Posts Tagged ‘home selling’

• Aug 17

  5 Ways to Add Value to Your Connecticut Home (Without Breaking the Bank)

  Summer is a seller’s market for Connecticut real estate, and everyone is clamoring to up their house’s market price on the cheap. Here are 5 ways you can make your Constitution State home worth more, for less:

   

  1)    Fix It Yourself. If your house has a crack on the wall, a stain on the ceiling or a few missing tiles in the bathroom – fix it! Whether the problem is structural or just cosmetic, any sort of flaw in your house will significantly lower the price people are willing to pay for it. You don’t need professional training to spackle a crack or replace a lost tile, and fixing these problems yourself will help you justify spending money on the repairs that really do require an expert hand.

   

  2)    Grab A Paint Brush. There’s never a better time to finally paint your living room that shade of red you’ve always wanted than when you’re trying to sell it. Dark hues will make a room seem cozy, pastel shades will make it look bigger than it really is and newly painted walls will make your home worth thousands of dollars more – even if you only spent a couple hundred on the paint. If you’re concerned about your taste and ability, any home and garden magazine will steer you in the right direction.

   

  3)    Plant a Tree. Everyone loves trees – or at least, everyone buying a house in Connecticut should. New England is known for its maples and oaks. Shop around at your local greenhouses for some local flora and stick those plants or trees somewhere tasteful in your yard. You could end up a thousand dollars richer for your efforts.

   

  4)    Make a Family Room. There’s at least one room in every house that can serve as a public space, and if you don’t have kids, that space is probably filled with your record collection right now. Clear out any cluttered rooms and put furniture in them so potential buyers can see how the space can be utilized by a family.

   

  5)    Clean Up Next Door. You might hate your sloppy neighbors and the blanket of leaves they call a lawn, and if you do, it’s a sure thing that potential buyers will too. A major concern most people have when buying a home is the quality of the neighborhood they’re moving into. If you’ve got messy neighbors, volunteer to clean up their yard for them. It might hurt your pride, but a clean street can go a long way in convincing someone a house is worth buying.

   

  Remember, the key to milking your Connecticut house for all it’s worth is to do as much of the work yourself as you can. Even though it’s time consuming to fix up or redecorate on your own, if you put in the effort, you can ask thousands of dollars more for your home than you would be able to otherwise.

  Tags: home improvements, home selling
  Posted in Home Improvement, Home Selling | No Comments »

• Jul 18

  How Do Appraisers Determine Property Value?

  You may have a number in mind when you think about the property value of your home, but a local appraiser may have an entirely different idea of what your home is worth. A home appraiser has the power to make a big difference in the value of your home, so learning how they do it is crucial:

   

  • Appraisers are all different. Some appraisers may come into your home and do an assessment, while others might only measure the outside of the property. If you were to invite ten appraisers over at the same time, they would probably all come up with different values.
  • Appraisers give an approximate value. The reason you won’t get the same number from different professionals is because they give you an approximate property value. The number depends on why you’re having your home appraised, as well as how the appraiser views the individual factors that determine your home’s value. In general, numbers from different professionals should be within the same range.
  • Appraisers use a variety of sources. The actual visit to the property is just one part of an appraisal – it’s not just about those ten short minutes spent looking around the home. Appraisers also take a look at historic property values in the area, prices of comparable homes and the current values of homes in your neighborhood. They may talk to a real estate agent, research court records and look at the MLS – all in one day!
  • Appraisals don’t last forever. You should expect yours to be valid for about six months. Any longer, and your lender is going to want to see a more current estimate.
  • Appraisals can affect your mortgage. Your property value does make a difference for your mortgage. If you owe significantly more than your home is worth, you may be “underwater”  – which can make it harder to get future loans.

   

  Your property value affects many facets of home ownership, from your mortgage payment to how quickly you’ll sell the house when you’re ready to move on. Getting a solid figure from a local real estate appraiser is an excellent way to ensure that your property value is accurate.

  Tags: home selling, property value
  Posted in Financing, Home Selling | No Comments »

• Jul 17

  Real Estate Flipping Tips: Cleaning 101

  Real estate flipping tips usually tell you to update fixtures and replace the carpets, changes that can be costly and may even put you over budget. However, many savvy flippers know that with a little elbow grease and baking soda, you can make formerly grungy parts of the property sparkle. Here are a few real estate flipping tips and tricks for getting your property into shape for your open house:

   

  • Fix the floor. Carpets are expensive to replace, but it’s very important that they at least look clean. Remove stains by mixing vinegar and baking soda into a paste, then scrubbing the spot with the mixture. Let it dry, then vacuum up the remains. Make sure you test this on an inconspicuous area first – the acidic vinegar may alter the color of the carpet.
  • Get the smell out. Smelly homes don’t appeal to anybody. Although you can hide it with a candle or an air freshener at the open house, it’s better to get rid of the smell entirely. Shake some of your trusty baking soda on carpets and let it sit for a few hours before vacuuming to make the floor less stinky. Spraying vinegar around the home is also a proven odor remover. For tougher odors, place some vinegar in small dishes throughout the home.
  • Make fixtures sparkle like new. Instead of installing new fixtures, give them a thorough cleaning. Even the grungiest fixtures can be cleaned by soaking a cloth in vinegar and letting it sit on the fixture for twenty minutes. This loosens the buildup, which can then be removed with an old toothbrush.
  • Toilet and sink stains. Vinegar can make your toilets and sinks look new again. Just pour the vinegar in and let it sit overnight. The next day, scrub away the calcium and hard water buildup. If the vinegar doesn’t work to get rid of those stains, try letting half a cup of bleach sit in the bowl for a couple of hours.

   

  Before you jump in to buying all-new fixtures or redoing the carpets, try these real estate flipping tips for cleaning. You’d be surprised how many parts of the home can look new again with just a little time and effort. Make your property look great for the open house – without spending a bundle. You may not have to replace those fixtures and floors after all.

  Tags: Flipping Tips, home selling
  Posted in Home Maintenance, Home Selling | No Comments »

• Jun 26

  7 Ways to Market Your Open House

  Whether or not you’re working with a real estate agent, the way you market your open house can determine how many people show up, as well as the quality of your potential buyers. When you’re trying to sell a home, use these seven tips to advertise your open house and you’ll see swarms of buyers on the big day:

   

  1. Work with your real estate agent. Your real estate agent has lots of expertise when it comes to open houses, so let her work her magic and the buyers will show up in droves.
  2. Plenty of signs. People will only know where your home is if you make sure it’s obvious. Put up a few signs in your neighborhood with directions, as well as a large sign on your lawn. Balloons on the mailbox will also help ease any potential confusion.
  3. Ad it up. Make sure your open house is listed in the classified section of your newspaper for a week or two before your open house. Even in today’s Internet age, many people turn to the papers for this kind of information.
  4. Think outside the neighborhood. You’ll also want to get the attention of people who may be looking to relocate to your area. Place ads in the classified sections of nearby city papers as well.
  5. Go online. Once you’ve covered print media, look online for community calendars and forums. You may be able to get your open house posted online, drawing in more people. Remember to also post an ad on Craigslist.
  6. Tell your friends and neighbors. Make sure you let your neighbors know in advance that you’re planning on having an open house. That way, if confused buyers show up at the house next door, your neighbors will know what they’re talking about. Consider having a “neighborhood showing” to reduce the number of neighbors that show up at the open house itself.
  7. Put up flyers. Hanging flyers a couple of weeks before the open house can help you bring in crowds – and flyers may also encourage people to call for personal tours if they can’t make the event itself. Cut strips along the bottom of the sheet to create some tear-off tabs. Include your address and phone number so that people can call about the home.

   

  Advertising your open house is critical to ensuring that plenty of people show up. By using a few – or even all – of these strategies, you’re sure to draw a crowd for your next open house.

  Tags: home selling, open house, real estate agent
  Posted in Home Selling | No Comments »

• May 31

  How Can You Benefit From Short Sales?

  Short sales have saved many families from the pain of foreclosure. Of course, short sales aren’t just a tool for helping to stop foreclosure. You can use them in other situations when paying a mortgage just isn’t feasible any longer. If you feel that you may be in danger of foreclosure, working with your lender to negotiate a short sale can help you in lots of circumstances:

   

  ●      Losing a job. Unemployment can be extremely challenging when you own a home. Paying a mortgage may no longer be possible. If you’re now unemployed and you don’t feel you have another option, working with your lender to figure out a short sale may save you – it may help stop foreclosure before the process even gets started.

  ●      Moving to another home. If you’re no longer going to be living in the home and you’ve been trying to sell it to no avail, you might be able to work out a short sale for your property. This can keep you from having to pay two mortgages at once. Of course, your first course of action should be to sell the home, but in some stagnant markets, a sale at the market rate is impossible.

  ●      Instead of home loan modifications. While home loan modifications can be a great option in many situations, you might be concerned about your ability to make even reduced payments, or you might be worried about future increases to your payment. In either case, get in touch with your lender to see if short sales might be an option for you.

   

  Getting the bank to agree to a short sale is easier if you contact them as soon as you realize you’re going to have problems paying your mortgage. The longer you wait, the harder it can be to stop foreclosure and initiate the process. Contact your bank  as soon as you can, and speak with a lawyer if you’re considering a short sale. A lawyer will be able to help you figure out the legalities and fine points of short sales.

  Tags: home selling, selling a home, short sale
  Posted in Home Selling | No Comments »

• May 29

  Tips for Selling a Home in Summer

  Selling a home in the middle of summer can seem like a daunting task. After all, the days are longer, leaving more time for surprise viewings, plus the heat can make the process seem unbearable. However, selling a home during the summer months doesn’t have to be awful. Follow these tips for selling a home this summer – you’ll be surprised at how easy the process can be:

   

  ●      Let there be light. One of the best things about summer is that you can open up the windows to let in tons of light. Open houses go over well when the home looks light and airy, so play up your seasonal advantage and get the curtains and blinds open.

  ●      Keep it cool. Make sure your home stays cool during an open house – or any time somebody is viewing the home. This is especially important if you’ve already moved out. It may be tempting to shut off the air conditioning to save some cash, but you risk turning off potential buyers to your property. After all, if they can’t stick around long enough to view the whole home, they may skip out on the property entirely.

  ●      Snap up a local real estate agent. While you should always look locally when you need a real estate agent, it’s especially important to have a local agent in the summer. Gas prices always skyrocket during the summer, and you don’t want to spend precious cash driving to and from meetings. Plus, when you pick someone who’s close to the property, you’re helping that real estate agent.

  ●      Focus on the family. Many people who are selling a home in the summer try to relocate in time for school to start up for the fall. Likewise, most people who are buying in the summer want to be settled in by September at the latest. The closing process may have to be quick in order to give the buyers time to move before school begins.

   

  Selling your house in the summer isn’t necessarily more challenging. If you make sure you’re prepared, your sale is sure to happen quickly – leaving you more time to enjoy your summer this year!

  Tags: home selling, selling a home
  Posted in Home Selling | No Comments »

• May 13

  The Hidden Costs of Selling A Home

  Selling a home comes with a lot of costs – particularly if you’re planning on selling it without the help of a real estate agent. You’ll have to pay for many things out of pocket, including:

  • Advertising the home. When you’re selling a home, you’ll need to advertise it. While there are many free options online, you should also consider putting it in the local paper and in other venues. You’ll also need to advertise the open house, including signs for the front yard and fliers. Advertising costs can quickly add up, costing you hundreds of dollars if you don’t have a strict budget.
  • Upgrades and updates. Before you even consider selling a home, you have to make upgrades that will make it appealing to potential buyers. If the walls aren’t white, paint them – and even if they are white, a fresh coat of paint can look more attractive. You’ll also need to get the carpets cleaned or even replaced, depending on their condition. You can reduce these costs by painting yourself and renting a carpet cleaner.
  • Your mortgage and upkeep. Many homes sit on the market for a month or more. While your home is in the process of being sold, you’ll still have to pay the mortgage and any upkeep that arises (keeping the lawn mowed or the heat turned on to keep the pipes from freezing, for example). While you can occupy the home while it’s being sold, this makes open houses more tricky. It can also be difficult to coordinate the closing if you’re still occupying the house.
  • Real estate agent commission. Even if you don’t have a real estate agent, you may still wind up paying for the buyer’s agent’s commission, which can be 3% or higher. Although this doesn’t come directly out of pocket, it reduces the amount of money that you’ll take home after the sale.

  Before you sell your home, make sure you’re aware of the costs associated with it. You can minimize many of the costs by being thrifty and sticking to a tight budget, but they can quickly spiral out of control. Do your homework before selling a home to make sure you can afford any costs that might come up.

  Tags: home selling, selling a home
  Posted in Home Selling | No Comments »

• Apr 27

  How To Set The Price Of Your Home

  Pricing your home is tricky and can be the hardest part of selling a home. Setting a price can make the difference between selling a home quickly and having it remain on the market for months. While property value plays a large part in the price you set, there are other factors to consider, including:

  • Buyers have a lot of tools at hand. Today’s buyers don’t take the price of a home at its face value. There are tons of Internet websites that help buyers find home prices across the country – including your neighborhood. When your buyer knows the property value of the house for sale down the street, they may be less likely to come view your higher-priced home.
  • Homes that sit on the market are less attractive. If you price your home too high, you risk having it sit on the market for weeks or even months. The longer it sits, the more buyers are wary – they may assume that it’s priced too high or has something wrong with it.
  • Reducing the price may not help. A price reduction can draw some buyers in, but it may also dissuade others. A price reduction can sometimes imply that the home has flaws, which may turn some buyers away.
  • Setting the right price can draw competition. A reasonable or slightly low price will attract more buyers than a home that’s priced too high. Competition may help potential buyers to overlook flaws and act quickly to snap up the house before their competition does. In some situations, this can even lead to bidding wars.
  • The Internet helps – to a certain extent. While the Internet can provide a general valuation of your house, you should turn to experts to get a more accurate property value. Particularly if you’re selling a home without a real estate agent, you’ll want to consider using an appraiser. It can take longer and cost more, but it also helps you to get the best picture of how much your home is worth.

  Selling a home is more than just throwing open houses and signing paperwork. It’s crucial that you consider the price of your home before you do anything else. It can help you sell your home quickly, which saves you money and energy down the road.

  Tags: home selling, pricing your home, selling a home
  Posted in Home Selling | No Comments »

• Apr 25

  Selling a Home in Spring

  Spring is “home buying season,” so if you’re selling a home, you need to be ready for an influx of potential buyers. Thousands of families across the country take to the streets each spring in search of their dream home. If you’ve been thinking about selling a home this spring, here are a few tips to help it sell quickly (and for more money):

  • Focus on landscaping. A freshly-mown green lawn and bright flowers will help make your home look appealing to potential buyers. Pink and yellow flowers are particularly appealing in early spring when people are eager to ditch the bland grays and browns of winter. If it’s not warm enough to plant flowers in the ground, consider adding a few large pots with flowers to your porch.
  • Do some spring cleaning. If you’re selling a home, chances are you’re planning on moving soon anyway. Pack up your family heirlooms and photos, and start getting the home ready to display. Polish the floors and windows to give them some sparkle, and put up a fresh coat of paint if your home needs it.
  • Hold an open house. Spring is a great season to hold an open house. The nice weather brings in more potential buyers, and the extra light in the afternoon can help your home look bright and airy.
  • Get a great real estate agent. A local real estate agent can help you sell your home quickly, particularly during the spring. They can list your home on the MLS, so more potential buyers will see it. A good real estate agent also knows all the tricks of the trade when it comes to buying and selling a home.
  • Get ready for rain. Whether you’re having an open house or you plan to give tours, make sure you’re ready for inclement weather. An umbrella stand and a small rug to wipe off shoes are small touches that your potential buyers – and your nice clean home – will appreciate.
  • Check out the neighborhood. Look around your neighborhood to determine how many other houses are for sale. Figuring out how much they’re selling for can help you determine how you should price your own home.

  Spring is a great season for selling. Because more buyers are looking for homes, your chances of finding a buyer quickly (and making more money) increase dramatically. You’re sure to sell quickly if you follow these simple tips for selling a home in the spring.

  Tags: home selling, selling a home
  Posted in Home Selling | No Comments »

• Apr 24

  When Should You Sell Your Home?

  Is there a season that’s better than the rest for selling a home? Traditional wisdom says that spring is the best time for selling a home – more buyers are on the lookout for a new home so they can move over the summer. However, spring may not be the best time for selling a home.

  Home sales pick up in January each year and peak in April. Most moves take place over the summer, so people start hunting for a home in the spring. However, since there are more people looking to buy a home, the closing process can take weeks.

  Sales stay strong throughout the summer, then drop in August – just in time for the school year to start. Although a brief resurgence usually occurs each fall, the housing market dips as winter snow starts hitting the ground.

  If you’re thinking about selling a home this spring, you may want to think about a few things before you put it on the market:

  • People are wary of a home that sits on the market. It’s to your advantage to try and move your home quickly. If it sits on the market too long, people will assume that the price is too high or that something is wrong with the house.
  • Winter can bring unexpected sales. Because so many people try to close before the New Year, listing your home in the late fall or winter may be beneficial. You’re likely to see a speedy sale if you list in the winter.
  • Consider the climate. If you live in a warmer locale, such as southern California or Florida, then seasonal rules may not apply to you. People will likely be house hunting all year, so keep your home in good condition for potential buyers.
  • Local markets may vary. In addition to the climate, your neighborhood may follow a different pattern. Perhaps the schools in your area follow a different calendar, or you’re in a hot neighborhood and people are snapping up homes. Consider the local market before deciding to sell your home.

  Overall, homes tend to sell for about 4% more during the spring than in any other season. However, an increase in the number of sellers (and buyers) may cause your home to sit on the market – or cause it to sell right away. Although “spring selling season” is a good guideline, you’ll have to take your own individual needs into consideration when determining when to sell your home.

  Tags: home selling, selling a home
  Posted in Home Selling | No Comments »