Scott Saxton, a North Carolina real estate broker, remembers vividly one Sunday in 2021, when four of his homebuying clients rushed to open houses and hurriedly submitted offers on properties they liked. So competitive was the Wilmington market that any delay was unthinkable.
“It was insane. To compete, my buyers literally had to write offers in the driveway of an open house. I felt awful for these clients because there was no time to work through the process before making a hasty decision,” says Saxton, who owns a five-agent realty firm.
Much has changed in many real estate markets since the end of the pandemic and the unnerving rise in mortgage rates. Affordability is a vastly more significant issue for would-be buyers.
“It’s amazing how quickly a small bump in rates affects buyers,” says Margaret Lebenson, a Brooklyn-based real estate agent who works with purchasers throughout the New York metro area.
Another long-standing issue facing buyers seeking ownership in popular neighborhoods has involved a scarcity of available properties. But that shortage is gradually shrinking as more owners, including many from the baby boom generation, feel pressure to sell due to changing life circumstances.
“The writing is on the wall when people reach their 60s or older. For some people, bad knees or a major health event can be the wake-up call making it clear they can’t stay in their house forever,” says Merrill Ottwein, a longtime real estate broker in Illinois.
Real estate pros encourage potential sellers to face the reality that they have somewhat less negotiating power than they did during the pandemic, when rates were lower and available properties were fewer in number.
“If you need to sell your house, I encourage you to be very realistic on pricing. At least in the New York area, we’re past the peak in values that happened a few years ago,” Levenson says.
Owners who intend to sell soon should be especially attentive to the presentation of their property. Here are a few pointers:
-- Address faulty front-door locks.
“When the lock doesn’t work, this conveys indifference on the part of the sellers and alerts buyers to the prospect of more serious problems within. But you can replace locks that are old for a small sum of money,” says Ottwein, a past president of the National Association of Exclusive Buyer Agents (naeba.org).
Assuming you have two or more locks on your front door, he recommends you eliminate all but one deadbolt.
“Redundant locks drive a lot of people crazy. Any lock but the deadbolt is usually needless and annoying,” he says.
While you’re at it, double-check that your doorbell is working perfectly.
“Like a malfunctioning lock, an out-of-repair doorbell is a big turnoff,” Ottwein says.
-- Use attractive landscaping around your entrance.
For those wishing to make a powerful impression on potential buyers, good landscaping is vital.
“Subconsciously, I think a lot of buyers search for great curb appeal to impress their future guests,” Ottwein says.
One common error committed by sellers is to allow their bushes and other plants to grow too tall or too close to their front walls.
“This obscures the view of the house from the street. The place looks cramped, as if the greenery has been shoehorned in,” Ottwein says.
-- Recognize the primacy of your front door.
The front door of a home can either attract or repel visitors, yet its importance is often overlooked.
“It’s usually not expensive to greatly improve the look of your front door, unless you have a big mahogany door that needs replacing,” Ottwein says.
A thorough cleaning and removal of cobwebs in and around the front door is virtually free. And a door that merely suffers from peeling paint can usually be redone for a small amount of money.
-- Use pleasant aromas to welcome visitors into your property.
Ottwein, a former veterinarian turned real estate broker, is very favorable to pets. Still, he cautions that the smell of animals in a home can repel buyers as quickly as any other factor.
“Even people who love animals and have their own pets can’t bear the odor of your dogs and cats. Simply stated, this superficial element can be a major deal killer,” he says.
Homeowners with animals should get to the root of the problem of any pet odors rather than trying to hide them with air fresheners.
“Air fresheners can be overwhelming and create a very negative impression,” Ottwein says.
-- Better the appearance of your home with flowers.
There’s a good reason why flowers are the primary decor items used at weddings and other elegant events. They create a qualitative difference that no other design element can match -- not even the most remarkable furnishings or works of art.
Potted flowers add welcoming appeal when placed alongside the front door of a house. Also, bouquets of cut flowers can make an otherwise unremarkable home interior, including a front foyer, look extraordinary.
It can be pricy to keep your vases filled with fresh flowers throughout the period when your property is being shown for sale. But fresh flowers create so classy an impression that many sellers consider flowers their secret weapon.
“Why bother with fake flowers? This is the biggest sale of your life, so it’s foolhardy to shortchange yourself on this expense,” Ottwein says.
(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)