Follow The Leader and Win:
Who wants to sell a home for more? I suspect everyone does and here’s a lesson to be learned.
During the subprime crisis which began in late 2007, the market was flooded with distressed properties. As a result, lenders soon found themselves holding huge inventories of foreclosed homes. With the ensuing collapse of the stock market, rise in unemployment and general economic distress, they found it very difficult to liquidate these inventories. Economic forces had lowered the voices of demand to mere whispers and increased the inflow of distressed properties to a cacophony of foreclosures. Therefore, banks and other lenders began reducing prices so quickly that the real estate market collapsed.
However, as the economy began to recover during the second term of the Obama administration, lenders changed their strategies. Inventories of real estate owned, the term banks gave to foreclosed properties they acquired, had become more manageable. This caused institutional owners to explore maximizing value instead of seeking quick sales. They had watched rehabbers make handsome profits by improving homes and adopted their a winning strategy. While buyers continued to expect bargains, they became rare after banks came to realize that the cost improving an REO was often dwarfed by the resulting value added. Therefore, lenders hired contractors to restore homes to prepare them for market. Additionally, they quickly realized that such restored properties became the most desirable on the block. Therefore, they began to price restored homes at the top of the market.
What is the lesson to be learned here? It is quite simple really! Take the small steps required to make a great first impression and you shall be greatly rewarded. Here is our guide as to how to sell a home for more.
How To Prepare An Ocala Home To Sell For More:
A first impression begins with curb appeal. Therefore, make sure that your lawn has a freshly cut and edged look. Trim your landscaping, weed and mulch. Water regularly and fertilize if necessary. Then make sure that your exterior elevation looks fresh and clean also. Pressure clean your walks, roof, exterior walls and trim to make everything shine. Repair rotted fascia boards as well. Of course, you would also be wise to complete other cosmetic exterior repairs before listing. Consider that if you would do repairs to clear inspection issues, you should not procrastinate. Acting proactively will help you to maximize value and sell more quickly.
Preparing the Interior:
As you would expect, the next step in ensuring a great first impression is preparing your home’s interior. You must begin by evaluating what repairs make economic sense. First consider that a buyer who sees water stains on ceilings and walls may fear much greater problems than may actually exist. Of course, he will likely respond by lower his offer or walking away. Therefore, make sure you determine the causes of the stains and repair them. Again, consider that the home inspection report will address these issues in any event. Having remediated, you would be wise to eliminate signs of the distress. Use a little stain killer and paint. You will be glad you did. You would also be wise to consider repairing leaking faucets, noisy fans and other issues you would expect to concern a buyer.
Now that you have handled repairs, you must turn to staging considerations. Begin by eliminating clutter and personal touches. Make each room in your home look clean and organized. Make sure that your kitchen counters only contain the bare essentials. Put everything else away neatly. Put cosmetics stored on your bathroom counters away neatly as well. But please don’t ignore your closed spaces. Buyers have a habit of opening closets and cabinets to evaluate whether your home provides sufficient storage. Expect that they will and organize every such space diligently.
Having taken care of obvious clutter, then turn your attention to positioning furniture in each room. Don’t be shy to ask your Realtor for advice. His or her years of experience make them eminently qualified to offer valuable suggestions. Also, don’t be surprised if your Realtor offers a free initial consultation with a professional home stager, a valuable perk that may translate into thousands of dollars more at closing. You may even want to avail yourself of the stager’s services, since studies show that dollars spent staging a home are rewarded six fold in increased sales price.
Removing Personal Effects:
Research also demonstrates that removing personal keepsakes and photographs allows buyers to better visualize living in a home they are touring. As a result, they are more likely to make an offer and to offer a higher price. Remember that your treasures will need to be packed away for the journey to your next home anyway. Therefore, you would be wise to pack them sooner to avail yourself of the opportunity to sell your home for more. Wouldn’t you agree?
Showtime enhances the chance to sell a home for more:
As the ultimate step in preparing your home for sale, you must make it sparkle and shine. Every room must be cleaned and detailed. Hard floors must have that just polished look and carpets must look freshly vacuumed. You would also be wise to clean your windows inside and out. You must totally sanitize Bathrooms as well. Additionally, you will want to thoroughly clean your major kitchen appliances to give them that brand new look. Finally, consider taking steps to remove pet odors and avoid cooking anything that will leave lingering odors.
On the day of a showing, prepare by turning on every light in the house and opening window coverings to highlight special views. Then do a quick walkthrough to ensure everything is showing ready. Your home shows best when it is bright, airy and neatly organized. We call this final element of staging “showtime”.
Since you have done everything in your power to create a wow first impression, you must now step away and let your Realtor represent you professionally. Potential buyers may feel hesitant to ask questions with you present and engaged buyers are more likely to present offers. So visit friends, go to your favorite cafe, or given our current environment, simply take a walk and stay safe.
It may take a few days and a little money to ensure your home makes a great first impression, but you can rest assured that you will benefit greatly if you do.
Our blueprint shows you how to sell a home for more. Employ it. You are sure to be pleased with the results.
Andrew Kruglanski, Broker
Ocala Home Guide Realty, LLC
Website: Ocala Homes Online