Selling House in Buyer Market, Here Its Tips
Just because you’re full doesn’t mean you can’t browse the menu. And just because I’m not planning to move doesn’t mean I don’t check real estate websites regularly. As life changes — new jobs, growing families, overall changes in need — so do our priorities when it comes to the roof over our head. As a first-time homeowner, I’m an amateur when it comes to buying, and I’ve yet to wear the seller’s shoes. It all makes me wonder, how easy (or difficult) would it be to offload one home in favour of another?
“It’s technically a buyers market,” says Jason Shadbolt, Realtor for ViewPoint Realty, “mainly because there are far more listings than there are buyers. But I use the word ‘technically’ because buyers feel that houses are priced too high and, as a result, are not buying. Until sellers make a price adjustment, inventory will continue to increase and sales will remain low, not making it a preferred market for either buyers or sellers.”
While the biggest driving factor behind sales is price, there are other aspects that can draw or deter a sale that is competitive pricing and doing necessary repairs or upgrades to a home.
Here are tips to make your home as presentable and appealing as possible while keeping costs down at the same time!
Take the Cost out of Kitchen and Bath Remodels
Under normal circumstances, many folks depend on kitchen and bathroom upgrades for speedier sells and a prettier price tag. Unfortunately, with today’s economic uncertainty, Remodeling Magazine’s average of $55, 503 for a major kitchen remodel and $15,789 for a bathroom remodel are far from affordable in many cases. It’s true that kitchens and bathrooms are traditionally some of the most heavily scrutinized areas for prospective buyers, but instead of the projects suggested in a traditional remodel, these less involved jobs can enhance the space for a far smaller investment:
- Instead of replacing your sink and/or bathtub, have it resurfaced.
- Instead of replacing cabinetry, reface or paint it.
- Instead of replacing old tile counters, walls, and backsplashes with stone or laminate, have your tile re-grouted and cleaned.
Saving Money Inside the Home
Traditionally, flooring upgrades and professional painting were often used to boost a selling price. Today, a little elbow grease can go a long way in these areas.
- Instead of replacing carpet, have it professionally cleaned and re-stretched (if needed). Hardwood floors can be refinished to give them new life, but do the research to see if you feel comfortable tackling this job yourself.
- Professional painters can do the job faster, but you can do it cheaper on your own!
Enhancing Curb Appeal Inexpensively
First impressions are very important, and it’s hard to imagine a prospective buyer going for your asking price if their first glimpse of the property is disappointing. In the past, many homeowners have installed new siding and called for professional landscaping to increase curb appeal, but each of these projects can easily run you thousands!
- Instead of replacing siding, have it professionally cleaned. If you need a fresh coat of exterior paint, consider doing some or all of the job yourself.
- Instead of hiring a professional, do your own landscaping.
Note: Always remember to make sure the front door is in good working condition!
Wrap It Up With Professional Cleaning
Home Advisor estimates the national average cost of hiring a professional maid service to be about $170. In many cases, maid services offer a single, thorough cleaning that is very affordable and will make your house look its very best at a fraction of the cost of any remodeling project!
One More Thing
Though they are probably two of the most neglected areas of the home, when it comes to prospective buyers, attics and basements can be real selling points. If they are clean, organized, and look like they’ve been paid attention to, a prospective buyer may easily imagine all that can be done with the space. If they look like no one’s been in them for the past 10 years, the possibilities of what they could become might not be so apparent!