Tips to Sell Your Home Quick and at Top Dollar

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It is the million dollar question that gets asked at every listing appointment.  How much is my home worth and how can I get top dollar.  And the answer is rather surprising.  Here is the real deal.  There are many reasons why a home may have not sold, but here are a few top of mind.

First and foremost, price your home to sell.  If you price your home to high and in combination with less than stellar photography and lack of professional staging advice what happens can be to much extra time spent on the market and resulting in a cancelled sale.  So how do we fix this.  Well first things first.

HIRE A PROFESSIONAL REAL ESTATE AGENT:

First and foremost, hire a professional and responsible real estate agent that takes their job seriously.  And guess what you will achieve greater results with less of a headache.  Studies have actually proven that sellers trying to sell independently to try and save themselves the price of commissions actually end up making less on the sale of their home.  So leave it to the professional.

PRICE YOUR HOME TO SELL:

ALWAYS ask your real estate agent on a pricing strategy.  There are three ways to look at a value of a home.  There is taxable value, appraisal value and market value.  Taxable value is a number compromised of various factors to derive what you will pay in for your taxes for any given year.  The appraisal value is a valuation of a property’s value based on a given point in time.  And the market value is an opinion of what a property would sell for in a competitive market based on features and benefits of that property.  The market value can always flux depending on the overall real estate market, supply and demand and what other similar properties have sold for in the same condition.

So why is a pricing strategy so important?  You want to make sure you are following suite with what other comparable homes are selling for in the area.  Price your home a little under where you think it should be.  Why?  You will stand a better chance at getting more traffic in the door and it allows for more opportunity for buyers to come in above asking price.  If you are selling at or above market value you are only allowing for 60% of buyers to consider your property.  Studies have shown if you list 10-15% under market value your percentage increase to 90%.

Instead of trying to maximize profit, focus on creating demand for your home.  And in return instead of having one buyer potentially thinking about purchasing, you will have multiple buyers contending for your property.

FIRST IMPRESSIONS ARE EVERYTHING:

Think about it this way.  If you were browsing on a online dating site, are you going to reach out to someone with a less than stellar profile photo or that person who has a glamour shot photo?  Moral of the story here, you have ONE SHOT in most cases to impress a buyer.  If the photos are dingy, dark, cluttered or if the home is not staged to sell.  Guess what folks, IT WILL NOT SELL.  So work with a professional stager and photographer to ensure you stand out.

TIMING:

Always work with a real estate professional on the best time of year to list your home.  Make sure you understand what the current health of the market is.  We all know that spring time is the most crucial in Minnesota as most are trying to find a home and move before the snow flies.  And for many they want to move before kids are back in school.  If you list in August/September you can most likely expect to spend some additional time on the market.  People are getting back to school and work after long summer vacations.  In Minnesota we typically begin to see the lift in the market come late February after the super bowl.

 

SUMMARY:

The first two weeks on the market are THE MOST CRUCIAL to your success.  During these weeks you will be exposed to the most amount of buyers and have the highest chance of visibility on the market.  If you are over priced, not correctly staged and lacking stellar photography you will reap that effect.  Get your pricing strategy locked in before you list so you are not spending time on the market that you could have prevented.

TOP 10 HOME IMPROVEMENT PROJECTS WITH RETURN

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Have you ever wondered if that home improvement project was really worth the investment and time?  According to Remodeling Magazine (http://www.remodeling.hw.net/) you’re less likely to recoup your investment in a major kitchen or bathroom remodel than you are to get back what you spend on basic home maintenance such as siding.  Siding replacement recouped 92% of its cost, according to this study.  Our team breaks some projects down for you to help you understand where you should put your dollars to work.

1.  Replace Your Front Door 
You may be thinking to yourself a front door really?  But yes according to recent statistics a solid front door yields an amazing 96% return on investment.  If your door does not need replacing some simple updating may be all that is needed, updating hardware and a fresh coat of paint.

2.  Add a Deck or Patio
No matter where you live buyers are always looking for outdoor living spaces.  Our data shows that you can recoup 87% of your investment on a new wood deck or outdoor patio.  Do you already have an outdoor space, our suggestion is keeping up with maintenance to ensure you retain top dollar.

3.  Add Space/Attic Bedroom
There is no doubt that adding square footage to your property will bring you an additional return.  You can easily recoup 84% of your investment in an additional bedroom or living space.

4.  Replace Your Garage Door
Is your garage door starting to stall when you close it or getting squeaky at the hinges?  Upgrading to an upscale or midrange garage door recoups 83% of your investment.  Manufactures offer a host of styles and choices, from plain steel panels to energy-efficient and insulated models.

5.  Kitchen Remodel
What home owner doesn’t dream of granite countertops, upgraded backsplash and brand new cabinets?  Did you know that when showing a home buyers are most likely to consider the kitchen and bathroom as major selling points.  You can easily recoup 80% of a minor kitchen remodel and 70% of a major one.  If you are thinking of selling soon, our suggestion is keep the updates minor like updating appliances, painting cabinets or updating countertops.

6.  Replace Your Windows
This one really is a no brainer.  Having efficient windows in a home is a major selling point.  Buyers are always interested in the upkeep of windows after all this could be a major expense they will need to incur if they are outdated and leaking cold air.  But updating your windows can bring you an easy 79% return on investment.

7.  Replace Your Siding
If you have an older home it may be time to consider updating your exterior.  In fact updating your siding can bring you a 78% return.

8.  Basement Addition/Remodel
Depending on the market, most suburban families are in the market for additional space as they grow their families.  And in this day in age it is all about entertaining.  So if you are going to finish go for the wet bar and full bathroom.  Open entertaining spaces will sell more than a disconfigured basement with multiple rooms.

9.  Bathroom Update
Let’s start with the basics here.  Bathroom remodels are not a cheap project.  In fact the average bathroom remodel can range anywhere from $10k to upwards of $50k depending on the size and amount of upgrades.  So when it comes to bathrooms and you are thinking of selling in the near future we suggest sticking with some minor updates: replacing fixtures, mirror, updated paint, re-do the caulking around your tub and shower, and replace the grout on your tile floor.

10.  Three or Four Season Porch
Again simply adding a three our four season porch gives you additional square footage and can even be considered another bedroom in some cases.  This is an easy win when it comes a return on investment.

No matter which project you choose, be careful not to over improve depending on your location.  If you are thinking of selling at some point in time you may not want to over spend as you may not reap the return based on other comps in your area.

Understanding Your Options in Today’s Real Estate Market

We are over halfway into 2017 and many of you have been hearing it’s a seller’s market.  The market is booming for sellers this is true and the vast majority of homeowners are in positive equity positions and yet many are staying put and inventory remains low. 

For those of you thinking of selling, you know that there is a good chance for profitability to get you into your next dream home but there may not be enough inventory for you to find that perfect home and just as home prices go up which can be good news on the selling side it can also mean higher prices for you when searching for your next move.  Though these statistics can be true that does not mean you should fear the housing market or feel the need to stay put in your home.

Understanding your option’s in today’s home market can be complicated but that is where we are here to help.  Our team can offer guidance from both the real estate and contractor side.  Here is what we can help you with:

  • Potentially thinking about selling and moving? Our team together can provide you an expert overview from a contractor and realtor perspective on everything you need to know to ensure you get TOP DOLLAR for your home.  This could mean some light remodeling/updating of your home to staging it properly.  These are things that if not done could cost you time on the market and dollars in your pocket.
  • And not only can we assist with getting your home ready to sell, but we can BUILD your next dream home, or find you a home to FIX UP to make it the home of your dreams. It’s not often you find these services as a package deal!
  • Not ready to sell or already in that perfect home but want to make your home your own. We hope that you will still contact us your LOCAL CONTRACTOR EXPERTSfor all your home renovations.

No matter what stage of life you are in we hope you’ll continue to consider the LakeWood brand as your go-to for home remodeling and realtor needs.  And as always we appreciate each and every one of you and are always so grateful for your support.

Regards,

Brandon and Lisa

CONTACT US

LakeWood Homes & Remodeling

PO Box 446 Annandale, MN 55302

team@lw-homes.com

612-802-2822

        

 

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