Tuesday, April 4, 2017

How to Maximize Profits in a Seller's Housing Market

How to Maximize Profit in a Seller's Housing Market

How would you like to sell your house 90% faster than other sellers?  You have all heard the saying   " You only get one chance to make a first impression."  This could not be more true than when selling your home.  The average home buyer takes under 30 seconds to decide if they like your house or not. Once they rule it out, the chances of getting that buyer in to see your home is next to nothing.  

The age of the average seller today is between 45 and 65.  However, today's buyer's average age is between 28 and 45.  The majority of this group are your millennials.  Born between the early 1980s and 2000, they are usually the children of baby boomers.  These buyers do not want to live in a home reminiscent of their parents or grandparents houses.  The majority do not want a "fixer upper."  They want move in ready and are willing to pay for it.  They long to live in a space that reminds them of Pottery Barn or Industrial Hardware.  They desire a house that is not cluttered with collections and dated decor.  Neat, clean and tidy is not enough anymore.  Freshly painted walls and updated kitchens and baths are frequently on their must have lists.  With their busy lifestyle , they wish to move in without needing to do any updating or repairs for 6 months or longer.

As a seller, it is important to remember that only 10%  of individuals can visualize a space without the wallpaper, your favorite recliner, your hunting and fishing mounts, different paint color and updated kitchen and baths.  Translated,  90% of the population cannot see the potential your home may have.  If you do find a buyer willing to make improvements this is usually reflected in the purchase offer.

Today a buyer usually begins the search for the right house on line.  Using the sites, Trulia, Zillow and Realtor.com buyers narrow the market to a list of must see.  A property either makes the short list or it is rejected.  How can you make your house stand out?

Since their home is probably a seller's biggest investment they are hoping for a strong profit.  The first way to maximize that profit is by hiring a certified real estate stager.  Staging a house is an investment, that has a potential to yield up to 200%.

This a quote from Shell Brodnax CEO of RESA.  "Professionally staged homes show better than competing homes for sale...Staged properties will sell faster when compared to unstaged properties.  From the date of listing until the day of closing, home staging shortens this time frame.  In a seller's market, staging brings in multiple offers and bidding wars." I recently experienced this myself when a house I co-owned with my sister sold in 6 days with 2 offers.  The offer we accepted had no contingencies.  In fact waiting for the closing took longer than the sale.

Staging your home is merchandising your house.  it is meant to allow the buyer to visualize living in the space.  Think about that shopping trip to the mall.  You find an outfit, as you enter the fitting room to try it on, you imagine where you are going to wear these clothes.  Staging is meant to evoke similar emotions.  The buyer thinks about cooking and eating in the kitchen, entertaining friends, and their children and pets playing in the yard. If a buyer cannot see themselves living in your space the result is no offer and no sale.
Staging Works!!  Staging Sells!!  

"Home staging is no longer optional in the real estate market.  It is a must."  Barbara Corcoran