To Sell or not to Sell?

You’ve seen the news. You’ve read the paper.  You watched your neighbor’s house sit on the market.  Is now really the right time to sell? The answer to this depends on many factors.

 Why do you feel the need to sell? Some consumers are being forced into a sale simply because they are being relocated.  Some have been hit by the sub-prime mortgage market.  And still some just don’t find their home is meeting their current needs. Whatever your reason, your motivation makes a difference.  If you are in a situation where you require a quick sale then pricing your home correctly is the key.  This is means divorcing yourself from your emotional attachment to your home and looking at it through the eyes of a buyer.  This process can be painful and very difficult considering the last five years in the real estate market. That said - if you base your home price on emotion rather than the reality of the market, be prepared for a potentially slow sale. 

Price it right 

Accurate pricing requires lots of work. This is a where a full service real estate agent can make a huge difference in the sales process.  A realtor looks at your home through the eyes of a buyer, appraiser, and inspector.  They will notice things that you may have long forgotten about.  Such as, that missing face plate on a light switch, an out dated paint color, popcorn ceilings, and that old shed in the backyard.  A good realtor will provide you with a list of items that should be addressed before your house goes on the market. Sometimes this can mean investing some money into your home, keeping in mind that some small things can yield a big return. The bottom line is if your house is priced appropriately for its condition, neighborhood, and amenities, buyers will take notice!

 On the other hand, sometimes you just want your home to feel new to you or to better meet your current needs.  This can mean a new kitchen, that 5 piece master bath that you’ve always wanted, or a landscape makeover that gives your kids the yard they can use.  If this is the case, it is now a question of selling or remodeling. If selling your home won’t get you what you want, then it may be time to think about remodeling.  This requires an equal amount of work as determining a price to sell. Will you really get out of the remodel what you put into it?  In addition to the cost, you have to think about if you can stay in the house through the remodel process. If not, do you have a place to go and what is the cost of that temporary move.

Remodel It 

When you decide to move forward with a remodel, it is extremely important to do your due diligence. This includes contractor bids, contractor references, contractor timelines, permitting, materials, and knowing if you need an architect or if you can design it yourself.   The first step however is financing.  Do you have the money or do you need to borrow it? Knowing how much you can spend can answer a lot of questions and save you from getting in over your head. Don’t be afraid to be honest with a potential contractor!! Being upfront about your budget from the beginning will save you headaches down the road. (We also recommend giving your contractor a number that is at least $5,000 less than what you are willing to spend.)  Make sure that you know that your contractor is upfront with you as well. Do they have a line item for overruns? If so, how much is it and is that realistic for the size of your project?

Update? 

A third option is a combination of the two above; remodeling to sell. Many times an updated kitchen or bathroom can be the deciding factor for buyers when looking at comparable homes.  Consulting a full service realtor can help you determine what if any updates will benefit you in the selling of your home. This can mean a little work on your part. Do you know how your home measures up to your neighbors and to buyers in this market? Will granite countertops really make a difference or should you spend the money on new appliances instead? Should you tile the bathroom, or should just call Bath-fitter? These are the things that your full service realtor will guide your through. 

 So our advice to you is this - call us before you do anything! It’s free - in this economy, that is a good price!

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