home

Selling in the Winter of Buyer Discontent

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

Are you planning to sell your home during the first couple of months of 2015, when buyers will be scarce due to normal seasonal variations? If so, don't hesitate, says Sid Davis, author of "A Survival Guide to Selling a Home."

"It's depressing to face all those bills in January and February. But many people committed to a job-related housing move will still go forward with a purchase at the beginning of the year," says Davis, a real estate broker who's been selling homes since 1984.

Although many post-holiday buyers are committed buyers, they're also hard bargainers.

"They're always trying to save pennies on their deal because they're in an austere mood," Davis says.

Still, Davos seeks to dissuade most would-be home sellers from postponing on the basis that springtime would be a better selling period.

"Starting in March, there will be lots more buyers flooding the market. But there will also be lots more sellers. So your competition greatly intensifies," Davis says.

John McLellan Tayler, a real estate author and former realty company owner, says a property in good condition that's located in a popular neighborhood with good schools can sell quickly, even during an overcast winter period.

Here are a few pointers for sellers:

-- Choose a listing agent who's weathered several post-holiday cycles.

No matter where your house is located, it's crucial to hire a listing agent with an established track record.

"An agent who's been through at least 10 post-holiday seasons should be especially good at identifying the best week and day to put your property on the market," says Mark Nash, the author of "Starting & Succeeding in Real Estate."

-- Go on a cleaning crusade right before your place goes up for sale.

Once your New Year's celebrations are behind you, your first challenge should be to remove any hints of holiday decor.

"A house that's stuck in Christmas or any other winter holiday is a turnoff to buyers. Trying to show a property with holiday decor still in place signals to buyers that you're not really ready to move," Nash says.

After the decor is gone, Nash urges sellers to go on a cleaning binge, purging the property of all superfluous items and then making the whole place dust- and spot-free.

Sellers lacking a design-trained eye might consider engaging a home stager, a professional who helps reduce and then rearrange sellers' furnishings for maximum appeal.

"One way to make a room look better is to remove up to half the furniture and then float your sofa and other pieces at an angle away from the walls," Nash says.

-- Lighten your interior walls.

Are you a homeowner who loves bold designer paint colors? That's fine during your tenure in the property. But once your place is heading for the market, such colors are a poor choice, especially for a wintertime sale.

"I call colors like magenta, mustard and chocolate brown 'commitment colors.' They might look good in houses shown in Architectural Digest magazine. But they're a bad idea for wintertime sellers because they make a place look even drearier on cloudy days," Nash says.

However, when repainting your walls in advance of a sale, you needn't pick sterile white to lighten and neutralize your look. Good choices include linenlike tones with just a hint of another pleasing color, such as very pale yellow.

-- Engender excitement about your wintertime sale.

Clearly, enthusiasm is in shorter supply during January and February than in the weeks leading up to the winter holidays. So it's often helpful for you and your listing agent to develop a creative marketing strategy for your winter sale.

Nash, who long sold homes in the frigid Chicago area, recalls the true story of an Illinois couple whose listing agent was puzzled about how to attract home shoppers to what he describes as their "blah suburban house" when it went up for sale one February.

What finally worked was a "Garden of Eden" theme, in keeping with the fact that the home's owners were avid gardeners. Though their flower beds were buried in snow, the agent asked for photos showing their flowers blooming in summer. These were enlarged to poster size, mounted on tall easels and placed next to windows throughout the property.

"The theme created buzz among neighbors, real estate agents and buyers during some of the darkest days of February. We all loved the break from winter because it was so hopeful, bright, and cheerful," Nash remembers.

"The simple goal of creative marketing is to encourage talk about your house and get eyeballs over to see it," Nash says.

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

home

How to Quickly Prep a House for Sale

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

A woman in her 50s was highly motivated to make an out-of-state move for a new job. But before her house could go up for sale, she had to cull through her huge collection of belongings. The task was enormous, but she managed to do it in a week of focused work.

"I gave her a step-by-step action plan and she followed it meticulously," recalls Kristin Bertilson, the professional organizer hired by the woman to oversee her project.

Bertilson, who's affiliated with the National Association of Professional Organizers (www.napo.net), advises hurried home sellers to pre-pack their largest and heaviest belongings first.

"Start by removing non-essential furniture, placing the extra pieces in storage so your house won't look crowded. Then pack away the contents from your bookshelves, leaving just a few books behind," she says.

After that, she recommends you head for the kitchen.

"Pack away all the kitchen items you use only intermittently, like your crock pot and popcorn maker," Bertilson says.

During the culling process, you'll want to save for last any items that are hard to let go for sentimental reasons.

"You don't necessarily make final decisions on your mementos before you move. Instead, you can neatly pack these items and go through them after you've reached the next house," Bertilson says.

Mark Nash, a long-time real estate broker and author of "1001 Tips for Buying & Selling a Home," says many sellers now have less lead time than in the past, making a methodical prep plan all the more important.

Are you a homeowner who wants to move as soon as possible? If so, these pointers could help:

-- Target those projects with the most impact.

"An experienced agent can help you identify tasks that will make a real difference to a sale versus those not worth doing," says Dorcas Helfant, a former president of the National Association of Realtors (www.realtor.org).

For instance, your listing agent might dissuade you from hiring a landscape architect to redesign your backyard. But the same agent could convince you of the value of resurfacing your kitchen cabinets.

-- Look to outside assistance if your time is limited.

Do you often work overtime or have other duties that require time outside of your job?

Sellers in this sort of situation need extra help from their listing agent, Nash says.

Nash estimates that at least 40 percent of listing agents will assist their clients in finding contractors for pre-sale repairs and cosmetic improvements. Many will also oversee the contractors' work while it's underway.

"Interview proactive agents whose references say they're super-organized and have a database of good contractors," he says.

-- Set your priorities thoughtfully.

As Nash says, it's crucial for any time-strapped home seller to set priorities.

"Walk through your property with the agent, listing all the steps that could make a worthwhile difference for your sale. Then classify them into "A-," "B-" and "C-level" tasks. Start with the "A" items. Move on to the "B's" and "C's" only if time allows," he says.

-- Address your top-priority projects first.

"If you can afford it, hire people for your grunt work. Find people to wash your windows inside and out and to prune your shrubs. Also, consider hiring professional painters," Nash says.

When it comes to interior painting, Nash urges you to avoid such daring colors as magenta, salmon and mustard. Granted, bold colors are commonly recommended by designers on popular TV home improvement shows. But sellers risk alienating potential buyers when they choose controversial colors.

He recommends that sellers select a single neutral color, like an off-white or light gray. and then use it throughout the home.

"Bold colors make the buyer's eyes stop, start and stop again. But when you use a calm neutral, your home appears larger and more unified," Nash says.

-- Take on "B" and "C" tasks if time permits.

One "B-level" item on most sellers' task lists involves window treatments.

"If you have the kind of heavy drapes your grandmother had in her house, take them down. The current generation of buyers likes a light, bright living environment. That's why you're often better off with no window coverings than those old-style drapes," Nash says.

Additional items on your "B" list should include the installation of new kitchen countertops, assuming yours are nicked or damaged. Also, consider sanding and polishing worn hardwood floors.

"C" items typically involve improvements to a house that are outside its main living area, such as attics and garage spaces. They also include repairs to cracked or stained driveways and walkways.

"When time and money are limited ... you've got to put your resources where you'll get the best return," Nash says.

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

home

Selling a Luxury Abode in a Slow Market

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | December 10th, 2014

Given the advancing economic recovery and mortgage rates that remain favorable, home sales in most neighborhoods continue to be strong. But there are always "outliers" -- places where the market is slowing due to special factors, like layoffs announced by a nearby employer.

"Because all real estate is ultimately local, you'll always have housing markets that move contrary to the rest of the nation," says Michael Connerly, a real estate analyst and author of "How to Win With Real Estate."

A slow market can be discouraging for homeowners planning to sell an extra-fancy, upscale home for which they'd hoped to get a premium price. But even in a weak market, Connerly says it's possible for a one-of-a-kind showplace with exquisite features to fetch a fair price.

What characteristics set showplace homes apart? As Connerly says, these are typically spacious properties in the top 5 percent of the value spectrum for their area. Many have Old-World charm and such features as ornate moldings, built-in cabinetry, exposed beams and floor-to-ceiling windows.

Here are a few pointers for showplace sellers:

-- Don't bank on an excessive price premium.

Dorcas Helfant, a former president of the National Association of Realtors (www.realtor.org) cautions against attaching too high a premium when pricing your showplace --particularly in a slow neighborhood market.

"I wouldn't go more than 3 to 5 percent over other homes of the same size in your community, even ones that don't show nearly as well," Helfant says.

As Connerly stresses, sellers who ask too much at the outset of a listing often pay a large penalty later if their property sits unsold for a lengthy period and the price must be dropped to draw buyers back.

-- Choose a listing agent with a sharp eye.

Buyers are always influenced by the appearance of a home, particularly how it looks from the street view. This is where a showplace can especially shine.

As Helfant says, "People who have a spectacular house have all the more reason to show it off through excellent visuals," such as photos for print advertising and video for online listings, including the online "virtual tours" that are now a popular marketing tool.

-- Request a neighborhood-wide open house.

When it comes to run-of-the-mill residences, real estate specialists often downplay open houses as a means for attracting serious buyers.

Still, Helfant says there's a way to enhance the impact of an open house conducted for a showplace: encourage other nearby sellers to hold open houses on the same afternoon, thereby increasing the potential draw.

"The more homes that are open, the greater the chance that serious prospects will come by, with or without their agents," she says.

As Helfant says, a neighborhood-wide open house can be especially beneficial for the sellers of a showplace. That's because buyers who visit multiple open houses in the same area can easily compare all the places they see.

"Go ahead and encourage buyers to see your competition. A beautiful house that's staged to sell will outshine all the others during a mega open house," she says.

-- Don't postpone moving plans due to a weak market.

Many owners of showplace homes are resistant to letting go of a beloved property, even if they have a good reason. And some even cancel their plans to sell soon after their place hits the market.

For example, Connerly tells the true story of a couple in their 50s who owned a handsome Edwardian-era property. Their plan had been to buy a waterfront place where they could one day retire. But within days of their place going on the market, they called their agent to withdraw the listing.

"Their 18-year-old daughter had become hysterical about losing the house where she'd grown up," Connerly recalls.

Tom Early, a longtime real estate broker who was twice president of the National Association of Exclusive Buyer Agents (www.naeba.org) encourages sellers with second thoughts to remember the larger picture, taking into account the personal and financial implications of postponing a sale.

"Life isn't a dress rehearsal. If your dream after selling your showplace is to change your lifestyle for the better, then postponing a move could translate to quite a sacrifice in your happiness," Early 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 26, 2023
  • Your Stars This Week for March 19, 2023
  • Your Stars This Week for March 12, 2023
UExpressLifeParentingHomePetsHealthAstrologyOdditiesA-Z
AboutContactSubmissionsTerms of ServicePrivacy Policy
©2023 Andrews McMeel Universal