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Tips for a Fast Selling Home

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | February 26th, 2014

In some popular neighborhoods, well-priced homes are now flying off the market. Indeed, some neighborhoods are plagued with a shortage of available properties. But there are many exceptions. And for some sellers, any time on the market -- however brief -- is very stressful.

"It's exhausting trying to keep your house immaculate as you wait for showings," says Ashley Richardson, a 20-year real estate agent.

Still, she says sellers can't afford to pass up appointments that could result in a sale.

The most serious buyers, including those relocating for a new job, are typically in a big hurry.

"Often, they fly in and have just one day to look at houses," Richardson says, stressing the importance of adhering to prospective buyers' schedules.

She tells the true story of a couple in their late 50s -- a school administrator married to a sales manager -- who are currently sabotaging their chances for a successful sale by limiting showings.

"From time to time, they go on strike, refusing to let their house be shown because their grown children are coming over or for any excuse whatsoever," Richardson says.

The upshot of the couple's resistance is that the property -- first listed in mid-2013 -- is still languishing unsold without a single offer pending.

"You simply can't turn down appointments or you'll lose prospects," Richardson says.

Here are a few pointers for home sellers:

-- Hit the market with your place in prime condition.

As a former real estate agent turned professional organizer, Vicki Norris knows how challenging it can be to keep a house in pristine showing condition. It's especially tough when the need to move is overlaid on another family issue, like a marital breakup.

"It's doubly hard for someone coping with a life crisis to keep a property looking good," says Norris, who heads her own consulting firm, Restoring Order (www.restoringorder.com).

To contain their upkeep tasks, Norris urges would-be sellers to streamline their belongings before opening their home to visitors. That means purging excess possessions and putting the rest in storage. It also means consolidating those items you'll want or need on a day-to-day basis.

"For example, designate a single space for all your CDs and DVDs. Also, reduce the number of toys your children have and place them neatly in a single, dedicated space," says Norris, author of "Restoring Order to Your Home."

For help with the culling and sorting process, it's tempting to call on friends and family members. But Norris says that professional organizers are typically less judgmental about what should be done with accumulations, an especially important factor if you're going through an involuntary move.

One source for referrals is the National Association of Professional Organizers (www.napo.net).

-- Consider renting a storage unit on a temporary basis.

Most sellers are easily able to dispense with pairs of worn-out sneakers or old magazines. But most also have collections of favorite items they want to keep. These could include gourmet kitchen devices, sports trophies and memorabilia from their kids' early years.

"Leaving all this stuff out in view, or crowding your closets, will simply distract buyers and lead them to think your place is smaller than it is," says Sid Davis, a real estate broker and author of "Home Makeovers that Sell."

To streamline your property and reduce clutter, one option is to pack your prized collections into uniform-sized boxes, stacking these neatly in your garage. But according to Davis, you'd be better off keeping these boxes in a rented storage unit until your home sells.

-- Hire a top-quality cleaning service.

Have you done very little in-depth cleaning of your home recently? If so, you may wish to invest in what Davis calls "a super-duper cleaning."

"Before your house hits the market, you need to get rid of all those dust balls, cobwebs and dead insects. Plus you'll want your windows and chandeliers to receive all the careful attention they deserve. Either you do every bit of this work yourself or bring in a professional cleaning service," he says.

Though it could cost a couple hundred dollars, one day's worth of professional cleaning could spare you the need to repeat the process for another 60 to 90 days.

"Remember that even buyers who are slobs will only buy a clean house," Davis says.

-- Plan a family meeting to discuss upkeep issues.

No matter how brief their showing period, many sellers quickly tire of the process and lose focus. Dirty clothing is left in the laundry room, unpaid bills accumulate on a kitchen counter and bowls of half-eaten popcorn linger in the TV room.

Children and teens, especially, can quickly lose focus and revert to old habits, Richardson says. She tells the true story of one home-selling couple whose 17-year-old son stopped cooperating after the family home had been on the market for just a few days, making it extremely hard to show the property.

"He retreated into his room and refused to make his bed or pick up his school things or clothes. The floor was his closet," she says.

If you find your clan going off-track during the home marketing period, Richardson suggests you convene a family meeting to reframe the situation and offer incentives for sticking with the program. These could include a night out at your favorite pizza place or movie theater.

"When you're feeling down, just remember that hundreds of thousands of people have toughed it out until their homes were sold and you can do it, too," she says.

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

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Spruce Up Before You Sell

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | February 19th, 2014

Sid Davis got his broker's license in 1984. Since then, he's listed and sold around 1,800 houses. Yet he's always surprised when would-be sellers balk at doing even minor upgrades to make their property more saleable.

"They don't want the hassle of making any changes to their house. All they want is to show up at closing to pick up their check," Davis says.

As the author of several books on real estate, Davis says that most sellers fall into one of three categories. Roughly one-third are highly resistant to doing any work on their property and want to sell "as is." Another third will do the minimum necessary to make the sale possible. A final third are highly motivated. Davis prefers this last group.

He contends that sellers reluctant to make even the most essential improvements are acting against their own interest.

For instance, Davis tells the true story of one couple who'd painted the entire interior of their split-level property a glossy, fire-engine red. Despite Davis' pleas, the couple refused to replace their idiosyncratic choice with a more neutral color. Davis walked away, the house languished unsold and eventually went into foreclosure.

Simple inertia explains why some home sellers refuse to follow through on their listing agent's checklist. But Davis cites other reasons, as well.

"If several siblings have inherited a property from an elderly parent, there's often rivalry among the survivors and no one wants to get stuck with all the work on the house," he says.

Divorcing couples who must sell a jointly owned property also find it difficult to agree on what improvements should be done and which partner should undertake the work.

Another reason many sellers resist making much-needed pre-sale upgrades is more basic: lack of money. But for something as important as this, solutions must be found.

Here are a few pointers for home sellers:

-- Redo brightly colored rooms.

Debra Attman, a long-time real estate agent affiliated with the Council of Residential Specialists (www.crs.com), says that she's met a number of sellers so devoted to their sports teams that they'd painted a room or two in the team's colors.

"I've seen deep purple, bright red and even orange and black stripes," Attman says.

Given their enthusiasm for their favorite teams, she says some sports fans vehemently resist the need to tone down their colors to make prospective buyers more comfortable.

Also, she says some female sellers cling to favorite decorator colors -- such as pink and lavender -- that make a property less marketable. Rooms painted in such colors should be neutralized, with a soft taupe, say, before visitors start trooping through.

"You don't want to risk offending someone with your paint colors. There are enough obstacles to selling real estate without doing that," Attman says.

-- Invest in a few minor bathroom upgrades.

Kitchen improvements typically give sellers the greatest payback. But bathroom improvements can also help sellers maximize their return for a small investment.

"It's amazing what you can accomplish in a bathroom for under $1,000. For a very reasonable price, you can get a new vanity, bathroom mirror and light fixtures," Attman says.

She also urges sellers to ensure they remove any mold that's accumulated in and around their bathroom tub or shower. Those who are unwilling to do this laborious job themselves should hire a professional tile service.

"Ask your agent for the name of a good cleaning company that's trustworthy but not too expensive," she says.

-- Increase the appeal of your laundry room.

Attman says that in preparing a property for market, many sellers overlook the potential of a laundry room that also serves as a "mudroom."

"It's too bad this room is neglected, especially if this is the way you enter the house through the garage," she says.

She encourages any client whose laundry room looks dingy to paint it in a light, neutral color and to hire a carpenter to install built-in shelving. Then, too, it's often worthwhile to replace worn flooring and upgrade the lighting.

"A cheery laundry room is a big plus for your sale," Attman says.

-- Complete all upgrades before putting your place up for sale.

Some would-be sellers make the mistake of letting buyers visit their property before their remodeling work is complete. But Davis says it's important to wait until all the work is done, including painting and carpet cleaning.

But, just as soon as the upgrades are complete, you and your agent should feel free to open your place to interested prospects.

"A few folks dislike the smell of fresh paint. But many more react to it as a positive than a negative," Davis says.

-- Don't rule out a short-term loan for minor improvements.

For many sellers, especially those who've had to put their property on the market due to a financial setback, a shortage of cash can be a major impediment to making their home look sharp.

But Davis says it can be folly to put a home up for sale without doing at least some basic improvements, such as polishing hardwood floors or resurfacing worn kitchen cabinets.

"Sure, you could give your buyers a cash allowance to cover the necessary fixes after they move in. But, chances are, they'll also demand you agree to a sacrificial price because the house doesn't look presentable," he says.

Though it's not always prudent for cash-short sellers, Davis recommends that those with a decent credit history and a fair amount of equity consider taking out a small second mortgage or home equity loan to cover basic upgrades.

"Borrowing a few thousand bucks for a short period of time, just until you get that house sold, could be a very wise investment. At the bottom line, that's a lot better than letting your place go to vultures who just want to lowball you," he says.

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

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Selling the Old Family Home

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | February 12th, 2014

The U.S. economy may be improving, but countless young adults are still living at home or counting on a childhood bedroom for backup housing should they prove unable to pay rent on their own.

"Many kids now in their 20s to early 30s are in a period of protracted adolescence. They're intellectually, culturally and technically ready to be independent, but not emotionally or financially," says Bruce Tulgan, author of "Not Everyone Gets a Trophy: How to Manage Generation Y."

As Tulgan notes, the continued dependence of young adult children can sometimes seriously complicate their parents' need to liquidate a home.

"Many parents are scrambling financially themselves. Just to make it possible to retire, lots of people have to sell the family house and downsize to a smaller place," he says.

Even parents with lots of financial resources may find themselves in conflict with their grown children over their desire to move elsewhere in the country or to live abroad.

"On the emotional level, lots of kids want the family home where they grew up to be kept like a museum -- a place where they could return at any time and stay in their childhood bedroom," Tulgan says.

Kathleen Shaputis, author of "The Crowded Nest Syndrome," says even young adults who are employed full-time may prefer to live at home if they don't make enough money to support the sort of lifestyle they enjoyed during their growing-up years.

Shaputis says it's not only young adults living at home who may try to intervene and change their parents' minds about selling the family property. Even those living independently may protest.

"Many young people see the family home as their safety net, a place where they can retreat if they lose a job or can't make it on their own," she says.

But she insists that in most cases, parents should put their own housing and financial needs ahead of their children's desires.

"Parents have got to cut the cord sometime. This is not so much about tough love as reality," she says.

Here are a few pointers for the parents of grown kids who plan to sell a family home:

-- Solidify your plans before informing your grown children.

"It's important to make your plans prior to breaking the news to the kids," says Shaputis. "Parents who let their children in on the decision-making process can expect they'll try to influence the outcome."

But Shaputis says that if your grown children are living at home, or are counting on the family domicile as a fallback, it's only fair that you announce to them your decision on moving with as much advance warning as possible.

"Good advance communication is the key. If you spring the news on your kids, you can expect a backlash that could lead to needless conflict within the family," she says.

-- Help your kids make a smooth emotional transition.

Handling change is more of a challenge for some people than others. Just because your children are young adults doesn't mean they won't experience the sale of the family home as a significant loss.

"Tradition is extremely important to some kids. For example, they might be very unhappy that Thanksgiving dinner will no longer be celebrated in the same place where they lived for years," Shaputis says.

You can help your children make an easier transition emotionally with reassurances that they'll be welcome no matter where you live.

"Tell them you're always going to love them and that they're always going to be your kids," Shaputis says.

-- Assist your boomerang children to find a place of their own.

If your grown children are currently living with you, Shaputis says there are several ways you can help your kids formulate their plans for independent living.

"Brainstorm with them about how they could make it on their own financially, including possibly taking a second job. Help them scan the ads to find a reasonably priced apartment and a roommate to share the rent," she says.

Obviously, the preference of parents to make an immediate move sometimes conflicts with the legitimate needs of their grown kids to stay put in the family home for a defined period.

"If the circumstances warrant it, you may have to delay your home sale for a while to do what needs to be done for the good of the family as a whole," Shaputis says.

-- Recognize that good parenting involves more than housing and money.

Tulgan, who specializes in helping companies understand Generation Y employees, notes that some affluent parents can both make a major housing move and help their kids financially during their formative career years.

Still, Tulgan says parents who must downsize and can't afford to subsidize their kids still have a lot to offer in less tangible ways.

"Encouragement is great, as are guidance and support. Anything you do to help them learn problem-solving and decision-making will help them gain the grit and resilience they need to survive on their own, long-term," Tulgan says.

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

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