Make The First Impression a Great One

Tue, 09 Sep 2008 00:00:00 -0500

First impressions are critical. Just like the view from the curb may prevent a buyer from getting out of the car, the view inside the house determines whether they make an offer. Buyers need to be able to imagine themselves living in your home, or perhaps more to the point, they need to envision your home as theirs. You can accomplish this by staging your home.

Home staging is the process of preparing your home for sale to make its best impression on prospective buyers. It can be as simple as cleaning the house and putting out fresh flowers or as complicated as hiring a consultant to determine what furnishings and decorations best suit your home while it’s on the market. Big budget or small, how you present your home to potential buyers can affect how quickly it sells.

Cleaning and decluttering are essential. The whole house should sparkle – especially kitchens and bathrooms. Clear off counters and organize cabinets and closets. Too much “stuff” is distracting and makes spaces feel cramped and small – definitely not a good impression. Remove furniture that blocks the natural traffic flow, being sure there is a clear walkway to all windows and that the windows and screens are clean.

Visual cues help buyers process your home’s features. Keeping room décor simple makes it easy to ascertain a room’s purpose. A bed and a dresser in a room with a closet are all it takes to show that a room can be used as a bedroom. A table with chairs identify a dining area, formal or otherwise. Staging rooms for their traditional purpose helps buyers understand your home. Whether the final buyer decides to use rooms the way you show them doesn’t matter.

There is a lot you can do yourself to get your home looking its best. Consult with your real estate professional before you start any projects to be sure that the payoff is worth the investment. Remember, once you decide to sell your home, it’s a good idea to behave as if it isn’t your “home,” anymore. Cutting the emotional ties makes it easier to get your “house” sold fast.

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Source: http://www.articletrader.com

Why Your First Offer is Usually Your Best Offer

Thu, 19 Jul 2007 00:00:00 -0500

There’s an old real estate rule of thumb that the first offer you receive is usually the best one. I’ve run into this with several listings where the seller received an offer early on, made a stiff counteroffer back to the buyer and the buyer headed for the hills. In some cases, as much as 24 months and several price reductions later, another offer finally came in only to be significantly lower than the first buyers’ offer.

While your first offer may not be what you were hoping for, it is a good idea to consider several things when choosing how to respond to that offer. Length of time on the market, time of year, initial asking price compared to the price recommended by your agent, and current competition should all be taken into account when determining whether to accept, reject or counter the first offer you receive.

It may be tempting to hold out for a better price, especially in the first few weeks that your home is on the market when there is a high volume of showing activity. However, that activity typically wanes after about three weeks, at which point the buyers who have been waiting for “just the right house” will have already considered your property. Buyers rush to see new listings, and if it’s the best thing they have seen they will probably make an offer. Most of these buyers have been at it for a long time and know the values very well, in some cases understanding market realities in their price range even better than realtors who have been tracking a broad market. Therefore, an offer received in the first few weeks on the market is probably appropriate to current conditions and worth serious consideration. Comparing the offer to your realtor’s initial price recommendations can help you decide what action to take.

After the first several weeks, the activity that remains is buyers just entering the market. Since they are at the beginning of their house hunting, they generally have more time to look and are less motivated to act quickly. They are less educated about the market than those who have been shopping for a long time and will err on the side of caution when making their offers, especially in a buyer’s market. Consequently, offers will more likely be lower than early on.

Time on the market erodes value as well. The longer a house is listed for sale, the less interested buyers and Realtors are in the property. People will begin to wonder what is wrong with the property, and even if they like it will offer a lower price so they won’t lose money if they end up having to sell.

Be sure to consider the opportunity costs. While your first offer may be lower than you had hoped, every month you keep the property is another month you must pay mortgage, taxes, utilities, and insurance for a home you are hoping to leave. These costs can add up quickly and end up costing you more in the long run.
Time of year is another factor that can affect the offer. Your offer in March or April will most likely be much higher than in September or October. Sellers who were optimistic in the spring will be lowering their prices quickly to try and sell.

The bottom line is that you are never in a better position to get the best price for your home than when it is fresh on the market. Even if the offer and subsequent negotiations are less than you are hoping for, don’t kick yourself months or even years later wishing you had taken the offer. That real estate rule of thumb stays true: your first offer is usually your best.

Copyright © Shawn Buryska.

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Shawn Buryska is a real estate agent, providing Rochester, MN MLS Listings, and specializing in listing your home for sale in Minnesota.

Source: http://www.articletrader.com

Latest Articles by shawnburyska

Make The First Impression a Great One

Why Your First Offer is Usually Your Best Offer