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De-cluttering Tips for a Successful Sale

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | April 18th, 2018

Normally, house hunters view spring as an auspicious time to make a purchase. But this year, they’re less sunny than usual, due to rising home prices and higher mortgage rates. What’s more, there’s now a disconnect between the outlook of buyers and sellers.

While 76 percent of homeowners think now is a good time to buy, just 55 percent of renters concur, says Lawrence Yun, chief economist for the National Association of Realtors (realtor.org). He says house hunters are “dispirited by the stiff competition for the short number of listings they can afford.”

Sellers can brighten their own odds of a successful sale by pricing accurately and presenting their property in an appealing way -- especially by clearing out excessive furniture and other possessions.

“There’s a strong visual component to a clutter-free home,” says Tisha Morris, a life coach who helps owners better stage their properties.

Through her work, Morris relies on the principles of “feng shui,” the ancient Chinese belief that how you build your house and arrange your possessions affects your health and happiness. Among other principles, it calls for simplicity in living.

But Morris, author of “Clutter Intervention: How Your Stuff Is Keeping You Stuck,” says it can be tough for sellers to sift through years of accumulations in advance of a sale, especially if they have a great deal of memorabilia.

Though there’s no simple solution to the clutter problem facing many sellers, Morris advises clients to begin by sorting through the items that have the weakest emotional ties. For instance, you might clear through kitchen utensils prior to tackling your children’s storybooks.

But before moving, there’s usually no reason to rid yourself of all your most valued possessions.

“Don’t think you have to become a fire-and-brimstone de-clutterer. If necessary, rent a temporary storage unit to keep your collectibles while your house is on the market,” Morris says.

Here are a few other pointers for sellers:

-- First, get a sense of the big picture.

Homeowners who do a thorough inventory of their clutter problem before attempting to solve it tend to be more efficient, says Mark Nash, a real estate analyst and author of “1001 Tips for Buying and Selling a Home.”

“First get your arms around the issue,” he says.

He suggests you ask your listing agent to come over to offer guidance on the belongings that should be banished before your house is shown to visitors.

Prior to downsizing a few years ago, Nash did such an inventory. Among his surplus items: flower vases; gift boxes; back copies of Architectural Digest; old bed linens; a lifetime supply of coffee filters; shoes purchased on impulse; half-used gallons of paint; and surplus telephones. His kitchen was also crammed with extra things -- from odd coffee mugs to flan cups he hasn’t used since the 1980s.

-- Use an illustration of your new space.

As another beginning step, Nash recommends you plot the space in your new property before deciding on the volume of items you can move. This assumes, of course, that you’ve already selected your next habitat.

It’s not only downsizers who can benefit from an illustration showing their new space, Nash says. Anyone planning a move should become more focused once they know what will and won’t fit in their next home.

-- Sort systematically.

When preparing for a move, Nash advocates that you sort like items together.

“Collect all those pesky things you continue to buy because you can’t find the first, second or third one you bought or because at the store you can’t remember if you have any. After you discover the rampant duplication, it’s easy to edit,” he says.

Once you have the items in any given room categorized, use what Nash calls the “three-box system” to plough through them quickly. One box should be labeled “keep,” a second “give away or sell” and a third “I don’t know.”

To increase your momentum, immediately make arrangements to have your “give away or sell” items carted off. This allows you more room to cull through the possessions from the “I don’t know” box that will require more scrutiny.

“It’s the decision-making element of decluttering that gets people paralyzed. But making decisions is easier if you have fewer things to look at,” Nash says.

-- Free yourself of old clothes and technology.

When picking through piles of clothing, one rule of thumb is “If you haven’t worn it in a year, get rid of it,” says Nash, who also urges sellers to liberate themselves of many old gadgets.

“Obsolete technology is worth even less than people imagine. You probably can’t sell that old computer or printer. The sooner you donate or recycle them, the better off you’ll be. ‘Out of sight and out of mind’ is a great mantra when you’re moving,” he says.

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

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Presale Improvement, on a Serious Tip

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | April 11th, 2018

America is suffering a severe shortage of quality homes for first-time buyers. So, when an experienced real estate broker put her modest Cape Cod up for sale, she was surprised it languished unsold for two months without a single bite.

To address the problem, the broker, Julie Tuggle, swung into action. She replaced worn carpet with dark hickory flooring throughout the house. Also, she upgraded the kitchen with new appliances and granite countertops.

All told, Tuggle spent $6,000 on improvements before raising the list price for the property by $10,000. Despite the price increase, once back on the market the place sold immediately.

“It was amazing. I had people fighting over the house,” she says.

A broker since 1985, Tuggle knows which improvements can hasten the sale of a property and which offer a poor return on investment. For sellers, she says the best bets are cosmetic improvements that can transform the look of a home for a relatively small sum. These include fresh paint, new flooring and kitchen upgrades.

What’s important for sellers, she says, is to distinguish between presale improvements that are worth the cost and those that are overkill and a waste of money.

“To get a house sold, I wouldn’t go beyond neighborhood standards. In most cases, that means it wouldn’t be advisable to replace windows, build on an addition or add a swimming pool,” Tuggle says.

Mark Nash, a real estate analyst and author of “1001 Tips for Buying and Selling a Home,” urges sellers to make sure they spend the money for necessary repairs to a property, even if they’re in a strong seller’s market.

Here are a few additional pointers for sellers:

-- Ask three real estate pros for guidance.

Nash says that before they commit to any remodeling projects, it’s wise for sellers to discuss the work they’re considering with real estate people who know their area.

He recommends you contact three local agents for advice on which home improvement projects are truly worth the expense. Most well-established agents will visit your house and advise you. even if you don’t intend to sell for another three to five years.

“Good agents are in their field for the long term. They’re not just looking for a quick sale,” Nash says.

As an added benefit, he notes that many agents maintain a database of reliable contractors.

-- Determine neighborhood norms for your area.

Tom Early, a longtime real estate broker and past president of the National Association of Exclusive Buyer Agents (naeba.org), says current buyers won’t pick up the tab for any renovation work that raises a property above neighborhood standards.

“These days everyone, including those buying in hot neighborhoods, are savvy shoppers who know what homes in your area are going for. You can’t fool them into paying a premium for an over-improved home,” Early says.

What sort of upgrades constitute “over-improvement”? For example, you wouldn’t want to install high-end, designer light fixtures in a neighborhood of starter homes. By the same token, you wouldn’t want to construct a three-car garage in a neighborhood where most houses have no garage at all.

-- Cancel projects that prove too expensive.

If you think your contractors are going over the top, Nash says it’s better to stop projects before they’re finished than to overspend on work that will cost much more than expected.

“For example, most buyers don’t care if they get super appliances in the kitchen or laundry room. It’s the basic house and floor plan they’re looking for and not high-end elements in every room,” Nash says.

As he points out, real estate agents often recommend the use of less expensive products than are suggested by contractors. For example, you don’t need to spend your money on top-of-the-line carpeting when a mid-level grade will do just as well. Or you might wish to opt for generic hardware in your kitchen and bathrooms.

“It’s true that bailing out of work with a contractor can cost you a penalty. But doing so might still be the wise course if a project has become too ambitious,” Nash says.

-- Slow the renovation process to avoid costly mistakes.

As Nash notes, many home sellers realize too late that a thoughtlessly executed remodeling program can hit their wallet hard. That’s why he recommends you write on an index card the basic elements of a well-thought-out plan. Then have that index card handy as a reference guide when contractors come over to do estimates.

“Sure, you want to sell your house quickly and for the maximum amount of money. But haste can mean wasted dollars. It’s far better to proceed thoughtfully than to rush headlong into changes that could push you over your budget,” Nash says.

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

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Buying a House Without Wrecking Your Marriage

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | April 4th, 2018

Somewhere around half of U.S. marriages now end in divorce, according to the American Psychological Association. Marriage experts say one of the most perilous times for couples occurs as they approach buying a home.

“Money is the No. 1 cause of conflict and divorce in our country, and buying a house is the biggest purchase most couples make in their lifetimes,” says Dr. Elizabeth Schmitz, a psychologist and co-author of “Building a Love That Lasts.”

“For many couples, there’s a middle ground between differing opinions on the right place to buy. Shut off your phones and really listen to what’s important to your partner,” she says.

Schmitz acknowledges that some house-hunting couples deadlock over differing priorities. To help break such a deadlock, she recommends they work with a real estate agent who can help assist them to discover options that might suit both partners.

Schmitz and her husband, a fellow marriage analyst and former university dean, have moved seven times during their 52 years together, and every move has required some level of negotiation.

“Over time you learn how to compromise effectively,” she says.

Here are a few pointers for home-buying couples.

-- First, define your spending limits.

Ashley Richardson, a real estate agent who’s sold homes since 1993, says many couples launch an elaborate property search before setting their spending limits. But she urges would-be buyers to start by talking to a reputable mortgage lender.

“Price has got to come first, because it dictates how much of your wish list is doable,” says Richardson, who’s affiliated with the Residential Real Estate Council (crs.com).

Of course, there are many national lenders seeking to sell their services via the internet. But Richardson says it’s usually preferable for buyers to work with a local lender whom they can meet face-to-face.

Why is it easier for couples to reach consensus if they obtain mortgage pre-approval? Because, as Richardson says, those who know their spending limits are more realistic, which makes compromise easier.

“That way, neither husband nor wife gets their heart set on a home that’s beyond their reach, saving time and disagreements,” she says.

-- Select the right neighborhood as your second step.

Obviously, picking the right neighborhood is a personal choice no real estate agent can make for you. For that reason, Richardson suggests you evaluate several neighborhoods before asking an agent to zero in on listings in any area.

“You can save a lot of time by identifying your favorite neighborhood early and then finding an agent who truly specializes in that community,” Richardson says.

She recommends that couples discuss the neighborhood features most important to them. They need to decide, for example, whether it’s more important to live close to work or in an area with lots of pristine open space.

Though many buyers spend ample time comparing neighborhoods through internet searches, Richardson recommends they also spend some weekend hours driving through neighborhoods of interest and stopping by open houses.

-- Identify lesser priorities you’re willing to trade off.

Many couples in their 30s and 40s with young children are anxious to move up from a small starter home to a place with more bedrooms and bathrooms. They typically find it easy to agree on their space needs.

But beyond these basics, couples argue about other important property features. For example, is it more important to buy a place with a large lot or one with a two-car garage?

Because few couples can afford a home with every feature they want, Richardson encourages partners to give each other a written list of priorities. That way both parties will probably get more of what they want.

-- Consider the redo of a home that doesn’t quite meet all your wishes.

Susan Graves, a veteran real estate broker, recommends that couples who can’t now afford a place with all the features they both want look for one that could be updated to meet their top priorities.

To determine if the improvement you want would fit in your budget, Graves suggests that buyers call in a contractor for an estimate on cost. For example, they could obtain a bid to add a garage to a property that lacks one, or to install quartz countertops in a dated-looking kitchen.

“Buying a well-priced home that needs only a limited amount of work to ensure that both husband and wife are happy could be a reasonable plan,” she says.

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

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