4 Ways to Improve Odds of Selling in a Buyers Market
So many homeowners & investors—are now married to their property—whether they like the neighborhood, the home, or not!
If you’re stuck in your home or condo because your equity is under–you could be waiting for a long time for it to go back up. Unfortunately, it’s possible due to lending practices which have gone old school–that condo and home prices will never go up to previous pricing because people just don’t save enough and are not going to have 20% down in all neighborhoods, depending on price points.
Nationwide, 26 percent of the homes for sale are being offered with cut-rate asking prices, according to a recent article form Forbes–and in my opinion some neighborhoods are not selling despite the cut rate prices. That’s up from 24 percent in July and 20 percent in March, when hopes were highest that the housing correction was over and the economy was on the mend.
So what do with your home if you have lost money and you need to stay put for a while?
If you’re like me and so many others…..you have to be happy where you are in the meantime. The truth is, spending money on your home to make it market-strong will be well worth it in the end. And let’s face it, when you finally can sell, so many others will be trying to sell at the same time, that this will create an extremely competitive market. Being able to contend in a market when there are multiple listings means your place should be fabulous and stand out distinctly from the rest of the crowd.
A few simple things you can do:
1. Replace old carpeting–there is nothing worse than dirty, stale outdated carpeting. Use Stanley Steamer if your carpet is dirty before listing later. It should be perfect. Use a superior padding that doesn’t collapse like Healthier Choice premium carpet cushion so you can’t see a very identifiable “path” which is caused by cheap carpet padding that collapses and then the carpet stretches over time in that area…when you use a padding that doesn’t collapse and is thicker….carpeting looks better for much longer.
2. Paint — There are tons of quality painters out there right now. Nothing freshens up a house like simple paint and it’s not that costly.
3. Renovate the kitchen–there is never a bad investment if the kitchen is outdated. People like open and airy kitchens with lots of natural light. This is your main selling point of the house.
4. Renovate the bathrooms and spend less than you would have 3 years ago but do quality work. It doesn’t have to be over the top but rather meticulous construction and waterproofing, and good lighting goes a long way.
Contact CMR Interiors today to learn more about how we can help with your next home renovation or redesign.
Photo Credit: UpsideDownBee