Real Estate Information

It's a question that all sellers ask, yet, many are still searching for answers. At one time, houses flew off the market but today's market conditions have changed.

With the flood of foreclosures, short sales, and excess inventory, some houses sit for a long time on the market. It could take years to move some of those properties and see the excess supply diminish.

However, if you take action and you have a plan, there's a good chance that your home will sell faster.

The first important action step is to bring in the most qualified expert to help. Finding the best agent to guide you through the real estate transaction can be the difference between a real estate dream or nightmare.

Make your home stand out. In a sea of homes for sale, you have to highlight and advertise what makes your home stand out. The upgrades, the location, the amenities, the curb appeal, the well-maintained landscape, the outdoor living space you've created, the "aging-in-place" remodeling you've done... you get the picture.

Take a pad of paper or your iPad and do a walk-through of your home. Look for all the things that a buyer would see as a benefit and list them. When you meet with your agent share these details. Your agent will be able to tell you which features are most important to highlight.

Get real on your pricing. It's hard to deal with this next action step but it's among the most important. Let your agent guide you to the right pricing. I've written columns in the past about how pricing a home too high and how it is a painful, humbling lesson. Your home will sit on the market and, in many cases, not even get walk-throughs, if it's not properly priced.

A qualified, experienced agent, studies the market and understands realistic pricing. The agent isn't emotionally vested in the price and therefore can help you compare your home to others that have sold or are currently on the market so that you can see how your home should be properly priced.

Then when an offer comes in be sure to give careful consideration to it. If it's reasonable take it. If the home is priced right, you will see offers come in and you must be ready to take action.

Depersonalize and declutter. You must realize when you're selling your home, that buyers want to see the home as their own. That's really hard to do when you have your personal mark all over it. Sellers often say, "But I live here." Yes, that's true, but you're now trying to sell the home.

So, pack up your personal belongings and declutter the areas so that the true value of your home can be seen. The rooms will look larger. Buyers will appreciate being able to see each room without getting lost in your pictures, memorabilia, and other stuff.

Also, some items that sellers have in their home might actually offend the buyer, such as game hanging on the walls. Professional stagers or agents, who also have a staging background, can help you easily decide which things should stay and which must go.

In the end, a little inconvenience for a faster sale is really worth it. Take the action steps needed, make your home stand out, and sell your home faster, even in a market that's saturated with homes for sale.

Over the last few years, some homeowners have opted to stay put for the time being and that's caused them to consider remodeling instead of moving. But most homeowners know that one day they might need or want to sell their home so which remodels help to add value and entice buyers?

There are a few areas that are better than others to improve. It's pretty easy to understand why these home remodels are enticing buyers when you consider the way the housing market has been for the past several years.

Here are a few of the renovations that are adding value to homes and creating appeal from home buyers.

Aging in Place

With the tough economic times, more short sales and foreclosures, extended families are combining homes and reducing their cost of living by residing together in one larger house. The National Association of Home Builders found that 62 percent of builders in a survey were working on home projects that were helping families "age in place". Included in these types of remodels are placing a bedroom on the entry-level of a home, wider doorways that would accommodate a wheelchair, and overall modifications for the elderly including reducing steps outside and inside.

At one time, these designs might have been unattractive but with many Americans wanting to "age in place" and extended families living together, remodels like these are becoming common, necessary, and valued.

Savvy Kitchen

The great rooms that bring the kitchen and the eating areas together are still popular. More space is preferred so families can have room to sit and spend time together over a meal even if that means having less space to actually prepare the food. Cabinets and shelving are being customized to suit the homeowners' needs and many are favoring pantries or utility rooms. Kitchens are taking on the look of a chef's cooking space with open shelving and islands to help homeowners be able to quickly prepare meals and still mingle with guests and family.

Totally Wired

Fast-placed, busy buyers who often work from home will find smart homes that are wired and built to handle all the high-technology needs a huge plus when it comes time to market and sell their homes. Another plus is having space-saving workstations in the home. Remodeled homes that feature floor-to-ceiling bookcases and wiring for home offices are increasingly becoming the norm in many homes.

Outdoor Living

This continues to be a popular trend to bring the outside in. Making the most of living spaces, even those in the garage and outside, is a huge benefit. Homeowners are capitalizing on all possible livable space by creating outdoor living rooms complete with wiring for entertainment, cooking, and relaxing. Outdoor furniture is also being featured inside as well as outside the home, blending the line between the two.

According to the Census Bureau, 2011 home starts were bigger and featured more amenities than in the previous year. It seems houses are growing again. The average new-home's square footage is was 2,522 in 2011, up from 2,381 square feet.

Not all remodels add value to the home. The balance of achieving what you like in a home and which improvements can potentially increase the sale of your home, can allow you to make smart home improvement choices.

After holding fairly stable for a year, pending home sales declined in the face of job losses and an eroding economy, according to NAR.
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Lawrence Yun, NAR chief economist, said a weakening was inevitable. “Mounting job losses and very weak consumer confidence deterred home buyers from signing contracts in November,” he said. “December’s housing market activity could be comparably lower due to ongoing problems in the economy, so a real estate-focused stimulus plan is urgently needed.”

•                          
  Extending the $7,500 tax credit to all home buyers and eliminating the repayment requirement             
               
• Making the 2008 FHA and conventional loan limits permanent
  
  
• Putting the Troubled Asset Relief Program back on track 
                           
• Permanently barring large banks and banking conglomerates from engaging in real estate brokerage and management.

The National Association of Realtors^® has stepped up its challenge to lawmakers encouraging them to take new, decisive actions to address the continuing problems in the housing industry, as well as the ongoing economic crisis.

Condominiums and townhouses offer an affordable option to single-family homes when buying Western MA real estate, and they’re ideal for those who appreciate a maintenance-free lifestyle. But before you buy, make sure you do your legwork. These are some of the important elements to consider:

• Storage. Some condos have storage lockers, but usually there are no attics or basements to hold extra belongings.
• Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain out doors, this may not be a good fit. However, if you dread yard work, this may be the perfect option for you.
• Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.
• Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home — good news if you like to travel.
• Security. Keyed entries and even doormen are common in many condos. You’re also closer to other people in case of an emergency.
• Reserve funds and association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees decided by the condo board, whether or not you’re interested in the amenity.
• Resale. The ease of selling your unit may be dependent on what else is for sale in your building, since units are usually fairly similar.
• Condo rules. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets, or don’t allow owners to rent out their units. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.
• Neighbors. You’re much closer to your neighbors in a condo or town home. If possible, try to meet your closest prospective neighbors.

Do I Need to Complete Honey-Do List When Selling My Western MA Home?

That is the question all Western MA homeowners should ask themselves when they consider selling their home. And the answer is YES!

The first item on the fix-it list: clear the clutter! If your closets, attic, basement, garage, and other storage areas appear neat, half-full and organized, your house will seem to have more storage space. To accomplish the clutter - clearing task, empty the house, hold a garage sale, and use the profits to help offset the next set of fix-it priorities.

Check your house for “curb appeal”. The exterior is the first impression a prospective buyer has of your home. Make it as inviting as you can. Think of it as outside decorating. Clean (or paint, if necessary) the exterior, re-sod brown spots and crab grass, mow the lawn, pull weeds, remove dead trees or plants, and trim the shrubs.

Flowers give warmth and personality to a home. Plant them tastefully in pots or beds at the entrance, on decks and around patios. If it isn’t flower season, at least clean the beds, remove the dead leaves, and cover the ground with fresh wood chips or other clean looking mulch.

If you have a limited budget, make the most of it. Put the money where it is most obviously needed and the return the greatest and most visible.

Fix Little Things

Take care of the little obvious things: fix leaking faucets, stop running toilets, replace broken windows, kill pet or mildew odors, repair holes in screens, remove mildew from tile, and re-caulk around bathtubs and sinks. Walk around; look at your house with a prospective buyer’s eyes. Small things tell buyers whether or not a house has been maintained. 

Paint it! 

A coat of light-colored, neutral paint–white or off-white–will make your home’s interior look crisper, cleaner, and also larger. Many buyers may not be able to imagine their sofa in your decor. White interiors work for the greatest number of people without their having to redecorate immediately. If you just moved, would you want to redo every room?

Your Carpeting

If the carpet is in reasonable condition, have it shampooed. If it is worn, threadbare or a non-neutral color, consider replacing it with beige or gray. You do not need to purchase the best quality money can buy. Lifetime wear is not required. You want it to look great now. Neutral walls and carpet do not offend anyone. Almost all furnishings look good with them. Rental property managers know this and have been doing it for years.

Professional Inspection

Consider having your house inspected by qualified inspector. Safety- and health-related items, such as radon and electrical problems could kill a sale if not properly attended to. It is much better to fix these items on your own time schedule and financial terms than hurriedly during a contract negotiation. Roof leaks, even if inactive, are also deal breakers.

What else do you fix amongst the inspector’s flagged items? Unless you can realistically get money back, fix only the problems with major systems. You want to keep your home’s selling price as low as possible to increase the pool of buyers.

Do not undertake any major remodeling in preparation for sale. It places more limitations on the size of your buyer pool. Tastes vary, and some people will dislike the results of your efforts. You will have to raise your selling price to reflect your fix-up investment, thereby pricing your home out of the range of other potential buyers.

A neutral color scheme in a house that sparkles brings you the highest return in the shortest time. 

Learn more about Western MA real estate at ShannonDonohueHomes.com or give us a call, 413-519-2676.

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Western MA Real Estate Sales Statistics - September 2008

Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors^®.