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6 Tips for This Summer’s Real Estate Market

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6 Tips for This Summer’s Real Estate Market

Each year, it seems the housing market takes on a different tone — and whether it’s going to be a sellers’ market with inflated prices and bidding wars, or a buyers’ market with tons of choices and low prices — there’s no denying that the 2014 housing season is upon us. So what does it have in store? Well, if you’re thinking of listing your home, that’s an important question.

Here are six market insights that will give you a head start!

Right Now = A Great Time To Sell
The winter home selling season was crippled by the polar vortex, especially in the east and northeast, so there’s pent-up demand from buyers who’ve been waiting for better weather to brave the house hunt. Mortgage rates are still at historic lows, so buyers ARE poised to buy and ready to hit the streets.

Know Your Numbers: 60 percent
Sixty percent of all homes in 2014 will be bought and sold from May to August. Putting your home on the market at the beginning of the selling season will help your chances of snagging a winning offer before buyers turn their attention back to school starting in September.

Price It Right
Many metros in the country have seen double-digit price increases in the past year. But this last quarter, prices started to slow nationally — and pricing is a critical component to getting your house sold. With this fluctuating market, you need to look at comps of similar homes in your area, and recency matters: make sure you’re looking back no more than 60 days. The sale price of homes that sold recently paints a much better picture of what to expect than the price of homes that sold six months ago (or of homes that have yet to sell).

Bidding Wars Aren’t Back (Phew!)
Bidding wars were common in the summer of 2013, but we’re hearing less about them right now. So don’t bank on fielding two or three offers at once. There is, however, a good chance that you’ll still get the one that will be a win/win for both you and the buyer.

It Pays To Be Ahead Of The Curve
Trying to get a jump on the competition? Right now we’re on the cusp of prime selling and buying season, and if you list soon, you’ll have less competition than you would if you put your house on the market in May or June, when more homes will flood the market. Since it’s still early, your home can have its ‘moment in the spotlight’ more than it will when inventory increases – and the buyers who are braving the cold to house shop are clearly motivated.

Make It Pop Off The Computer (Or Smartphone) Screen!
In this new mobile era, a huge percentage of buyers use apps to start their home search. And that percentage is expected to rise this year as more buyers take advantage of easy access to the wealth of information online. Get in on this trend by making sure your home pops on those computer screens. Great homes with mediocre quality photos will be quickly discarded and ultimately get less showings. Sellers should insist that their agent take the time to beef up their online listing so the quality of the home jumps off the screen and gets buyers’ attention.

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How To Sell Your Home For Top Dollar

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By Nicholas Pell/MainStreet.com

When you’re selling your home, you want to get the maximum value possible. So as you prepare to put your home on the market (and hopefully upgrade to new digs), what can you do to improve the value of your home? Not only is it possible for you to improve your home and get more money, it’s probably a lot easier than you think.

Improving the value versus market appeal

“The first thing I tell people who come to me is that there’s a difference between increasing the value of your home and increasing the market appeal,” says Barry Jenkins, a realtor with Better Homes and Gardens. “Asking price is determined by appraisers, and they have strict rules for value.” For example, a full-bath is worth between $3,000 and $5,000. Square footage is another objective measurement of value. “When I tell people this, their wheels start spinning, and they ask me if they should add a bathroom,” Jenkins says. The answer is no, because that’s going to cost between $3,000 and $5,000 to achieve.

“Market appeal is a whole other beast,” says Jenkins. What that means is basically the likelihood that your house will sell for the asking price. It’s the answer to the question, why your house as opposed to any other?

Jenkins says that kitchens and bathrooms are the main reason people opt for one house instead of another, very similar house. “If your house was built before 1990, you probably have these hokey cabinets with cast iron handles on them,” he says. In one case, Jenkins advised a client to spend $1,000 changing out the cabinets in their kitchen. He can then sell the property as having an “updated kitchen.”

A mere $20 can get you a package of light fixtures that make a house look more modern. Replacing sinks with dual, “his-and-her” sinks is an easy upgrade to set your home apart.

Tom Healy, an associated real estate broker with William Raveis, points out that, while it sounds elementary, many people forget to keep their house neat and clean for prospective buyers. “If your home is cluttered you’re going to lose money,” he says. “If the decor doesn’t make sense, you’re definitely going to lose money.”

How much money? Healy says probably a few thousand dollars, which is a lot of money to lose because you didn’t want to straighten up your house before someone came by. Keeping the property neat includes cleaning your garage and landscaping if you have a yard. Failing to do so can be the most expensive act of sloth in your life.

Finally, if you’re looking to get top dollar for your home, you need to get the right agent selling it. “‘Top dollar’ is just the highest price the market can bear,” says Healy. There’s no magic bullet when it comes to making your house go for more. “The broker that the seller hires should be working with other firms, advertising the house on a 24/7 basis, with a good description and sharing that home so everyone has access to it,” Healy says. Ask to see a marketing plan from your agency up front. When in doubt, find a friend who has had a good experience selling his home to get referred to an ace.

But the most important thing, according to Jenkins, is to dummy proof your home. “Buyers don’t know much,” he says. “And because they don’t know much, they’re scared. They’re operating under the fear of buying a really crappy house. They’re looking for the Bogeyman.”

Getting top dollar for your house means removing that fear before it even happens.

“I’m not really big on breaking the bank,” he says. But it’s absolutely necessary to do everything you can to make your prospective buyer feel good about buying your home.