Eight steps to selling your home; Steps 1-4

January 26, 2009

Define your needs.

Write down all the reasons for selling your home. Ask yourself, “Why do I want to sell and what do I expect to accomplish with the sale?” For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. For your goals, write down if you’d like to sell your house within a certain time frame or make a particular profit margin.sellers

Work with your real estate agent to map out the best path to achieve your objectives and set a realistic time frame for the sale.

Name your price.

Your next objective should be to determine the best possible selling price for your house. Setting a fair asking price from the outset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and state of the overall market in your area. It’s often difficult to remain unbiased when putting a price on your home, so your real estate agent’s expertise is invaluable at this step. Your agent will know what comparable homes are selling for in your neighborhood and the average time those homes are sitting on the market. If you want a truly objective opinion about the price of your home, you could have an appraisal done. This typically costs a few hundred dollars.

Remember: You’re always better off setting a fair market value price than setting your price too high. Studies show that homes priced higher than 3 percent of their market value take longer to sell. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. Often, when this happens, the seller has to drop the price below market value to compete with newer, reasonably priced listings.

Prepare your home.

Most of us don’t keep our homes in “showroom” condition. We tend to overlook piles of boxes in the garage, broken porch lights, and doors or windows that stick. It’s time to break out of that owner’s mindset and get your house in tiptop shape. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer.

First impressions are the most important. Your real estate agent can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers.

A home with too much “personality” is harder to sell. Removing family photos, mementos and personalized décor will help buyers visualize the home as theirs.

Make minor repairs and replacements. Small defects, such as a leaky faucet, a torn screen or a worn doormat, can ruin the buyer’s first impression.

Clutter is a big no-no when showing your home to potential buyers. Make sure you have removed all knickknacks from your shelves and cleared all your bathroom and kitchen counters to make every area seem as spacious as possible.

Get the word out.

Now that you’re ready to sell, your real estate agent will set up a marketing strategy specifically for your home. There are many ways to get the word out, including: 

  • The Internet
  • Yard signs
  • Open houses
  • Media advertising
  • Agent-to-agent referrals
  • Direct mail marketing campaigns

In addition to listing your home on the MLS, your agent will use a combination of these tactics to bring the most qualified buyers to your home. Your agent should structure the marketing plan so that the first three to six weeks are the busiest.

Check back with the Athens Properties Blog for Steps 5-8 in the coming days!

Leave a Comment » | Uncategorized | Tagged: , , , | Permalink
Posted by hankbailey

Hot Trends in Home Design

January 26, 2009


According to author Melissa Dittmann Tracey, “Contemporary touches are what home owners and buyers desire in 2009, according to a panelist of designers at a session Tuesday on “Design Trends Marketplace” at the International Builder Show. Today’s minimalist design may mix straighter furniture elements, two different colors repeated throughout (e.g. white and green) and a mix of fun, bold accessories (such as a red chair) or a traditional element (such as an antique mirror).”lighting2

Ms. Tracey notes some common design trends growing in demand;

*Lighting options used as pieces of art in funky shapes.

*Outdoor living that boasts comfortable seating, audio, TVs, a fireplace, and artwork to punch up the space.

*Design accessories reflecting nature speak to buyers who are more aware of preserving the environment.

*Green design elements.

*His and her amenities are increasing.

lighting1*Floor-to-ceiling windows can add drama to a room.

*Wood in dark or light stains and in various materials are being used throughout homes.

*Mirrors add glamour to a room and help buyers see themselves in the space–literally.

*More electronics are being sprinkled everywhere.

Key elements are Green, Green, and more Green in our everyday living.  Recycling everything from old tongue and groove wood to light fixtures, and everything in between.  Just make sure that when all of this eco-friendly design is going on that the Buyer of today gets their flat screen T.V.’s in the study, keeping, kitchen, and yes even the bathroom!

Leave a Comment » | Uncategorized | Tagged: , , , | Permalink
Posted by hankbailey

Existing Home Sales Rise 6.5% In December

January 26, 2009

“Existing-home sales rose unexpectedly while inventory declined, led by a surge of sales in the West,” according to the National Association of Realtors®.rising-home-prices

The NAR went on to state that existing-home sales  jumped 6.5 percent to a seasonally adjusted annual rate of 4.74 million units in December from a downwardly revised pace of 4.45 million units in November.

“It appears some buyers are taking advantage of much lower home prices,” Lawrence Yun, NAR chief economist, said. “The higher monthly sales gain and falling inventory are steps in the right direction, but the market is still far from normal balanced conditions. Buyers will continue to have an edge over sellers for the foreseeable future.”

Mr. Yun went on to point out that total housing inventory at the end of December fell 11.7 percent to 3.68 million existing homes available for sale, which represents a 9.3-month supply at the current sales pace, down from a 11.2-month supply in November.  A “balanced market” between buyers and sellers is normally reflected into a 4-6 month inventory level.

Yun said, “We’ve added 25 million people to our population over the past decade and housing affordability conditions are the best we’ve seen since 1973, but household formation is much lower than expected. Consequently, there is a pent-up demand which could be unleashed with the right stimulus, including a non-repayable home buyer tax credit. The Obama administration and Congress need to move fast to stimulate a spring sales upturn which will help to stabilize home prices and set the foundation for a sustainable economic recovery.”

NAR President Charles McMillan said, “The typical buyer plans to stay in their home for 10 years, which is the correct approach in today’s market. With historically low mortgage interest rates, flexible sellers, a large inventory, and homes that are selling for less than replacement construction costs in much of the country, buyers who’ve been on the fence should take a closer look at today’s market.”

McMillan noted that first-time buyers may consider FHA loans, which offer downpayments of 3.5 percent on a  30-year fixed-rate mortgage.

According to the study, in the South, existing-home sales rose 7.4 percent in December, but are 11.2 percent lower than December 2007. Median prices in the South were $158,600, or down 8.0 percent from 2007.

If you are looking to purchase a home in the Greater Athens area, please feel free to use this link to Search the Athens MLS! While on the Georgia MLS you can search for homes, create a User account to save favorite property searches, email property searches to friends and family, or request more information!

Leave a Comment » | Uncategorized | Tagged: , , , , , , , , , , , , , | Permalink
Posted by hankbailey