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1. PROFESSIONAL APPRAISAL

Nothing determines the sale price of a piece of real estate but the price at which it sells. Houses are not same-priced identical cans of tuna on the grocery store shelf or shares of stock valued and traded every day on the stock exchange. Real estate appraisal (“property valuation”) is the process of developing a perspective of value for real property. This is the market value — i.e., what a willing, reasonable buyer would pay for the property to a willing, reasonable seller. Real estate transactions generally require assessments because they happen infrequently and every real property is unique in features and characteristics.

An appraisal helps in various decision points. The seller can use the appraisal as a basis for pricing. The buyer can use it as a gauge on which to base an offer. Lenders use appraisals to know how much money to credit to their borrowers.

The important factors in a house appraisal are:

• Dwelling type (e.g., one-story, two-story, split-level, factory-built)
• Features (including design) — materials used and the kind of structure present and how they were built
• Improvements made
• Comparable sales
• Location — type of neighborhood, zoning areas, proximity to other establishments
• Age of property
• Size

Condition, of course, is a crucial factor in valuation. Location is also a factor; however, as property cannot change location, upgrades or improvements to a residential property often can enhance its value.

2. COMPARATIVE MARKET ANALYSIS BY A REAL ESTATE PROFESSIONAL

This type of home valuation is free from real estate professionals and more helpful than automated online offerings. It provides detailed information on each house sold in your area over the last six months, along with the final sale price. It also includes the specifics of all the houses for sale in your area, including the asking price. These homes are your competition. The real estate professional will also answer any questions and help you price your home realistically. Along with an understanding of how the worth of a home is determined, the current market must be considered. By utilizing a professional real estate agent, you can rely on proven expertise to market your home at the best listing price. I will be happy to provide you with a Comparative Market Analysis.

3. LIVING IN A FISHBOWL

A house on the market requires keeping the home in a constant “show-ready” condition, and changes in day-to-day life are inherent in the process. Sellers get unexpected phone calls at all hours from unrepresented prospects and buyers’ agents to show the home, as well as frequent updates by phone, email, and text and show appointment scheduling messages from the listing agent. They also will likely deal with repair and reconditioning appointments and inspections. The house may be photographed for online, periodical, or brochure presentations. There are repeated showings when the home first hits the market. Keep your home in pristine showing condition for impromptu visitors — the perfect prospect might just drop in at dinnertime.

4. CHILDREN (AND PETS) SHOULD BE UNSEEN, UNHEARD

Children and pets are distractions for potential buyers, affecting their experience of your home. You should plan for your children to be elsewhere and your pets crated or leashed, and no toys lying about or dog hair on the sofa. The dishes should always be done and the kitchen sparkling.  The pressure of showing to everyone even mildly interested in looking (not necessarily buying) may come from the idea that the more your home is seen, the more quickly and easily your home will sell. Many real estate agents provide their clients with dozens of homes to consider without a clear picture of what the buyer wants. Low-interest traffic can be heavy and a burden on the seller’s time, energy, and resources.

5. Creating Curb Appeal

Someone once said, “a stunning first impression is not the same thing as love at first sight. But surely it is an invitation to consider the matter.” This could not be truer than in selling a home. First impressions matter. Sometimes they are everything. Nothing sets the tone of a relationship or encourages a transaction more than first impressions. So, always consider what a potential homebuyer may think as he or she drives up to your property for the very first time.

Think of “curb appeal” as the home seller’s shop window. Like picking a lunch place on a busy avenue in a tourist spot, it’s either the outside presentation, or, as we saw in the 80/20 rule discussion, some particular feature that brings in the customers. For most lunch seekers, it is the way the place looks (“curb appeal”), and to others, the soups and sandwiches they serve (specific desired feature).

You do not have a lot of time to establish a curb appeal relationship with a prospective homebuyer. Whether cruising the web to view online photos from across the country, or cruising by your home in the family SUV on a Sunday afternoon outing, home shoppers will decide at a glance whether they want to see more.

• SOME OTHER CONSIDERATIONS IN CREATING GREAT CURB APPEAL

• Symmetry appeals to the eye and is easy to accomplish. Lopsided landscaping or unevenly trimmed bushes will detract from the curb appeal; the overall appearance of the home needs balance.
• The mailbox should complement your home. If it is worn, dated, or unsightly, replace it. This doesn’t cost much and is worthwhile.
• Use outdoor lighting to add to landscaping appeal as well as a perceived safety feature.
• Use flower boxes and raised flowerbeds to add instant color. This is an easy, inexpensive way to enhance curb appeal.
• Spruce up the landscaping. Eliminating weeds and adding fresh mulch can really make a difference and shows homeowner care and maintenance.
• Consider enhancing architectural appeal by adding molding to the tops and sides of the doorway or around windows.
• Keep shutters and trim in excellent shape. Repainting them adds to the attractiveness. Fence gates, arbors, and fencing panels should be clean and fresh.
• Clean downspouts and gutters. Repaint or touch up to eliminate rust spots.
• Ensure the walkway to the front door is clear and approachable. Stacked hoses and unruly landscaping interfere with home shoppers walking up and diminish the inviting look.
• Try a fresh coat of exterior paint; faded or chipping paint, siding, or trim will always detract from curb appeal. If exterior paint is good, ensure door and window trim are, too. This simple upgrade is well worth the cost.
• Power washing the house, walkways, and driveway can be almost as effective as repainting, at a much lower cost. Power washers are easily rented from hardware stores.
• Adding some stone or stone veneer to the face of the home is an inexpensive way to instantly update your home, if it complements the design.
• Add a “smart” doorbell. Eight of 10 home doorbells are outdated or not working, so if you invest $200 in a doorbell equipped with a camera and speaker, you will gain the approval of home shoppers who are looking for security measures.