Archive for category: Seller Tips

Many homeowners today are optimistic about the potential profit they will realize when they sell their home.  Headlines have reported market improvements to the housing market for some time, and sellers are gearing up to cash in on those increases.

The downside is these expectations may lead to a major disappointment.  It’s more critical than ever to have a local agent that understands the local real estate market and can educate their clients on the following six very important topics.

1. THE MARKET DICTATES THE PRICE – NOT THE SELLER AND NOT THE REALTOR®

Nearly every homeowner believes that their home is special and one of the best in the entire neighborhood, and should therefore be priced higher than other comparable homes currently being sold.  Knowing the competition is critical to effectively pricing a home.  Your agent should be able to show you on paper where your home stacks up to the completion.  However, not everyone really gets it by looking at values on a spreadsheet.  If this is you, then have your agent take you on a tour of the neighborhood and pre view each comparative home on the market. 

Once you, as the seller, have a chance to see what money will buy in the current market, you should have a better idea of where your home should be priced. 

2. SET THE STAGE – STAGING MATTERS

Sure, you live in a beautiful home and everyone compliments you on your decorating skills.  This does not give you a pass at staging.  Bring in an independent 3^rd party who will depersonalize and declutter the living space so that it shows its best under the brightest of lights.

Have you ever toured model homes?  They all look inviting and lived in yet there is never any personal items that will identify the occupants of the home other than a boys or girls room. 

Create a plan with a checklist so that for every open house or showing you can go through the home and create the desired image.  You have to remember the entire purpose of staging is to allow the potential buyer to see themselves living in your home and call it theirs.

Don’t forget that staging includes Curb Appeal too.

3. FIX IT BEFORE YOU LIST IT!

Any home repairs that have been on the ‘Honey Do’ list need to be done before you ever allow any prospective buyer in for a preview.  Nearly all home repairs have a minimal cost that a potential home buyer will perceive as much more expensive and inconvenient if not taken care of first.  A buyer will typically compute the cost as a negative which will be deducted from the asking price when structuring an offer.  Therefore, it is much more cost effective to take care of these minor issues up front.

There are a number of renovations that can be made that will add even more value to your home and increase the desirability of it to even more buyers.  For starters, consider adding a fresh coat of paint inside and/or outside.  New flooring.  Consider replacing the windows and exterior doors.

4. INCENTIVES ARE A GREAT MOTIVATOR

There are a number of ways to offer an incentive to the buyer.  Perhaps one of the most common that is almost taken for granted today is offering a 1 year home warranty.  This takes the concern of any hidden expenses for deferred maintenance that may go uncovered during inspections.  No one likes those kind of surprises.

Other incentives that will help differentiate your listing from others on the market is to offer to pay some of the buyers closing costs, HOA fees for a year or even to buy down their interest rate on their home loan.

While technically not a buyers incentive, many sellers will offer a brokers incentive of extra cash above the commission if they can bring a buyer who can close be a specified date.  Realize that brokers and agents sift through hundreds, if not thousands, of listings and finding the ones that pay the most just may end up on the short list of homes to show.

5. SERIOUS BUYERS ARE SHOPPING 365 DAYS A YEAR

Don’t fall into the trap thinking that buyers are only ‘out there’ on certain days of the week and only during certain seasons of the year.  Escrows are opened and closed every day – including some holidays.

Your agent should have a marketing plan that covers all of the holidays for the next 6 months, if they want a 6 month listing.  While Spring and Summer are traditionally the hottest selling seasons locally, they also have the most competition with lots of inventory for sale, which means lots of options for the buyers who are shopping for homes.

6. NEVER FORGET THAT ALL REAL ESTATE IS LOCAL AND YOUR REALTOR® SHOULD BE TOO!

The news is full of headlines reporting on the real estate market, as a whole.  But who really knows what’s going on in your neighborhood?  Is it an agent from San Diego? Los Angeles? Orange County?  I think not – it’s an agent who lives locally and works locally.  It’s a REALTOR® who has a vested interest in the community and understands its quality of life and everything about the community.

There are many common misconceptions about real estate and market trends.  To start yourself on a path to a successful sale, make sure that your local REALTOR® understands and explains to you what you need to know when listing your home for sale.

Call us today at (951) 296-8887, and get educated! 

For questions regarding available inventory and/or other real estate matters please contact, Mike@GoTakeAction.com.  Mike Mason, Broker/Owner of MASON Real Estate Cal. BRE: 01483044, Temecula Valley resident for 30+ years, Board of Director (since 2011) Southwest Riverside County Association of Realtors® (SRCAR).

Considering a home improvement either to make the home more suitable to your family’s needs or because you are looking to add value before you sell your home you’ll certainly want to investigate what impact your improvements will have on the value of your home.

Not every home improvement project adds value to your home and many projects that are undertaken do not add value equal to the cost of the project.  We are often asked, “What are the best low-cost home renovations we can make that will make our home more comfortable while adding the biggest bang for the buck?” 

FIRST CONSIDER THE BONES

While cosmetic improvements are always the most exciting as they leave a visual impact with the buyer, the ‘Bones’ of the home are critical.  The interior systems of your home are often referred to as ‘The Bones’.  By interior systems we are referring to both structural and mechanical elements that when combined make a house.  Heating, plumbing and electrical are the basic mechanical elements of the bones.  Buyers today are looking for turn-key homes and typically are not looking to invest into a home that will require any repairs, upgrades or replacements after the purchase is complete. 

START WITH EXTERIOR REPAIRS AND REPLACEMENTS

Many times Repair and Replacement projects can increase the value of your home more than an interior remodeling project.  Repairing and replacing projects can also be the least expensive type of project and not break the bank.

Roof

In an older home, if the roof needs to be replaced, then you’ll want to replace it before you try and sell it.  On the other hand, replacing a roof is expensive, if there are still several years of life left in those old shingles, don’t replace the roof yet.

Windows and Doors

The front door, garage door your windows and even you’re siding should all be considered as worthwhile renovations.  Today’s modern windows and doors offer both curb appeal and increased energy efficiency making them a sound investment.

These improvements are not only efficient but the added curb appeal will help sell your home quickly, as well.

Landscaping

Your home does not need to look like it belongs on a magazine cover to have curb appeal.  What it does require is a neat well-manicured lawn, free from weeds.    Add seasonal flowers to the planter areas and make sure any shrubbery is trimmed and looking good.  Consider replacing it with a new flowering variety of shrubbery.

Add colored bark or stone to planter areas, keeping them looking clean and fresh.

Remember that curb appeal is all about first impressions – many times a potential buyer will just drive by a home that does not speak to them, from the curb (or worse the pictures used online to market you home).

INTERIOR LIVING SPACE NEEDS ATTENTION AS WELL

Your home interior is where you live and want to feel both secure and comfortable.  There are many things to consider when choosing which project to take on.  Even if your plan is to stay long term in your home, try and look at each potential project as a buyer would, coming through the house for the first time – what will their reaction be?

Bathroom Improvements

Some will argue that the bathrooms are the most important room(s) in the house when it comes time to sell.  No one wants to buy a home that is perceived to have a grungy bathroom.  There are a number of inexpensive replacement projects you can take on that will help give the bathroom some zing.

For under $100 you should be able to find a nice spa-style shower head.  It’s amazing how everyone notices a nice shower head when looking at a home they are considering to buy.

Redo the bathroom floor with a neutral color tile for maximum resale value.  Replace those dated plumbing and light fixtures – you’ll be amazed at how far a couple of hundred dollars can go in making a total transformation in this important room in your home.

While you’re at it, spend just a few dollars more and replace those dated towel bars and paper holders as well.  If there is a window, then don’t forget the window treatment.  Of course, you’ll want a fresh coat of paint and this room is set.

Flooring

The first thing anyone notices when they enter a home is the flooring, after all everyone looks where they walk, right?  What do your floors say, “I am tired, I am worn out, I am beat up”?  Well, then it’s time for an upgrade.

The kitchen and bathrooms are two of the most important floors in the home.  They should NEVER be carpet or wood (water and wood just don’t go well together).  Tile is always the best.  Rip out that linoleum and tile it if you want to add value and appeal to a potential buyer.

About a decade ago, laminate flooring was the new hot thing in homes.  Today they are common and not a viable substitute for wood floors.  Remember, please, if you want top dollar from the sale of your home the buyer is going to want top end materials used throughout the home – you will when you go shopping for a new home, so give your potential buyers the same experience.

The kitchen is the very heart and soul of your home.  Anything you can do to improve your kitchen will undoubtedly improve the value of your home.  There are many minor projects you can take on that will add to the overall appeal and warmth of the kitchen.  Start with a fresh coat of paint.

Consider new flooring, especially if you have vinyl or laminate.  Tile is always best in the kitchen. 

Just like in the bathroom, consider new plumbing and lighting fixtures to give the room a more modern and contemporary look.  New kitchen cabinets are always nice, but if it’s not in the budget then look into resurfacing the existing cabinet doors and drawer faces.  This is much less expensive and will go a great distance at changing the overall appearance of the kitchen.  Of course you can sand down the cabinets yourself and add either a cost of paint or stain giving them a new look.  While this is a very labor intense project, it is relatively inexpensive.

A very affordable trick is to replace the drawer pulls and cabinet knobs – this simple project is both quick and inexpensive and can go a long way at adding a new personality to a tired and worn room. 

Today’s buyers almost always expect granite countertops (or some other solid surface – never tile or linoleum) and they are one of the projects that will return with the highest offers for your home.

OPEN FLOOR PLAN

Newer homes today are typically built with an ‘open floor plan’ or a floor plan that does not have interior walls defining individual rooms in the home.  An open floor plan will create a flow throughout the home which in turn makes the home feel larger and offer move line of site throughout the home.  Perfect for both family living, and entertaining.

If you have an older home, consider removing one or several interior walls.  Of course, you’ll have to pull permits for this and verify that you’re not disturbing a load bearing wall.  Electrical and plumbing considerations may also have to be made.  While it can be a bit more expensive to open up a home’s interior, the benefits and appeal it will have to potential buyers is staggering.

MARKET YOUR HOME FOR SALE

When it comes time to sell your home, you’ll want to maximize the improvements you’ve made and make every potential buyer aware of each.  You’ll want to show off all of your hard work and capital improvements you’ve made.  It’s important that every potential buyer who either comes to your home to preview it or is just surfing the internet is aware of everything you’ve done to the place.  You’ll want to have a Realtor® representing you that will provide marketing materials that will show off exactly what you’ve accomplished.  The improvements you’ve made will influence the price you ultimately sell your home for so it’s critical to showcase this to a buyer and influence them to decide what they will pay for your home.

Call us today at (951) 296-8887 and get the information you need to make the right decision.

For questions regarding available inventory and/or other real estate matters please contact, Mike@GoTakeAction.com.  Mike Mason, Broker/Owner of MASON Real Estate Cal. BRE: 01483044, Board of Director of your Southwest Riverside County Association of Realtors® (SRCAR).