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Romancing the Home

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | October 24th, 2012

Falling in love and buying a home have a lot in common, according to Sid Davis, a veteran real estate broker and author.

"In both cases, first impressions are huge," Davis says. He contends that most homebuyers are hooked within three minutes of walking through the front door of a house that meets their requirements and shows well.

"People absolutely buy homes on emotion. Then they look for facts or evidence to con themselves and others into thinking it was a rational choice," he says.

Of his wife, Davis recounts, "The moment I first spotted her on my college campus is etched in my memory ... My first impression was so positive I fell in love right away," Davis says.

In a similar way, many homeowners recall vividly how they felt when they first walked through the front door of their future home.

"Folks have certain subconscious images of what a home should look like. When they find one that resonates with those images, they'll probably buy it," says Davis, the author of "Home Makeovers That Sell."

Here are a few pointers for home sellers -- and their listing agents -- on how to romance potential buyers:

-- Surround your property with good-looking landscaping.

For those wishing to make a strong first impression, nice landscaping is a must, says Mary Biathrow, a real estate broker and former director of the Council of Residential Specialists (www.crs.com).

One common mistake of home sellers is to let bushes and trees grow too tall or too close to the front of their home.

"Anything that's overgrown in your front yard will dwarf your house and make it look smaller and darker. You want landscaping to add allure to your house, not hide it," Biathrow says.

You don't need to hire an expensive landscape designer to make your grounds look good. But it may require the removal of trees that obscure your home from the curb.

"Absolutely, you need to take away any plant or tree that blocks the view," Biathrow says.

-- Enhance your front door.

Merrill Ottwein, a real estate broker who works solely with buyers, says many are turned off by an unkempt front door.

"Buyers' minds hop from A to B. If the front door is shabby, people wonder what the heck else is also wrong inside," says Ottwein, a former president of the National Association of Exclusive Buyer Agents (www.naeba.org).

All too often, he says, home sellers overlook the appearance of their front door. This is especially likely if they habitually enter through a garage or back door. Yet homebuyers almost always enter from the front.

"It's not expensive to invest in your front door. Whatever you do to the front door is cheaper and more important than an expensive staging job for your interior," Ottwein says.

-- Make sure your front-door locks function easily.

"It's a huge pet peeve of mine that many people have badly functioning locks. This is also an unbelievable negative for buyers. If the locks don't work, people wonder what else is out of order," Ottwein says.

Locks that force you to struggle to enter a home are typically old and should be replaced.

"You're talking peanuts to replace locks -- which is really nothing compared with your total investment in your house and how much you have riding on its sale," Ottwein says.

If you have two or more locks on your front door, he recommends you eliminate all but the deadbolt.

Home sellers should also make sure their doorbell works perfectly.

"Having a malfunctioning doorbell is a sign of trouble to buyers. Amazingly, it can be a deal killer in and of itself," Ottwein says.

-- Purge any bad smells from your property.

Although Ottwein is a former veterinarian who loves pets, he cautions that animal odors can repel potential buyers faster than many other factors.

"Surprisingly, even people who adore their animals can't bear the smell of other people's pets. So these bad odors could be toxic for your sale," he says.

Would-be sellers with animal odors should get to the heart of the problem rather than try to hide it with air fresheners.

"Air fresheners can be overpowering and yet ineffective at the same time. They're no substitute for a top-to-bottom cleaning of your property," Ottwein says.

Those with pet odors embedded in their carpets have no choice but to have their carpeting professionally cleaned or, preferably, replaced. A home that's pristine, free of pet problems and mold issues should also be free of bad smells -- assuming that it's inhabited by non-smokers.

-- Embellish your place with fresh flowers.

Fresh flowers give an elegant feel to weddings and other events. By the same token, they can make a qualitative difference to the look of a property, Ottwein says.

He says potted flowers give a welcoming appeal when placed alongside the front door. And bouquets of cut flowers or greenery can help an otherwise ordinary interior look better.

Some home sellers balk at the expense of keeping their vases filled throughout their showing period. But Ottwein contends the expense is often justified, given the positive impression fresh flowers leave with potential buyers. They're especially important during an open house.

"Don't try to skimp by using fake flowers. Fresh flowers increase the value of your home in the estimation of buyers and could be your secret weapon to get the place sold quickly," he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

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Homebuyers in a Hurry: Avoiding Serious Mistakes

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | October 17th, 2012

For years, a couple in their early 50s -- an IT manager married to a nurse -- yearned to leave their ho-hum house for a historic place with charm and character. So after paying off their only child's last college bill, they hurriedly snapped up a handsome Tudor cottage for a price that seemed affordable at the time. But their sweet dream soon soured.

As it turned out, the centenarian cottage had horrendous issues and needed a huge array of costly repairs, including a new roof and replacement flooring. Plus it had extensive termite damage that needed fixing. Unfortunately, the couple lacks the funds for all that work and is now in a quandary about what to do next.

This true story illustrates what happens when homebuyers in a rush fail to think through the implications of their housing choices, says Merrill Ottwein, a veteran real estate broker.

"There's nothing inherently wrong with moving quickly when buying a home. But you have to first make sure you've assembled all the information you need for a sound decision," says Ottwein, a past president of the National Association of Exclusive Buyer Agents (www.naeba.org).

Buying a fixer-upper without sufficient forethought is one mistake made by some budget-minded buyers who believe this could be a viable way to shoehorn themselves into a prized neighborhood for a low price. But he cautions that "fixers" often require far more money and work than their buyers believe.

"The problems you see on the surface could be just a small hint of what's hidden behind the walls in terms of plumbing, electrical or structural problems," he says.

Ottwein urges any homebuyer considering a fixer to obtain reliable estimates on the cost of restoring the property. To get a sense of potential repair costs, your home inspector can help with estimates, and your real estate agent should be willing to help you arrange with contractors for bids.

Are you convinced you could handle the rehab work yourself? If so, Ottwein recommends you do a reality check by canvassing friends who know you well. Ask them if they think this big do-it-yourself project would be a good option for you -- both in terms of your skill level and available free time.

"Your friends can help you gain perspective on the possible pitfalls," he says.

Here are a few pointers for homebuyers who want to ensure they make the right choices:

-- Exercise caution before buying into a long commute.

Despite a moderation in home prices in recent years, it's no secret that housing is still a major expense for those on tight budgets -- especially first-time buyers with moderate incomes. Because of that, some buyers make tough trade-offs they later come to regret. For example, Ottwein says it's not unusual for some buyers to accept a punishing commute to a distant community in order to buy a large house.

"Some people say they don't care how far they have to drive to get all the bells and whistles they want. But then they call us back six months or a year later to say they can't stomach that killer commute anymore," he says.

How long a commute is too long? That depends on the buyers involved and the type of commute. For example, driving in heavy stop-and-start traffic can become far more tiring than one on a free-flowing highway.

-- Think carefully before taking an adjustable-rate mortgage.

Keith Gumbinger, a vice president at HSH Associates, which tracks mortgage markets throughout the U.S., says that despite the extremely low rates now available on fixed-rate mortgages, some homebuyers who are close to the line on affordability are still drawn to adjustable-rate mortgages.

Of course, the opening interest rate on an ARM is slightly lower than that for a comparable fixed-rate home loan. And in the case of "hybrid" ARMs, the opening rate is guaranteed to stay fixed for three, five or even 10 years before adjusting. Still, as Gumbinger says, all ARM borrowers expose themselves to the risk of higher rates in the future.

"You'd better have lots of assets to protect yourself against the risk that your mortgage payments could skyrocket in the future," Gumbinger says.

-- Take a love-hate look at your present housing situation.

During his several decades in real estate, Ottwein says he's been struck by the intensity of peoples' feelings about the place where they live. An assessment of these feelings is a good starting point for setting priorities.

"Sit down and write out the good and bad in your present residence. Then make a list of features you've got to have, would like to have, or are willing to give up," Ottwein says.

"Almost everyone has limits on what they can afford. So it's crucial you set a strict price ceiling and face housing trade-offs consciously," Ottwein says.

-- Pick options early when buying in a new subdivision.

If you're planning to purchase a brand-new house, you're likely to be faced with many trade-offs before your contract is written.

"For one package price, some builders give lump sum allowances for anything ranging from lighting fixtures to appliances to landscaping to kitchen cabinets. Anything not included in that package will cost you extra money," Ottwein says.

These choices should be made before the sales contract is written -- but not under pressure from a hurried homebuilder or salesperson.

"To make genuinely solid selections, you may need to take weekend time or a day or two off work to explore the options," Ottwein says.

Those who are indecisive at the outset may find they have to pay a premium price for options they later decide they want.

"Once your contract is signed, you have little leverage left in negotiating with the builder. So you'd better pick the right kitchen cabinets at the beginning," Ottwein says.

New home buyers on a tight budget may wish to defer those items that can be installed later with relative ease, such as landscaping upgrades or window treatments.

"Lock in early those choices that are part of the infrastructure. The other options can wait until you have the funds to put them in yourself," Ottwein says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

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Tips for Condo Owners Seeking to Sell a Look Alike Unit

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | October 10th, 2012

In an increasing number of neighborhoods, property is starting to move off the market more quickly than before, and prices are ascending. Yet in many areas, demand is strongest for detached, single-family houses, while condo sales still lag behind.

"Whether you face a great or not-so-great market for your condo depends on where you live," says Mark Nash, a real estate broker and author of "1001 Tips for Buying and Selling a Home." "In some places sellers must still compete with a lot of short sales and foreclosures at distress prices, so it's harder to get a condo sold."

Selling a condo can be a particularly daunting task if your apartment is a look-alike unit in a complex where many are on the market.

"If your building has 20 one-bedroom apartments available that are similar to yours, you have to differentiate yourself. Buyers will probably only look at three to five units, and your place has to be one of them," Nash says.

Condo sellers who face stiff competition have to think strategically, as do their listing agents. Here are a few pointers:

-- Hang a realistic price tag on your property.

Are you seeking to sell a unit in an area where many new condos have been constructed recently or are in the pipeline? If so, Nash says you'll want to be particularly careful not to set too high a price or your unit could languish unsold for a lengthy time.

"People look at headlines about rising values and think they can push their price. But if you try that with your condo, it will probably just sit there," Nash says.

Owners planning to sell in a complex where many units are on the market should do a careful review of what other apartments -- known as "comparables" or "comps" -- have gone for during the last three to six months.

"You have to walk in the buyer's shoes. The market is stronger, but people refuse to overpay," he says.

-- Make sure your property is visible to real estate agents around your area.

"As always, there are strong niche markets for condos throughout the country. These are markets where turnover is rare and sellers don't have to worry," says Dorcas Helfant, a real estate broker and former president of the National Association of Realtors.

To help get more showings for your condo, Helfant suggests you ask your listing agent to stage one or more "brokers' opens." These are open houses to which all real estate agents in the area are invited. To draw in attendees, they often feature food, entertainment or both.

"Nearly all serious buyers work with agents. If the other agents prescreen your condo and like it, chances are good they'll bring their buyers through, and this could result in a sale," she says.

-- Focus on the demographic group most likely to show interest in your condo.

"People trying to sell an apartment that's matchy-matchy with others in the building have to make sure all their marketing materials their agent produces are very professional looking," Nash says.

One way to create compelling materials is to identify your target audience. Besides the usual advertising materials and brochures, he recommends that your listing agent develop community "resource lists" with your target audience in mind. These can be used as a draw for potential buyers who come through.

For instance, young single buyers might like a lengthy list of restaurants in the area, along with ratings and reviews. Families with an infant or small child might appreciate a roster of nearby day care facilities and nursery schools. And empty nesters could be grateful for information on cultural and recreational venues and events.

-- Give your kitchen pizzazz.

If your condo is like many, you have a small, narrow "galley kitchen" that may look dated. To make such a kitchen more appealing, Nash says it could be worth the investment to spend a few thousand dollars on pre-sale upgrades and then mention these in your Multiple Listing Service entry.

"The listing will draw more people in if you cite popular features like granite countertops or stainless steel appliances," he says.

-- Ponder the possibility of offering incentives for buyers.

Perhaps it sounds crass, but buyers who have a choice of many look-alike condos in the same complex might pick your unit because you're adding a tangible incentive to sweeten the deal, Nash says.

For example, you might offer to pay a "hard cash" amount toward the buyers' closing costs or give them a new big-screen TV.

"Surprisingly, I've seen incentives work to get a condo sold. All other things being equal, the free stuff can motivate buyers to pick one place over another -- even in a building with lots of units for sale," he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

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