As part of our daily routine, our real estate team members meet with sellers on a daily basis to help determine the value of their home. We run a CMA, which is short for Comparative Market Analysis for their home and neighborhood.
Before we even get to look at the home, we will pull public data such as square footage, number of bedrooms and bathrooms, year built, features such as pools and spas, determine if the home is lakefront, golf view, or is located on acreage. Other information that is important is how many cars does the garage hold? Is there a Homeowner’s Association? Is the community gated?
Next we pull how much homes have been selling for in the area in the last 6 months. If 6 month data isn’t available, then we’ll pull 12 months. Appraisers like the most recent sales and prefer a 6 month window versus the 12 month window. The appraisers will rely very heavily on what’s sold in the area recently and adjust for items of value that your home features.
We do look at square footage and can generate an average based on square footage alone. But that’s not always a good indicator of how much your home should sell for. When we meet with you, we’ll go through your home and notate all of the custom features you have added to the home. Many upgrades in your home can add value, although not all upgrades add a lot of value. Our list will not only help us to establish a suggested listing price, we also utilize this list of upgrades when we meet with the appraiser for the appraisal.
Meeting your appraiser in person is an extra step most Realtor(s) don’t pay enough attention to. In fact, many won’t even show up for your appraisal! We’ll provide the appraiser with a list of all of the features you’ve added to your home so that they take your hard work into consideration when establishing a value for your property. We’ll also provide a list of the homes we’ve utilized as comparables when listing your home. This will not only make the appraiser’s job easier, but will help ensure that they don’t miss anything that would affect your homes current value. While we can’t sway an appraiser, we can provide to them facts that they can use in their evaluation.
Now, why do some homes sell faster and for more money than other homes? Many factors play into answering this question. When a home is not neat and tidy, with clean lines and an easy to manage appearance, the buyer starts making deductions in their head from the list price of all the things they need to do to bring the home up to speed. By this, we mean bring the home to a comfortable, livable level. Remember, the buyer is searching for their ideal home!
Some homes already have everything the buyer wants, needs, and desires. When a home has everything the buyer is looking for, they won’t start their automatic price deductions in their head. In fact, they often want to offer more for the home because it’s less that they have to do to bring the house to their comfort level. Some people just prefer a turn key operation and want to simply just move in!
When selling a home, first and foremost make sure that your home is clean and organized. Get rid of stuff you don’t need or want. Take a step back and really look at your home. Does it have clean lines? Or is it cluttered? If it’s cluttered, start clearing out items you no longer need. Consider donating these items to charity or having a yard sale. The object here is to make your home feel easy to manage.
Take a look at carpets and flooring. Is it clean? If not, make sure all flooring is clean and free of debris, spots, and dirt.
Next go through each room and take a step back and really look at your home. Buyers love the clean lines look. Put away anything that you really don’t need to have out. Simple is better here! Go through closets and toss out stuff you don’t wear or need, or doesn’t even fit any more. Organize pantry’s, cupboards, the garage, even piles of papers. Organization is key!
Once you have organized everything, go back through and look at your home. Are the colors updated? Or are you still sporting 1980’s colors in your home? Sometimes you can update things like bedspreads and throw pillows which can add a whole new look to your home. Other times it just might benefit you to go to Lowe’s or Home Depot and see what’s trending in updated paint colors, fixtures and ceiling fans! Yes, sometimes getting more for your home will involve updating it’s look, which can easily be fixed with new paint on the walls!
Need inspiration? Luckily, it’s easy to find inspiration for paint colors! You’ll find samples in Lowe’s and Home Depot with color hues that match. You can even find more inspiration by visiting model homes in the area. Look at their decor, the colors, and even the lighting! You’ll notice all you see in a model home is the clean lines mentioned above. You may decide to update light fixtures and/or ceiling fans to help update your home’s look.
Also, take a look at your furniture placement. Step back and look at the flow of your home. Will your buyer see how your home flows effortlessly? Or does your home feel like there’s roadblocks everywhere? Situate your furniture so it’s easy to move about the rooms and open doors. Again, if you have too much stuff, maybe it’s time to declutter?
Make sure your home is clean and it sparkles! Kitchens and bathrooms must be clean and shiny. Be sure to leave the kitchen sink empty, the toilet seats lids down, and polish any mirrors that might have smudges on them.
Hopefully these ideas will help you see your home as your buyer will see it when they walk in. It helps to take a step back and look at your home in a whole new way. While it does take a bit of work to net top dollar for your home, you will enjoy putting more money down on your new home, won’t you?