From House To Home

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Homeowners planning to sell their house this spring might feel discouraged or apprehensive given recent headlines about the residential real estate slump.

But according to the National Association of Realtors® (NAR), one out of 16 American households bought a home last year, and existing-home sales are expected to rise to 6.12 million in 2008—up from 5.78 million in 2007.

While buyers may have the upper hand in many locations, sellers can still distinguish their home successfully even in a soft, highly competitive environment. Employing an aggressive strategy with the help of professionals often means the difference between landing a contract within weeks or having a property sit for months on the market.

Here are some cost-effective ways to maximize a home’s appeal, make the most of its potential, and get top dollar for your house more quickly.

Set the stage

A clean and inviting atmosphere goes a long way to help buyers actually envision living in a home, so staging and decluttering are crucial. Consider hiring the services of a professional stager. Staged homes typically spend 50 percent less time on the listings and sell for 7 percent higher. In fact, a 2003 HomeGain survey of more than 2,000 Realtors® showed that sellers who invested up to $1,000 staging their home recovered almost 200 percent of the cost at selling time.

Price it to move

Overpricing a property can result in precious time lost. Do your homework by researching listing prices, actual selling prices, and days on the market of comparable homes in your neighborhood over the past six months. When listing prices and selling prices are too far apart, buyers may see the difference as too big of a stretch and simply move on to the next property.

Be descriptive

Like photos, descriptions of properties on the Multiple Listing Service (MLS) are no longer seen and screened by Realtors® alone. Often buyers have lists of properties they wish to see before meeting with their agent. Since you have a direct line to potential buyers, the right marketing language will help make a strong first impression. If you’re not a wordsmith, enlist the help of a writer to generate buzz and emphasize your home’s selling points. 

Touch it up

Homebuyers can be immediately turned off by the apparent lack of regular maintenance and can view even small issues as an indicator of a home’s overall condition. If it’s broken, fix it. Address minor mechanical repairs and make easy cosmetic improvements, both inside and outside.

Hire the right real estate pro

In a challenging real estate market, having a knowledgeable, experienced real estate agent on your side is a no-brainer. A NAR survey of recent homebuyers and sellers found that the median home price for homeowners who use a real estate agent is 16 percent higher than a house sold by owner. This will more than offset the fees you’ll pay for a Realtor®‘s service and expertise.

(Sources: www.smartmoney.com; www.realtor.org; www.stagedhomes.com; www.homestagingresource.com)

According to NAR research, 77 percent of all buyers have used the Internet to research potential homes. Having a strong online presence will draw in buyers who will want to see more of your home in person. For a few hundred dollars or more, you can have a photographer take professional, flattering photos to create a “virtual open house” portfolio that shows off your house in its best light.

Melissa Hoberg Coffey is an Atlanta-based freelance writer who is in the midst of staging and preparing her previous home to sell. She is a regular contributor to From House To Home magazine.