March 10, 2016– Spring selling season is upon us, and now is the perfect time to get your home market ready. Chris Hardsock, Realtor, CRS, ABR from ReMax Advantage Realty, and Karla Pinato, Realtor, CRS, SRES, ABR from The Creig Northrop Team, Long & Foster Real Estate came to Carroll Lutheran Village on March 3rd, to discuss Preparing and Selling Your Home. Hardsock touched on pre-evaluating your property for sale, and Pinato discussed preparing your home for today’s market.
Pre-Evaluating Your Property
One of the first questions Hardsock asked of those in attendance was what updates they’ve done to their home in the past ten years? The room was filled with silence, and the majority of the audience quickly turned and looked to one another. It became painfully obvious that the knotty pine cabinets that were in some kitchens, wasn’t going to get top dollar. Times have changed, and although knotty pine cabinets were all the rage years ago, today’s buyer is looking for updates such as newer cabinetry, stainless steel appliances and granite countertops.
When pre-evaluating a home it is important to know the general value for certain features in order to compensate for your home’s differences. As a seller, creating a comparative analysis is a great way to get a rough estimate on how much your home is worth. For example, by comparing your home to another house that is in close proximity, or similarly built, you can then compare and contrast features and pricing.
- A fireplace is worth about $1,500
- 1 car garage is worth about $5,000
- 2 car garage is worth about $10,000
- A finished basement is worth about $10,000, etc.
Preparing Your Home in Today’s Market
“Location, location, location,” is what everyone once said when it came to buying or selling a home. However, Pinato disagrees, condition, price, and exposure, are the new keys to successful selling she says. In today’s market buyers are able to overlook the railroad tracks in the back yard or power lines by the house if the house has been properly maintained, or is extravagantly updated.
She provided some tips to get your home ready for market:
- Fresh paint
- Get your home “Q tip clean”
- Update insulation
- Update heat and air conditioning with efficient models
- Stage each room to have a focal point
- Pare down the “stuff”
- Add freshly potted plants
Pinato said when she first began selling real estate in 1987, buyers would look at 50 homes before making a decision, but now buyers are only visiting 5-10 homes before making a decision. This is due to the generation currently buying the most homes. Generation Y, the echo boomers, are the second largest generation besides the baby boomers, and are 80 million people strong. These 25-35 year olds have technology at their fingertips, which is why being able to see the property before hand is crucial.
This generation is tech savvy and demands to see floor plans, pictures, and data online before evening stepping into your home. The typical buyer today visits over 100 homes online before even deciding to look at a home in–person. Professional pictures go a long way, and can dramatically impact the success of your home on the market.
Every home has a buyer, and as a seller it is your job to get your house buyer ready. Best of luck to you with selling your home!
Hannah Lynn is a senior at Towson University majoring in Business Administration with a concentration in Marketing. She is currently interning in the marketing and public relations office at Carroll Lutheran Village.