Forget the moanings on the nightly news. Forget the tales that all business has crashed to a standstill and credit is permanently crunched. Business goes on. And the commercial transfer of residents and commercial properties must go on as well. Yes, New Jersey has a relatively stable population. But a 10 - 14 percent emigration of retirees, matched by a near equal influx immigrants means that real estate trade will continue to thrive. Additionally, entrepreneurial percentages are actually rising in the Garden State. Properties and commissions await the right seller.
Preparing a home for sale in today’s market often requires more than just few cosmetic improvements. It requires keeping an open mind about what buyers are looking for, and staying up to date on the local housing market. Homeowners can change the way buyers view a property inside and out with some updated staging and marketing techniques, and should be open to their realtor’s more realistic suggestions for pricing.
“Buyers are benefiting from being able to pick and choose from a wide variety of homes on the market. They are going to be more thorough with their searches and sellers should be prepared for that,” says Diane Dilzell, President of the New Jersey Association of Realtors, (visit www.njar.com.) “In today’s market, buyers can get a great house at a great price so it’s important that sellers differentiate themselves from competing properties.”
* Setting a Realistic Price. When it comes to selling a home, it’s important to keep in mind that value depends on what the buyer is willing to pay for your property and many factors contribute to their perceptions. Prices depend on local characteristics such as job opportunities, housing supply, school systems and more. Sellers should stay realistic. Set the price with a realtor who can help determine which factors are at work in a given marketplace. Assess the features. Check the exact cash amount they are adding to homes or commercial structures similar to yours. Work these into the final price. At the same time, be honest. What factors lessen the price? Factor them in.
Also, the time the owner “must” sell or the amount of repairs the home needs can play a large role in setting a fair price. “Sellers should be pricing to stay ahead of the market and can’t afford to rely on what the home was valued at several months ago,” added Dilzell.
Mary Lee Hesselgrave sold her home in Hardyston this summer. “I thought our house was worth a lot more, but our realtor went through it. He had a full understanding of today’s market and how people are shopping. He had sound reasoning for why the price we sold our home for would be beneficial, when I originally thought it was worth more. We had unbelievable traffic flow, several return viewings, and accepted a price we were comfortable with within 26 days.”
* Creative Marketing. The marketing of homes has shifted more towards new technology, rather than only putting an ad in the local newspaper. Sellers should be open to innovative and creative marketing techniques recommended by their realtor. Virtual home tours and concentrating on well-lit, high quality digital photos for website listings can give your home a chance to be noticed in front of the increasing majority of buyers who turn to Internet listings first. It just helps busy buyers sop faster and reach a decision faster. It’s worth finding out where to place your pictures where awareness will increase and buyers will notice.
* Competitive Staging. Buyers seek the least expensive home in the best neighborhood they can afford. The goal in staging a home is to maximize space and provide a clean slate for prospective buyers to make the home their own. Cosmetic improvements such as paint, wallpaper, and landscaping, are good investments to make a home generally more appealing. Mechanical repairs done to ensure that all systems and appliances are in good working condition are required to get a top price.
Walk through the building with your realtor, list the improvements, weight the cost vs profit increase. Realtors who see numerous homes, can provide suggestions that are consistent with local market trends. Simple tips such as storing away family photos or personalized decor, maximizing counter space and clearing items away from windows can be done in just a few days. Home staging professionals can even be enlisted to help get creative with renovations and changes.
West Windsor home seller Cindy Sauber said, “We took our personal items, put them in storage and completely staged the house. If we were going to sell, we knew we had to follow certain rules.” she said.
* Buyer Curiosity. Putting work into the inside of a home is of no use if prospective buyers don’t want to enter it. Curb appeal is the first chance to make a good impression. Curb appeal sells 49 percent of all houses, whether you have a townhouse, condo or detached home, says the National Association of Realtors. Replacing light fixtures, removing dead leaves, and ensuring snow is shoveled neatly from walkways and driveways are easy tasks that help entice a buyer into the home during the winter months. If a seller is unsure of what buyers are looking for, asking friends and neighbors for a fresh perspective can help them evaluate what looks old or run-down. Owners can get a “big picture” view by taking a photo from across the street.
NJAR has developed a public education campaign for house sellers. Visit www.realstorynj.com. This informational website features real stories from recent buyers and sellers, as well as a list of what sellers can do to improve sales profits. Biz4
Diane E. Dilzell began working originally for a telecommunications company, and after switching to real estate, found she loved it. Since 1989, she has served as a broker-associate manager of Pinacle Realtors in Bedminister. She is currently the 2009 President of the New Jersey Association of Realtors.
