home

When It Comes to Selling, All the World's a Stage

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | April 24th, 2013

At just 450 square feet, the tiny condo was barely big enough for its 30-year-old owner. She'd originally picked the place for its proximity to tony shops, restaurants and a light-rail station. But as soon as she could afford a bigger unit in the same neighborhood, she called a real estate agent and put the petite condo up for sale.

The condo was very reasonably priced, but after it languished on the market for four months without a single offer, the young woman rented it out for six months. Then once that lease ran out, she again vowed to sell the unit.

On her second try, the woman's listing agent contacted a company called Synergy Staging, one of a growing number of firms that specialize in making properties more appealing to buyers.

"A well-staged property doesn't reflect personal taste, which lets buyers picture themselves living there. That way the sellers can cast the largest possible net to attract the largest number of buyers," says David Peterson, Synergy's co-owner.

Peterson recalls how the condo looked when his firm was first called in for the makeover. It seemed disjointed, with paint tones ranging from sky blue to teal, on its several walls. Its only furniture: a fraying sofa and a plain bed.

To give the diminutive condo a polished look, Synergy gave the owner a color consultation, recommending a deep off-white paint tone that tied the entire space together. The firm also lent her a few pieces of quality furniture that were artfully arranged.

Once the staging was done, Peterson says the condo had an entirely different look. Best of all, it sold in just one day for $14,000 more than the owner's previous asking price.

The art of staging, which can include anything from mere furniture rearrangement to the full transformation of a home's interior, is often associated with large or expensive properties. But Peterson says small-sized homes can benefit as well.

"Some people think you should sell a very small place with no furniture at all. But vacant rooms can actually seem smaller than well-designed rooms with the right furnishings," he says.

Here are a few pointers for homeowners seeking to sell an undersized property:

-- Realize that starter homes are in big demand now.

To be sure, most Americans still favor spacious properties. But many purchasers, including first-time buyers, must scale back their housing ambitions due to income limits.

Meanwhile, he says "small looks beautiful" to an increasing number of baby boomers as they approach retirement age.

"While some boomers are actually upsizing to accommodate visits from their grown kids and grandkids, many others are downsizing to save money for their elder years," says Sid Davis, a real estate broker and the author of "A Survival Guide to Selling a Home."

-- Look into adding a second bathroom if your place has just one.

Homebuyers are often highly resistant to the purchase of a property with just one bathroom. They want a second bathroom, if only for use by their guests.

Because of this strong preference, Davis says a single-bathroom property can be tough to sell. He suggests that sellers consider adding a second bathroom before they put their property on the market, assuming they can do so for a modest price.

Before committing to such a project, make sure you ask a contractor about the cost and feasibility, Davis says. Construction inside the home is usually your best bet. Add-ons outside are often impractical.

"If possible, your best option could be to convert a large closet into a full bathroom, or at least a half bath," he says.

-- Plan your decor to make your small property seem larger.

When the stagers from Synergy first visited the previously mentioned condo, they noticed the unusual melange of paint colors on the several walls. Once all the walls were repainted in a neutral tone, the owner was surprised how much larger the place looked.

"The same is true of flooring. You don't want different types of hardwood flooring in your place because that's jarring," Peterson says.

-- Don't make the mistake of selling your small home completely vacant.

No matter the size of a property you're selling, you'll want to clear out clutter and extra furnishings to convey the impression of openness and space

"Crowded and cluttered in any house is a major issue. It's especially important to store away anything that's personal -- like unusual art," Peterson says.

But Peterson cautions against extremes.

"If you take away too much furniture and the home is totally empty, people can't get a sense of room size. For example, if you remove your bed from the master bedroom, people will think their bed is too large for the space," he says.

When they're helping stage a vacant house, Peterson and his business partner, Nik Murrow, bring in enough furnishings to give the feeling of how a room would work if the buyers actually lived there.

-- Add in designer touches to give your small home luster.

Because there's less to see, those visiting a small home can spend more time examining the interior. That means more attention to details.

Given such an intense focus, sellers of small places will want to ensure that little flaws are corrected. Also, they need to accessorize their place with attractive details.

"It doesn't cost a lot to upscale a small house. For example, you could repaint your kitchen cabinets pure white and add brushed nickel hardware or replace your dining room lighting fixture with a fresh one," Peterson says.

-- Highlight the advantages of a small, older home.

Due to the high cost of land, most new tract homes -- no matter the price level -- are now built on undersized lots. Yet many homebuyers, especially those with young children, want enough land for a swing set, a garden or a backyard patio.

"It's also a big positive for buyers if your small house has enough land to expand in the future," Davis says.

He says the yearning for land can often be satisfied with the purchase of a small, older home on a big lot. Alternatively, a small older home or condo will often sell well if located in a lively urban neighborhood, which is especially alluring to young singles and newly married couples.

"At the end of the day, location and price tend to trump all the other factors," Davis says.

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

home

Make Your Condo Sale a Can Do

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | April 17th, 2013

Despite the emerging nationwide real estate recovery, many condominium apartments continue to languish unsold. Older condos and those in outer-tier suburbs can be especially hard to sell, says Mary McCall, president of the Council of Residential Specialists (www.crs.com).

"People definitely want to buy condos. But with all the foreclosures and short sales of the past, it can still be very hard to get a mortgage to buy a condo in some areas," says McCall, a veteran real estate broker.

"Since the bubble burst on real estate, condo prices have become affordable in a lot of areas. But in many cases, you must still have stellar credit or a big down payment to buy a condo, unless you can make an all-cash offer. The trouble is most buyers don't have those financial advantages," McCall says.

Helping to balance out the problem of slow-selling condos is a lively interest in condo buying among investors seeking to own bargain-priced units they can convert into rental properties.

Another bright spot for condo sales involves condos in pedestrian-friendly city neighborhoods and town centers.

Here are a few pointers for would-be condo sellers and their listing agents:

-- Make sure your unit is priced right from the outset.

Is the condo you're planning to sell located in an area with much new construction? If so, you'll need to take this reality into account when setting your price.

"If you try to push your price in an over-built area, your unit will just sit there," says Mark Nash, a real estate broker and author of "1001 Tips for Buying & Selling a Home."

Owners seeking to sell in a complex with many look-alike condos should make doubly sure their listing agent does a conscientious review of other properties that have sold during the prior six months. These are called "comparables," or "comps," and they should give sellers a reasonable idea of the price their unit will command.

-- Ask for a "broker's open" for agents throughout your area.

Of course, not all condos are tough to sell. Every region has neighborhoods that are consistently popular, says Dorcas Helfant, former president of the National Association of Realtors (www.realtor.org).

"There are always niche condo markets with special cachet and almost no turnover," Helfant says. She says these include complexes in popular metropolitan centers, along with those that feature extraordinary views or beach access.

But even if your condo is located in a building where demand is steady, you'll want to ensure that it comes to the attention of serious buyers. That way you increase your odds of getting a strong bid or even multiple offers.

To compete with rival units in your complex, Helfant recommends you ask your listing agent to stage one or more "brokers' opens" at your condo. These are open houses to which real estate agents throughout your general area are invited. They typically feature food, entertainment or both.

"If your condo looks great and gets exposed to many agents, they'll spread the word and bring their clients by," Nash says.

As he notes, brokers' opens can be especially valuable to sellers in condo buildings where the supply of unsold units exceeds buyer demand.

"Most buyers trust their agents. If the agent likes a condo and knows it shows well, he's more likely to recommend a showing to his clients, and the clients will agree to visit. You want such serious buyers coming through, not just the kind of curiosity seekers who often visit public open houses," Nash says.

-- Make your kitchen more appealing.

Older condos often have small, galley-style kitchens. But that doesn't mean they can't be given the sort of spark that will set them apart.

"If you're selling a unit with a dated kitchen, you may need to spend a few thousand dollars to improve it. Often you can add great buzzwords to your listing with new appliances or countertops," Nash says.

Due to declining prices, granite countertops suitable for a small kitchen are now available for less than $3,000, according to Nash, though he says an increasing number of buyers are now expressing a preference for such solid surfaces as Corian, which is thought to be easier to maintain than granite.

For roughly the same sum, you can have a set of new appliances installed. Nash says that stainless steel appliances are still popular, though white appliances (and kitchen cabinets) are gaining favor with buyers of all ages.

-- Consider tangible incentives to increase buyer interest.

Some in the real estate field consider it crass for sellers to offer tangible incentives. But buyers who have an array of well-priced options in the same condo complex might pick a unit offered with such extras.

For instance, Nash says you might choose to give those who buy your condo a new iPad, a large plasma TV or a surround-sound stereo system. Or you could give them supermarket gift certificates for several months' worth of food.

"The freebies really work, I've seen it happen. But remember that freebies are no substitute for making your condo look wonderful and pricing it right," Nash says.

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

home

Don't Let Your Home Get Left Behind

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | April 10th, 2013

Real estate experts call them "leftover houses." They're available properties in well-regarded neighborhoods -- But while other homes fly off the market, they sit unsold, seemingly indefinitely.

"These oddballs are sitting because they don't speak to any buyers," says Mark Nash, a long-time real estate broker and the author of "1001 Tips for Buying & Selling a Home."

Sometimes the reason a home languishes is due to what real estate people refer to as an "incurable problem."

"Maybe your home is a white elephant because it's a contemporary in a sea of traditional houses. Or maybe it backs to a McDonald's," Nash says.

But other more common explanations are that the property was overpriced when it hit the market or that it badly needs to be cleaned, repaired or redecorated.

A strong listing agent will help clients by providing an itemized list of repairs and upgrades needed to make a property saleable. And if they're wise, the home's owners will follow this guidance, without taking personal offense.

Unfortunately, some homeowners are oblivious to the reasons their property isn't selling, and their listing agent may be too tactful to outline all the corrections needed.

"In its own way, the market screams out reasons why a house doesn't sell. But the owners just aren't listening," Nash says.

Here are a few pointers for home sellers:

-- Look into hiring a "stager" to make your place more appealing.

Even a house that's been well kept in terms of the basics can be held back because of an outdated decor or excessive clutter.

The cost of hiring a professional stager for a full level of services can run $500 or more -- a stretch for sellers struggling to score a low-cost sale. But the expenditure could be well worth it.

"Stagers can warm up a house and make it feel a whole lot better to visitors," Nash says.

He says one way to find a skillful stager is through relatives, work associates or friends who've recently sold a home. Another way is by visiting the website of the Real Estate Staging Association (www.realestatestagingassociation.com).

Look for stagers in your area and -- before giving them a call -- be sure to check out their websites for examples of their work.

-- Plan a home-selling party with friends.

After it's gone unsold for a lengthy period, the excitement that may have accompanied your home's debut has likely drained away.

"Bad house karma sets in and you have to reverse the situation fast," Nash says.

To do so, he says one idea is to call in friends for a home-selling party.

"Your friends will probably tell you, in a way that's not insulting, the main reasons your home isn't selling and what to do about it," Nash says.

"It's a really strange thing how people can sometimes get the buzz going again about their house. Then all of a sudden an offer -- or maybe even two -- come in unexpectedly," Nash says.

-- Update your online photos.

Ashley Richardson, a real estate agent affiliated with the Council of Residential Specialists (www.crs.com), says it's critical for all home sellers to have very good photos of their property on the Internet.

"Nowadays, buyers look at photos of 15 homes for every one they visit in person," Richardson says.

One advantage of using fresh pictures of your property is that you can replace out-of-season photos with those that look current.

"Don't use photos taken with a cellphone. Your listing agent should have a top-quality camera and the skills to take pictures," Richardson says.

-- Tell your listing agent to burn up the phone lines with calls about your home.

In these days of fussy purchasers, the well-honed marketing skills of an experienced listing agent are more important than ever.

One key marketing skill your listing agent can use is to "talk up" your place to other real estate agents with home-buying clients of their own, says Lisa Atkinson, an agent whose specialties include short sales and marketing foreclosed properties.

"When I list a house, I push hard to bring it to the attention of other agents. The more agents who know about it, the more showings," she says.

Many listing agents make calls to promote a property when it first goes on the market. But Atkinson says they can also use networking techniques to rekindle interest in a place that's been sitting unsold for a lengthy period.

-- Give your home the beauty of blooms.

It's a lovely touch to have fresh-cut flowers on display throughout your home's interior. But Michelle Minch, who heads a home staging firm called Moving Mountains Design, says the need to repeatedly replace cut flowers for the length of the showing period is unaffordable for many sellers.

One less pricey option -- especially easy during the summer months -- is to display flowering, potted plants indoors and also to install such blooms in your outdoor gardens, or in front of your place.

"Potted orchids are a very elegant indoor choice, and you can now find them reasonably priced in grocery stores," Minch says.

Why do bountiful blooms help sell a home that's starved for attention? Minch says that for prospective buyers, flowers hint at happier, more gracious living.

"When you're selling a home, you're selling an aspiration for a better lifestyle. Everybody likes to think that once they buy that next home they'll be living like Martha Stewart," Minch says.

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

Next up: More trusted advice from...

  • Inheritances For Your Children?
  • Amid Recent Bank Failures, Are You Worried?
  • Wills: Should You Communicate Your Wishes With Your Children?
  • Botox Injections One Way To Treat Hyperhidrosis Sweating
  • Donating Kidney Does Not Affect Life Expectancy
  • Exposure to Rabies Comes From Contact With Saliva
  • Your Stars This Week for March 19, 2023
  • Your Stars This Week for March 12, 2023
  • Your Stars This Week for March 05, 2023
UExpressLifeParentingHomePetsHealthAstrologyOdditiesA-Z
AboutContactSubmissionsTerms of ServicePrivacy Policy
©2023 Andrews McMeel Universal