HOW TO CREATE THE MOST DEMAND WHEN LISTING YOUR HOME FOR SALE

How to create the most demand when listing your home for sale

The Four Part Plan:

1) FOCUS ON SELLING A LIFESTYLE

You’re not just selling a house, you’re selling a lifestyle. Think  beyond your “house data” such as square footage and room sizes. Highlight home features that resonate with the lifestyle buyers will get if they purchase your home.

Whether that’s entertaining space, smart home tech, a peaceful outdoor setting or a hotel like owner’s suite – you can optimize your space to show off the lifestyle and help potential buyers experience what it would be like to live there. Don’t forget about local amenities and nearby attractions!

 

 

QUESTIONS TO ANSWER:

1. Which room do you spend the most time in?

2. What is your favorite part about your community?

3. What is your favorite space in your home?

4. Which feature most attracted you to your home?

5. Do you have any rooms that should be shown in an alternative purpose (office vs. bedroom, etc)?

 

2) STAGE TO SELL:

 

PERSONALIZE & DE-CLUTTER

Take down the macaroni picture frames, family photos and sports trophies so that potential buyers walking through your home can envision themselves living there without being distracted. De-cluttering is also important. No one wants to see your “stuff” – they want to see the home features, your layout and how they can best use each room. So aim to have counters, dressers, desktops and shelves clear of any clutter!

 

ACCESSORIZE AS NEEDED

If your home is currently filled with family photos, you might need a few new accessories to add some style to your spaces. Look for neutral items such as a decorative wreath, a vase to put flowers in, a new front door mat, fresh rugs and towels in the kitchens and baths, new throw pillows for a splash of color and a plant for some greenery. It doesn’t have to be complicated!

 

LIGHTEN & BRIGHTEN

When it comes to making sure your home looks it’s best, the key is the brighter, the better. Some tips for lightening your space include: Adding mirrors to reflect light, washing windows and removing screens, updating light fixtures to something more modern and adding in lamps or accent lighting to dimly lit spaces. A reading lamp on a desk, under cabinet lighting in the kitchen and updated bathroom lighting can make a big difference without spending a significant amount of money.

 

APPEAL TO TODAY’S BUYERS

Know who you’re selling to and what their top wants and needs are. Many of today’s buyers are looking for separate laundry room spaces, designated office space, neutral paint colors, updated kitchens and baths as well as smart home tech. If you are able to add or highlight those features, you’ll be able to attract more interested buyers (which means increased demand for your home). 

 

PRO TIP: Need some staging inspiration? Check out the Instagram accounts of some of your favorite home decor stores. Crate & Barrel, West Elm and Anthropologie have beautiful feeds showing different rooms and decor ideas.  Also check out our Instagram Guide for our favorite options to decorate on a dime with Target.

 

 

3) HAVE A PRICING STRATEGY:

 

PRICE TO SELL

To generate the most demand, you’ll want to price your home to sell which means pricing it at or slightly below the market value. Your home is going to have the most activity when it first hits the market. Make sure you’re capturing the most buyers by pricing it right.

 

DON’T PRICE YOUR HOME ON THE HIGH END

Many sellers believe the myth that they should price their home on the “high end” so they have extra room for negotiation. The problem with this thinking is that it will attract less buyers right away and will increase the length of time your home sits on the market which can ultimately decrease your final sale price. 

 

CHECK COMPARABLE PROPERTIES

Understand what is going on in your market. Your Real Estate Team can put together a Comparable Market Analysis which will compare your home to other homes on the market as well as recently sold homes. You’ll want to look at what features your home has compared to the other homes and make adjustments with your price as needed.

 

PLAN FOR ADJUSTMENT

Pricing your home is as much a science as it is an art. There are several variables to take into consideration as well as the ever-changing market. Make sure that when you list your home for sale,  you and your Real Estate Team have a plan in place for 30 days out (or whatever makes sense for your market) to make a price adjustment if you’re not getting the activity you should be getting. Having this in place from the get go will help you feel prepared and prevent your home from sitting on the market for too long. Remember the longer a home sits on the market, the less attractive it looks to potential buyers and the more they think they can “get a deal”. You’re better off to make a price adjustment before you get to that point.

 

4) HIRE THE RIGHT TEAM

HIRE THE TEAM WHO FEELS LIKE THE RIGHT FIT

Before interviewing a real estate broker, look them up online. Check out their social media profiles and their “About” section. This should help give you an idea of what it will be like to work with them before you even meet with them. That’s a good start. Then, when you meet with them, consider how their personalities will work with yours. How will they interact with other agents, what are their negotiating styles and how do they communicate? You’re going to be spending a lot of time talking to them so you’ll want to hire a team that you connect with.
 

SEEK OUT A TEACHER NOT A SALESPERSON

“You don’t want someone with the heart of a salesman, you want someone with the heart of a teacher.” – Dave Ramsey. Working with a team who has the heart of a teacher will help you understand the process and set you up for success. They won’t be pushy and make you feel pressured. They will instead give you options and explain what outcomes they could result in.

SOCIAL MEDIA SAVVY

Marketing your home on social media should be a KEY piece of their marketing strategy. Check out their Facebook page or Instagram account to see if they’re active on social media. You’ll want to hire a team who is utilizing these modern marketing methods in order to maximize your home’s exposure and reach as many potential buyers as possible. Keep in mind, often listings are marketed with Facebook ads, so you may not see actual listings on their feeds. But you’ll want to check if they are active on their platforms and then ask them about their strategy when you meet with them.

Thinking of selling your home?  Let’s connect!

 

Posted on December 1, 2020 at 14:58
Jeremey Johnson | Category: DISCOVER | Tagged , , , , , , ,

GUIDE TO BUYING & SELLING SIMULTANEOUSLY

Guide to Buy & Sell Simultaneously

 

The thought of buying or selling a home can be intimidating . . . the idea of doing both simultaneously can be downright overwhelming.  Should you buy first?  Should you sell first?  Should you rent in between?  With the recent impact of COVID, now more than ever, our clients are seeking the opportunity to upsize to larger spaces.  Here are 4 steps we recommend to help guide you through the process:

 

1) CONTACT A LENDER

Before you make any major decisions on your home transition, the first and most important step to take is to speak with a lender about your options.  There are various programs available to consider including a bridge loan or a HELOC.  It will be important for you to understand all of your options prior to making an offer on a new home.

 

WHAT IS A BRIDGE LOAN?

A bridge loan allows you to make a non-contingent offer on a new home by borrowing on the equity of your current home.  Sellers with the right amount of equity (the difference between what your home could sell for and your mortgage balance) could qualify for a low-cost loan with no monthly payments that becomes due when the current home sells.  Through Windermere’s exclusive partnership with Vintage Home Loans, our sellers are able to buy first, vacate their current home and then sell, making for a seamless and stress free experience.  A bridge loan typically takes 30 days to process and close.

 

WHAT IS A HELOC?

A Home Equity Line of Credit (HELOC) is a revolving source of funds, much like a credit card, that you can access as you choose.  Like the bridge loan, a HELOC also allows you to make a non-contingent offer on a new property.  The loan is secured against the value of your home based on the amount of equity you hold.  The interest rate is typically higher than your standard mortgage, and you will be required to make monthly payments on the loan.  A HELOC typically takes 45-60 days to process and close. 

 

WHAT CAN YOU AFFORD?

As you explore loan options the final step will be to gain full approval on a new loan to purchase a home.  Your real estate broker will provide you with a list price for your current home which will be important for your lender to have.  Based on this information, they can review your credit history and income to determine what the budget for you new home will look like.  Make sure to get a loan approval letter prior to shopping for the new house. 

 

2) KNOW YOUR OPTIONS:

If you are in a tight real estate market such as Seattle, trying to make a contingent offer (making an offer on a home with the contingency that it will close once you sell your existing home) is nearly impossible when you want to compete in this market.  So, you need to consider your options:

 

BUY BEFORE YOU SELL

If you have down payment funds saved up, or obtain a loan, you may be able to begin your home search now. Having the ability to buy first, then move into the new home in order to vacate the current home before selling, is the most ideal situation.

 

SELL BEFORE YOU BUY

It is possible you may not be able to qualify for an advance loan. When this happens, you most likely will need to sell before you buy. That said, living in a home while it is on the market, especially during COVID, greatly reduces your chances of multiple offers.  If you are in a high demand market such as Seattle, you may be able to vacate the home for 1-2 weeks, sell, and then return home until closing.  Consider staying with family, or a short-term Airbnb, or better yet take the mental health vacation you’ve been pining for.  We love these unique and local recommendations from SeattleMet 

 

RENT, SELL, THEN BUY

Moving is stressful, and living in temporary housing may not be an option, especially if you have kids and pets. This is when you should consider moving into a short-term rental.  Not only will you have better selling results by vacating the property, but it will also allow for more flexibility and less pressure when it comes to timing the closing on a new home.

(You may notice that the biggest tip here is to vacate before you try to sell.)

 

3) PREPARE THE PROPERTY:

Once you have determined the best option, you’re ready to put your plan into action.  Here are a few tips to consider while preparing the property:

 

MEET WITH YOUR BROKER

Have your real estate broker tour the home and help determine what updates or repairs are needed to give you the highest ROI (Return on Investment). Most professional brokers will have a list of vendors that can assist you with these projects. 

 

DETERMINE LIST PRICE

Once your broker has done a walk through, they will provide you with a market analysis of the neighborhood, comparable properties, and a potential list price for the home. When considering a list price, it is crucial to listen to the market, not your heart.  We all have a price we want, but that might not be achievable.  Be realistic about what your home is worth so that it will sell quickly and efficiently. 

 

STAGE THE HOME

Trust us, stage. It’s an expense but the return on investment is tenfold!  In facet, Forbes.com reports that staged homes statistically sell 87% faster and for 17% more! Homes that are empty feel cold, not welcoming, and buyers are challenged with envisioning how to layout the rooms.  Staged homes feel cozy, inviting, encouraging the potential buyer to stay a while and explore more. 

 

HIRE AN INSPECTOR

In a fast market where you may only need a week to sell, it might be a good idea to hire a home inspector who can provide an inspection report to potential buyers. This not only reduces impact on the home with just one inspection instead of multiple, it allows for potential last-minute buyers to jump in with an offer. If you are on a public sewer line, it might be a good idea to have the line scoped (where they stick a camera down the entire line) and inspected. By providing a full home inspection report, buyers will be more likely to waive the inspection contingency and therefore you have one less loophole in your contract.

 

4) GO SHOPPING!

Now that you have researched your finance options and have a plan for preparing your home to sell, you are ready to get out and tour.  Knowing what you are looking for in a new house and expressing the details to your broker will contribute to your success.  We recommend a brainstorm session such as our Buyer Worksheet to help get you started.  Download and print a copy for everyone in the household, then compare your results. 

 

Buying and selling a home at the same time can be hectic and stressful, but hiring a professional full-time, full-service real estate broker will help ease much of this pressure.  Make sure you choose to work with an experienced agent who has managed the upsizing process before.  They will be the key ingredient to your success!

 

 

Posted on October 20, 2020 at 12:51
Jeremey Johnson | Category: DISCOVER | Tagged , , , , , , , , , , , , , , ,