
With home prices and interest rates so low, we’re ready to move up a step and purchase a larger home. Of course, we’ve first got to sell the one we currently own. Even though this area isn’t as hard hit for sellers as other regions across the country, I’m sure specific strategies exist to help us sell faster so we can buy the one we want before it’s too late. What do you suggest? — Henry and Harriet Homeowners
Dear Mr. and Mrs. Homeowner: Even with a surplus of available homes for sale, Murphy’s Law affirms the one you’ve got your eye on most likely will be sold out from under you if you don’t purchase it soon. On the other hand, having to sell your house before your purchase also means you’re, unfortunately, caught between the proverbial devil and the deep blue sea! It doesn’t help that we’re inundated with so much advice that a seller/buyer doesn’t know which way to turn. Perhaps if I offer a few preliminary recommendations for placing your house on the market (and let’s keep fingers and toes crossed), you can begin the necessary steps to move into your new home by spring.
— Set a reasonable price for your existing home. Don’t forget we’re in a buyer’s market. A steep asking price is the primary reason a home doesn’t sell; plus, don’t think you can start out high and negotiate to lower the value later on. In fact, in this market glut, when you do cut the cost, prospective buyers might think you’re desperate and they will bid even lower. A case in point: “glut” was an understatement when my husband and I placed our home in Northern Virginia on the market in 2007. Further, homeowners still priced their properties high and many refused to come down in price, which led to even more houses on the market. Conversely, we spic-and-spanned our property and promoted the sale at an affordable price, much to the angst of other sellers in the area whose comparable homes were listed as much as $30,000+ more. However, our home sold in less than two weeks, which was unheard of in that market, and we were Chattanooga-bound! (By the way, I’ve also heard a number of local folks who’re planning to sell their homes for a premium price thinking Volkswagen management will start bidding wars. Don’t hold your breath.)
— Realize the importance of curb appeal. Torn window screens? Stained sidewalk? Rusted front doorknob? Visit your local hardware store, take a weekend, and replace items like these that make a positive or negative impact on home shoppers. What about the land itself? It doesn’t cost a whole lot to invest in some plants and flowers. Keep shrubbery trimmed and cut out any deadwood in trees. Attractive mulch goes a long way to hide gardens’ minor defects. In fact, hiring a temporary landscaping company to beautify and maintain your property before and while it’s on the market is money well spent. Studies show that potential buyers generally don’t stop by houses that don’t look appealing from the street.
— Fix what needs repairing. We’ve all heard horror stories about the buyer’s inspection showing up lead in the basement’s wall paint or the ignored sink drip that’s partially demolished the kitchen subflooring, or some other Mr. Didn’t Fix It anecdote. What’s wrong in your home? Do you need a new toilet? How about cigarette burns and stains in the carpet? Has your kitty missed the litter box on more than one occasion over the years? Don’t think carpet can be “deep cleaned” to eliminate certain odors. Nasty smells can drive potential buyers right out the front door, quicker than you can say “Meow.” So regardless of whether your house needs substantial repairs or just a fresh paint job throughout, get the work done before the sign goes in your yard. (Along this same line, hire a good cleaning service to scrub your house from stem to stern. During our Virginia Open House, our realtor later told me a prospect actually reached down and ran her fingers along the baseboards! Luckily for us, we had followed the above advice.)
— Compose and approve your MLS listing. While your Realtor/broker has lots of experience (hopefully) in creating your listing, no one knows your home like you. You don’t have to have an English degree to list the goodies that will catch the attention of buyers. For example, if you’ve recently added tile to your kitchen or foyer, don’t just state “new tile.” Is it mosaic? How about porcelain or glass? Be sure to specify the unique type. As long as you’re descriptive and tell the truth, your agent should agree to take what you’ve written to produce the MLS. Once the latter is complete, be sure to edit the listing. None of us is infallible; we all make mistakes. Your biggest mistake, though, is allowing the property description to go out with errors included. Just a few days ago, I read an MLS sketch in which several words are misspelled, including the name of the community where the home is located. Trust me, this makes for an off-putting advertisement.
If you two follow my suggestions (verified by real estate experts), you should be able to sell your home fairly quickly and move on to the business of purchasing the one your eyes are on. Good luck and please keep me posted!
Editor’s Note: Ellen Phillips is a retired English teacher who has written two consumer-oriented books. Her Consumer Watch column appears on Saturdays in the Business section of the paper. An expanded version is at www.timesfreepress.com under Local Business. E-mail her at consumerwatch@timesfreepress.com