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[Re/Max Showcase]
[Realtor]


[Real Estate Tips]

Basic, Low-Cost Steps Can Help You get Top Dollar When Selling Your Home

All home sellers want top dollar, but not everyone gets it. The reason, say leading RE/MAX agents from across the Chicago area, is that some sellers either don't have the time or won't make the effort to maximize the market value of their home.

Sellers have control of only one of the five factors that speed or retard the sale of a home. The factors are location, price, condition, financing and marketing. A seller's main area of control is the condition of the home. They may think they control the price, but to a large extent that is dictated by the prices paid recently for nearby homes.

When sellers prepare their homes properly, they can expect them to sell more quickly and at a better price. In today's market environment, homes that are fixed up to sell will command within 1 percent of their list price, while homes that are not prepared for the market might sell for as much as 5 percent less than list price. For two similar homes that might be expected to sell for $280,000, that difference could amount to $11,200.

The RE/MAX agents surveyed on this topic identified seven primary "fix-up" steps, all relatively inexpensive, that homeowners should consider taking before putting their home on the market. Those steps are:

  • Get Rid of Clutter: Simplifying the interior of your home so that it looks as spacious and bright as possible was the number one recommendation. Closets should be cleaned out, and everything that won't be used for the next few months should be boxed up and put in a rented storage locker. Storage space is very important to every buyer, and you don't want them to think your home doesn't have enough storage space. Remove furniture, clear off the kitchen counters and even reduce the number of photos or framed artworks on the walls.

  • Clean Everything, especially the kitchen, baths and all carpeting and lighting fixtures.

  • Apply Fresh Paint: Touching up wall paint where there are hand prints or scuff marks is the first step. Then, check the ceilings. If you find a stain, don't just paint over it, or the touch up will show. Instead, repaint the whole ceiling. Many agents also underscored the value of a neutral color scheme. If your home has bold colors, whether bright or dark, it may be worthwhile to cover with a fresh coat of something white or beige, even if you'd never be comfortable with those colors yourself.

  • Get the Baths in Shape: Baths shouldn't be merely clean, they should look good. Re-tiling or at least re-grouting the shower stall is often a wise but low-cost strategy. It also can be worthwhile to replace stained or dated fixtures or damaged countertops.

  • Enhance Curb Appeal: A mowed lawn or shoveled walk, some seasonal flowers and a freshly painted front door can do wonders for first impressions, according to the agents surveyed. If the weather is warm, do a spring cleaning outside. Trim the shrubs, get the beds in shape and make sure the mailbox looks good.

  • Eliminate Odors: Odors of pets, smoking or unusual food can be a real turnoff for some buyers and are often unnoticeable to those who live with them every day. For that reason, have a friend with a sharp sense of smell check your home before it goes on the market. Cat and smoke odors are especially troublesome, Smokers should wipe the smoke film off their walls and either buy or borrow a good air filter.

  • Do Minor Repairs: Fix all those little things that need attention before you put your house on the market, the agents agree. Those little repairs that need doing -- the screen door that doesn't shut completely, the electrical outlet that doesn't work -- may not be a problem in the seller's eyes, but buyers may think otherwise. Buyers often view small problems as indicators that larger problems also may have been neglected. Just making $100 worth of minor repairs can often have a substantial impact on how much a buyer is willing to offer for your home. The time to fix up your home is before it goes on the market.

How much should a seller willingly invest in fixing up their home for sale? Estimates value from a low of ½ percent of the listing price to as much as 2 percent of the listing price. To some extent, the amount you spend can depend on what your competition looks like and how important you feel it is to sell your home quickly.



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