Thinking about putting your house on the market

Let's face it. Selling your home right now can feel like being a contestant on Survivor.

Which beach should you camp on (staging the house)? Who should you make alliances with (picking a realtor)? Do you have the proper tools for starting a fire (pricing your home)? Where should you look for fresh water (marketing the property)? Are you ready to fight, hunt and trade for the food you need (negotiating with the buyer)? And, finally, how will the producers portray you on TV (ignoring the media)?

The good news is that there is always a winner in Survivor, which means that you can sell your house AND feel great about it.

Think about this. If you have lived in your current home for more than 5 years, your investment has paid off. Say the homes in your area might have sold for $450,000 four years ago, and now those same homes are selling for $415,000. If you bought your home for $400,000 fifteen years ago and raised your children in it, then you just made $15,000.00. Your home is worth what a buyer is willing to pay for it.

People buy and sell homes according to major life changes, not the housing market's ups and downs. Getting married, having a baby, the first big promotion, having another baby, retirement - these are reasons to buy and sell homes, and people are still doing all of those things. One the same token, don't base your life decisions on what you think the housing market may or may not do. And, if your buyer gets a deal on your house, you have to assume that you are getting a deal on the next house you buy as well.

Lately we have had families come to the Sales Offices, tour the models and the clubhouses, and tell our Sales Counselors that XYZ Community is for them but they are waiting to put their house up for sale. All I can say to that is: what are you waiting for? With motivation and hard work, you will sell your home, it doesn't need to be as painful as you think it needs to be, and you can start living your new life.

In short, I know two people that have been on Survivor, one almost won and the other went home halfway through, but they both learned from it and took advantage of the many opportunities that being on the show afforded them in order to make life even better when they came home. But, everyone I know has bought and sold houses and they have always been accompanied with the excitement and fulfillment of starting a new chapter in their lives.

Savvy Woman Homebuyer

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On the House: For sellers, 'as is' isn't an option

From our friend, Al Heavens, Inquirer Real Estate Columnist

A colleague has decided to downsize to a condo and has added her house to the substantial existing-home inventory in Philadelphia.

She and her late husband were part of the urban-pioneering movement in their neighborhood in the early 1970s. For their efforts, and as a result of the housing boom in the early part of this decade, they accumulated a substantial amount of equity that even this bump in the real estate road cannot reduce.

But she faces a buyer's market, with all that implies, made more difficult by tighter credit in the aftermath of the subprime debacle of August 2007.

The price she is asking is within the financial means of a young professional single or couple - I've seen newly minted lawyers buy Rittenhouse Square condos for about the same amount.
She also is willing to negotiate, and that puts her ahead of the pack. Agents tell me that there are plenty of sellers who remain unwilling to budge from the wrongheaded "but my neighbor sold his house in 2006 for a zillion dollars" view of proper pricing.

Still, she and her agent realize that she cannot sell the house "as is." With record inventory on the city market and sales down about 25 percent from a year ago, buyers can afford to be picky. So seller and agent need to come up with a game plan to turn the house into a sale.
Simple things: Toilets need to flush, faucets mustn't drip or drain sluggishly, water heaters must operate properly.

Heating and central air-conditioning systems go without saying. It would be better if they were newer, for the sake of maximum energy efficiency, but if they operate properly and well, and look as if they'll do the job for a few more years, then they should be fine.

Prospective buyers may ask to see your monthly heating and cooling bills, as well as your water bills. Living costs are rising, salaries are flat, and today's buyers are adding a whole host of expenses to the monthly mortgage payment to see whether they can handle homeownership.
Lots of insulation, efficient windows and doors, a roof that doesn't leak or need replacement, gutters and chimneys that are clean and in good working order are also important.

The exterior of a house tends to be more a buyer issue than the interior, since the innards are exposed to the wider world by invitation only. Today's shoppers won't be fooled by mulch or freshly planted flowers, just as they know the potpourri, freshly baked bread and boiled cinnamon stick ploys, too.

If the exterior needs painting and repair, pay for it. If the interior is gorgeous but too dark, washing the windows will let in natural light.

Don't worry about the interior. If they don't like the colors, that's easy to change.

Remember, listen to your agent. One who's worth the commission will know the market and the competition.

Most of all, hang in there. It may take awhile, but your house will sell - maybe even for more than the "proper price."

"On the House" appears Sundays in The Inquirer. Contact Alan J. Heavens at 215-854-2472 or aheavens@phillynews.com.

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10 Ways to make sure your house does NOT sell!

Pretty funny...from cnn.com...

1. Leave out your pictures, magazines, books, and knickknacks. You want a prospective buyer to feel that they know you, right?
Wrong. You want the buyers to immediately begin imagining themselves living in your house, and they'll have a hard time seeing beyond the pictures of your family at Beaver Creek and the old issues of Gun & Garden.
Even worse, they might find your taste in books laughable or your choice of evening wear tacky and decide they couldn't possibly live in your house.
So clear every surface, every side table, every coffee table, the sideboard, the desk and the dining room table. You can put one item in each room, and it should be a plant or flowers.

2. Don't change the cat litter. After all, you changed it yesterday, right? It doesn't smell that bad yet.
Or.....give your house the sniff test. It should smell fresh and clean. Nothing is more off-putting to a prospective buyer than a house that's stale-smelling, or worse.
Often, you become so inured to the smell of your own home that you don't notice scents that might offend a visitor. Empty the garbage cans, load dirty clothes into the washing machine, run a lemon through the disposal, give wood furniture a quick swipe with polish, and for goodness sake, change the litter box.

3. Express yourself! Indulge in your favorite colors in vividly painted walls and furniture. Paint an accent wall a bright color. It's fun!
Or...make your house a place anyone could imagine making their own. This means removing most evidence of your own personality. Decorate with a rigorous devotion to beige.
Neutral walls, pale furniture, soft lighting, and inoffensive art all go a long way towards creating a crowd-pleasing interior. Remove your collections to a safe place for the duration of the selling process, since you want a prospective buyer to look at the space, not get distracted by your Beanie Baby collection.

4. Stash your dirty magazines and movies in your oven or drawers! No one will open them to look inside.
Oh, yes they will. Get rid of everything you wouldn't want your mother to see. Prospective buyers will open the oven, investigate drawers for function and capacity, and study your closets and your medicine cabinet.
Part of preparing your house to sell is a ruthless purging of all these places and a thoughtful review of potentially embarrassing items in your house. If your bedroom is your personal love palace, remove any evidence of your rollicking sex life, at least temporarily.

5. Leave your furniture arranged as it is. That way people can see how much you can fit into the room!
Or....remove those extra pieces of furniture that make a room livable but add to the sense of clutter -- side tables, foot stools, magazine racks, and rocking chairs, which take up more space than a fixed chair. Create simple arrangements with maximum impact.
Often people arrange their living room as if they're hosting the neighborhood watch association meeting, with all the furniture lined up along the walls. Instead, place a sofa facing the fireplace, and flank it with two chairs facing a coffee table in between. This will create visual depth and an inviting vignette.

6. Make sure buyers know your team loyalties. Don't forget to fly that Red Sox flag!
Or...put your fan-of-the-year behavior on hold for a while, and stash your team merchandise away in the attic. What if your best prospect is a Yankee's fan? You don't want to lose a buyer over a big sponge #1 finger. The same goes for religious paraphernalia, although that may actually be less of a deal-breaker than the wrong team loyalty.

7. Don't worry about the breakfast dishes in the sink. People will understand you were in a rush to get out the door that morning.
Or....they'll think you're a slob who couldn't be bothered to put the dishes in the dishwasher, and probably hasn't taken very good care of the house. Other people's dirty dishes are especially revolting, and conjure images of squalor. If it means you have to take your family out to breakfast, make sure you leave the kitchen pristine. My Home Ideas: Company-ready kitchen
The same goes for the bathroom. Dry the inside of the sink and the surrounding counter completely before you leave the house.

8. Let the buyer fix the hole in the wall and the broken light fixture. They may want to choose their own!
Or...be prepared to lose a sale over the poor condition of your house. Everything in your house must be in good working order before you put it on the market. This process can take a couple of months, but you need to fix all broken fixtures, change all burned out light bulbs, repair any flaws in the walls, and refresh any paint that needs it.
The same goes for outdated or worn wallpaper. Some things do not get better with age, and nothing dates a room more than eighties wallpaper.

9. Leave the yard as is. After all, it's the house they're coming to see!
Or...learn to see your yard an extension of the house, and give it a thorough once-over. Trim unruly bushes, pull weeds, spread fresh mulch, and keep it mowed.
Your yard sets the expectations of the buyer before they've even stepped in your house. Consider installing attractive outdoor lighting. It goes a long way, for a little investment, toward creating a dramatic mood. And if you have a dog, go on a hunt for "land-mines" and clean them up.

10. Leave your dog in his crate while people look at your house. He's well-behaved.
Or...he's not so well-behaved when you're not there and strangers are tromping through his house. Nothing is so distracting as a barking dog when prospects are trying to get a detailed look at your house. Even though he might be contained, his voice will carry. Take him with you if you can, or drop him at a pet-friendly neighbor's house and repay them with house-sitting or a similar service.

Selling Your Home, Part 3: Preparing Your Home

De-Personalize the House

Removing personal items is a very important step in painting a picture for potential buyers. This might seem strange since it means removing things like family pictures, sports trophies and collectible items. It really is best to pack them up and put them in storage.

Remove Clutter

EVERYTHING that is not regularly used needs to go into storage. This can be a difficult thing for you to realize since clutter does not necessarily mean junk, but years of everyday living. Clutter does collect on shelves, counter tops, drawers, closets, garages, basements and attics. Your goal is to showcase your home and emphasize spaces and designs. ALL areas need to be clutter free. Don’t forget knick knacks!

Fixtures and Plumbing - Plumbing and fixtures throughout your house should be shiny and work properly.

Painting and Wall/Ceiling Repairs - Painting can be your best investment when selling a home. It’s not too expensive and often can be done yourself. White and off-white appeal to the widest number of buyers, while expanding spaces. In many cases, it’s better to remove drapes and let the light come in!

Carpets and Flooring - Have carpets professionally cleaned and all stains removed. Repair or replace broken tiles and hardwood floor cracks.

House Odors

If you smoke, anyone entering your home will know immediately. If you follow our suggestions on painting, carpet cleaning and a professional service for a one time clean, then the majority of smoke odor has been removed. Pets also create odors that you have become used to, but are very noticeable. Keep the kitty litter box clean and sprinkle carpet freshener on rugs.

Selling Your Home, Part 2: Listing Your Home

Most of us think we know what our house is worth, but do we really? A professional appraiser can determine the proper value for your home. If you list your home at the appraised value or very close to it, you will eliminate a lot of the competition. Homes priced right are the first to sell in any neighborhood!
A more traditional way of determining value is to ask your realtor to perform a Competitive Market Analysis (CMA). Have two to three Realtors perform a CMA and give you a presentation on how they will market your home.
This is extremely important for several reasons:
· A home priced right sells quickly
· It generally gives you the highest net dollars
· Relieves you of the stress of selling
· Frees up your time to purchase your new home

Selling Your Home, Part 1: Hiring Professionals

In today’s volatile market, it takes professional experience and tools to most effectively sell a home. From inspection and appraisal to marketing and closing the deal, professionals can sell your home for more and save you time and stress to concentrate on your new home purchase!

Appraiser
A Certified Independent Appraisal Company performs a full appraisal of your home to indicate its market value. This is the same type of appraisal done for banks and mortgage companies. This report will substantiate current market conditions and home value, saving you a great deal of time on the market place in finding a buyer.

Realtor
Choosing a realtor is perhaps the most important decision you can make when selling your home. A few tips :
· When interviewing potential Realtors, ask each the same set of questions so that you can compare their answers
· Better to not choose a friend or family member to market your home
· Check referrals and others in your neighborhood who have used the Realtors’ services
· Do not tell the Realtor what you think your home is worth - rather ask them to tell you what they think its worth
· Have all marketing plans for selling your home put in writing
· Always use a Realtor that is a member of the Multiple Listing Service (MLS)

Inspector
A licensed home inspector will inspect your home thoroughly in much the same way that any potential buyer will do. Identifying and fixing problem areas can make your home more attractive and prevent possible pitfalls in the negotiation process.