WHAT SELLS A HOUSE? | How To Sell a House Now
What Sells a House?
What sells a house in today's buyer's market? Read the facts & the plan of action to sell a home quickly & at a fair price by creating value. Find out how.
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What sells a house in one of the most confusing housing markets America has ever seen? The answer may surprise you.
There is a glut of real estate for sale right now in many areas and some of it is offered at bargain basement prices. In Florida, for instance, where one in ever 32 homes got a mortgage foreclosure notice in 2012, estimates are that at least half the properties in the state are mortgaged for more than they are worth.
In California, sales prices are down from this time last year and in some counties prices have fallen by 40%. About one-third of the sales are distressed properties – either houses in foreclosure, pre-foreclosure or already owned by the mortgage lending institution.
Buyers are few and far between after the Labor Day weekend, when the housing market nods off for a winter hibernation.
It takes creativity for a real estate agent or a homeowner to move a listing today.
Buyers looking now are more impressed by real value than by staging. Selling a home this buying season is dependent upon creating value for potential buyers.
WHAT SELLS A HOUSE? - CREATING VALUE
Is there an original hardwood floor hiding underneath the carpet? According to a study issued by the National Association of Realtors (NAR), 38% of new home buyers specify hardwood flooring as "very important" in their buying decisions. Also in the study: 57% of homebuyers are willing to pay an average $1,900 more for a home with hardwood flooring.
Featuring hardwood flooring in a home for sale is a proven way to attract more buyers. It can also make the difference in selling a home at a fair price and in selling a home period. If that means removing carpet and/or refinishing the hardwood, the process will only take a few days if you hire a professional contractor.
New wood flooring installed on a concrete slab is also an option. It's a bold decision, but one that will definitely increase the salability of a home in a difficult market.
According to a Floor Trends Magazine market study, American red oak is the most popular choice for hardwood floors. It has an unsurpassed emotional appeal.
Home buyers know that hardwood flooring will last throughout the lifetime of the home. This is what creating value is all about.
WHAT BUYERS WANT
The NAR study reported, "The typical buyer spent $4,350 on home improvement projects within the first three months of buying a home. Nearly half of home buyers remodeled or made improvements to their kitchens." If the seller can provide an updated kitchen, more potential buyers will be interested in the property.
No one likes to live through the remodeling process and buyers will factor that into their buying decision. The condition of the kitchen is often the deal-breaker when purchasers make the final decision on which home to buy.
Countertops, cabinets, tile work and window coverings are all options. Again, the emphasis must be on real value, not just cosmetics.
BUYER'S MARKET
In the NAR study, updated bathrooms are considered a necessity by buyers and close to half made improvements to bathrooms within three months of purchase. The message to sellers: Updating bathrooms gives a home a competitive edge.
If the tile is chipped, replace it; don't just repair it. If the fixtures are worn or outdated, replace them.
Never lose sight of the objective and that it to sell your home at a reasonable price and as quickly as possible. Creating value is what sells a house today.
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