While you'd like to get the best price for your home, consider our six reasons to reduce your home price.
Home not selling? That could happen for a number of reasons you can't control, like a unique home layout or having one of the few homes in the neighborhood without a garage. There is one factor you can control: your home price.
These six signs may be telling you it’s time to lower your price.
1. You’re drawing few lookers.
You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it’s overpriced and are waiting for the price to fall before viewing it.
2. You’re drawing lots of lookers but have no offers.
If you’ve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.
3. Your home’s been on the market longer than similar homes.
Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you’re pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there’s something wrong with it, which can delay a sale even further. At least consider lowering your asking price.
4. You have a deadline.
If you’ve got to sell soon because of a job transfer or you’ve already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It’s not how much money you need that determines the sale price of your home, it’s how much money a buyer is willing to spend.
5. You can’t make upgrades.
Maybe you’re plum out of cash and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others.
6. The competition has changed.
If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what's still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.
G.M. Filisko is an attorney and award-winning writer who made strategic price reductions that led to the sale of a Wisconsin property. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics
* Let me add this: remember, your agents commission is based off your sales price so they do not want to reduce any more than neccessary but they do want to accomplish your goal: home SOLD!
Make your home warm and inviting to boost your home’s value and speed up the sale process.
The first step to getting buyers to make an offer on your home is to impress them with its appearance so they begin to envision themselves living there. Here are seven tips for making your home look bigger, brighter, and more desirable.
1. Start with a Clean Slate
Before you can worry about where to place furniture and which wall hanging should go where, each room in your home must be spotless. Do a thorough cleaning right down to the nitpicky details like wiping down light switch covers. Deep clean and deodorize carpets and window coverings.
2. Stow Away Your Clutter
It’s harder for buyers to picture themselves in your home when they’re looking at your family photos, collectibles, and knickknacks. Pack up all your personal decorations. However, don’t make spaces like mantles and coffee and end tables barren. Leave three items of varying heights on each surface, suggests Barb Schwarz of Staged Homes in Concord, Pa. For example, place a lamp, a small plant, and a book on an end table.
3. Scale Back on Your Furniture
When a room is packed with furniture, it looks smaller, which will make buyers think your home is less valuable than it is. Make sure buyers appreciate the size of each room by removing one or two pieces of furniture. If you have an eat-in dining area, using a small table and chair set makes the area seem bigger.
4. Rethink Your Furniture Placement
Highlight the flow of your rooms by arranging the furniture to guide buyers from one room to another. In each room, create a focal point on the farthest wall from the doorway and arrange the other pieces of furniture in a triangle around the focal point, advises Schwarz. In the bedroom, the bed should be the focal point. In the living room, it may be the fireplace, and your couch and sofa can form the triangle in front of it.
5. Add Color to Brighten Your Rooms
Brush on a fresh coat of warm, neutral-color paint in each room. Ask your real estate agent for help choosing the right shade. Then accessorize. Adding a vibrant afghan, throw, or accent pillows for the couch will jazz up a muted living room, as will a healthy plant or a bright vase on your mantle. High-wattage bulbs in your light fixtures will also brighten up rooms and basements.
6. Set the Scene
Lay logs in the fireplace, and set your dining room table with dishes and a centerpiece of fresh fruit or flowers. Create other vignettes throughout the home — such as a chess game in progress — to help buyers envision living there. Replace heavy curtains with sheer ones that let in more light.
Make your bathrooms feel luxurious by adding a new shower curtain, towels, and fancy guest soaps (after you put all your personal toiletry items are out of sight). Judiciously add subtle potpourri, scented candles, or boil water with a bit of vanilla mixed in. If you have pets, clean bedding frequently and spray an odor remover before each showing.
7. Make the Entrance Grand
Mow your lawn and trim your hedges, and turn on the sprinklers for 30 minutes before showings to make your lawn sparkle. If flowers or plants don’t surround your home’s entrance, add a pot of bright flowers. Top it all off by buying a new doormat and adding a seasonal wreath to your front door.
G.M. Filisko is an attorney and award-winning writer who occasionally rearranges her furniture to find the best placement—and keep her dog on his toes. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.
Repair and replace door hardware that makes rooms look dingy and outdated. We’ll show you how door and cabinet pulls, knobs, and hinges can give your home new sparkle.
You can slam cabinet and bedroom doors only so many times before you have to repair and replace hardware that is loose, broken, or just plain old and tired. It doesn’t take a lot of time or money to tighten loose hardware, clean globs of paint off a hinge, or replace cabinet pulls to brighten any room in the house.
Repair and Replace Kitchen Cabinet Hardware
Replacing or repairing knobs and pulls on cabinets and drawers is a quick way to give your old kitchen a new look.
Cabinet hardware can be simple or ornate, and ranges from $1 a knob to $45 or more. Here’s your game plan:
Repair loose knobs and pulls by tightening holding screws, replacing stripped screws, or plugging gaps with wood filler applied with a putty knife.
Count the number of knobs or pulls you need before you head to the hardware store. Estimating will cost you time and money.
To replace pulls, which are attached to cabinets by a screw at each end, measure the distance between holes -- not the length of pulls -- to assure a perfect fit.
If you’re switching from a two-hole pull to a one-hole knob, choose hardware with back plates that cover door scratches and holes.
Tighten, Polish, or Replace Door Hardware
Nothing ages a room like a loose doorknob. You can tighten mortise-style doorknobs by simply tightening the setscrew on the side of the doorknob. For cylindrical doorknobs, you’ll need to take the doorknob apart.
Replace dated doorknobs with sleek door levers. For easiest installation, choose a lever handle lockset made by the same manufacturer. Prices range from $20 to $160.
Buy a commercial polish, such as Wright’s or Weiman, to make brass doorknobs shine. Warm water and a little dish soap or a homemade paste of equal parts vinegar and baking soda will scrub off dirt and make stainless steel and glass doorknobs sparkle.
Clean or Replace Door Hinges
Telltale paint on door hinges says someone did a sloppy job. To restore hinges, try these techniques:
Wash with sudsy hot water.
Scrub with a nylon brush or a toothbrush. A wire brush could damage the finish.
Brush on paint stripper that is safe for all surfaces.
Polish with beeswax furniture polish or brass polish.
Just another weekend? Not if you take advantage with one or more of these 5 great projects you can easily pull off for under $300.
Most of the cost of these DIY weekend projects is in the materials. The labor — that’s you — is free. All you need now are the hours. But, hey, you’ve got two full days — plenty of time to be a superhero weekend warrior and grab some R&R.
Project #1: Add a Garden Arbor Entry
The setup: Install an eye-catching portal to your garden with a freestanding arbor. It’ll look great at the end of a garden path or framing a grassy area between planting beds.
Specs and cost: Garden arbors can be priced up to thousands of dollars, but you can find nice-looking kits in redwood, cedar, and vinyl at your local home improvement or garden center for $200 to $300. Typical sizes are about 7 feet high and 3 to 4 feet wide. You’ll have to assemble the kit yourself. Tools: Screwdriver; cordless drill/driver; hammer; tape measure. Kits come pre-cut and pre-drilled for easy assembly, and usually include screws. If fasteners aren’t included, check the materials list before you leave the store.
Time: 3 to 5 hours Project #2: Install a Window Awning
The setup: Summer is super, but too much sunlight from south- and west-facing windows can heat up your interiors and make your AC work overtime. Beat that heat and save energy by using an awning to stop harsh sunlight before it enters your house.
Specs and cost: Residential awnings come in many sizes and colors. Some are plastic or aluminum, but most are made with weatherproof fabrics. They’re engineered for wind resistance, and some are retractable. A 4-foot-wide awning with a 2.5-foot projection is $150 to $250.
Tools: Cordless drill/driver; adjustable wrench; tape measure; level. You can install an awning on any siding surface, but you’ll need a hammer drill to drill holes in brick. To prevent leaks, fill any drilled holes with silicone sealant before you install screws and bolts. Time: 3 to 4 hours
Project #3: Screen Off Your Air Conditioner from View
The setup: Air conditioning is great, but air conditioner condensers are ugly. Up your curb appeal quotient by hiding your AC condenser or heat pump unit with a simple screen.
Specs and costs: An AC screen is typically three-sided, about 40 inches high, and freestanding — you’ll want to be able to move it easily when it comes time to service your HVAC. For about $100, you can make a screen yourself using weather-resistant cedar or pressure-treated wood to build three frames, and filling each frame with plastic or pressure-treated lattice.
Or, buy pre-made fencing panels. A 38-inch-by-38-inch plastic fencing panel is about $50.
Time: Build it yourself in four to six hours. Install pre-made fencing in one to two hours. Project #4: Add Garage Storage
The setup: Shopping for garage storage solutions is definitely a kid-in-the-candy-store experience. There are so many cool shelves, hooks, and hangers available that you’ll need to prioritize your needs. Take stock of long-handled landscape tools, bikes, paint supplies, ladders, and odd ducks, such as that kayak. Measure your available space so you’ll have a rough idea of where everything goes.
Specs and cost: Set your under-$300 budget, grab a cart, and get shopping. Many storage systems are made to be hung on drywall, but hooks and heavy items should be fastened directly to studs. Use a stud finder ($20) to locate solid framing.
If your garage is unfinished, add strips of wood horizontally across studs so you’ll have something to fasten your storage goodies to. An 8-foot-long 2-by-4 is about $2.50.
Tools: Cordless drill/driver; hammer; level; measuring tape; screws and nails.
Time: This is a simple project, but not a fast one. Figure six to 10 hours to get everything where you want it, plus shopping. But, oh the fun in putting everything in its place!
Project #5: Edging Your Garden
The setup: Edging is a great way to define your planting beds, corral garden mulch, and to separate your lawn from your garden or patio.
Specs and cost: Wood and metal edging looks like tiny fencing; they’re 4 to 6 inches high. Some include spikes that hold the edging in position; other types must be partially buried. Cost is $1 to $5 per foot. Plastic edging can be molded and colored to mimic brick, wood, and stone. About $20 for 10 feet.
Concrete edging blocks are smooth, or textured to resemble stone. $15 to $25 for 10 feet.
Real stone edging is installed flush with the surrounding grade in a shallow trench on a bed of sand, so digging is required. Stone is sold by the ton and prices vary by region. You’ll need about one-third of a ton of flagstone to make an 8-inch-wide edging 50 feet long, costing $150 to $200.
Tools: Shovel; wheelbarrow; tin snips (for cutting plastic edging); work gloves.
Time: Pre-made edging will take two to three hours for 50 feet; stone will take six to 10 hours.
Hurricane and Emergency Preparedness Equipment Sales Tax Holiday
When: Legislation enacted by the 2015 General Assembly combines three existing sales tax holidays into one, three-day holiday in August. In 2015 only, Hurricane and Emergency Preparedness Equipment Sales Tax holidays will be held May 25-31, 2015 and August 7-9, 2015. In subsequent years, this sales tax holiday will be held only in August.
What's Exempt: During both periods, purchases of certain supplies and equipment needed for hurricane preparedness will be exempt from sales tax. Retailers may also choose to absorb the tax on other items during the holiday period, but they are responsible for paying the tax on those items to the Department of Taxation.
Guidelines (Link to the Virginia Regulatory Town Hall)