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Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive the maximum value for your house?
Here are two keys to ensure that you get the highest price possible.
1. Price it a LITTLE LOW
This may seem counterintuitive, but let’s look at this concept for a moment. Many homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation. In actuality, this just dramatically lessens the demand for your house (see chart below).
Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. By doing this, the seller will not be fighting with a buyer over the price but will instead have multiple buyers fighting with each other over the house.
Realtor.com gives this advice:
“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”
2. Use a Real Estate Professional
This, too, may seem counterintuitive. The seller may think they would make more money if they didn’t have to pay a real estate commission. With this being said, studies have shown that homes typically sell for more money when handled by a real estate professional.
A study by Collateral Analytics, reveals that FSBOs don’t actually save any money, and in some cases may be costing themselves more, by not listing with an agent.
In the study, they analyzed home sales in a variety of markets in 2016 and the first half of 2017. The data showed that:
“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”
The results of the study showed that the differential in selling prices for FSBOs when compared to MLS sales of similar properties is about 5.5%. Sales in 2017 suggest the average price was near 6% lower for FSBO sales of similar properties.
Price your house at or slightly below the current market value and hire a professional. This will guarantee that you maximize the price you get for your house.
The price of any item (including residential real estate) is determined by ‘supply and demand.’ If many people are looking to buy an item and the supply of that item is limited, the price of that item increases.
According to the National Association of Realtors (NAR), the supply of homes for sale dramatically increases every spring. As an example, here is what happened to housing inventory at the beginning of 2017:
Putting your home on the market now instead of waiting for increased competition in the spring might make a lot of sense.
Buyers in the market during the winter months are truly motivated purchasers. They want to buy now. With limited inventory currently available in most markets, sellers are in a great position to negotiate.
A fresh coat of paint will help a house get sold, but choosing the right color can make sellers thousands of dollars richer.
Pantone released its 2018 color of the year this month: Ultra Violet, a warm shade of purple. Some homeowners have reason to celebrate feeling “blue.”
Homes with blue bathrooms — specifically light shades like powder blue or periwinkle — fetched $5,400 more than expected when sold, according to a paint color analysis from real estate website Zillow. The analysis looked at more than 32,000 sold homes, comparing the sales prices of ones painted certain color versus similar properties that had white walls.
Blue paint isn’t just effective at boosting a home’s selling price when used in a bathroom though. Dining rooms painted in darker blue hues will cause a house sell for $1,926 more than anticipated on average, while homes with light blue kitchens and blue bedrooms will garner a price that is $1,809 higher than expected.
Other colors that increased home prices included grays and beiges. “Painting walls in fresh, natural-looking colors, particularly in shades of blue and pale gray not only make a home feel larger, but also are neutral enough to help future buyers envision themselves living in the space,” said Zillow chief economist Svenja Gudell in the report.
But not all paint colors have this positive effect on sales prices. For instance, a brick red dining room will slash a home’s price down by more than $2,000 versus what was expected. Other ill-advised paint choices — at least where a home’s value is concerned — included yellow, pink and brown.
Where a paint color is used is also important. While blues may wow in kitchens and bathrooms, when used in a living room it decreased home prices by $820 on average.
Those poor color choices all pale in comparison to leaving a bathroom’s walls white though. That decision can reduce a home’s sales price by more than $4,000, showing how a fresh coat of paint can work wonders when it comes to get a home to sell more quickly (and for a higher price.)
These negative reactions to certain colors (or different uses of the same colors) is a reflection of people’s taste and the way specific colors may clash with the furniture and other items prospective buyers already own. Experts recommend choosing colors with mass appeal that can work with a range of décor. It also depends on the specific property — white walls can work in a room with lots of natural light, but will make the space feel “dead” if it’s small or dark, according to designer Emily Henderson.
More from MarketWatch
- The ‘Flintstone House’ outside of San Francisco has finally found a buyer after two years
- This is how much you’ll pay in hidden costs to sell your home
- Home buyers get the most square footage for their money in this state
//By Jacob Passy-Market Watch
According to ATTOM Data Solutions’ 2018 Rental Affordability Report, “buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 [or 54% of] U.S. counties analyzed for the report.”
For the report, ATTOM Data Solutions compared recently released fair market rent data from the Department of Housing and Urban Development with reported income amounts from the Department of Labor and Statistics to determine the percentage of income that a family would have to spend on their monthly housing cost (rent or mortgage payments).
Daren Blomquist, Senior Vice President of ATTOM Data Solutions had this to say:
“Although buying is still more affordable than renting in the majority of U.S. housing markets, the majority is shrinking as home price appreciation continues to outpace rental growth in most areas.”
However, the report also shows that the average fair market rent rose faster than average weekly wages in 60% of the counties analyzed in the report (266 of 447 counties). With rents rising, many renters should consider buying a home soon.
Rents will continue to rise, and mortgage interest rates are still at historic lows. Before you sign or renew your next lease, let’s get together to help you determine if you are able to buy a home of your own and lock in your monthly housing expense.
Watch this video for more information on The Florida Bond Program for first time home buyers. If you have any questions, give me a call. (904) 566-4099.
A walk through I did for a relocation customer today, I hope they like it!!!
Open House Thursday January 18, 2018 3:00PM-6:00PM
4 Bedrooms / 3 Bathrooms, Newly renovated in San Marco Call me for your private tour. (904) 566-4099
- The National Association of Realtors surveyed their members & released the findings of their Annual Profile of Home Staging.
- 50% of staged homes saw a 1-10% increase in dollar value offers from buyers.
- 77% of buyer’s agents said staging made it easier for buyers to visualize the home as their own.
- The top rooms to stage in order to attract more buyers are the living room, master bedroom, kitchen, and dining room.
Whether you’re moving for your job of your partner’s, relocating is stressful, time-consuming, and sometimes a little scary. Here are a few things to bear in mind before packing up your entire life to move somewhere else.
1. What’s the cost of living like? Use a cost of living calculator to determine whether your salary, or the salary at a job for which you’re relocating, will get you by, push you ahead, or cripple you wherever you’re going.
2. What’s the healthcare situation like? If you have a medical problem or have a dependent who does, you’ll want to know where the nearest and best doctors, dentists, specialists, and therapists are. You don’t want to move, get sick or have some other medical or mental health issue, only to find that the nearest professional in your network is 60 miles away.
3. How is traffic in the area? Sure, your new job may only be three miles from home, but in, say, Los Angeles traffic, those three miles can take you 45 minutes to navigate.
4. What’s the climate? A friend of mine moved to Wisconsin for the job of his dreams and got a sweet apartment…without indoor parking. As a result, for his first year’s lease, commuting was a nightmare in the winter.
5. How much does food cost? A tiny box of cereal in a typical Brooklyn store costs around $5. When I venture to the suburbs of New Jersey to visit my parents, I can get giant boxes from Target or Wal-Mart for $3. This stuff adds up, so be sure to pop into a few supermarkets and the like when you’re house- or apartment-hunting.
6. Do you have the required state certifications? If you’re a teacher in New York and you move to New Jersey, you’ll have to get certified to teach in New Jersey. Failing or waiting to do so will mean you’re ineligible for jobs. Don’t dawdle on this!
7. What’s the auto insurance situation? Rates vary by location, and in certain areas, they can get really expensive. Keep that in mind when you’re looking for a new place.
8. What are the state taxes like? This can make a huge difference in the amount of money you actually take home every week. Get an idea here.
9. What are the schools like? Whether you have kids, plan to have kids, or plan to continue your own education, knowing where the schools near you are and how much they cost can make a big difference in whether you can afford to actually stay there.
10. What are the job prospects? Even if you have a job lined up already, it’s good to know that there may be other jobs around in case doo-doo hits the fan. Keep your options open and your resume up to date!
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