“LOVE IT OR LIST IT” TIPS TO HELP YOU DECIDE WHETHER TO REMODEL OR SELL

“LOVE IT OR LIST IT” TIPS TO HELP YOU DECIDE WHETHER TO REMODEL OR SELL

Written by , Realty Times.

As home prices increase, homeowners have options. Some are quickly gaining back the equity they lost over the last several years. That creates opportunity to refinance, remodel, or maybe sell.

If you’re sitting on the fence trying to determine whether to list your home for sale or to stay in it, consider these important tips.

Tip 1: Do a “Love it or List it” Analysis.

On a sheet of paper write down the things you love about your home and the things that might cause you to decide to list your home for sale. Take your time doing this. Really give every aspect of your home consideration. Do you like the neighborhood? Is it where you want to stay for a long while or even retire? Is the area or your home lacking something? Could remodeling your home be the solution?

Once you do the “love it or list it” analysis, you’ll be able to identify which parts of your home are bothering your the most. With that information, you can now start to explore more options.

Tip 2: Do your research.

This applies to both options–remodeling or selling. Visit other neighborhoods that you might like to live in. Carefully explore the surrounding area, the homes, the types of people, the shops, businesses, and churches. Think about your commute. Would it be longer? Would it cost more in gas? Are there any gains to offset extra costs? Gathering these details will help you add more to your “love it or list it” analysis.

Also, invite some real estate agents to your home to get some expert advice on how much your home would sell for and how long it might take. When you get that information, it can help you determine if selling is best.

Next visit some remodeling companies. See their remodeling projects and invite their team to your house to offer their suggestions. Sometimes what a homeowner thinks is a difficult remodel is really quite simple. Of course, the opposite is true too. For instance, if a home doesn’t have the supporting structure it needs, a remodel could become very complex or, in some case, impossible, which might prompt an immediate desire to sell.

Tip 3: Have your financial records in order.

Whether you decide to remodel or sell, having your financial records easily accessible is vital. You’ll need these documents for both situations. Knowing what upgrades you’ve already done to the home will help when it comes time to sell. And, having your tax documents and other financial information on hand will help you if you decide to remodel using financing.

Tip 4: Evaluate the process.

Talk to expert listing agents and remodeling companies so that you can completely understand what to expect with both processes. If you’re listing your home, learn about the marketing process, holding open houses, showing your home, what large items might need to be removed, and the overall timing of how long you’ll need before you close escrow. For remodeling, get details about the length of the expected renovation. Will you be able to live in the home or will you have to find a place to stay? Will you use one firm to do both the design and build process? Often this is easier and can be less costly than using several contractors.

Take your time and pay close attention to all the details. Both selling and renovating a home are major decisions. Make sure you give the decision-making process ample time as well as compiling a considerable amount of research to make your final decision.

 If you are interested in selling your home, please call me for a free market analysis. Thank you, Chris Maroc 914-215-2025.

How to Sell Your Home Without Dropping Your Price

by Blanche Evans

When your home is marked down from its original price, it’s a sure sign that your marketing plan failed. Not only have you missed the critical first two weeks when buyers and real estate professionals are most interested, but there’s no way for your home to compete with other homes that are better priced.

No one wants to waste time trying to deal with an unreasonable seller, so lowering the price may not help as much as you may think. Buyers may think something is wrong with the home, or they may decide that there’s room for even more discounts. Real estate professionals won’t get excited when your agent relists your home at a lower price because it’s not a new listing.

If you’re really ready to sell your home, don’t test the market. The best thing for you to do is to price it right in the first place and then sell as close to the original asking price as possible. For the best results, price your home at current fair market value — not where prices were in 2005, or where they might be in 2015.

Current fair market value means your home favorably compares to recent listings and closed sales of homes most similar to yours in size, finishes, amenities and location. It also means your home is on target with price trending. If homes are dropping in price in your area, you may want to set your original price under current fair market values in order to generate more interest from buyers. If prices are trending upward, stay current – don’t price ahead. That only works in the strongest sellers’ markets when banks are more comfortable about rising prices.

Next, make sure that buyers see your home in the best light. Among real estate professionals, the most important considerations is how your home looks from the curb and how it looks online. First impressions require that you spend particular time and attention on curb appeal, from keeping your walks and drives swept, to painting the front door a fresh new color, to putting out a new welcome mat.

Photography can be your home’s best selling tool when it’s done correctly and professionally. Stage the rooms that will be photographed by removing clutter. Fluff the pillows, clear tabletops and countertops, and remove the dog’s water bowl and your children’s toys out of the viewfinder. Take a few digital shots and look for flaws – the rumpled bed, the wastebasket full of paper, or the closet bulging with clothes. Once all the flaws are removed, you’re home is ready for the professional photographer who has the right lighting and equipment to help you market your home.

In homeselling, less is more. You want the home to come forward and your belongings to fade to the background. If you have too much stuff, put the excess in storage. As little as $50 to $250 for short-term storage could make the difference in the buyer’s offer price.

When buyers come to your home, they will be looking for flaws, so make sure the little details are done, especially small repairs. The less that needs to be fixed or replaced, the better maintained and the more move-in ready the home appears to the buyer.

Buyer-friendliness is a factor that can’t be underestimated. If you want a certain price for your home, make sure to give the buyer something extra to make it worth paying full price. Offer to pay closing costs up to a certain amount, or offer to leave the washer, dryer and refrigerator.

It’s not just the home that needs to be attractive. As the seller, you’re part of the whole package. You should appear buyer-friendly, just as your home should appear move-in friendly.

A home that is priced to reflect current market conditions and shows well in person and online will always sell for more than homes that aren’t maintained and marketed as well.

Please call me, Chris Maroc at 914-215-2025 for a free market evaluation.