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How to 'Edit' Your Possessions for a Better Sale

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | October 1st, 2014

A couple in their mid-60s were excited to sell their house and move to a condo they'd carefully chosen. But these empty-nesters also realized the necessity and the enormity of sorting through the things stored in the place where they'd lived for more than two decades and raised five children. So as part of a deliberately orchestrated plan to meet the moving challenge, they hired Virginia Barkley.

Barkley is one of a new breed of "organizational strategists" who help clients navigate major life transitions. During a four-month period, she and her crew of assistants streamlined the contents of the couple's 6,500-square-foot property, creating an online inventory of all their possessions and helping them decide which items to retain, give to their grown children, donate to charity or send to recycling.

Barkley, a professional speaker and author of "ClutterBusting for Busy Women," says many people who've lived in a home for an extended period feel overwhelmed at the thought of paring down their possessions.

Barkley says the key to a successful home streamlining project is to plan ahead and maintain a positive attitude.

"You have to set a drop-dead deadline for yourself. And every single day, you have to remind yourself of your vision for the future," she says.

Here are a few tips for would-be home sellers:

-- Realize that de-cluttering is an essential element to a successful sale.

Eric Tyson, co-author of "House Selling for Dummies," says would-be sellers who fail to downsize their possessions are at risk for substantial penalties.

"Buyers are tremendously resistant to purchasing any house that's loaded with too much stuff because they can't imagine themselves living there," Tyson says.

Many people are still living in their home while it's on the market. Even so, Tyson says it's critically important that they pack away all but the necessities until the property is sold.

Still unconvinced that it's worth the bother to purge? In that case, Tyson recommends you call in a moving company for an estimate on the cost of hauling all your unsorted belongings to your new location.

"The cost to transport all your stuff should be enough to motivate you through the purging process," he says.

-- Obtain the equipment you'll need for the job.

Martha Webb, a home-staging expert and author of "Dress Your House for Success," says an efficient de-cluttering program starts with the right gear.

To temporarily store items you intend to take to your next property, you won't need to buy fancy storage containers. In most cases, cardboard boxes will suffice. But look for boxes of uniform size, like the "bankers boxes" sold at office supply stores, which will stack neatly.

Once you've packed your boxes, place them in a temporary storage unit. Alternatively, if you don't wish to pay for the rented storage unit, you could stash the boxes in your garage.

"Buyers are more accepting of a garage filled with well-organized boxes than they would be if the boxes were kept in some other part of the house," Webb says.

-- Don't try to tackle more than one room at a time.

Webb says you'll go crazy if you go back and forth from room to room, trying to battle clutter on several fronts simultaneously. Instead, she counsels you to take on just one space at a time, starting with your master bedroom and clearing out closets in this room first.

"Having ample storage, including large closets, is a huge issue for contemporary buyers. That means you'll want to remove as much as possible from these spaces," she says.

-- Use diplomacy when clearing out your kids' bedrooms.

Young children feel an understandable sense of alarm at the notion that many of their toys will be packed up and put away until your move is complete. As Webb says, they need reassurance that their prized toys will be available to them once your family's move is complete.

How can you calm your children's fears? Webb suggests you transform the process into a game.

"Tell the children they can choose a few special toys and books to keep in their rooms until the move occurs. Mention that they can use these items, along with the ones you're putting in boxes, for a 'toy party" in the new house," she says.

-- Give extra attention to your kitchen.

Webb says most home shoppers won't routinely look inside dressers or wardrobes. But many will open your kitchen cabinets.

"The last thing you want is for buyers to see a kitchen so crammed with items that they'll think it lacks sufficient space for their own dishes and food," she says.

After you've removed all the superfluous items from your kitchen storage areas, clean out the cabinets and replace only those pieces you absolutely need for everyday use. The rest, like extra cupcake pans or holiday casserole dishes, should be sold, given away or sent to storage.

-- Pack away items that could hurt your sale.

Many homeowners keep items in their property that could handicap their sale unless removed prior to showings.

For instance, Webb recommends you remove all prescription medications from the medicine cabinets in your bathrooms. Leaving them there not only invites theft (especially of prescription painkillers), but also raises buyer questions about the people living in the property.

"Remember, that it's nobody's business what medications you take," Webb says.

She also suggests you remove from your bookshelves any titles that seem to convey a strong opinion on any topic, such as a political book.

"The odds are good that some people will see that controversial book and disagree with its author or contents. They might even judge you harshly for owning the book and, fair or not, that could translate into problems for your sale," Webb says.

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

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Tips for the Serial Mover

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | September 24th, 2014

Michael Connerly had a happy childhood, except for one thing. Every two to three years, his parents got an itch to move. And every time the family changed houses, he and his three siblings endured the discomfort of being the "new kids" at school.

"For my folks, it was almost like a magnetic force kept drawing them to the next location," says Connerly, author of the new book "How to Win With Real Estate."

Though he spent a couple of decades working as both a therapist and a real estate agent, Connerly has never fully fathomed the reasons why his parents, like a minority of other homeowners, have the zeal to move so often.

How many homeowners are "serial movers"? Tom Early, a real estate broker and twice president of the National Association of Exclusive Buyer Agents (www.naeba.org), estimates that 10 to 20 percent of the population would like to move every few years. But not all of these "itchers," as he calls them, can afford to move that often.

Connerly isn't critical of those who hanker to move often. But he cautions that frequent transitions can be expensive, both in terms of dollars and psychological costs.

Here are a few pointers for serial movers:

-- Question your reasoning for wanting to change homes often.

Despite their strong wanderlust, Connerly's parents didn't move often to obtain more impressive houses. But some serial movers are motivated by the quest to impress friends and work colleagues, says Sid Davis, the author of "A Survival Guide for Buying a Home."

"Some folks who do well in their careers like to flaunt their success with ever-fancier housing. They're always trying to climb the ladder," Davis says.

Many people have practical reasons for wanting to move after a short tenure in their present home. For instance, young families often need an extra bedroom when they have another child. And many older homeowners seek to downsize to save money for retirement or to reduce upkeep demands.

But real estate specialists say some serial buyers are driven solely by the thrill of finding a different space.

However, his many years as a real estate broker have convinced Early that some people are disappointed when a housing move doesn't yield the satisfaction they'd expected.

"You've got to be sure that compulsion to move is well-grounded, or you might be sorry you did it," he says.

-- Make sure you sync your moving plans with those of your partner or spouse.

Those sharing a household don't always agree on when to make a discretionary move. Not infrequently, one person resists making a move that's being pushed by the other.

But pressuring an unwilling partner to move before he or she is ready can put a lot of pressure on a relationship.

"No house is worth jeopardizing your relationship," Early says.

-- Calculate the true value of your current home before deciding to move.

Some homeowners own their property "free and clear," meaning they have no mortgage. But others, including many who move often, have little or no equity, which makes it tough for them to move and still break even.

Are you unsure how much the sale of your current home would fetch? If so, Early encourages you to gather the opinions of three local real estate agents in your area. Then consider their estimates before deciding whether to attempt a move.

"Anyone relying on the equity in their present property to buy another needs very realistic numbers," he says.

Early recommends that most move-up buyers -- except those with sufficient cash to purchase a home without first selling their current one -- sell first before putting an offer on another place.

"You can lose a lot of bargaining clout if you make your offer contingent on the sale of your present home. Sellers want a bird in the hand, which is why they hate conditional contracts," Early says.

-- Factor your dreams into your moving plans.

Those making a discretionary move to scale back the size of their housing can improve their monthly cash flow in the process. But trade-up buyers may be taking on higher housing expenses and need to make sure they are comfortable with this change.

"If your new mortgage payments would be a heavy lift, make sure that monthly struggle will be worth it. Remember, that becoming 'house poor' has lots of drawbacks," Early says.

That having been said, he says some people place such a premium on owning a better property that they're willing to sacrifice other priorities, like family vacations, to purchase a better home.

"In the end, it doesn't really matter what your friends and relatives think. If moving to a fabulous house is a top priority for you and you can afford it, I say actualize your dream and give yourself full permission to enjoy your new place," Early says.

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

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Leaving the Empty Nest Behind

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | September 17th, 2014

With her children just off to college, a widow in her early 50s tackled a tough question. Should she keep the big family house with high mortgage payments that symbolized security and comfort for her kids? Or should she sell to cut expenses and pursue the dream of leaving her corporate job for interior design school?

"On the one hand, she felt wedged in by her high-paid career. But on the other, she worried her kids would be unhappy if they couldn't return to their old home for summer vacations and holidays," says Savannah Mayfield, the life coach who helped guide the widow through her decision- making process.

After several hours sifting through the pros and cons, the widow finally decided to sell, which proved the happier choice in her case.

Mark Nash, author of "1001 Tips for Buying and Selling a Home," tells the true story of his mother, a longtime homemaker who became single soon after all three of her children left home for college.

"It was only after she sold our family's large house and moved to a place less than half that size that she was free to explore her strong interest in bridge. Eventually, she got so good at bridge that she became a competitive bridge player who won several national tournaments," Nash says.

But while selling the family home is the best option for many women with grown kids, it's not the right choice for all. Nor is it always the best plan for empty-nest men who live alone, he says.

"Sometimes there's lots of regret about a decision to downsize from a large house to a condo. People miss the sense ... of control that comes from owning a detached house. Also, others miss the people they knew in the old neighborhood and never feel at ease in the new environment," Nash says.

Here are a few pointers for single empty nesters considering a sale:

-- First consider the money issues around your decision.

In recent years, many breadwinners have experienced a decline in income. Moreover, some still haven't recovered all of the home equity they lost when the real estate bubble burst, Nash notes.

"With so much at stake, along with the rising cost of college and retirement, single parents can't afford to put on blinders when it comes to financial matters," he says.

He encourages single parents considering a home sale to consult a trusted financial adviser or accountant before moving forward.

Prior to a session in your adviser's office, he recommends you spend time with your checkbook and credit card statements to analyze the full cost of your house per year.

When choosing a financial adviser, Mayfield encourages her clients to select a "fee-only" professional who's compensated directly by clients rather than through the sale of life insurance or other financial products.

"Because of how they're paid, fee-only planners are in a position to give you more objective and impartial advice. Ideally, they'll be free of conflicts of interest," she says.

One source of referrals to fee-only planners is through the website of the National Association of Personal Financial Advisors (www.napfa.org).

-- Consider a possible sale in the context of your holistic life plan.

Often, people see their real estate choices in isolation from the larger issues of their lives, says Michael Knight, a financial planner affiliated with the Garrett Planning Network, which is comprised solely of fee-only planners (www.garrettplanningnetwork.com). But he says all major financial decisions should be made with lifestyle values in mind.

Nash says it's sometimes a good bet to turn to an experienced real estate agent (who doesn't push you to sell) rather than to a friend or family member.

"Those closest to you probably have the best of intentions. But they aren't always the most impartial. If you don't feel comfortable confiding in a real estate person, consider engaging the services of a life coach or therapist," he says.

-- Glide into your action plan rather than hurrying ahead.

Nash, like many veterans of the real estate business, knows it can be a mistake to hurry into a home sale soon after a life-altering event, like the death of a spouse or a marital breakup. For many single parents, this is an especially traumatic period if the event occurs around the time their children are leaving home.

"When the last child leaves, some parents have such a let-down feeling that their judgment is clouded. Some even go through a temporary identity crisis," he says.

Nash recommends that single parents with the option of postponing a decision on a house sale wait at least six to 12 months after the kids move out before deciding whether to hold or sell a longtime residence.

"If you can wait, let the dust settle prior to finalizing any firm moving plans," he says.

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

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