As you begin the mental process of selling your house, you may think you need to do this and that to prepare the house to show better in order to attract an buyer. Well, most often, especially in this market, your #1 attractant is going to be a low price. There are a few improvements that you should consider that will increase the appeal of the property, but for the most part you should sell as is. If you can do that and price you property just under fair market value, your going to beat the competition.
As a seller in a buyers market, your goal should be to sell with little investment, for the highest price. New carpet doesn't equate to be able to ask more than fair market value for a property. Carpet and flooring should come with a property anyway, why should someone pay more for it. It's the same with paint, a new roof, and any other esthetic product. In order for the property to sell for FMV it will need to be up to par, so stick to your budget when making it esthetically pleasing. If it's not up to par, then you may just want to lower the price rather than spending time and money on things that aren't going to give you a return on your money.
Your house must be price correctly, similar to other homes have sold in the neighborhood within a 1-3 month timeframe. If it's not it will probably sit on the market until you lower the price. A home that's priced above market value sits on the market on average of 200+ days longer and usually sells for around $68K less. Unfortunately, uninformed sellers often choose the Realtor that offers to list the property at the highest price.
A home inspection will also help in determining where you should spend your money. Items that come up on a inspection report can make or break a deal. They're the items that concern the potential buyer the most. If you have your house pre-inspected you can take care of any of these concerns that might unfold later. Pre-inspections also attract buyers because some of the fear is taken out of the equation. Buyers may be more willing to put in an offer if they know the home is sound.
Landscaping, cleaning, removing clutter, and staging a home will bring the biggest return on investment. Creating great Curb appeal is the one of the most significant things you can do. It goes back to making a good first impression. Is the buyer excited to view the home or do they consider not even going into the property? What do they see once they're inside is just as important. A lot of buyers visualize the move in. Remove your personal items and any other accumilated cutter & the visualization process will be easier for them.
The difference between upgrades and improvements plays an major role in determining where to invest your dollars before putting your house on the market. Improvements maintain a home's value. They keep the home within range of market value.
Upgrades do add value, but the return at time of sale is your concern as a seller. In a buyer's market, it's harder to get a significant return on upgrades.
You're more likely to get a better return you investment by buying a new home in this buyers market.
Would you like to know what your home is worth? For a free market analysis & consultation of your house, give me a call today.
About the author: The above Real Estate information was provided by Tara Camp, an active, full time Realtor in Bellingham, Washington. Tara can be reached via email at email@example.com or by phone at 360-296-3244. Looking to purchase an investment property, 1st or 2nd home, or to relocate to Bellingham and/or other Whatcom and Skagit County communities...I can help every step of the way.
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