Today’s real estate industry has taken a major change over the past 24 months and will probably be taking a bigger change in the months to come.
We have seen prices decline considerably from what they were 2 and 3 years ago. The amount of short sales and foreclosures has increased drastically. Today’s economy has affected us all. Lending has gotten tighter, loaning money and the criteria to get a loan has had major changes as well. People whom were purchasing loans with non supportive documents now need extensive verification and then some. Most lenders on a conventional loan are requiring 10% to 20% percent down, making it more difficult for to purchase property. This is not to say that banks are not loaning money, it just means there are more hoops that you as a buyer will be going through to get a loan.
Sellers are now seeing drastic drops in values because of the market, short sales and foreclosures surrounding our industry. The fact is, when you are ready to sell your home pricing is one of the key factors. Bottom line is what the end user is willing to pay for what you have to offer.
As the New Year approaches I feel that the listing inventory will increase drastically. This will make it much more completive for you as the seller in today’s market. The two major factors that all buyers will be looking at is pricing and how well your home shows. We’ve all heard, the same first impressions are a lasting impression. I can’t say enough to that phrase. Having your home ready to list is so important in today’s market and the market to come. Cleaning, staging, making your home look like a model, both inside and out are very important in addition to pricing competitively.
First, you should start from the outside. If you have no curb appeal how can you expect someone to have enough interest to go in your home. Your investment needs to shine. Yard should be well manicured including shrubbery, landscaping, and adding flowers to make more color. The exterior of your home also needs attention which should include touch up painting of shutters, front door and other areas as needed. Buyers look at the condition of the home and will determine the value by the way you maintain it. It is far less expensive to spend the time and effort to do this upfront before negotiating in current condition. People are looking for the wow factor and the feel of home. Without great curb appeal you will limit yourself to buyers and getting the price you want. Addressing these items is a value builder and it shows you have pride in your home.
Second, would be the interior of your home. You should start by removing all the little knick knacks and items not needed that are cluttering your home. Your house needs to be depersonalized. Go through each and every room and if need be rent a storage unit and get it out of the house. It is also a great time to have a garage sale or visit your favorite charity for a donation. It truly does make a difference if the buyer comes in and can picture this as their home as opposed to yours. Once clutter is removed go through and clean and touch up paint. Make it look like the price you are asking. Any bold colors should be changed to a more neutral color. The final step is having your home staged to sell. If you would like assistance in staging your home to add to the salability consult your agent about professional staging. Once this is all completed and the price is determined you are ready to list your home.
