Category: Home Selling Tips

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5 Mistakes Emotional Home Sellers Make

When selling your home, you want to get a fair offer and a fast path to closing.  To do so, it’s important to remain as emotionally detached as possible. Here are five emotional mistakes every homeowner should avoid when selling a home in Lexington and Central Kentucky.

 Home Selling Mistakes - red brick wall with a crack to symbolize imperfections

Mistake one: Not recognizing your home’s imperfections

The first step to emotionally detaching from your home is recognizing that your home isn’t perfect. Just as you’ll be showing off your home’s best features in order to draw in a higher offer, buyers and their agents may focus on the property’s flaws in order to get a better deal. Remember that this isn’t a personal attack — you are just on opposite sides of a business transaction.

Prior to listing your home, talk with your agent about the property features that could bring your value down and determine if they are worth fixing. That way, you won’t be surprised when a buyer comes back with a contingency or lower bid.

Mistake two: Not prepping for showings

To appeal to most buyers, it’s critical that your home be free of clutter, and staged to show off its best features. Additionally, your home should be spotless any time you leave the house so you can accept last-minute showings without rushing home to wash the dishes or make the bed.

If your home has been on the market awhile, it’s common to become apathetic to showings. You may start to think, “I have to live in this house and it’s just not possible for it to be sparkling clean at every minute. If a buyer doesn’t understand that, that’s their problem!” The reality is that when a home is sparkling clean, it shows the pride the seller has in the house. By showing off your home’s best assets every time you have a showing request, you’ll be showing each buyer that your home is worth its listing price.

Mistake three: Staying in the house during showings

While you may be curious about potential buyers, you should not remain in your home during showings or open houses. Buyers need to be able to freely look at each room of the home and share feedback with their family, friends or agent. By remaining in your home, you could stifle the buyer’s interest in your home.

Mistake four: Refusing early bids

If you get an offer within the first few days on the market, you may believe you have priced your home too low. While this is an understandable reaction, the reality is that buyers are much more eager to look at (and make offers on) homes that have just entered the market. It’s proven that homes receive the most interest —  both in terms of showings and offers —  in the first two weeks after they are listed on the MLS.

On the other hand, homes that remain on the market for extended periods of time are often less appealing to buyers, who may believe that something is wrong with them. If you get an early offer on a house, be sure not to take it the wrong way. Together with your Rector Hayden Agent, you can determine what the offer means, and if you should hold out for more competing offers or accept this fast path to the closing table.

Mistake five: Expecting more than your home is worth

Perhaps the most common emotional seller mistake is to have a price in mind before you’ve consulted with an agent.  Your home’s value is not what you hope to earn at closing, it is what a buyer is willing to pay for it in today’s market. The good news is that home prices have been on the rise for more than three years in our local market, so many sellers are finding it’s an advantageous time to sell.

By working with an agent to look at comparable recent sales in your area, your home’s condition and buyer demand in your area, you can come up with a fair but competitive price.

Sold Handshake - Market Value

Ready to see what your home is worth in today’s market?

We have local specialists in every neighborhood across Lexington and Central Kentucky who would love to help you determine a price and selling strategy for your home. Call, chat or email us today to get connected with a Rector Hayden Agent!

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Home Insights Home Selling Tips Newsletter Featurettes

How to Sell Your Home for Top Dollar This Fall

How to Sell Your Home This Fall - Rector Hayden Realtors

Stage for success

Fall is here!  With it comes the fresh autumn air, colorful leaves, front porches adorned with pumpkins, gourds and corn stalks—and a great opportunity to sell your home. In fact, you may be surprised to know that more than a quarter of real estate activity takes place in the last several months of the year!

While many properties — especially those in lower and mid-level price points – continue to sell quickly, sellers in ALL price ranges are still competing with one another. Fortunately, a well-staged home can give you a leg up on the competition and help you get top dollar this fall.

Exterior adjustments

First, focus on the exterior. Keep your lawn freshly cut, and rake and bag leaves daily. Play up autumn by using potted plants and flowers like mums, which come in gorgeous hues, as well as pumpkins and other gourds to give a front porch or steps extra curb appeal.

Steer clear of over-the-top seasonal decorations (think scarecrows, mummies, ghosts and goblins) that may turn buyers off and keep them from focusing on the attractive features of your home.

Interior additions

When it comes to the interior of your home, it’s important to keep it cozy but accessible. Remove photos and personal mementos so potential buyers can easily picture themselves and their belongings in the space. To keep your home looking warm and inviting, add soft blankets and pillows to the couch and light the fireplace if you have one.

Autumn temperatures can be unpredictable, so pay attention to forecasts in order to keep your home at a comfortable temperature to create a warm impression with potential buyers. The scents of fall—like apple-scented candles, cider or pumpkin spice—can be a nice addition to a kitchen or living area as well.

Lighting tips

For lighting, the key is to maintain a bright space that doesn’t look stark. During the day, keep your window treatments open to draw in fall’s natural lighting. At night, turn on side table lamps and overhead lights as well.

When it comes to evening showings, don’t forget to ensure potential buyers can easily view your home’s exterior and appreciate its appeal. Turn on pathway lights and other outdoor lights to make sure visitors are sure-footed.

 

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Home Insights Home Selling Tips Newsletter Featurettes

Key Insights For Selling This Fall

Although fall can be a challenging time of year to move if you’re a buyer or seller with school-aged children, fall buyers are typically highly-motivated — meaning that sellers could get a faster path to the closing table.  Our gorgeous local fall scenery makes it easy to show off the natural beauty of a neighborhood and the homes within it!

Here are some of the pros and cons you’ll want to consider as you make your decision.

Pros of selling a home in the fall

Less competition

Inventory in our local market is always higher in the spring and summer, and the number of homes for sale usually dips in the early fall. If you decide to list your home this autumn, it may stand out amidst the condensed inventory available.

Motivated buyers

Many families are hoping to accomplish their move by the holidays, or before the second half of the school year begins — so buyers looking in the fall tend to be highly motivated. You could benefit from buyers who are ready to move quickly.

Autumn staging is a breeze

While you’ll have to stay on top of raking and bagging your leaves, staging your home in the fall is relatively easy. The natural beauty of the changing leaves will do half the work for you, and staging tips from your Rector Hayden Agent will get you the rest of the way there.

Cons of selling a home in the fall

Time is precious

For many, fall is the busiest time of year. It’s important to remember that the upkeep of your home’s interior and exterior will be critical to selling your home this season.  Consider cutting back on other less significant plans and commitments so you’ll be up to the task.

Uprooting can be hard

If you’re a parent of a school-aged child, it can be difficult to move across districts in the middle of the school year. However, studies have shown that kids actually adapt very quickly when the transition is accomplished during the middle of the school year.  Immediately having new friends and new experiences can be a good thing!

Ready to sell?

Whether you’re ready to list your home or want the insights of a local market expert, we can help. Contact your Rector Hayden Agent today!

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Home Insights Home Selling Tips Newsletter Featurettes

Tips to Pass Your Home Inspection When Selling

The vast majority of Central Kentucky homebuyers will want to have a thorough home inspection performed as soon as their offer is accepted by the seller. Here are five tips on how to ensure that when selling, you pass your home inspection with the fewest issues possible.

 

1. Unfettered Access

First tip to pass your home inspection, provide unfettered access to your electric panels, heating and cooling systems and your attic. The inspector will need to assess all of these areas, so it’s best to let them get in easily. Remember also to clean the space below your sinks so the inspector can easily assess your pipes.

2. Appliance Check

Second, be sure to empty all your appliances to facilitate the inspection (except your refrigerator, of course).  That means your washer, dryer, dishwasher and stove should all be fully empty and ready to test.

3. Documentation

Next – if possible — provide full documentation of your appliances, systems and any work you’ve had done on them. For example, “if you’ve had an engineer inspect a crack in your foundation and there’s nothing wrong with your structure, display that report so the home inspector doesn’t have to be concerned about the crack,” says a local inspection company.

You can even attempt to provide the manuals for appliances by using online resources like GE’s Appliance Manual online center: http://www.geappliances.com/ge/service-and-support/literature.htm

4. Light The Way

One incredibly simple tip – replace ALL light bulbs so the inspector won’t have to worry about whether a burnt out bulb is really an issue with your wiring. 

5. Get Outta There

Last, get out of there!  Think of the inspection as another home showing – you need to be out of sight and out of mind so the inspector can speak freely with the buyers and their agent. And if at all possible, take your pets with you or arrange for them to be visiting a friend or relative during the inspection time.

 

These tips are a great starting point to helping pass your home inspection. Remember, your real estate agent is your best resource throughout the entire listing process. They are there to guide you through each part of the transaction and answer any questions that you have. Rector Hayden REALTORS® are trained to handle the different situations that occur in our market and are dedicated to the success of your sale.

 

How Sellers Can Pass The Appriasal

Maybe you’d also find this article helpful? How Sellers Can Pass Their Appraisal

Categories
Home Insights Home Selling Tips

Key Insights for Selling this Fall

Although fall can be a challenging time of year to move if you’re a buyer or seller with school-aged children, fall buyers are typically highly-motivated — meaning that sellers could get a faster path to the closing table.  Our gorgeous local fall scenery makes it easy to show off the natural beauty of a neighborhood and the homes within it!

Here are some of the pros and cons you’ll want to consider as you make your decision.

Pros of selling a home in the fall

Less competition

Inventory in our local market is always higher in the spring and summer, and the number of homes for sale usually dips in the early fall. If you decide to list your home this autumn, it may stand out amidst the condensed inventory available.

Motivated buyers

Many families are hoping to accomplish their move by the holidays, or before the second half of the school year begins — so buyers looking in the fall tend to be highly motivated. You could benefit from buyers who are ready to move quickly.

Autumn staging is a breeze

While you’ll have to stay on top of raking and bagging your leaves, staging your home in the fall is relatively easy. The natural beauty of the changing leaves will do half the work for you, and staging tips from your Rector Hayden Agent will get you the rest of the way there.

Cons of selling a home in the fall

Time is precious

For many, fall is the busiest time of year. It’s important to remember that the upkeep of your home’s interior and exterior will be critical to selling your home this season.  Consider cutting back on other less significant plans and commitments so you’ll be up to the task.

Uprooting can be hard

If you’re a parent of a school-aged child, it can be difficult to move across districts in the middle of the school year. However, studies have shown that kids actually adapt very quickly when the transition is accomplished during the middle of the school year.  Immediately having new friends and new experiences can be a good thing!

Ready to sell?

Whether you’re ready to list your home or want the insights of a local market expert, we can help. Contact your Rector Hayden Agent today!

Categories
Home Selling Tips Newsletter Featurettes

How Sellers Can Pass Their Appraisal

How Sellers Can Pass The Appriasal

How sellers can “pass” their appraisal

 

How does the appraisal process work and what influences it?

If you’re selling your home, here are insights you can use to get a fair, informed appraisal for your property.

 

What does an appraiser do?

In short, an appraiser determines the current value of a property. They do this by performing a walk-through of the interior and exterior of the property and making note of any amenities such as a finished basement. They will also note health and safety code violations or other areas of concern. Most appraisers will utilize comparable home data (often referred to as comps) of nearby recent sales and neighborhood statistics to help determine a home’s value.

 

Understanding an appraiser’s work style

Since appraisers are independent contractors (hired by the lender and typically billed back to the buyer), it’s important to understand that they have their own preferences and work styles. While they are on your property, it’s essential to allow them one to two hours to complete the inspection without interruption. However, there are things you can do to make the appraiser’s job easier — and help your home get an accurate valuation.

 

How can the seller help?

  • Make sure all utilities are on
  • Ensure spaces and mechanicals are clean, functioning and free of debris
  • Replace burned out lights and make needed repairs
  • Make sure crawl spaces, attics and outbuildings are accessible

 

What happens if the home doesn’t appraise?

If a property appraises under the sales price, your options will then be:

  • Request a reconsideration of value. Although unlikely, it’s possible that the appraisal could be reconsidered and you could still close at the price agreed upon by you and the buyer
  • Ask the buyer to pay more than the appraisal by increasing their downpayment
  • Renegotiate the contract, by dropping the contract price to the appraised price

 

What happens if the home appraises?

Hooray, your property appraised at the sales price! All systems are go and you’re on your way to the closing table. Now the buyer’s financial and credit history will be verified, the lender will approve the home mortgage loan and the loan package will be submitted to the title company to prepare the documents for closing.

 

 

 

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Home Insights Home Owning Tips Home Selling Tips Newsletter Featurettes

3 Home Improvement Projects with Great Return on Investment

Looking for a home improvement project that will provide a high return-on-investment at resale? What about one that won’t need a small loan to accomplish?  A national Cost vs. Value Report recently evaluated projects across our area in order to come up with the ones that have the most bang for your buck.

 

Three of the projects they outlined cost less than $1,500 but have returns on investment of 73 to 129 percent.
Here are the short project descriptions and cost breakouts.

Attic insulation with fiberglass

Whether you use your attic as a storage space or are thinking of repurposing it as a living area, it’s critical that the area is insulated. By sealing off your attic with fiberglass insulation, you’ll spend an average of $1,300 and you could recoup $1,470 upon resale.  That’s right, you should theoretically make money by insulating your attic. Additionally, you should see a drop in your heating and cooling bills once your attic is insulated. When it comes to your return on investment, attic insulation is one of the top-returning home improvement projects you can take on.

 

Garage door replacement

Whether your garage door has had an unfortunate run-in with your mini-van or it’s simply dingy after too many Central Kentucky winters, the time has likely come for it to be replaced. With a cost of just $1,650 on average and a 73 percent return on investment, you won’t lose much money on this project whether you sell this spring or in a few years.

 

Entry door replacement

There’s a reason front doors are often used on homeowner magazines, movie posters and book covers — they’re eye-catching and draw in attention. This is especially true when it comes to buying a new home. Most staging and home seller tips recommend that sellers purchase a new front door or paint their current front door so it’s bright and inviting. Whether a buyer is looking online or driving by in person, a bright front door will capture their interest.

 

The Cost vs. Value Report verifies that this isn’t just a great trick for drawing buyer attention, it can also pay off at closing. Across our area, this project should cost $1,380 and could recoup $1,775 — a return on investment of 129 percent!

 

Categories
Home Insights Home Selling Tips Newsletter Featurettes

Avoid These Emotional Mistakes When Selling

Avoid these emotional mistakes when selling 

 

When selling your home, you want to get a fair offer and a fast path to closing.  To do so, it’s important to remain as emotionally detached as possible. Here are five emotional mistakes every homeowner should avoid when selling a home in Lexington and Central Kentucky. 

 

Mistake one: Not recognizing your home’s imperfections 

The first step to emotionally detaching from your home is recognizing that your home isn’t perfect. Just as you’ll be showing off your home’s best features in order to draw in a higher offer, buyers and their agents may focus on the property’s flaws in order to get a better deal. Remember that this isn’t a personal attack — you are just on opposite sides of a business transaction. 

Prior to listing your home, talk with your agent about the property features that could bring your value down and determine if they are worth fixing. That way, you won’t be surprised when a buyer comes back with a contingency or lower bid. 

 

Mistake two: Not prepping for showings 

To appeal to most buyers, it’s critical that your home be free of clutter, and staged to show off its best features. Additionally, your home should be spotless any time you leave the house so you can accept last-minute showings without rushing home to wash the dishes or make the bed. 

If your home has been on the market awhile, it’s common to become apathetic to showings. You may start to think, “I have to live in this house and it’s just not possible for it to be sparkling clean at every minute. If a buyer doesn’t understand that, that’s their problem!” The reality is that when a home is sparkling clean, it shows the pride the seller has in the house. By showing off your home’s best assets every time you have a showing request, you’ll be showing each buyer that your home is worth its listing price. 

 

Mistake three: Staying in the house during showings 

While you may be curious about potential buyers, you should not remain in your home during showings or open houses. Buyers need to be able to freely look at each room of the home and share feedback with their family, friends or agent. By remaining in your home, you could stifle the buyer’s interest in your home. 

 

Mistake four: Refusing early bids 

If you get an offer within the first few days on the market, you may believe you have priced your home too low. While this is an understandable reaction, the reality is that buyers are much more eager to look at (and make offers on) homes that have just entered the market. It’s proven that homes receive the most interest —  both in terms of showings and offers —  in the first two weeks after they are listed on the MLS. 

On the other hand, homes that remain on the market for extended periods of time are often less appealing to buyers, who may believe that something is wrong with them. If you get an early offer on a house, be sure not to take it the wrong way. Together with your Rector Hayden Agent, you can determine what the offer means, and if you should hold out for more competing offers or accept this fast path to the closing table. 

 

Mistake five: Expecting more than your home is worth 

Perhaps the most common emotional seller mistake is to have a price in mind before you’ve consulted with an agent.  Your home’s value is not what you hope to earn at closing, it is what a buyer is willing to pay for it in today’s market. The good news is that home prices have been on the rise for more than three years in our local market, so many sellers are finding it’s an advantageous time to sell. 

By working with an agent to look at comparable recent sales in your area, your home’s condition and buyer demand in your area, you can come up with a fair but competitive price.  

 

Ready to see what your home is worth in today’s market? 

We have local specialists in every neighborhood across Lexington and Central Kentucky who would love to help you determine a price and selling strategy for your home. Call, chat or email us today to get connected with a Rector Hayden Agent! 

Categories
Home Buying Tips Home Insights Home Selling Tips Newsletter Featurettes

5 Reasons to Consider Downsizing

5 Reasons to Consider Downsizing

According to the National Association of REALTORS® (NAR), nearly 70 percent of homeowners over the age of 65 have paid off their mortgage, allowing them more options than younger homeowners.

With equity built up, the ability to sell for a profit is more likely for this demographic, who can then choose to spend their earnings however they choose. Here are five reasons you should consider downsizing your home this year.

 

1. Buy a smaller home with cash

Some homeowners will find that by downsizing, they can earn enough to buy a less expensive home in cash, and end up mortgage-free in a new abode. NAR says this is a very common route for those nearing retirement. Last year, homeowners between ages 55 and 74 who sold their home for a median price of $250,000 went on to purchase a home that was worth a median price of around $215,000.

 

2. Less time and money spent on upkeep

Larger family homes can take up tens of hours a week to keep up and cost more to cool in the summer and heat in the winter. Those who raised families may find that the three-story home they needed in the past is impractical now. NAR’s data supports this, showing that the median size home purchased by those over the age of 55 was between 1,800 and 1,930 square feet. This is a major downsizing from the age group of 35-44 years old, whose median home purchase size was 2,600 square feet.

 

3. Embrace the now

Many homeowners will find that their four bedroom split level was great for raising a big family, but now they tend to use their home for weekend visitors and casual get-togethers. The right home for this new lifestyle may be an open floor plan that includes guest quarters and attached bathrooms instead of many smaller bedrooms and bathrooms. Last year, NAR found that homeowners over the age of 55 had a median of three bedrooms and two full bathrooms. Great rooms also tend to replace living rooms and dining rooms — and larger, eat-in kitchens are common to save space and keep the floor plan open.

 

4. Look forward

Last year, NAR reported that 13 percent of buyers over the age of 50 purchased senior-friendly homes or units in active senior communities. In many cases, then, this age group is not only planning for the “now,” they are also planning for the future. One-level homes with open floor plans, larger rooms and wider hallways prove to be great not only for entertaining guests, but they also will be wheelchair and senior accessible in the future.

 

5. Gain flexibility

Last, and perhaps most importantly, it’s finally your time to choose. By selling your home, you can regain the flexibility you gave up as you pursued your career and family aspirations. Many approaching retirement in Lexington and Central Kentucky are looking at a downtown condo and a summer rental out of state. Others are looking at townhomes with modern conveniences and a homeowner’s association that handles basic yard and sidewalk maintenance. Still others are wondering if it’s time to retire full-time to the lake home that has been a precious summer escape.

Now, unlike any time previously, you can make the choice that best suits you, and no one else!

 

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Remodel Project? Focus on the Kitchen

Thinking of Selling? Don’t Overlook an Outdated Kitchen, Buyers Won’t

Remodeling Your Kitchen
If you are planning on listing your home for sale, make sure that you don’t overlook the condition of your kitchen. A recent article on realtor.com listed “7 Signs Your Kitchen Is Way Overdue for a Renovation,” in which they warned:

“Dated kitchens—just like bathrooms—are a major barrier for resale. Buyers want modern amenities and styling, and most aren’t interested in renovating post-purchase.”

 
Kitchen remodels can be pricey, with many complete remodels costing $20,000 or more. But not every kitchen needs a full remodel. There are many smaller projects that will help buyers see themselves trying their favorite Pinterest recipe in your home!

Here are a couple of project ideas that, if you’re handy or know someone who is, could end up boosting your home’s value without breaking the bank:

  • Are the cabinets in good shape but need an update? A new coat of paint and some updated hardware will instantly freshen up the space and drastically change the feel of the room all for under $300.
  • A new backsplash to match the freshly painted cabinets updates the space and adds some style while staying under $200, depending on the size of the room.
  • If the kitchen seems dark, consider adding LED under cabinet lighting for around $40.
  • If replacing the countertops in the kitchen isn’t within your budget, consider using a top coat to cover the current countertops.

If you decide to complete a full remodel of your outdated kitchen, you can expect a 67% return on a $30,000 upgrade (the national median cost). The benefits of a kitchen remodel aren’t purely financial, according to Houselogic:

“Eighty-two percent of homeowners said their updated kitchen gave them a greater desire to be at home, and 95% were happy or satisfied with the result.”

Bottom Line

Kitchens and bathrooms are often make or break for buyers when touring a home or searching through photo galleries online. 

 

posted from Keeping Current Matters – November 23, 2016