Real Estate Information Archive

Energy Efficiency:  Energy-Star windows, smart or programmable thermostat, LED lightbulbs and full-house water heater are all attractive to buyers who are concerned about energy costs as well as those concerned about going green. 
 

Home office:  If there is no room in your house that is a dedicated home office, create one!  Stage a space in the kitchen or living area or smaller bedroom with what appears to be a working spot. 
 

Upgraded kitchen and bathrooms:  While completely renovating these rooms are a possibility, it may not be in your budget. Take a good look at each, and decide what wallet-friendly projects will make them look new: painting kitchen cabinets, new stainless appliances; in the bathroom, new faucets, lighting fixtures, or add pizazz by framing a mirror in glass tiles. 
 

Dining space:  An eat-in kitchen or open-flow kitchen and dining room are what many are looking for, especially families. Kitchen islands with seating will suffice when the budget does not allow for creating space for a dining table in the kitchen. 
 

Organized storage:  Buyers want homes with ample storage. While you can’t create space, you can build space in closets and the laundry room by adding shelving or pre-fab storage systems. 
 

Hardwood flooring:  While not an inexpensive project, consider putting hardwoods or less costly engineered wood in the entryway and living space. 
 

Security:  Front-door video cameras, plenty of outdoor lighting as well as smart lighting features are all great for starters.  

First and foremost, find a seller’s agent that has a history of quick home sales.  You’ll need to do a bit of research, but if the REALTOR® has the experience, you’ll have a head start on getting your home sold sooner. 
 

Having your house pre-inspected will save a step during the process and will help you with disclosure issues.  
 

It wouldn’t make sense to price your house a bit below its value during a normal home sale, but if you want to get qualified buyers interested soon, this may be your best bet. Just prepare to lose some extra cash. 
 

Consider selling the house at auction, but again, it will sell for a lower price than during a typical sale.  You may even be in an area where your real estate agent is your auctioneer as well, and you can be assured they have your interests at heart! 
 

Offer buyer incentives: offer cash-backs or credits, i.e.., painting, new carpet, new kitchen appliances;  if the house is in a managed community, cover one year of HOA fees; pay the closing costs; set a closing date and offer a credit for meeting that deadline. 
 

A major buyer incentive is to go so far as to pay down their mortgage costs with points, as the buyer will have a lower interest rate, saving them money in the end.  Investopedia tells us how seller-paid points can benefit the seller as well as the buyer. 

Discount department stores are full of inexpensive home decor: faux plants, decorative pillows, framed art and mirrors.  
 

Sheer window panels cost less than half the cost of new curtains, allowing natural light to shine through, which is a huge plus, as a dark house isn’t on very many house hunters’ lists. 
 

After cleaning carpets or even refinishing hardwood floors, an area rug or runner to brighten and protect them may be necessary.  
 

The bathrooms can be given a fresh look with new shower curtains and a set of fluffy white linens in each room. 
 

Big box stores are the source for inexpensive cabinetry hardware, light fixtures, as well as faucets that you may choose to replace. 
 

A vase of fresh flowers brightens any room!  Discount bouquets or even single blossoms can be purchased in department store produce sections or flower markets and can last a week or more if cared for properly. 
 

If you’re planning on placing a bowl of fruit on the kitchen counter, purchase oranges or apples instead of lemons. They can be eaten by the family, which saves money, as they won’t be tossed out! 
 

On the outside, inexpensive mulch can transform the flowerbeds.  Pots with annuals planted in them are all you need for a splash of color on the front steps. 

“My house is worth (much more or less than you thought) according to this website!”  Online estimators are not dependable when it comes to assessing the value of your home.  They can’t see the interiors, the condition of the roof, landscaping--you get the idea.  Your REALTOR® is your best source for setting a value for your property. 
 

“This kitchen needs remodeling before anyone will even consider buying this place.”  A thorough cleaning, sprucing up of the cabinets with new paint and hardware and installing an inexpensive backsplash and new faucet can make your kitchen a total selling point.  Spending too much on a complete renovation can cost more if you don’t get your return on investment. 
 

“If I overprice the house, then negotiate an offer, the buyer will think they’re getting a steal of a deal!”  In today’s world, most homebuyers have done their research, and may overlook your home simply because of the high asking price.  Have confidence in your agent’s ability to price it right.   
 

“Weekends are the only days I can have the house available for viewing.”  Setting limits on when an agent can bring potential buyers to the house is like putting up a Not For Sale sign in your yard. If you want the house to sell, it must be accessible even when it’s not convenient for you. 
 

“I’ll wait until I get a few more offers.”  Rejecting the first offer for a wait-and-see can leave your house on the market longer, which can lead to fewer offers.  Buyers will wonder if something is wrong with the house when they see the length of time it’s been for sale, leaving your home overlooked in their house hunting. 
 

“Hiring a real estate agent is going to cost too much.”  When you contract with a REALTOR®, you’re getting a professional that knows the market, handles the listing, marketing, showing, knows legal aspects of selling a home, and much more.  Taking the risk of selling your house on your own could cost you much more than an agent’s commission in the end. 

- Look for a REALTOR® who has experience with long distance sales and is comfortable handling the process with a seller that isn’t local.  Be available for lots of electronic communication with them.
 

- Find a tax attorney or accountant with a background in handling out-of-state home sales, because you may have double capital gains taxes to pay.  A professional will be able to walk you through the tax process and let you know if there are any credits you can claim at the end of the year. 
 

- Unless your current home is paid for, you will have to pay as if you live in two homes once you move.  Bridge loans are always a possibility, and you’ll need to be certain your home sells within a certain time period, as bridge loans are short-term.  Learn more about bridge loans, and decide if one is the right fit for your budget. 
 

- Pricing to sell as soon as possible is imperative, so make certain you and your agent are on the same page.  From realtor.com®: “Your for-sale listing will have the most impact as soon as it is published. That’s when you’re most likely to get fair market value for the home—before people start questioning why your house has sat on the market for so long.” 
 

- Consider a remote closing, especially if you are so far away that when it comes time to close on the property, you have to spend a lot in travel costs. 
 

- Consult your insurance agent before you move, as your homeowner’s insurance will need some changes on your policy, as the house will be vacant. 
 

- Leave the electricity on, and have timers on outdoor lighting, and in a few rooms inside.  Keep your security system in place, as well. 

- The lender typically schedules the appraisal with a licensed professional, who contacts the homeowner to schedule a time.  Some appraisers don’t mind the owner being present, but usually work alone. 
 

- Sellers should have a few things readily available:  recent tax information, property survey, a list of what is being sold with the house, any addition construction information, including cost and construction date. 
 

- The assessment can begin before the appraiser even steps onto the property, as they do market information about the house, as well as research comparable sales in the neighborhood, much like the listing agent did for setting the price for the house. 
 

- Like someone viewing the house for purchase, the appraiser takes in the exterior appearance, curb appeal, looks for upgrades or additions, as well as the appearance of surrounding homes. 

The appraiser takes note of how many rooms are in the house, as well as size, building materials and finishes. 
 

- Condition of everything is taken into consideration, including the foundation, exterior finishes, wear on flooring, what shape the windows are in, and all home systems. 
 

- The appraiser will also access the basement, attic and crawlspace to check for water or insect damage. 
 

- Most of the time, the appraisal fee is set in the loan agreement, but in case it is not, the buyer pays the fee in the closing costs. 

Cleaning Pressure wash the exterior siding, fencing, the porch floor, concrete walkway and driveway, and as dreadful as it may be, clean out gutters. 
 

Painting These exterior items may need paint:  front door, shutters, window sills, exterior trim, garage doors, porch floor and railings, mailbox and address numbers. 
 

Replace Lighting fixtures that are dated or weathered should be replaced, and put up new address numbers, or mailbox if paint doesn’t improve their appearance, and get a new welcome mat. 
 

Inspect Go around the house and look closely at exterior trim, shutters, and window sills.  Examine concrete for damage, and make sure walkway pavers are stable and in perfect condition.  Make certain that all landscape lighting or irrigation systems are in working order. 
 

Lawn Care Not only should the lawn be mowed but using an edge trimmer to neaten up the walkways, driveway and planting beds makes a big difference.  Seed any dead areas of the lawn. 
  

Landscaping Weed flower beds, add seasonal easy-care plantings (annuals are best for season-long blooms!) and new mulch.  If a tree needs more than minor pruning, call a tree specialist. 
 

Decorative Remove personal yard flags, add some potted plants on the porch, highlight a shady spot with a simple outdoor bench and a few plants, and clean up outdoor furniture cushions or replace them. 

- Dress casually, and maybe even wear slip-on shoes, as some homeowners prefer guests to remove their shoes.  

- Be on time (maybe even early so you can be the first ones there):  unless there’s an absolute emergency, you don’t want to get there when lots of others are in attendance, nor do you want to get there as the agent is locking up to go home. 

- Let yourself in!  An agent may greet you at the door, or they may be waiting for visitors in a central room.  Remember that different agents have a different method, so be prepared for a self-tour, or an agent who would like to give you a tour. 

- Signing in is sometimes optional, but some homeowners require it for their protection, and if you’re ready to start looking for a home, the attending agent can have your contact information so you can talk with them about your needs. 

- If you already have a buyer’s agent, the polite thing to do would be to let the attending agent know who your agent is. 

- While others are looking around, wait until they’re out of a room before you go in, giving them space and privacy. 

- Most houses on the market don’t have closed access, but if you come to a closed door at an open house, ask the broker if it’s okay to go in and look around.  Sometimes another guest has mistakenly closed a door. 

- At the same time, don’t open medicine cabinets or anything else that could have the seller’s sensitive personal items, and make sure it’s okay to check out closet space before you go into the bedrooms. 

- Only take photos with permission.  Most of what you need to know is already provided in the open house flyer and online. 

- Do a bit of local research and choose at least three real estate agents to meet with and interview to find the best agent for you and your home’s sale.  

- Gather every bit of “official” information about the house and property:  major appliance and home system ages, dates and permits for any renovations or additions made to the house, warranty paperwork that still applies for any part of your house, including the roof, and any information about your mortgage, if you still have one. 

- Be open to fully trusting your agent about when to list the house, as well as pricing.  Selling homes is their business, and they know about the market, what homes in your area are selling for, as well as knowing buyers who are ready to purchase a new home. 

- Emotionally speaking, you have to “check out” of your home.  You must step back and begin to look at it as a house, and someone else’s future home. 

- Familiarize yourself for what you will need as a seller at closing, so everything will be in order when the time comes. 

- Get ready for some work!  Your house needs to be thoroughly cleaned, decluttered, depersonalized and may need some cosmetic work, such as painting, new carpet, or fresh landscaping.  Remember that first impressions are important when it comes to selling your house. 

- Do you plan to move before the house is sold?  If so, you need to add the cost of staging to your budget, because you want potential buyers to see it as a home, and not an empty shell. 

- Realize that your family’s schedule will be interrupted during the showing process.  The more home-seekers who come through your door, the more your chances are of selling.   

- Having a pre-sale inspection done on the house is a wise decision to make.  Once it’s complete, make sure you address any problems the inspector finds, or discuss your options with your RealtorⓇ, such as lowering your asking price, or offering a repair credit. 

- Before making any upgrades in your house, such as installing a steam shower to the master bath, or integrating smart home features, talk with your agent to make sure they will be worth it in the end.  They will know what is desirable in homes in your market, and it could save you a bundle. 

- According to realtor.comⓇ, the listing agent and buyer’s agent split about 6% of the home’s sale price.  You’ll need to calculate how much it costs you to stage and photograph your home, get an MLS number, market the house, take time from work to schedule showings as well as host the showings, do all of the paperwork involved, and contact and pay attorneys and others who are involved in a home sale, and compare it to the commission you believe you’ll give up to an agent.   

- To be fair, the seller should offer a 3% commission to the buyer’s agent.  Otherwise, most agents won’t bring anyone who’s interested to your home for a showing. 

- Sellers are responsible for any mistakes that have occurred once the transaction is in motion.  If you don’t purchase errors and omissions insurance, you may end up paying out of pocket in court or settle out of court for those mistakes. 

- Pricing your home takes more than just an online search for sold homes in your area, and not only can you overprice your house, but you can lose thousands by underpricing. 

- Scammers abound and can cost you in many ways.  These criminals target FSBO homeowners, because the scammers are savvy enough to make their offer look legitimate.   

- Beware the owner’s asking price.  Since the majority of FSBO sellers don’t have the experience to set a good market value on their home, their quote will likely be too high. 

- Be prepared to wait some time to see the home.  Most homeowners have full-time jobs, and you’ll have to view the home on their time, with them as your host. 

- If a seller tells you their house is in perfect condition, and you can save money by not hiring an inspector, walk away.  Every house even brand-new houses should be inspected before changing hands. 

- Ask the seller what fees they plan on paying, and in the case that they ask to share the costs with you, it’s time to find another house. 

- Do your own research on the house, make sure the person you’ve talked with is the actual owner, and proceed with caution.  There are scams that involve an empty house, FSBO signs, and scammers who will take your money and run, because they aren’t the rightful owner.