Why didn’t my home sell?  Tip:  A good 1st impression goes a long way!

You’ve heard the expression, “street appeal” and how important that is when selling your home.  That’s because the first impression can determine how a prospective buyer looks at your home – before even crossing the threshold.  if the yard is overgrown and not maintained, or the walkway needs repairing, or the paint on the front porch is peeling, the buyer starts forming an opinion about your house.  “What else needs to be repaired?”  “This house is not well-maintained.”  “How much is it going to cost me to make these repairs?”   Instead of viewing the home as a whole and allowing a general impression to form – the buyer focuses on negative items – the scuff marks on the flooring or the old faucet in the kitchen.  These small distractions can send up “red flags” for the buyer.  And perhaps a perfectly good home doesn’t sell or generates low offers.   A good 1st impression isn’t going to sell the house by itself  - but it paves the way for the house to be viewed in a more positive way.

So get out that paint can and tool box and start “sprucing up” – and start with the front of your home.  Prune those bushes, replace the broken brick, set out some flowers – even replace garage doors & the front door, if needed.  Pull up to the curb.  Does your house pass the “First Impression” rule?  if so, you’re giving your home the advantage of “best foot forward”!

If you’re selling your home, look for future tips and tools about selling your home in a difficult market.  There’s more information about selling your home on my website.  For up-to-date market reports for the Huntington area see Market Reports.  You also can request a market report for any area in the NY Metro area.

When preparing your house to sell, don’t overlook the importance of the Master Bedroom for today’s Buyer! Master bedrooms are retreats from the daily grind, so they should be relaxing, welcoming and comfortable – but also elegant. Create a sanctuary similar to a luxury hotel suite that appeals to both genders.

First, your master bedroom should look like a bedroom and not a space for work or exercise. Remove anything from the bedroom which does not have a sleeping or relaxing purpose, such as desks, computers and exercise equipment.

Declutter. Remember to think "less is more" when staging your master bedroom. Remove items on top of dressers and tables except for a few necessary items or a vase of fresh flowers. Declutter your closets and make them appear larger by only using 2/3 of the closet space and keeping everything off the floor.

Lights, Camera, Action!

Home Staging

Thinking about selling your home in the near future?  Want your home to stand out against the competition?  Then you have work to do before you let a buyer through the door!   You need to “Set the Stage” for your home’s “Grand Premier Opening!”

In most cases, the basics of home preparation will be sufficient.  Eliminate clutter. Add light.  Add brightness.  Freshen it up.  Make the house more spacious.  Pack it up. Work on curb appeal.  Then Clean, Clean, Clean!  Doing these basic steps will put money in your pocket when you sell your home.  Remember, you are not preparing your home the way you want to live in it; you are preparing your home to sell.  Two good resource books are Dress Your House for Success and Designed to Sell.  For more details on the above suggestions:  Download “Cheryl’s Preparing Your Home for Sale Tips”.

Sometimes, a home may need a professional to stage the home.  In these cases, the expense of paying a staging professional and following her/his advice can make the difference between selling your home at market value and having to drop the price considerably to attract a buyer.  When I feel that a client needs to consult with a professional to stage their home, I offer to pay for the first 2 hours.  Selling a home is a partnership between the homeowners and the listing agent.  We have the same goal in mind, “To sell their home”, and we need to work together to achieve it.

The following link uses before and after photos to illustrate the difference that “staging a home” can make in showcasing a home:  http://www.sixelements.com/housefluffingtips.html

With the uncertainty of the direction of the real estate market on the top of everyone’s mind today, there is confusion on the part of all involved – sellers, real estate agents, buyers, appraisers and mortgage brokers – about how to determine the value of a home. There are clear signals that can be helpful in determining how much a home is worth and how long it will take to sell it. Market signals – and the absorption rate – should be monitored by both sellers and agents to keep abreast of a changing housing market. Market Value Sellers control the listing prices. An agent may advise, but in the end, the seller sets the price. The buyer determines what someone is willing to pay for the house and, in most cases that is based on the value that is determined by the market. Market value is the price that a seller is willing to sell for and that a buyer is willing to pay. Once a home is placed on the market, feedback from showings is a good market signal to pay attention to. If the feedback is consistent – "house needs too much work", "don’t like the location", "property is too flat (hilly, narrow, etc)" – that reads, "House is too high in comparison to other homes that I have seen for the same price." Either the objection can be remedied (make some repairs) or the price can be adjusted to reposition it in the marketplace. "Supply and Demand" regarding housing inventory is a key market signal. If there are more houses coming on the market and the sales are not keeping up then prices will soften unless that changes. Sellers and agents must monitor the market absorption rate or "MAR". To calculate the MAR of the housing market in your price range – divide the number of available listings by the number of sales during that month. That will tell you how many homes in your price range sold that month. Then look at the number of available listings. For example using an absorption rate of 5, it means that it will take 5 months to sell the existing inventory. The lower an absorption rate the less time it takes to sell a home – which means more buyers, fewer homes. If the absorption rate is high, then buyers have more choices and may be very fussy about the properties they’re purchasing. Homes that are updated, in "mint" condition, in more desirable locations or settings and priced competitively in comparison with other homes on the market, will sell first. Price of a home and market position must match. "Chasing a market down" is the worst selling strategy possible! Monitoring feedback from showings, available inventory to check market position and the market absorption rate will help a seller make an informed decision. It is the responsibility and obligation of the listing agent to provide the seller with the information needed. All the exposure and marketing in the world cannot overcome a house priced too high for current market conditions.  For more information about the value of your home in today’s market contact Cheryl at 631-549-1993 or cheryl@liagent.com.