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Home staging is the process of preparing a home for the market, so it attracts the highest price and a quick closing. As a matter of fact, It’s estimated that staging a home can reap a 6% to 15% higher selling price. A seller can stage their own home, rely on your Realtor’s input or hire a stager.
Depersonalizing your home thru staging will appeal to Buyers and aid them in visualizing themselves living in your home. First impressions are vitally important and buyers assess your home upon arrival at your door. Not to mention It’s difficult for buyers to look beyond clutter and disrepair. A crowded room, with too much furniture, makes a room look small and short on space.
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1. Showcase a lifestyle
Stagers arrange furnishings and add decor touches that help buyers envision living in your home. Think of staging like a makeover for your home. A stager can replace some of your older furniture with modern pieces, for the purpose of making your home appear more spacious. It’s also recommended that you paint your walls in neutral colors and place decor items around your home in specific areas to showcase the space.
2. Best features of the home are demonstrated
A stager knows how to showcase the best features of a house and how to downplay the blemishes. For example, if a room is small they can make it look larger by placing the right furniture in the space. Furthermore, If a room is dark they know how to make it appear brighter. Staging a home is done in such a way that it appeals to a wide range of buyers with different styles.
3. Homes sell faster and for a higher price than the competition
Staging a home can greatly reduce the amount of time on the market. For homes that are sitting on the market, sometimes staging and presenting the home in a fresh manner is all that it takes to get it sold. Look at it as an investment to acquire a faster sale. According to NSAR, sellers have had great success in selling their staged homes quickly. Homes that are staged are bought quicker than most competition.
4. Staged homes take better photos for marketing
A staged home takes better photos. Quality pictures attract more buyers online. This will increase the amount of showing your property will receive. With more showings, you are likely to attract more offers.
If you are want to put your home on the market, it’s a good idea to consider the benefits of staging your home. In fact, try to view your home through the buyer’s eyes to see things that you should change or refresh. If you need help, ask a friend or family member for their opinion.
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here
Whether or not a seller should renovate before the market depends on ROI and the position of your home in the current selling market. Sellers looking to reap as much money as possible from the sale of their home may be motivated to renovate. It’s best to consult with a Realtor before venturing into unknown territory because Realtors work with buyers and know what buyers look for in a home.
Is selling your home fast more critical? You may wish to forego renovations that could delay bringing your home to the market. Sellers can market their home “as is” but could attract discount buyers. Buyers like Investors may purchase “as is” and flip it for a profit.
Sellers may decide to upgrade areas of their home versus a full renovation. Some work you can do yourself like painting and wallpaper removal. Doing electrical upgrades or replacing drywall may be best left to a professional. Refinishing and replacing flooring can be done by yourself. but is it worth your time and energy? An experienced contractor can cost, knows the necessary timeframe for repairs, and provides a better quality of workmanship versus doing it yourself.
Upgrades and Maintenance versus Major renovations
Sellers can get back 65% or more of what is spent assuming these renovations appeal to the buyer. Some upgrades may not be major renovations like replacing the front door or worn and faded exterior siding. Replacing worn flooring, old countertops, and appliances usually interest buyers. Certain renovations will be more marketable and beneficial.
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Not all upgrades impress buyers and you could be throwing away hard-earned money. You could waste money painting your home in colors that match your taste and decor and a buyer want to paint it a different color. Should you decide to freshen your home with a new coat of paint, chose a neutral color.
Renovating a kitchen from top to bottom could be a risky investment if the buyer doesn’t like your taste in cabinetry and flooring. You may only need to upgrade the countertop and paint the cabinets to brighten them up.
Don’t get wrapped up in renovating when your home may require obvious repairs. Inspect your home for things like flaking drywall or popcorn ceilings in the bathroom which hold moisture. Maintenance and repairs can be expensive or inexpensive but necessary so buyers will not be overwhelmed with a home’s condition.
Upgrade your yard appeal by topping up mulch around landscaping and trees. Adding an arrangement of potted plants and planting a few flowers in a garden bed. Pressure washing your home and addressing peeling paint won’t cost a lot of money but improved a home’s curb appeal.
When buyers drive up to a house with overgrown landscaping and tree limbs hanging over roofs or a house that hasn’t seen paint in decades, they may not be interested in viewing the interior of your home.
Is a renovated home most important to today’s buyers?
Not all buyers expect a move-in-ready home in their price range, especially with a short supply of homes. Buyers do consider homes in need of some work and many buyers spend time and money to do their own renovations over time.
Before you renovate, do an inspection of your home
Do an inspection before your renovation. An inspector examines your home for serious issues you may not be aware of, such as electrical, plumbing, or other systems that may require upgrading. An inspector can educate you on the condition of your system and the expected lifespan.
Better to know where to put your hard-earned money before you spend it on an aesthetic reno versus one that might be urgent. Better to know in advance rather than after a home buyers’ inspection.
Using a contractor versus DYI
Discuss your list of upgrades and/or renovation needs with a contractor. The contractor can provide cost estimates. If the quote is too high, don’t be shy about getting a second or third opinion to get the best prices possible. Check with your realtor for a list of Contractors used by their clients.
Permits and Restrictions
Make sure you get permits from your Municipality before your renovations. Investigate for any possible restrictions on your property like those in a historic district or if your home is subject to community rules and guidelines. You don’t want to incur expensive fines. Some restrictions could include the types of windows you use or the color of brick on your home.
It is very important that you obtain these permits. Trying to sell a home that has been renovated without permits can be a very complicated and expensive situation.
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here
If you’re browsing through Realtor.ca you may notice the rise in house prices. With fewer houses on the market, and selling quickly. Many cities in Nova Scotia now have a sellers’ market.
What is a sellers’ market?
A sellers’ market happens when the demand for homes outweighs the supply. More factors than just inventory that determine the sellers’ market such as lender interest rates, incentive programs, unemployment rates, immigration, and economics.
A seller’s market can be great for the home sellers who might receive multiple offers, fewer market days, and higher sale prices. Home sellers have the advantage with an eager pool of buyers hoping to purchase the home.
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The competition can lead to a bidding war and buyers may abandon common conditions like home inspection and financing approval. Properties can sometimes be bought by all-cash buyers who can close faster, not requiring home financing approval.
Attracting multiple offers
Some sellers believe that in a sellers’ market you only have to put up a for-sale sign. Although it can be easier to sell in this market, it still requires strategy. Review the local market, the competition, and price your home accordingly.
Preparing your house for the market will still require cleaning from top to bottom. To get the best price possible, it’s best to replace any worn-out carpeting or torn flooring. Even though some buyers may overlook these defects, a well-presented home will increase the competition.
A fresh coat of paint in neutral colors and home staging will make your home more appealing to buyers. A home stager can help present every room in your home and show off the best features. Declutter and packing unused items and place them in storage. When offered a quick close you are in a better position to accept and meet the closing deadline with less stress.
Selecting the best offer in multiple offer situation
When dealing with multiple offers your Realtor will help explain negotiating strategies to help you select the best offer. The strength of an offer should not be based solely on price. If you wish you can select one offer and counter if required for the best possible conditions and reject the others.
Price, deposit, and contingencies
Review all the offers for the price, deposit, and whether the offer requires financing. Do any offers waive buyer conditions like inspection or other contingencies? A firm offer wins over a higher-priced offer because the seller won’t be left waiting for the removal of conditions to firm up the sale.
An offer with a healthy deposit shows that the buyer will likely be approved for financing. Deposits are held in a trust account until closing. Few buyers are willing to risk losing a large deposit during the home buying process and more likely to complete the process.
Closing date and condition dates
Closing dates and conditions dates are also relevant. The longer a seller has to wait for conditions to be met, the longer you have to wait for the sale to firm up. A long closing date could put the sale at risk should the buyer’s financial situation change before or at the closing date. The seller would then have to put their home back on the market and start the process all over again.
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here
Pests can be a big problem at any time of the year. Pests like insects, rodents, and wildlife can cause damage to your home and your family’s health. The cost of repairs can be very expensive.
Combat unwanted infestation by being prepared with these easy tips and keep your home free of pest infestation for good. Perform regular inspections around your home where pests live like basements, laundry rooms, attics, under and behind appliances, the garage and your yard.
Regular home maintenance is important to prevent pests from getting access to your home as it ages. Do regular inspections of the outside of your home and make repairs, described below as necessary.
Kitchen
Minimize the food source for pests in your kitchen by keeping it clean. Clean up after meals and keep food in one room of your house. Place food in your cupboard into sealed containers including your pet food. Use a sealant in any gaps around your cabinets.
Keep your garbage sealed as well. Clean any sticky residue off jars and bottles after use. It is also important to vacuum under appliances in your kitchen every week. Wash your dishes after using and clean your sink properly with hot soapy water. It’s also a good practice to pour vinegar and baking soda into your drains followed by hot water. Do this monthly to clear the drain of debris.
Bathroom
It’s almost impossible to avoid moisture in your bathroom and moisture is a haven for pests. Regularly clean behind your toilet and sink. Use an expanding foam on any gaps near pipes that go thru the walls.
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Don’t leave damp sponges or clothes in the bathroom. Dry your shower curtain after and wipe down ledges after use. Clear your drains monthly with a mixture of baking soda and vinegar followed by hot water to remove the buildup of bacteria.
Pet food
Place a mat under your pet’s food dish and clean it regularly. Don’t leave dirty food dishes on the floor or uneaten food in the bowl to attract pests.
Laundry area
It is important to not leave wet dirty clothing all over your home. Place dirty laundry in a basket and keep it in the laundry room. Clean around washer and dryer regularly and check for leaks and accumulation of sitting water. Water is a perfect environment for some insects to thrive.
Yard
Clear tree branches and leaves and other debris that bugs and small critters live in away from your house. These bugs are also a food source for larger animals like rats and raccoons. Do not store your woodpile up against your home. Keep your woodpile at least 20 feet from your door. Snakes and rodents love woodpiles, and they are a great environment for bugs.
Keep your composter away from the house as well as garbage containers. Keep tight lids on garbage cans. Rinse recyclables before throwing them into bins. Cut branches off trees that hang over your roof. This provides squirrels, rats, and other animals access to your roof, and they can gain access to your home.
Do an inspection of the exterior of your home looking for gaps or cracks. Have a professional check your roof for missing tiles. Check for damage to the flashing around your chimney, fascia, and soffits. Check your doors and windows and fill any gaps with expanding foam and replace any worn or missing weather stripping around doors and windows.
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here
You are selling your most expensive belonging so protect yourself by knowing how to Avoid Costly Home Selling Mistakes and Sell For More Money. There are many home selling mistakes to be aware of. They can cost you thousands of dollars and many sleepless nights. Check out our free 29 Essential Tips That Get Homes Sold Fast and For Top Dollar $$$ for the great advice.
Incorrectly pricing of your home
Pricing a home is complex, you could price your home too low and miss out on thousands of dollars profit. Price your home too high and you run the risk of losing buyers. Waste valuable market time and you will have to reduce the price until it sells. Work with a qualified Halifax Realtor who offers a Free Home Evaluation. The Realtor will be able to assess your home’s current market value. Realtors recommend a great price to help you navigate through the negotiation process.
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FSBO – For Sale by Owner
Sellers might think that selling their home without a Realtor will save them money not having to pay out a commission. In this case, underestimating the costs associated with selling a home like marketing and advertising which are necessary to attract qualified buyers. For-Sale-By-Owner (FSBO) transactions often sit on the market longer. Homes sold by Realtors typically sell faster and for more money.
In addition, you will have to schedule and conduct your own showings. It is awkward for buyers to have the seller present when viewing a home for sale. Buyers will rush through the house not remembering much of what they saw. Realtors have experience in qualifying buyers and conducting showings. FSBO sellers lack the training and skill to motivate a qualified buyer to the point of purchase. You could waste valuable time working with unqualified and unmotivated buyers. They may be only curious about your home and not serious about buying.
Avoiding a Pre-listing Inspection
A pre-listing inspection helps prepare your home for a successful sale. It identifies necessary repairs before placing your home on the market. Buyers will more than likely conduct their own building inspection, but a previously inspected home helps improve the buyer’s confidence.
When a significant problem with your home is discovered during the buyer’s inspection, it could delay closing or terminate your deal. These repairs could cost you thousands of dollars. If you don’t fix them, the buyers are going to expect a price concession. Pre-listing inspections will prevent unpleasant and costly surprises for both the seller and the buyer.
Not preparing your home for sale
First impressions are everything so you will want to make sure your home is either professional staged or by practicing the following steps:
o Keep your home clean and tidy
o Remove pet odours or any unpleasant odors
o Declutter and depersonalize your home
o Paint to refresh your homes appearance in neutral colors
Staging may sound like an unnecessary step, but most selling agents report that a staged home sells faster and for more money. The cost of hiring a professional stager varies on factors such as the size of your home and how many rooms you will want to stage. And whether or not you decide to rent decor and furniture. Most Halifax Stagers offer a Free consultation. If staging your home is not in your budget, check out our article Tips to Make Buyers Fall in Love with Your Home.
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here
Sellers that overprice their homes risk scaring away buyers who may think they are dealing with an unreasonable seller. Homes offered for a fair price, similar to comparables, will make buyers will feel better about making an offer. Pricing your home correctly is critically important to avoid buyer disappointment.
“Homes priced right sell quicker so set your price to attract more buyers and invite multiple offers resulting often in above-asking price.”
Attract the Most Buyers Possible from the start
Obviously, In the first few weeks of being on the market, your home will have the most showings and inquiries. Some sellers want to test the market and are tempted to price their home higher, believing they can later lower the price. This tactic of overpricing could cause you to miss out on showings. This can cause your home to sit longer on the market causing you to drop your price lower than market value to attract interest. Homes that have long marketed days become stale and buyers become suspicious that something is wrong with the house.
Clearly, the key is to ensure your house is priced right to sell immediately. A properly priced house will attract more buyers and likely multiple offers, ultimately increasing the final sale price. Overpricing a home can cause damaging effects and often lead to extended days on the market. According to the National Association of Realtors, if a home doesn’t sell within 30 days it’s a good indication that it is not priced correctly.
Don’t alienate a whole demographic of buyers
A house is the most expensive thing a buyer will purchase so it makes sense they want to make sure they bought the right one. Even if a buyer falls in love with the home, they’re still going to be looking at the comps. No buyer wants to overpay.”
Buyers shop with a set price range in mind. Your house could go unnoticed by eager buyers who use home search tools like Realtor.ca. Their search criteria for your area will be based on market value. If their search is set to $350,00 based on the market value for the area and your house is set higher they will miss your house completely. Fair market value is always the best approach so you don’t alienate a whole demographic of motivated buyers.
Factors that Determine Your List Price
A number of factors affect a home’s value and the top four are location, comparables, condition, and updates.
Location
When it comes to assessing your location and its impact on house value, definitely look at the proximity of your home to schools, shopping, and other amenities. A house located on a busy street or the end of a cul-de-sac can raise or lower its value. Above all things, a neighborhood’s economic and crime statistics can affect the reputation of your neighborhood. It should also be factored into its home value.
Comparables
Comparables refer to the prices of homes recently sold in your area. Location is only one part of a selection of comparables. You will want to closely match homes with similar characteristics such as lot size, square footage, year of construction, and the number of rooms.
When selecting comparables of recently sold homes you will also want to look at your competition. Take note of the listing prices of nearby homes currently on the market and how many days they have been on the market. This will give you a good indication of where your asking price should be set but only if they are in similar condition.
Condition
Houses that have identical floor plans could have differences like renovations, recent repairs, new flooring, or different refurbishments like the H-VAC system impacting the value. A houses condition has a major impact on its value and some buyers will pay more for a home that is well-maintained. If your house is not in good shape you may want to set your price lower. A houses condition also affects its appraisal. An appraiser will evaluate a houses appearance, needed repairs, and deterioration from wear and tear.
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Updates
Furthermore, renovations and upgrades made to your home prior to selling will have a positive impact on its value. Appraisers factor updates into your rating.
Lastly, price your home correctly with my Free Market Evaluation. It’s a FREE service I provide that will help you determine what your property is worth in the current Halifax market. A home evaluation will analyze your home based on location, condition, and recent market value. Then list with a price that will help you Sell Fast and for Top Dollar. Find out how much your home is worth here for your Free Home Evaluation. If you have any questions regarding the Halifax Real Estate market. Contact me at 902-497-3031 or thru my website here
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here