How to Sell Your Home When the Market is Down

When the market is down, the easiest way to sell your house fast is to lower the price. But lowering your asking price isn't the only solution. You can also attract buyers by adding new features that enhance the value of your home.

Here are a few tips to sell your house at the best price:

Differentiate your home from your neighbors

You can attract buyer attention by differentiating your home from your neighbor's. For example, custom additions such as a new roof, landscaping, or high grade windows can make your home stand out from the rest. These features not only make your house more attractive but also enhance its value.

 

While adding new features, it’s best to opt for designs and colors that will impress most people. Any new feature should complement your home. For example, building a patio next to your outdoor swimming pool is a great idea.

However, resist the temptation to overspend. Of course, enhancing the appearance of your home may attract buyers, but it is not always easy to recover all the costs while you sell it. There is absolutely no example to prove that the new shingles on your roof will substantially increase the value of your home. If you're planning to invest a lot of money in improving the appearance of your home, do some research and add features that are more likely to recover their costs.

If you have recently added some interesting custom features, don't forget to include them in your home's listing. 

Clean the clutter

Make sure that your home is free of clutter when potential buyers come to see it. Clutter turns off people immediately. You can make your rooms look larger by removing some furniture. Also put away personal items and family photos. And if your budget permits, you should consider hiring a stager. Be willing to shell out a few thousand dollars if you are planning to rent modern furniture for showing your house.

Sweeten the deal

You can attract more buyers by sweetening the deal. You can, for example, offer to pay the buyer's closing costs. These deal sweeteners will help you to attract more buyer interest. You can also consider offering a transferable home warranty.

Improve curb appeal

Don't overlook the need to enhance your home's curb appeal. When a buyer takes a look at your house, the first thing they see is its external appearance. So make the exterior as attractive as possible. Apply a new coat of paint before listing your home for sale. You also need to keep your garden and lawn in good condition. Appearance means a lot in real estate.

Make sure that your home is ready to move in

Make sure that your plumbing and electrical fixtures and appliances are in working order. They should also comply with existing building codes. When potential buyers visit your home, they should get the impression that the home is ready to move in.

Price it right

Your home should be priced appropriately. You should consult a real estate agent to know what comparable homes in your area are selling for.

Your home doesn't have to be the least expensive home on the street. That said; it must still be reasonably priced.

 

The bottom line

It is not exactly easy to sell your house when the market is down. However, by adding a few interesting features and keeping your home in great shape, you can improve your chances of finding a buyer.

Home Makeover Tips to Make Your Home Look Awesome

So you have got your home listed and firmly implanted that “For Sale” sign in the front yard. But is your home ready to be toured by would-be buyers? Ask any real estate expert and they will all tell you why it is important to give your home a nice makeover before showing it to potential buyers. First impression really matters.

Even if you are in a market where houses sell quickly, first impression is very important. So it’s a good idea to spruce up your house – it would convince the would-be buyer that it is well worth every penny you are asking. You can give your home a great makeover without having to spend a fortune.

If just a few homes are available on the market, you will probably not feel the need to spend loads of money on aesthetic improvements. Still, there are several relatively inexpensive things that you can and should do to attract buyers.

Here are a few things you should do to improve your home's external appearance:

·         Make sure that your lawn is well-maintained; don't forget to tidy up your landscaping.

·         Place a nice potted plant close to the front door. It will make your door area more attractive.

·         Make the doors look new by applying a fresh coat of paint.

·         Clean the windows to a sparkle.

·         Install a new doorknob. It will create a sense of greater security.

·         Your street numerals should be in place. Make sure that they are polished. You can also invest in a brand new set of numerals. 

·         Hang a seasonal wreath on the door.

·         If there are any loose shingles get them fixed before showing the house to potential buyers.

·         Repair your gutters and paint them.

The interior is as important as the exterior. When potential buyers enter the house, you should still be able to leave a positive impact on them. Here are a few things you need to do: 

·         Remove clutter. Clutter kills positive energy. It also makes your home look cramped and unattractive. Keep the toys well organized in closets or shelves. Leave the countertops in your bathrooms and kitchen empty. If that is not possible, remove as many items as you can.

·         If you have a lot of family photos, you need to remove them as well.

·         Hang fresh towels in the bathroom.

·         If the walls have rough spots, touch them up with paint.

·         Get your carpets cleaned before potential buyers walk in. You should vacuum clean the floor each morning.

·         If the faucets in your bathrooms or kitchen are leaky, get them fixed. You should also replace all non-functioning bulbs.

·         Open all curtains and blinds to let light in. Don't forget to turn the lights on before each showing.

·         If you have a lot of furniture, remove some of it.

·         Place some flowers and nice plants in attractive containers.

·         Clean your fireplace.

Of course, each one of us has our own sense of style. By doing these things you are not trying to fool potential buyers into believing that your home is the best. Instead, you are trying to show a simple and clean house with great potential.

Selling your home means that you should know the true value of the property. You can obtain a free home valuation report from Neighborhood IQ to find out how much a home is worth. Also, the Home Loan Advisor can analyze your property, current market conditions, local market comps, and other variables in our proprietary algorithm, and match you with potential lenders.

5 Options to Consider if You Can’t Find a Buyer

Selling a house can be difficult if there are too many houses in the market. If you have a home for sale, you probably already know how difficult it is to find a serious buyer in the existing real estate market scenario. Now, in case your search for a buyer is taking longer than you expected, here are a few options you can consider:

Rent the house 

Renting allows you to generate some income from a property that has been in the market for a while. Of course, you can't make a lot of money by renting, but this is definitely an option you can consider if you feel that finding a home buyer is taking longer than usual. What's more, if you place it on rent for long enough, the market conditions in your locality may improve. People who hold on to their property during a slump will be able to sell it for a higher price when the economy recovers.

Not every seller will want to rent his house. They suspect that the renter will not take proper care of the property. What's more, renting your house to the wrong person can invite a lot of trouble. Evicting a problem renter may take many months and cost a few thousand dollars.

Lease the house

Leasing your home is another option you can consider. When you lease your house, you will receive an extra fee besides the standard monthly rent. Of course you will have to sell the house to the renter at a later time in the future for a pre-determined price. Now, in case the renter decides not to buy the house later, you can keep both the rent and the extra fee.

Rent the house for short periods

If your house is in the vicinity of a tourist spot, you can consider renting it for short periods. Some companies also rent homes to provide accommodation to their non-permanent employees. In popular tourist areas, you can find brokers specializing in short-term rentals.

Sell the house to a realtor 

Some big realtors buy homes and later sell them for a profit. Since they have huge cash reserves, they will have no trouble holding on to the property until they find a good buyer. However, you can't expect these buyers to offer a good price. You may consider this option only if you are desperate to sell or are willing to accept a lower price.

Short sale

This is the least attractive of the five options we discussed here. Lenders want to avoid foreclosures at any cost. So if you are unable to pay off your home loan, the lender might even consider selling your home for a price less than the actual value of your loan. This allows the bank to get a bad loan off their books. They also save the expenses involved in the foreclosure process.

The bottom line

Depending on the market conditions, finding the right buyer may take a year or more. None of the options discussed in this article are ideal; nonetheless they allow you to generate some income while you are still holding on to your property.

Remember, you can always rely on a free home valuation report from Neighborhood IQ to help you in the selling process. Also, the Home Loan Advisor can analyze your property, current market conditions, local market comps, and other variables in our proprietary algorithm, and match you with potential lenders.

7 Habits Every Home Seller Should Have

Putting your home on the market and getting it sold for a decent price is not easy. In fact, selling a home can be quite stressful. However, you can reduce your stress levels by following these highly effective habits.

1. Be Realistic

Your neighbor probably sold their house for top dollar last month, but it doesn't matter now. You didn't sell your home when the market was at its peak. Right now, your only concern should be getting your home sold for a reasonable price and that won't be possible unless you are realistic.

When selling a home, don't expect to recover every cent you spent on it. It is not always possible. So be realistic about the value of your home, the quality of your neighborhood and current market conditions. There is hardly anything that you can do to improve the neighborhood or the market. Nonetheless, you can improve the way your home looks. Make it clean and repair the parts that need to be repaired.

2. Listen to suggestions and advice

You probably don’t have much experience in selling a home; however, your agent has. A good agent sells many homes a year so they should understand the process better than you. Listen to their advice. Of course, it is nearly impossible to do everything that they suggest. Nonetheless, listen to them and do whatever you can to present and market your home in the best possible way.

3. Be Available

You don't have to be physically present during showings. In fact, the presence of the home owner may make the buyer uncomfortable and force them to rush through the process. Nonetheless, your home should be easily accessible to buyers. You must be willing to vacate the premise whenever your agent asks you to so that potential buyers can view it. This improves your chances of selling it.

4. Be Smart

Knowledge is power, so gain as much information as you can about the home buying and selling process. Of course, you are not buying, but you should still be able to know what the buyers are going through. Also understand the real estate market. If you have doubts, ask your agent to clarify them.

5. Don’t let emotion cloud reason

All of us are emotionally attached to our home. We are also proud of it and expect it to be sold for a price that is reflective of our pride. However, market conditions and location often determine the price. If you don't get the price you are asking for, you should be willing to lower it.

6. Be Reasonable

While selling a home, price shouldn't be the only consideration. You must also take into account the buyer's eligibility for a loan. If buyers request for repairs, you should consider every aspect closely. Don't risk losing a potential buyer by refusing to repair a leaky faucet or something just as trivial. That doesn't mean that you have to give into every demand. Be reasonable. That's enough.

7. Ask Questions

During the selling process you may hear many terms that you don't normally use on a regular basis. If you don't understand anything, don't hesitate to ask for clarification. 

These seven habits will not only reduce your stress levels but also increase your chances of getting a good price for your home.

To assist you in pricing your home to sell, you can get a free home valuation report from Neighborhood IQ and find out what your home is really worth.

Thinking about refinancing? You can find lenders that can help you with a refinance on your home loan. Let The Home Loan Advisor help you today!

How to Price Your Home to Sell

Homeowners want to get the best value for their home, and this involves strategic planning. Getting your home sold involves three things: location, condition and price. You can’t control the location, but you do have the ability to control the price by improving the condition. While it may seem easier to take the price you paid and simply add a markup, the resulting price probably won’t reflect the true market value of your home.

The first two weeks that your house is on the market are the most critical because it will be exposed to an audience of ready and active buyers. If your initial price is too high, you will lose these potential buyers. The listing price of your property will make or break you. Simply put, if you price your home right, the buyers will come. But you need to know what your home is worth—not what you think it is worth. Here are some tips to help you in pricing your home to sell:

Work with the market. Instead of focusing on where the market has been, focus on where it is going. Look at comparable house prices in your area to get an idea of where the market is and go from there.

Figure out the fair market value of your home. More than just the value of your home, the fair market value is the price a buyer will pay and the seller will accept. It is much more powerful than what your home is simply worth; it is the right price. The best way to determine the fair market value of your property is to use a comparable market analysis to compare your house to others who have just sold or are still on the market.

Think like the buyer. This is a great selling technique because it allows you to put yourself in the buyer’s position and ask “Would I buy this house?” Be rational and look at your home from an outside point of view.

Realism goes a long way. If you don’t own a mansion but price it and market it as one, you will have a problem getting serious offers. Be honest with yourself about your home’s condition and value.

Leave room for negotiation. As a seller, you want to get your money’s worth. Buyers don’t want to pay more than they should. The price you quote should have some leeway for negotiating. But be careful because if you quote unrealistically high, potential buyers will pass you by.

Act quickly. Adjust your price if you have received feedback that your price is too steep, and do it without hesitating.

If your home is in great condition and part of a marketing strategy but it still lacks offers, it is probably overpriced. Signs that prices are too high may include a lack of second showings, or many showings but no offers.

A little research can mean an easy selling experience while maximizing your money. Even though buyers have a separate and not equal opinion of our house’s worth, you need to know that value of your home outside of the fair market value. To assist you in pricing your home to sell, you can geta free home valuation report from Neighborhood IQ and find out what your home is really worth. 

How to Successfully Market Your House

The housing market is not always booming, and it may take some work to even peak a home buyer’s interest so that they will attend a showing. This is why marketing your home to get the word out and generate interest in your property is so crucial. A successful marketing strategy will enable your home to sell faster and for more money.

But what does a great marketing strategy entail? Well, if you are not selling your property yourself, you need a real estate broker to handle all of your advertising for you. Some types of advertising are ineffective and turn out to be wastes of time and money. But luckily, some marketing tactics are extremely effective. Let’s look at some of them below.

Successful advertising techniques:

“For Sale” sign- A good, simple sign is singlehandedly one of the best ways you can advertise your home. The sign should have a phone number to call, a web site link, the company name of the broker and a phrase such as “by appointment only.” This is all you need to create an effective sign that will peak interest. Be sure to use a new, two-sided sign that makes a good first impression. And refrain from putting up the sign until you are absolutely certain you are selling.

Classified ads- Before the internet, classified ads were one of the most popular ways to gain home buyers’ interest. They are still a classic way to advertise. These ads are inexpensive and they reach many prospective buyers.

Listing statements- Also known as property statements, listing statements are data sheets that are given to interested buyers who tour your home. They contain more information than a classified ad, and a good listing statement will take people through your home and emphasize the special features room by room that they may not take note of otherwise.

The internet- Many brokers have web sites that they use for their listings. Classified ads on the internet mean that you will reach a great deal more potential buyers, especially since some people fully rely on the World Wide Web.

Open houses- An invaluable sales tool, open houses are great hands-on approaches to getting your property noticed. Buyers want to be enticed by sight and touch, and an open house can definitely help. There are two types of open houses: brokers’ opens and weekend open houses. Your listing agent should schedule both types for maximum effectiveness.

Multiple listing service (MLS)- Composed of local real estate brokers and agents who pool their listings, this service gives your home wide exposure to a host of buyers who work with other MLS members.

Word of mouth- You can’t beat this old-fashioned advertising technique that is powerful and free. Networking by telling everyone you know about your property for sale could pay off in the long run.

While you are focused on a marketing strategy for your home, it’s not too late to find out the value of the property you are selling. Check out a free home valuation report from Neighborhood IQ and find out thatmagic number!