Archive for the 'Sellers' Category
Selling Tips in a Buyer’s Market
August 2nd, 2010 categories: Sellers
A buyer’s market means it’s the seller’s turn to be flexible, especially with sale terms. Purchase price, closing dates, move-in dates, storage appliances, window treatments, points and fees may all require a little negotiation. Whatever the terms, don’t let personal feelings stand in the way of a good deal.
The Basics: In a buyer’s market, curb appeal, cleanliness, overall good condition and updates are especially crucial. Any little flaw should be taken care of before the first buyer drives up.
- Attend open houses in your neighborhood to see what “sell-ready” really looks like. If you’re shy, ask Kathy Villa to walk you through a few sell-ready examples.
- Back home, start with the exterior to ensure you’re making a good first impression. Reseed or throw down some turf on lawn patches, change the lights in the lamppost, and if necessary, reset the walkway stone.
- Clean the interior beyond your standards. Even if they are impeccable, rent an industrial carpet cleaner or hire a professional cleaning service. Brighten the interior ambience with light fixture updates, as new lighting is one of the most inexpensive and noticeable improvements you can make prior to listing.
- Fix leaky faucets and make sure the water pressure is strong in both the kitchen and bathrooms.
- If necessary, a great way to improve the appearance of your home is to paint. Use only neutral colors that can easily lend themselves to different decor and styles of furniture.
Don’t reject low offers; negotiate
- Don’t dismiss lower-than-expected offers. Instead, consider buyer incentives that help you meet your asking price. Offer to pay the buyer’s closing costs, moving costs or loan origination fee. These can help the buyer with upfront costs. As well, you may consider offering a limited home warranty that covers HVAC systems and some appliances for a definitive period of time.
- Be careful of purchase offers that are contingent on the buyer selling their home first. Their home may be in a softer market than yours and you could be in for a long wait. Be sure that the purchase agreement includes a contingency-release clause. This way you’ll be able to sell if another buyer comes along.
- Work with Kathy to find creative solutions to make a deal come together. The purchase price is just part of the deal. Anything that makes your property stand apart from the competition will give it an edge in a buyer’s market.
If you or someone you know is looking to sell their home, please call or email me for a free consultation. Let us know if you enjoy this and other articles by following the link on the left and let us know you like Kathy Villa Real Estate. We look forward to connecting with you!
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Summer Staging Tips
June 24th, 2010 categories: Sellers
- Highlight your patio. Clean or paint your decking if necessary, and make any necessary outdoor repairs. No deck? Arrange chairs or outdoor furniture in your yard to create the illusion of an outdoor room.
- Play up the pool. A pool is a huge selling point during the sweltering days of summer. Keep yours clean and debris-free, and create a seating area near the pool where buyers can imagine themselves floating through the cool water.
- Provide refreshments. Even though you likely won’t be home for a showing, greet buyers like you would party guests. During the dog days of summer, set out a cool pitcher of lemonade for buyers. Anything you can do to make them linger a little longer can only help you sell!
If you’d like more tips on summer staging or need assistance selling your home, please feel free to call or email me for a free consultation. Also join us on Facebook to let us know you like our articles and blogs. I look forward to connecting with you!
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How Do I Prepare My Home for Showings?
May 3rd, 2010 categories: Home Improvements and Design, Sellers
It’s a very exciting time. Your agent has just lined up a prospective buyer. A deal can be made or broken during the showing. How can you prepare your home to its best advantage?
1. Removing the clutter should be your first course of action according to the National Association of Realtors. The reasoning behind this is simple. Clutter distracts the mind and it distracts the imagination. A potential buyer needs to be able to see themselves and their own style in your home. By banishing disorder and welcoming in neatness you can give your house an advantage over any competition who is not as prepared.
2. The next step is to clean, after getting rid of the clutter. In the same sense that decluttering is removing “you” from the potential home of another, cleaning is removing your grimy mark. Have carpets cleaned, wax the floors, and remove any odors of pets or smoking.
3. Luxurious bathrooms are a must! A bathroom that is clean and full of comfort is appealing to most every buyer. Arrange new towels and rugs, as well as burn fresh smelling candles. Consider adding rich decor, such as paintings.
4. Windows that shine. We can be desensitized to the finer details of our home, but buyers will hone in on each and every imperfection. Be sure that during your cleaning and decluttering, you don’t forget to wash your windows. This way buyers will be able to focus their attentions on the beautiful grounds of your property, as opposed to the spots on the glass.
5. Let there be light. Burned out bulbs can make rooms look dark and dingy. Consider buying eco-friendly fluorescent or LED lights for use in your home.
6. Minor repairs are important. There are buyers who are turned off by even minor repairs. They see that loose cabinet door or that warped deck board as a two-fold evil. Either the house has been poorly cared for with bigger repairs waiting for discovery under the surface, or that the home may be too much work for them.
7. Don’t neglect your yard. For many buyers, a yard is an extension of the home. Be sure that for each showing, your yard is freshly mowed and any debris, trash, or clutter (toys, tools, etc) are put away. A great way to make flower beds appear neat and well tended is to add mulch. Clean off sidewalks with a power wash.
8. Add punches of seasonal color. Even if you aren’t a garden guru, you can still plant low maintenance flowers in beds and pots. Some examples of low maintenance flowering plants are: petunias, pansies, and vincas.
9. A petless home. We all love our pets, sometimes like they’re our own children. But they should be safely at a friend’s house or kennel during showings. While you’re at it, take your children and yourself out of the home during the showing as well!
10. Lock up your valuables. It would be nice to think that no potential buyer would steal from your home, but it could happen. Be sure that anything easily removed is locked away for safe keeping. And be sure that your real estate agent gets any one’s contact information before they are allowed into your home.
If you are thinking of putting your home on the market, feel free to call or email me for your real estate needs and questions. Don’t forget to share this information with your friends and family who may find these tips useful or need help selling their homes as well.
Courtesy of Yahoo Real Estate. Today’s Local Market Conditions Report
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Why Real Estate Price Padding Doesn’t Work in Today’s Market
April 27th, 2010 categories: Sellers
Seller has window of opportunity to price it right. According to Dian Hymer author of “House Hunting.” I think she has hit it on the nail!
Many sellers are in denial about the current value of their home, particularly if they bought within the past five to six years. The market peaked in the summer of 2006, and home prices dropped significantly in most areas from 2007 through 2009.
Sellers often see no harm in asking a higher price- one based on their needs or desires rather than what the market will bear. “We can always come down” is a common refrain. Letting your home sit on the market at a price that’s too high can result in price reductions and a lower sale price.
Today’s home-buyers are nervous, pragmatic and well educated about the market. Not only are buyers cost-conscious, fewer buyers can qualify for a mortgage than was the case in 2006 due to recent credit tightening. Many who bought in 2006 couldn’t qualify for the same mortgage today. There is a smaller pool of motivated, financially qualified buyers than there was several years ago. These buyers have an edge in most markets.
Buyers want to know how long a listing has been on the market. If it has been on the market for some time, they wonder why it hasn’t sold. Is there something wrong with it? A high price can signal that the seller isn’t motivated. Buyers don’t want to waste their time. Don’t waste yours as a seller if you aren’t serious about selling at current market price.
There isn’t an urgency to buy before prices rise; buyers are taking their time to find the right long-term home. They are not overpaying. Even in low-inventory markets where multiple offers can occur, the price is usually not bid up radically, unless the listing was considerably under-priced.
To take advantage of this window of opportunity to sell; your home needs to be priced competitively. There was a time when sellers padded their list price so that they’d have room to negotiate. That strategy doesn’t work in this market. Your house needs to look great and be priced competitively so that buyers realize they have to jump before someone else does.
The market is constantly changing. If you find after your home is on the market that it’s not receiving the interest you’d anticipated, ask your agent for feedback from agents who showed the property. Find out if similiar listings in the area have sold recently. Did buyers who looked at your home buy other listings instead? The market will tell you quickly if your home is priced too high
Bottom Line: Lower your price as soon as you discover it’s too high so that you don’t lose marketing momentum. If you or someone you know have questions about pricing a home, feel free to call or email me for a comparative market analysis of the property.
P.S. Don’t forget to join others in becoming a fan of Kathy Villa Real Estate on Facebook by following the link on the left. We look forward to connecting with you!
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Spring Staging Tips
April 16th, 2010 categories: Home Improvements and Design, Sellers
Brighten up your home and bring in buyers with these easy ideas courtesy of HGTV’S FrontDoor.com
Springtime brings sunshine, showers- and plenty of opportunities for home staging. Make the most of the season with these fresh updates that are sure to attract buyers:
Whip your yard into shape. When you’re selling in the spring, you need to get your yard in shape as quickly as possible. Clear winter yard debris, and get frost-resistant plants that won’t be affected if a late cold spell hits. Or, invest in silk flowers for a touch of color that you don’t have to worry about watering.
Do some spring cleaning. It’s natural to want to spruce up your space in the spring, so scrub away! A sparkling home will impress buyers and make your home seem even more appealing.
Box up your winter wardrobe. Bulky winter clothes take up lots of space, so move them out as you de-clutter your closets. You’ll impress buyers with all that space.
Spruce up the entryway. If your welcome mat is covered with winter dirt, pick up a new one. A clean, pretty doorway will help set the tone for the entire showing.
Bring spring aromas indoors. Spring is not only a colorful season, but a fragrant one, too. Bring those aromas inside. Scents have a profound effect on mood, so infusing scent into your decor with diffusers, candles, fresh cut plants/flowers, or incense can change the overall feeling of a space.
Bring out the bright colors. Tuck away the heavy, winter flannel comforter and pull out crisp linens with coverlets for color. Bring in the spring with floral-designed spreads or colorful solids. Don’t forget accent pillows for added style and comfort.
Feel free to email me for more tips and ideas on getting your home ready to be sold this Spring. Also be sure to become a fan of Kathy Villa Real Estate by clicking the link on the left. We’d love to connect with you!
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Tips for Securing an Accurate Appraisal
April 7th, 2010 categories: Real Estate News, Sellers
When it comes to buying or selling property, a successful outcome often hinges upon an accurate appraisal. Unfortunately, due to unrest in the appraisal industry sparked by government guidelines imposed by the Home Valuation Code of Conduct (HVCC), securing an accurate appraisal can be hard to come by these days. Colleagues have shared many a horror story about an appraisal gone wrong and a client that’s left to pay the price.
I’ve learned that there are steps you can take to help ensure an appraisal accurately reflects the home’s value. Consider the following advice:
1. Keep it local. Inaccurate appraisals are often the result of the current practice of using an appraiser who is unfamiliar with your community… sometimes, they’re even coming from another state! Talk to your agent and/or lender and insist that the appraiser involved is local and, therefore, understands home values in your neighborhood.
2. Utilize comps. Make sure your lender and appraiser are accurately leveraging comps (comparable market sales) of local properties sold within the last six months to help appraise your home. Your real estate agent can help in this area.
3. Put your best foot forward. If you are selling your home, make sure it’s in the best possible shape before the appraiser visit. Invest in any necessary repairs and effective cosmetic changes. Consider how your home stacks up against other homes in your neighborhood and let that be your guide.
4. Review carefully. Review the appraisal thoroughly to make sure all the basic facts are correct: square footage, features of the home, number of rooms, etc. If you find mistakes, call the appraiser and ask to have them corrected. If the appraiser refuses to make the corrections, file a complaint with your state’s real estate appraisal board.
5. Don’t settle. You are not bound to accept the appraisal results. Both buyers and sellers can request a new appraisal. There is no guarantee that the bank will accept the new appraisal, but it can be used to challenge the first appraisal.
An honest, accurate appraisal can make all the difference in your real estate transaction. Follow the above steps and please email me for more details. I encourage you to share this information with your social network and please join our Facebook Fan page on the left!
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How to Help Your Home Stand Out and Sell Faster
April 3rd, 2010 categories: Home Improvements and Design, Sellers
In today’s buyers market, home-selling clients are always asking me what they can do to help their homes stand apart from the competition. I have seen how effective home staging can make all the difference in not only a quicker sale but a more profitable sale as well.
First, it’s important to realize that home staging does not refer to the usual steps taken when your home is placed on the market, like painting the front door, taking away personal photos, and baking something in the oven. Staging, rather, is the professional merchandising of your home, which helps create an instant connection with potential buyers as they walk through the door. Just as new home-builders create a model home for buyers to envision themselves living in, home staging does the same for your existing home.
Here are some important facts to be aware of before embarking on the home-staging process:
1. Make sure your home stager is knowledgeable about real estate and, in particular, your local market. Knowing what other homes in your area sold quickly, provides the “stager” with important clues as to what buyers are attracted to.
2. Real estate agents are excellent sources for referrals on home stagers in your area. Be sure to ask your neighbors as well.
3. Staging seeks to minimize the furniture in any given room in order to create the right spacing, while displaying as much floor space as possible. Be prepared with a convenient storage solution before you begin the staging process.
4. According to the International Association of Home Staging Professionals (IAHSPR), there is a growing trend toward eco-friendly home staging, where stagers provide specific “green” materials to sellers. This creates unique appeal to today’s environmentally conscious consumers.
5. Home staging is also on the rise among short sale and foreclosure properties where homes might be in need of special care. If you are in a financially challenged situation and need to sell your home, talk to your real estate professional about staging. Certain lenders are working with stagers in order to expedite these types of sales.
In the current real estate climate, homes must be merchandised and marketed wisely. Please email me to find out how staging can make a significant impact on the outcome of your home sale. Also, please join us and become a fan on our Facebook too!
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Expand Outdoors, Increase Your Home’s Value
April 2nd, 2010 categories: Home Improvements and Design, Money and Mortgages, Real Estate News, Sellers
With many Americans experiencing a financial pinch these days, there is a growing trend among homeowners nationwide to look to the outdoor areas of their own property for not only relaxation and entertainment value, but to also expand their living space and thereby, increase their home’s value.
Through my national network of leading real estate professionals, I have learned that homeowners across the country are spending more time at home and showing an increased interest in outdoor living areas. By sprucing up your patios, porches and decks, you are making your home more livable now and more attractive to future buyers.
Stylish patios and outdoor rooms with comfortable furnishings and convenient cooking and eating areas provided new opportunities for recreation and relaxing family times. A recent survey by the Propane Education & Research Council, found that 35% of homeowners have a finished outdoor room and 34% say they are planning to design one in the next year or two.
Some of my clients are even foregoing expensive vacations in favor of putting in a swimming pool. The reality is, however, that you do not need to make a major investment to improve your outdoor living areas. Here are 5 quick additions that will make an immediate difference:
1. Outdoor lighting units
2. Gas grills with cooking and food preparation surfaces
3. Outdoor fire pits or fireplaces
4. Patio heaters
5. Mosquito/bug eliminators
In any market, financial planners all agree, real estate is the best investment one can make. Increasing the value of that investment with features that extend and enhance the family living area is always a wise decision. For more information and ideas, feel free to email me and be sure to join our fan page on Facebook if you haven’t already!
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10 Staging Tips to Help Your Home Sell
March 24th, 2010 categories: Home Improvements and Design, Sellers
Get out the bucket, mop and Mr. Clean. The key to making a positive first impression is simple, said Sandra Rinomato, host of HGTV’s popular “Property Virgins” show.
“Get it clean, clean, clean,” said Rinomato. “If your house isn’t clean, it instantly sends up negative thoughts that the home is not well maintained. If your house is spotless, you’re ahead of the game,” she said.
But don’t stop there, advised Rinomato. To increase your chances of making a sale, “stage” the house to make it as attractive as possible. Until recently, “Staging meant pulling out all the stops- setting the dining table with your best china and crystal, arranging flowers, lighting candles,” she said. “Now we take the minimalist approach. Basically, you want to strip the house to its bare essentials, depersonalize it so potential buyers can superimpose themselves and their lifestyle on the house.”
Rinomato offered the following tips for staging a home:
1. Visit model homes and examine shelter magazines for inexpensive decorating ideas. Always keep in mind you are not decorating for yourself but for the general public.
2. Start with the outside. Give the house a fresh coat of paint, add shiny hardware to the front door and plant a few flowers to send a subliminal message the house is loved and well cared for.
3. Declutter every room to make it look larger. Get rid of family pictures, trophies and knickknacks. Closets and drawers should be no more than 30% full.
4. Invest in eco-friendly but bright lights. Open the drapes or remove them completely. “Light, bright rooms give the impression this is a happy place- and everyone wants to move into a happy place,” said Rinomato.
5. Feature only a few pieces of furniture with mainstream appeal. Pull pieces away from walls to make rooms look bigger.
6. Make sure a room’s primary use is obvious. A bedroom should look like a bedroom, not an office, hobby center or gym.
7. Bedrooms and kitchens are difficult to stage because they are in daily use, but make the effort. Clear everything off the counters and nightstands, roll up the rugs and hide the laundry hamper. Buff the cabinets with car wax and clean under the sinks. Invest in pristine white bed linens and towels.
8. Minimize the “pet effect.” Remove food bowls and litter boxes to the utility room. Deodorize thoroughly.
9. Organize the utility room and garage. Hang up the bicycles, roll up the hose. Renting a storage locker is worth the cost if it helps you sell faster and for a higher price.
10. Once your house is staged, invite your friends or Realtor over and walk them through to get an objective opinion.
Don’t forget to take before pictures! Feel free to call or email me to take a tour of your “staged” master piece. If you are thinking about selling your home we can discuss that as well.
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Looking to Buy a ‘Fixer-Upper’? The 203K Program Can Help Make it Happen
March 5th, 2010 categories: Buyers, Home Improvements and Design, Money and Mortgages, Real Estate News, Sellers
Today’s real estate market presents a lot of opportunity for interested home buyers- with the growing supply of foreclosure properties and short sales, there are certainly some great deals to be had.
The problem in buying a “distressed” property, however, it is that these homes are often damaged due to lack of maintenance or prolonged vacancy. So while the price tag might be right, the investment necessary to make the home livable might push buyers well beyond their budgets.
As a member of the Top 5 in Real Estate Network, however, I have access to the latest information on mortgage and financing options. One particular option that is providing hope for many of today’s home buyers is HUD’s FHA 203k program, a loan that enables buyers to not only secure a mortgage, but receive the funds necessary to improve the home as well.
Here are five facts about the 203K program to help you determine if it might be the right fit for you:
1. The FHA Section 203k program was originally introduced by HUD in 1978 as a program to rehabilitate and repair single-family homes. The 203k is a single mortgage loan that provides funds to purchase a home and make repairs and improvements. A simpler version, the Streamline 203k, was introduced in 2005. This version offers less documentation and lower loan fees for renovations that don’t exceed $35,000.
2. In today’s market, conventional financing, which often requires 20% – 25% down on a home and a perfect credit score, is often hard to come by. However, with less-than-perfect credit and as little as 3.5% down, you can get an FHA loan, such as the 203K
3. The 203k approval process is a little more complicated than a conventional loan. For example, you’re required to secure renovation costs from an established, licensed contractor and deliver a package of the proper paperwork to the lender to secure FHA approval. Make sure you work with an agent- like a member of Top 5- who is well versed in the 203k program, or who can connect you with a lender that is.
4. The 203k loan is not just for foreclosure or distressed properties. More than 80% of the homes in America were built before 1990- that’s over 100 million homes that are 20 years old or older- and almost everyone is in need of some amount of repair and updating. The 203k loan, therefore, offers advantages for almost any home purchase.
5. The 203k loan is not just for home purchases but can be used to finance a home improvement, as well!
For complete details on the HUD 203k program, you can visit www.fhainfo.com/fha203k. Please feel free to email me, too, since this information can be hard to digest and confusing. -Or you can also comment on this subject on my blog!
Also, visit our Facebook Page and click Become A Fan to follow up-to-date real estate news/tips.
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