Simple Tricks For When You List... that actually maximize the potential of your home's value.
What does that mean? How do you even figure out your homes value?
While there are MANY factors that go into the different methods of determining the value of your property, it really comes down to one thing: A house is worth whatever someone will pay for it.
So while that could leave things rather relative, once you're ready to dive deeper into discovering your home's value, you can contact a local Real Estate Agent for a CMA, or Comparative Market Analysis - this is the agent's evaluation of the home and market to provide estimate values and is generally for listing purposes - Or, Professional Appraisers can be hired to obtain a thorough and detailed, official report of the home's value, to be used for a number of different reasons such as financing and refinancing.
But let's back track: to the idea that a house is really worth, whatever a buyer is willing to pay.
**Picture This**
You have received a CMA and an appraiser's report, you have a number that you feel comfortable listing your home at, and you are ready to get it on the market. YOU understand WHY that is your home's value.
How do we make sure the buyer feels comfortable buying your home as close to that number as humanly possible?
Fortunately, there are ways to make sure potential buyers see the TRUE value of your home.
1) CLEAN, DECLUTTER, DEPERSONALIZE.
One of the first things that I recommend every home seller needs to do - take a critical look at the home and clear out the distractions. Cleaning the home/yard is absolutely crucial. Anything that distracts a buyer from the home's bare beauty, has to go. We want to instill possibility in their minds. We want them to walk in and envision their family, their future, their memories, in that space - so keep what personalizes the house to YOU, to a minimum.
2) REDECORATE!
When it comes to your real estate, I always suggest using as many professional resources as possible. When we are talking about something so large in value, monetarily and personally, that extra step can be a matter of major appeal to a buyer. That being said, professional home stagers will often advise clients to remove or replace furnishings. The right furniture can significantly enhance the feel of the room. For example, using smaller, sleeker furniture can allow a room to look larger. Stick with neutral, sleek pieces - remember; we are provoking the imagination of the buyer.
3) PERFECT CONDITION...
No home is "perfect" because "perfect" can be different for different people. But before you list, I definitely would advise to take care of any deferred maintenance issues. Things like replacing missing roof tiles, repainting worn and dirty areas, and re-sodding your lawn - buyers want to know the home has “good bones” and even if there is some cosmetic upgrading needed, a reliable foundation can make that seem a whole lot less intimidating.
4) UPDATE CAREFULLY.
It’s not always so important for home sellers to have the latest countertops or custom bathtubs to get a good value for their home. Often, the home updates or improvements sellers undergo, can wind up costing more than they would lose in sales price without them. Again, it's the bones and possibility that we want the buyers to see. Also keep in mind, if your home is VERY dated, you can consider options likes obtaining a seller credit - which allows the buyer to choose their own upgrades. That feels more custom, and buyers LOVE custom.
Remember, no deal is the same and so while these are some helpful tips - before you decide to list, speak with your real estate agent - then decide what repairs and changes are necessary to make to ENSURE you get the best value when you sell!
BROOKE HENDERSON
Global Real Estate Adviser
ENGEL&VÖLKERS • Monmouth County, NJ Phone: +1 732 709 7161 Internet:
Internet: www.brookehenderson.evusa.com
Email: brooke.henderson@engelvoelkers.com