The Impact of Staging Your Home

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For more than 20 years, the benefits of staging a home have been well documented. Numerous studies show that staging helps sell a home faster and for a higher price. According to the National Association of REALTORS®, 88 percent of home buyers start their search online, forming impressions within three seconds of viewing a listing. When a home is well staged, it photographs well and makes the kind of the first impression that encourages buyers to take the next step.

Studies also indicate that buyers decide if they’re interested within the first 30 seconds of entering a home. Not only does home staging help to remove potential red flags that can turn buyers off, but it also helps them begin to imagine living there. Homes that are professionally staged look more “move-in ready” and that makes them far more appealing to potential buyers.

According to the Village Voice, staged homes sell in one-third less time than non-staged homes. Staged homes can also command higher prices than non-staged homes. Data compiled by the U.S. Department of Housing and Urban Development indicate that staged homes sell for approximately 17 percent more than non-staged homes.

A measurable difference in time and money

In a study conducted by the Real Estate Staging Association in 2007, a group of vacant homes that had remained unsold for an average of 131 days were taken off the market, staged, and relisted. The newly staged properties sold, on average, in just 42 days, – which is approximately 68 percent less time on the market.

The study was repeated in 2011, in a more challenging market, and the numbers were even more dramatic. Vacant homes that were previously on the market for an average of 156 days as unstaged properties, when listed again as staged properties, sold after an average of 42 days—an average of 73 percent less time on the market.

Small investments, big potential returns

Staging is a powerful advantage when selling your home, but that’s not the only reason to do it. Staging uncovers problems that need to be addressed, repairs that need to be made, and upgrades that should be undertaken. For a relatively small investment of time and money, you can reap big returns. Staged properties are more inviting, and that inspires the kind of peace-of-mind that gets buyers to sign on the dotted line. In the age of social media, a well-staged home is a home that stands out, gets shared, and sticks in people’s minds.

What’s more, the investment in staging can bring a higher price. According to the National Association of REALTORS, the average staging investment is between one percent and three percent of the home’s asking price, and typically generates a return of eight to ten percent.

In short, less time on the market and higher selling prices make the small cost of staging your home a wise investment.

Interested in learning more? Contact your real estate agent for information about the value of staging and referrals for professional home stagers.

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What is a Seller’s Market?

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When the housing market favors sellers, a seller can expect ideal conditions for selling their home. However, that’s not to say that a seller’s market doesn’t come with its own unique set of challenges for parties on both sides of the transaction. That’s why it’s critical for buyers and sellers to work with an agent who not only understands their wants and needs but who can also help them navigate highly competitive market conditions.

What is a Seller’s Market?

A seller’s market occurs when demand exceeds supply. When inventory is limited, competition amongst buyers is fierce. Median sales prices increase, days on market decrease, and homes commonly receive multiple offers, often over their original asking price.

Selling in a Seller’s Market

Though demand is high in a seller’s market, staging and making any necessary repairs are still important steps to take before hitting the market. An agent can help a seller make important decisions about which repairs and updates help add value to the home.

When it comes to offers and negotiations in a seller’s market, sellers have the leverage. It’s common for homes to fetch more than their asking price with multiple offers on the table. Though prices are being driven up by demand, a seller may choose to list their home at or just below fair market value with the hopes of starting a bidding war. Because competition is so high, buyers may be willing to waive an inspection contingency to help make their offer stand out. Agents can help sellers decide whether they should conduct a pre-listing inspection, which sometimes helps the seller get more offers and command a higher price.

With multiple offers on the table, it may be tempting to simply choose the one with the highest figure; however, the best offer is also the one that removes risk and aligns with the seller’s goals. Whether that entails waived contingencies, a shorter closing window, or an all-cash offer, in a seller’s market, the seller has the power to choose. Sellers should fully review each offer with the help of their agent before proceeding.

Buying in a Seller’s Market

Buyers in a seller’s market must act fast. Due to the high level of competition, they must be prepared for a frustrating scenario where their offers may not win out. This emphasizes the importance of working with a buyer’s agent. In a seller’s market, it’s more likely that the buying process will include such factors as seller review dates and escalation clauses. A buyer’s agent will help navigate these challenges while working with their client to make their offer stand out. They will formulate a strategy, comparing their client’s wish list and budget against the limited number of homes available and proceeding accordingly. A buyer’s agent will also set the expectation that, due to the competitive nature of the market, finding the right home may take longer than expected.

In a seller’s market, the buyer is at a disadvantage when it comes to negotiations. The chance of getting a contingent offer is minimal and pushing for certain closing dates and specific repairs may do more harm than good to their offer. A cash offer has significant power in a seller’s market. If a buyer can make a cash-heavy or even all-cash offer, it is likely to stand out to the seller. It gives the buyer more buying power and greatly increases their chances of winning a bidding war.

For more information on the conditions of your local market, visit our website for Quarterly Real Estate Market Updates from our Chief Economist, Matthew Gardner. For assistance planning a home sale or purchase, connect with a Windermere Real Estate agent here: Connect With an Agent

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7 Costly Mistakes in the Selling Process

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Sellers dream of a flawlessly executed home sale where everything goes smoothly, and they end up with a satisfied buyer. To achieve this ideal end goal, it’s important to be aware of the mistakes along the way that could potentially derail the sale. Mistakes in the selling process come in all sizes, but some can be more costly than others.

 

1. Incorrect Pricing

Simply put, sellers want to get the most value for their home. Inaccurately priced homes create complications in the selling process and can be costly. Overpriced homes are unable to compete with other homes in a more expensive bracket, reducing its appeal to buyers. The longer a home stays on the market, the more likely the seller will have to lower the price, and this could result in a final asking price that is well below what the home is worth. Underpricing can be used as a strategy to generate added interest among buyers and thereby drive up the home’s market value, but it requires that a bidding war take place among buyers.

 

2. Underestimating Selling Costs

There are many costs associated with selling a home that can easily pile up if not planned for. Commission fees take up a significant portion of selling costs, typically between five to six percent of the sale price. Sellers must budget for home inspections, making repairs, and staging the home to get it market-ready. During closing, sellers need to prepare for various costs including sales tax, attorney fees, and any fees related to the transfer of the title, and more. Not accounting for any of these costs can come as an unpleasant surprise.

 

3. Selling When Underwater

It may be tempting to think of selling a home solely as a revenue-generating event. However, if a seller still owes more on their mortgage than what their home is worth, or if the property has gone down in value, they still may not make enough money on the sale to pay off the mortgage. Any homeowner who finds themselves underwater on their mortgage should consider building more equity before they sell.

 

4. Selling FSBO

Selling a home “For Sale By Owner” (FSBO) presents sellers with the opportunity to save on commission fees but is a complex and risky process that can easily lead to serious costs. Not only does selling FSBO mean that the seller will incur all costs an agent would have taken on to market the home, but they are accepting added liability as well. If any mistake occurs during the offer process, negotiations, or closing, the seller finds themselves without the representation of an experienced professional. This leaves a great opportunity for costly mistakes that could potentially jeopardize the sale.

 

5. Failing to Disclose Repairs

If a seller fails to disclose any outstanding repairs and issues inherent in the home, they will likely come to light during the buyer’s inspection and can create a very costly situation for the seller. These losses can be avoided by being transparent about what repairs are needed ahead of time. Sellers can also opt to conduct a pre-listing inspection, which can be especially helpful in competitive markets. Disclosure rules vary by state.

 

6. Neglecting to Stage Your Home

Home staging is a critical element for getting the most value for a home and selling it quickly. By neglecting to stage, sellers are opening the door for lowered offers and reduced sale prices. The staging process is also the perfect time for sellers to inspect their home for any minor or cosmetic repairs that can be addressed quickly.

 

7. Not Choosing the Best Offer

Naturally, the highest offer received on a home may seem like the most enticing. But just because an offer may be higher than another doesn’t mean it’s the best one. It’s critical for sellers to communicate with their agent about the full terms of the offer to understand its contingencies, how it affects their bottom line, and how those components align with their needs and preferences.

 

If you’d like more information on selling your home and how to avoid costly mistakes, an experienced Windermere agent is ready to help. Click here to connect with an agent today.

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7 Costly Mistakes in the Selling Process

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Sellers dream of a flawlessly executed home sale where everything goes smoothly, and they end up with a satisfied buyer. To achieve this ideal end goal, it’s important to be aware of the mistakes along the way that could potentially derail the sale. Mistakes in the selling process come in all sizes, but some can be more costly than others.

 

1. Incorrect Pricing

Simply put, sellers want to get the most value for their home. Inaccurately priced homes create complications in the selling process and can be costly. Overpriced homes are unable to compete with other homes in a more expensive bracket, reducing its appeal to buyers. The longer a home stays on the market, the more likely the seller will have to lower the price, and this could result in a final asking price that is well below what the home is worth. Underpricing can be used as a strategy to generate added interest among buyers and thereby drive up the home’s market value, but it requires that a bidding war take place among buyers.

 

2. Underestimating Selling Costs

There are many costs associated with selling a home that can easily pile up if not planned for. Commission fees take up a significant portion of selling costs, typically between five to six percent of the sale price. Sellers must budget for home inspections, making repairs, and staging the home to get it market-ready. During closing, sellers need to prepare for various costs including sales tax, attorney fees, and any fees related to the transfer of the title, and more. Not accounting for any of these costs can come as an unpleasant surprise.

 

3. Selling When Underwater

It may be tempting to think of selling a home solely as a revenue-generating event. However, if a seller still owes more on their mortgage than what their home is worth, or if the property has gone down in value, they still may not make enough money on the sale to pay off the mortgage. Any homeowner who finds themselves underwater on their mortgage should consider building more equity before they sell.

 

4. Selling FSBO

Selling a home “For Sale By Owner” (FSBO) presents sellers with the opportunity to save on commission fees but is a complex and risky process that can easily lead to serious costs. Not only does selling FSBO mean that the seller will incur all costs an agent would have taken on to market the home, but they are accepting added liability as well. If any mistake occurs during the offer process, negotiations, or closing, the seller finds themselves without the representation of an experienced professional. This leaves a great opportunity for costly mistakes that could potentially jeopardize the sale.

 

5. Failing to Disclose Repairs

If a seller fails to disclose any outstanding repairs and issues inherent in the home, they will likely come to light during the buyer’s inspection and can create a very costly situation for the seller. These losses can be avoided by being transparent about what repairs are needed ahead of time. Sellers can also opt to conduct a pre-listing inspection, which can be especially helpful in competitive markets. Disclosure rules vary by state.

 

6. Neglecting to Stage Your Home

Home staging is a critical element for getting the most value for a home and selling it quickly. By neglecting to stage, sellers are opening the door for lowered offers and reduced sale prices. The staging process is also the perfect time for sellers to inspect their home for any minor or cosmetic repairs that can be addressed quickly.

 

7. Not Choosing the Best Offer

Naturally, the highest offer received on a home may seem like the most enticing. But just because an offer may be higher than another doesn’t mean it’s the best one. It’s critical for sellers to communicate with their agent about the full terms of the offer to understand its contingencies, how it affects their bottom line, and how those components align with their needs and preferences.

 

If you’d like more information on selling your home and how to avoid costly mistakes, an experienced Windermere agent is ready to help. Click here to connect with an agent today.

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The Benefits of a Pre-Listing Inspection

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Pre-listing inspections can help sellers better understand the condition of their home before putting it on the market. They can also strengthen a home’s appeal to potential buyers and help to streamline the offer process, which is especially important in competitive markets. However, pre-listing inspections can also open sellers up to added liability. Talk to your Windermere agent to understand if conducting a pre-listing inspection is right for your home.

 

What is a Home Inspection?

Conducted by a licensed home inspector, a home inspection is a detailed review of the condition of a home and property. Inspectors examine everything from a home’s electrical work and sewage to its heating and cooling systems, searching for any evidence of damage or structural issues that may affect its value. By having your home inspected before you sell, you’ll have the chance to discover whether it needs any repairs or upgrades.

 

Pre-Listing Inspections

Pre-listing inspections not only help identify repairs, but they can also make the selling process more efficient. A pre-listing inspection discloses a home’s condition to buyers up front and gives them confidence that the seller is being transparent about any possible issues. This can save significant time for both buyers and sellers, especially in competitive markets where there are multiple offers on the table.

Something for sellers to keep in mind is that if a home in a competitive market does not provide a pre-inspection report, buyers may be hesitant to make an offer knowing the time it takes to perform an inspection and the fact that they are likely competing against several other buyers who are willing to waive this step.

 

The Benefits of a Pre-Listing Inspection

Home inspections give a good baseline of your home’s condition. The information gathered during this process is exactly the kind of in-depth knowledge that buyers want to know when considering placing an offer on a home.

Since buyers will know right away what repairs are needed, they can factor them into their initial offer, as opposed to discovering them during the inspection contingency and getting entangled in negotiations. Being forthcoming about your home also reduces the chances of an offer falling through and the buyer walking away.

An added benefit of a pre-listing inspection is that it helps your real estate agent more accurately price the home and enables them to market it with the knowledge that everything is being presented in the most transparent way possible.

 

If you have any questions about home inspections or any of the steps in the selling process, we’re happy to connect you with a Windermere agent here: Connect with an agent

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The Benefits of a Pre-Listing Inspection

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Pre-listing inspections can help sellers better understand the condition of their home before putting it on the market. They can also strengthen a home’s appeal to potential buyers and help to streamline the offer process, which is especially important in competitive markets. However, pre-listing inspections can also open sellers up to added liability. Talk to your Windermere agent to understand if conducting a pre-listing inspection is right for your home.

 

What is a Home Inspection?

Conducted by a licensed home inspector, a home inspection is a detailed review of the condition of a home and property. Inspectors examine everything from a home’s electrical work and sewage to its heating and cooling systems, searching for any evidence of damage or structural issues that may affect its value. By having your home inspected before you sell, you’ll have the chance to discover whether it needs any repairs or upgrades.

 

Pre-Listing Inspections

Pre-listing inspections not only help identify repairs, but they can also make the selling process more efficient. A pre-listing inspection discloses a home’s condition to buyers up front and gives them confidence that the seller is being transparent about any possible issues. This can save significant time for both buyers and sellers, especially in competitive markets where there are multiple offers on the table.

Something for sellers to keep in mind is that if a home in a competitive market does not provide a pre-inspection report, buyers may be hesitant to make an offer knowing the time it takes to perform an inspection and the fact that they are likely competing against several other buyers who are willing to waive this step.

 

The Benefits of a Pre-Listing Inspection

Home inspections give a good baseline of your home’s condition. The information gathered during this process is exactly the kind of in-depth knowledge that buyers want to know when considering placing an offer on a home.

Since buyers will know right away what repairs are needed, they can factor them into their initial offer, as opposed to discovering them during the inspection contingency and getting entangled in negotiations. Being forthcoming about your home also reduces the chances of an offer falling through and the buyer walking away.

An added benefit of a pre-listing inspection is that it helps your real estate agent more accurately price the home and enables them to market it with the knowledge that everything is being presented in the most transparent way possible.

 

If you have any questions about home inspections or any of the steps in the selling process, we’re happy to connect you with a Windermere agent here: Connect with an agent

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Finding the Right Agent to Sell Your Home

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Showing

Selling your home is a collaborative effort between you and your real estate agent. As you prepare to sell your home, it’s important to find an agent who not only can answer your questions throughout the selling process, but who also cares about the happiness and goals of you and your household, as well.

Before You Begin Your Agent Search

 Once you’ve made the decision to sell, there are some things to consider before selecting an agent to work with.

Communicate your reason for selling

  • Behind every homeowner who decides to sell their home there’s a story, and every story is unique. In the early stages of working together, your agent will be processing a lot of information about your timeline and financial goals. Having these details ironed out and ready to communicate will help them understand your motives and guide the process effectively.

 Think about selling strategy

  • Part of a real estate agent’s expertise is knowing the optimal selling strategy to pursue, but no one knows your home better than you. Putting time and effort into thinking about things like how your home will be marketed and how showings will be conducted will help inform your agent’s strategic advice.

 

Finding the Right Agent for You

You and your agent will be communicating throughout the process of selling your home. You’ll be relying on them for updates and information each step of the way. Though your goal in working together is ultimately the sale of your home, your agent’s ability to connect with you on a human level through the emotional ups and downs of the selling process is just as important as their professional attributes. Accordingly, you’ll want to consider what qualities you’re looking for in an agent.

To set yourself up for identifying good candidates, talk to people you trust who know your personality and goals. Get referrals from your family, friends, colleagues, and neighbors. If they recommend someone, follow up with that agent to see if they are a good fit for you.

Searching for an Agent

To give yourself the best pool of potential agents, conduct your search both online and in-person. Exploring an agent’s social media profiles and reading reviews online can be useful in assessing whether they’re someone you want to work with. If in-person showings and open houses are occurring in your market, consider dropping by to get a chance to interact with the agent first-hand. After you have narrowed your agent search, ask for client references to get more insights into what it’s like to work with them.

Agent Certifications

Some agents choose to earn additional certifications or designations that showcase their commitment to additional training, coursework, and learning to help them specialize and advance their capabilities. Depending on your specific needs, certain designations may appeal to you as you go about finding the right agent to sell your home. The National Association of REALTORS® offers the largest number of professional designations. Explore them here: NAR Designations and Certifications

 

For help finding the right agent for you, we’re happy to connect you with an agent here.

 

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How to Price Your Home for Sale

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Sellers

It’s natural for sellers to want to get every step of the selling process right, but a successful home sale depends on an accurate listing price. Your real estate agent will work closely with you to set the price, but in the meantime, you can use the following information to better understand what goes into this process.

 

What factors influence home prices?

 Understanding what factors influence home prices will give you a deeper knowledge of the market, give clarity to the selling process, and help you work toward the accurate listing price of your home.

Comparable home sales

Comparable home sales—or “comps”—have a major impact on the price of your home. Comps refer to the comparable homes in your area, both pending and sold, within the last six months. Your Windermere agent can provide you with a Comparative Market Analysis (CMA) to better determine the price of your home. CMAs factor in aspects, such as square footage, age, and lot size compared to other homes in your area, to determine how your home should be priced among the competition.

Your home’s location

Naturally, you home’s location plays a significant role in its asking price. Depending on the market conditions in your area, whether you reside in a metropolitan, suburban, or rural location, and the home’s proximity to amenities, schools, and entertainment all contribute to the price.

The home’s condition

If you have recently invested in upgrades or other maintenance projects for your home, they could increase your asking price. However, the price increase potential depends on the kind of renovation, its ROI, and how valuable it is to buyers in your area. If the home is in need of repair, it will likely fetch less interest than better-maintained homes at your price point. Any outstanding repairs or projects looming overhead will make the home less attractive to buyers and could lead to a low appraisal.

Seasonality

Any factors that impact market supply and demand are worth taking into consideration when preparing to price your home, and seasonality is one that cannot be overlooked. Typically, market activity slows in the winter and picks up during the spring and summer months. However, market seasonality varies region to region. Talk to your Windermere agent about the seasonality trends in your area and how they factor into your asking price. 

 Market conditions

Naturally, all sellers want to price their home competitively, but what a competitive price looks like depends on the market conditions, such as whether it’s a buyer’s or seller’s market. Some sellers think that pricing their home over market value means they’ll sell for more money, but the opposite is often true. Overpricing your home presents various dangers, such as sitting on the market too long, which can result in selling for well below what it’s worth.

 

What’s your home worth?

 Nothing can replace the professional knowledge and local expertise of a real estate agent, but automated valuation models (AVMs) can be a helpful first step in determining what your home is worth. Like comps, AVMs assess your home by comparing its information with the listings in your area.

If you’re curious about your home’s value, Windermere offers a tool that provides a series of evaluations on your property and the surrounding market. You can find it here.

These are the basic tenets for understanding what goes into the price of a home. When you’re ready, we’re happy to connect you with an agent who can interpret and expand on this information, perform a CMA for your home, and be the expert in your selling journey.

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10 Costs Associated with Selling Your Home

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Sellers

Selling a home is an exciting time for homeowners. Once you and your household have decided that you’ll hit the market, it’s easy to think solely about the revenue that comes with the sale. However, selling a home comes with its own set of costs. Knowing what these costs are will help you budget throughout the selling process.

Here are 10 most of the most common costs that come with selling a home:

1. Commission fees

Of all the expenses that come with the sale of a home, agent commission fees are usually the largest and for good reason. Real estate agents are professionals, wielding their industry knowledge and local expertise to get the job done and save countless hours of work for the homeowner. The commission is split by the agents representing both buyer and seller, typically totaling between five and six percent of the sale price.

2. Pre-sale home inspection

Pre-sale home inspections are not mandatory, however, if a seller does not conduct one, it could lead to major costs down the road. The inspection allows the seller to find any issues with the home and properly disclose them to the buyer. If the buyer’s home inspector finds repairs that need to be made, they can ask the seller for a price reduction or require that they be fixed in order for the sale to go through.

3. Home repairs

There are varying degrees of home repairs that can increase the value of your home. Cosmetic fixes like improving your landscaping will do wonders for your curb appeal. Painting and decluttering help to present the home in the best light for buyers. Larger projects like replacing appliances, roofing, plumbing, and full-scale upgrades are a more significant investment but can increase your home’s value.

4. Staging costs

During the selling process, it pays to put effort into the presentation of your home. Staging helps buyers to visualize living in the home. Professional stagers will enhance your home’s qualities while minimizing its deficiencies. Their cost will depend on the level of staging your home requires.

5. Utilities

In the interim period between when you move out and the buyers move in, you’ll want to continue paying utilities. Without running water, electricity, and heat, your home could be difficult to show to buyers.

6. Remaining mortgage

Another cost of selling your home is the remaining loan balance on your mortgage. If you have been steadily paying your mortgage, your home sale will greatly aid in paying back the remaining amount, if not cover it completely.

7. Escrow fees

In a home sale, there’s always the question: Who handles the cash? That’s where escrow comes in. It’s common for buyers and sellers to split the cost of escrow services. Be mindful of additional costs during escrow such as transfer fees and notary services.

8. Capital gains tax

The capital gains tax is assessed by taking the difference between what you paid for your house and what you sold it for. There are common exclusions for the tax, but there are situations where the exclusions may not apply. For example, if the home was not your primary residence, you could end up paying taxes on the whole gain. Talk to your Windermere agent for more information.

9. Property tax

If your home sale takes place after you’ve paid taxes for the year, you may get a rebate at closing. In this case, the buyer reimburses the seller for the applicable taxes paid. Otherwise, the seller should pay the prorated share of property tax until the sale closes, placing the money in escrow.

10. Moving costs

Finally, the home sale is final, and you’re ready to move. Whether you’re moving locally or across the country, moving costs can add up quickly. Moving as many of your items yourself can save money, but for larger, more difficult to transport items, you’ll likely need to incur the cost of hiring professional movers to ensure your items arrive at your new home safely.

 These are just some of the costs associated with selling your home. Each home sale is different, and the costs vary accordingly. Knowing what you can expect to spend throughout the selling process will help you budget accordingly.

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Follow Our Sellers Checklist To Stay Safe While Selling Your Home

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Staying organized while uprooting your life and moving from one home to another can feel impossible. Not only are you trying to get the best financial return on your investment, but you might also be working on a tight deadline. There’s also the pressure to keep your home clean and organized at all times for prospective buyers. However, one thing you can be sure of when selling your home is that there will be strangers entering your space, so it’s important for you and your agent to take certain safety precautions. Like so many things in life, they can feel more manageable once written down, so we made this handy checklist.

 

  • Go through your medicine cabinets and remove all prescription medications.
  • Remove or lock up precious belongings and personal information. You will want to store your jewelry, family heirlooms, and personal/financial information in a secure location to keep them from getting misplaced or stolen.
  • Remove family photos. We recommend removing your family photos during the staging process so potential buyers can see themselves living in the home. It’s also a good way to protect your privacy.
  • Check your windows and doors for secure closings before and after showings. If someone is looking to get back into your home following a showing or an open house, they will look for weak locks or they might unlock a window or door.
  • Consider extra security measures such as an alarm system or other monitoring tools like cameras.
  • Don’t show your own home! If someone you don’t know walks up to your home asking for a showing, don’t let them in. You want to have an agent present to show your home at all times. Agents should have screening precautions to keep you and them safe from potential danger.

 

Talk to your agent about the following safety precautions: 

  • Do a walk-through with your agent to make sure you have identified everything that needs to be removed or secured, such as medications, belongings, and photos.
  • Go over your agent’s screening process:
    • Phone screening prior to showing the home
    • Process for identifying and qualifying buyers for showings
    • Their personal safety during showings and open houses
  • Lockboxes to secure your keys for showings should be up to date. Electronic lockboxes actually track who has had access to your home.
  • Work with your agent on an open house checklist:
    • Do they collect contact information of everyone entering the home?
    • Do they work with a partner to ensure their personal safety?
  • Go through your home’s entrances and exits and share important household information so your agent can advise how to secure your property while it’s on the market.

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