Sensible tips for a quick sale
Despite its prediction of “meager” economic growth in 2016, the National Association of Realtors is forecasting a modest increase in home sales for the year, along with slightly rising prices. But the emphasis is on the “slight.”
“This year the housing market may only squeak out one to three percent growth in sales,” Yun says.
What does this forecast mean for you if you plan to sell your place this year? That depends on variables specific to your locale, says Eric Tyson, a personal finance expert and co-author of “House Selling for Dummies.”
“You’ve got to get intelligence on the ground specific to your neighborhood,” Tyson says.
He recommends you gather pricing opinions from at least three real estate agents who have a mastery of your market. Also visit other properties for sale in your same community to compare pricing and features, Tyson says.
Ronald Phipps, a real estate broker who’s been in the business since 1980, underscores the importance of cleaning, de-cluttering and repainting to make the most of your sale.
Even so, Phipps, a former president of the National Association of Realtors, warns against excessive spending on pre-sale upgrades.
“When picking home improvements, you want to be pragmatic and practical,” he says.
What commonly happens is that owners who try to recoup the cost of excessive pre-sale improvements find the price they’re demanding too high. Because of that, their property will likely languish unsold for a lengthy period until they take a price cut.
Pointers for sellers:
1. Request a checklist of suggested improvements from your listing agent
“Before you sell, the key is to distinguish between changes that give you a big bang for your buck and those that simply represent money burned,” Tyson says.
To come up with a focused plan for pre-sale improvements, he urges sellers to ask their agent for a written checklist.
Tyson also suggests that budget-conscious home sellers consider selecting an agent trained in the art of “staging” a home — arranging furniture and decor to show the home in its best possible light.
2. Let go of any plans for a pre-sale addition
For most sellers, it’s not cost-effective to knock out walls to build an addition,” Tyson says.
He says those who attempt a pre-sale addition rarely recoup more