’re still feeling remorse after the sale has gone through, don’t overthink it: Even if you did make the wrong decision — and chances are good you didn’t — it doesn’t matter. The deed is, quite literally, done.
The next step is distraction. If you’ve already moved into your new home, throw yourself into fixing it up. Redo the shelving in the kitchen. Start a garden. Primavera recommends taking your mind off of homes completely by picking up a new hobby or exploring your new neighborhood to find fun activities, like yoga or pottery classes.
“Keep your mind focused on what’s ahead,” says Cioffi. “The fact is, it’s done. Now what? Look forward and focus on how you can make this new place something to be excited about.”
If you’re still having problems adjusting to your new life, your old home might just be a stand-in for bigger problems: Perhaps a depression worsened by moving, or it has triggered anxiety about your life in general. A long-term struggle to resolve your grief indicates you should speak with a professional counselor about your situation.
Cioffi says a good therapist will help you answer the questions, “What’s going on that you can’t let go?” and “What’s keeping you from moving forward?”
No matter how deep your seller’s remorse may be, uncovering the reasons behind it and focusing on the future are the best ways to let go of the stress of leaving a former home behind. Give yourself time to get used to the change and focus on creating new memories. After all, the happy life you had in the home you sold was the reason you loved it so much. Someday, with a new set of memories made, you’ll love your new home just as deeply.
By J
is a writer and editor with a focus on home improvement and design. Previously, she worked as a web editor for “House Beautiful,” “ELLE Decor,” and “Veranda.”
Visit Houselogic.com for more articles like this. Reprinted from Houselogic.com with permission of the National Association of REALTORS
Selling and in the throes of packing and moving? Below are some helpful tips to help get through those final days so you don't end up creating more work for yourself at the last minute.
1. Don't leave personal items unless the buyers agreed to it. While you may think you are doing them a favor by leaving that sofa and bar stools, the buyers could view it differently. You don't want to be coming back to remove things right before the closing. Always check first.
2. Leftover paint, tile, and cleaning supplies. All useful for the new owners, right? Again, confirm that buyers want it left. It's not that easy to get rid of this stuff at the eleventh hour.
3. You may be closing in a week, but you still need to maintain the yard. Having buyers pull up to a house with foot high grass to do their walk-through inspection could be contentious.
Thinking of selling? Contact me and put my 23 years of real estate knowledge to work for you! 603-526-4116, www.DonnaForest.com, Donna@DonnaForest.com.
If you want to sell your home faster and most likely for more money, consider hiring a home stager. Home staging is not decorating or interior design. It is the act of preparing and showcasing a home for sale to attract buyers. A home should be merchandised and marketed just like any other product, but somehow this is woefully overlooked by most sellers. Staging is a proven marketing strategy - staged homes present and show better, they sell lifestyle and emotion, and they don't give buyers a reason to offer less money. Buyers are willing to pay a premium for a move in home.
Professionally staged homes stand out above the competition and also photograph better - a key component in online marketing. It's hard to make the mental leap from this is your home to now being a commodity on the market.
Stagers are trained professionals who understand exactly what is needed to get your property prepared for sale. Bottom line, it is money well spent to properly prepare a house for sale. Contact me for more useful tips if you are thinking of selling. Donna@DonnaForest.com, www.DonnaForest.com, 526-4116