RhodyRealEstate Thursday, March 19, 2020
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On the fence about holding an open house? Open houses are one way to gain the interest of potential buyers but they’re not right for everyone. To some, the possibility of a hoard of strangers wandering through their home is just too much to bear. Others view open houses as a fantastic opportunity to showcase their home to interested buyers en masse. If you’re on the fence, here are some pros and cons to consider in making your decision:
make sense but things like cameras and recording devices have specific rules. Always consult with your Realtor before employing specific security measures.
Pro: Open houses aren’t just for buyers. Your agent can schedule an open house for brokers and agents so they can see firsthand, whether your home has the features that could interest one or more of their buyers.
Pro: Open houses offer a valuable opportunity to promote that your home is for sale. Even if a sale doesn’t occur directly, the resulting pre-promotion and word-of-mouth can help spread the word to potential buyers. Con: Many times, buyers begin their home search by visiting open houses. Those not quite ready to make a move may feel less pressure visiting an open house than scheduling private showings with a real estate agent. While these visits can sometimes be a direct route from “maybe I’ll start seeing what’s out there” to “I have to have this house,” the reality is, for these buyers, that’s not the norm. Pro: On the other hand, an upcoming open house can entice someone who has been actively looking and is on the fence about making an offer to make a move. The pressure of a looming open house can be the push needed to help them come to a decision, particularly in the current market where the supply of homes for sale is low
Con: Be aware that events beyond your control can render your scheduled open house useless. For example, despite careful planning and prepping, bad weather or road work could limit its success.
OPEN HOUSE and competition for available homes is fierce. Con: At an open house, anyone can walk through your home. They may or may not be financially qualified to buy it, they may just be nosy with no intention of buying at all, or worst of all, they may not be trustworthy, putting the security of your things, your home and your
agent in jeopardy. Minimize the risk by locking up or removing drugs, valuables and important items. Also, talk with your agent about the steps they take to minimize theft or damage and enhance security both at the open house and after it. (Open houses provide an opportunity for thieves to see what they may want to come back for at a later date.) Sign-in in sheets and accompanied tours obviously
Still on the fence? Talk to your Realtor. As members of the National Association of Realtors, they have access to plenty of information on best practices, security measures and protocols as well as avenues to promote your open house and home sale in general. Put their experience to work for you. And remember, the best odds of an open house resulting in a quick sale, is to be sure your home has great curb appeal, is sparkling clean and is priced right from the outset.
Source: RILiving.com
Find homes for sale or rent, upcoming open houses and commercial properties on RILiving. com, the official website of the Rhode Island Association of Realtors.
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Homeowners choose to work with real estate agents to facilitate the process of listing, showing and selling their homes.
How agents and sellers can work together Selling a home can be stressful. Despite this, 5.51 million existing U.S. homes were sold in 2017, according to data from the National Association of REALTORS®. In many cases, homeowners choose to work with real estate agents to facilitate the process of listing, showing and selling their homes. Real estate agents are valuable assets. Agents have neighborhood knowledge, are educated in pricing trends, can filter phone calls or emails from buyers who aren’t serious, and can organize all of the people necessary for a closing. Real estate agents provide many services that the average person may not have the time nor the experience to handle. When selecting an agent
to sell a home, homeowners may not understand that the terms real estate agent and REALTOR® are not interchangeable. Although both must be licensed to sell real estate, the main difference between a real estate agent and a REALTOR® is the latter is a member of the National Association of REALTORS®. NAR ensures that members subscribe to a certain code of ethics. There are many qualified agents, but an agent cannot do his or her job well without some help on the part of the homeowner. These tips can make the process of selling a home go smoothly. • Price the home correctly. Homeowners should trust the agent’s ability to price a home for the market. Everyone wants to get the
most money possible, but listing the home for more than it’s worth may cause it to sit unnecessarily for several weeks or months, which could raise red flags among potential buyers. • Market the home. A real estate agent will list the home via a multiple listing service (MLS) on a private website, in newspapers, and wherever else he or she feels is pertinent. Homeowners can share the listing via social media and word of mouth to help increase the chances of selling the home. • Be available. Limiting the time an agent can show the house to potential buyers is in no one’s best interest. Sellers should be ready and willing to open their homes, which is the best way to make a sale. An agent may suggest a lock box so the home can be shown when homeowners are not on the property. • Make suggested renovations. Agents know which features can make or break a sale. Homeowners should be amenable to certain suggestions, such as neutral paint colors, removing personal effects and clearing clutter. • Give recommendations. Real estate is a commission-based industry. Agents often tirelessly put in hours and only reap rewards if the house is sold. A homeowner who was satisfied with an agent can then recommend that person to friends or family. By working with real estate professionals, homeowners can sell their homes quickly. METRO
Home improvements that increase home value
When granite countertops or shiny, stainless steel appliances beckon homeowners from the display areas of home improvement stores, it’s tempting to gear remodeling thoughts toward the items that will add flair and decorative appeal to a home. Even though most improvements add some measure of value, deciding which are the best investments can be difficult. Return on investment, often referred to as “ROI,” varies depending on the project. Frequently, the projects that seem like the best investments don’t bring the greatest rate of return, while those that seem like smaller projects bring substantial returns. Real estate professionals routinely weigh in with their expert advice, and homeowners can couple that advice with Remodeling magazine’s annual “Cost vs. Value Index” to reap the greatest financial impact from their renovations. The following were some of the projects that garner the greatest ROI. Open the door to improvement Installation of a new steel door on the front of a home can have a large impact on the resale value of a property. The ROI ranges
from 123 percent at the highest, to 86 percent at the lowest — which is still a considerable investment return for such a simple project. Match the door’s style with the style of the house for the best value.
Turn up the kitchen heat An attractive kitchen can encourage buyers to overlook some of a home’s less attractive components. In the kitchen, replacement countertops, wall color changes, new cabinetry and flooring offer the biggest ROI. Dreaming of a new bedroom Remodeling magazine also points to creating an attic bedroom to increase home value. The ROI of an attic remodel that adheres to code can garner an 83 percent ROI. Home maintenance projects There’s little good to improving the aesthetic appeal and functionality of a home if there are existing structural or maintenance issues, warn experts. Siding replacement, HVAC system repair or replacement, a new roof, and basement dampness prevention solutions can be
Before remodeling, determine which projects will provide the greatest return on investment. smarter investments before other flashy remodels. Many buyers have a strict budget for a house, and those buyers may be more likely to buy a house with little or no maintenance issues. Such buyers will then upgrade the kitchen or baths themselves, according to
new windows is 77 percent. The cost of installation and energy savings tend to offset at around the 10-year point. If remodeling is on the horizon, homeowners should give strong consideration to ROI before choosing a project. METRO
Harvard’s Joint Center for Housing Studies. Worthy window replacement Angie’s List, a home services review and referral resource, has found that the average ROI of
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Tips to prepare your home for an open house The sentiment “don’t judge a book by its cover” can be applied to many situations. When it comes to selling their homes, homeowners should remember this adage as they prepare their homes for an open house. Homeowners who want to make their properties stand out can take the following steps. De-personalize the home Homeowners fill their spaces with family photos, heirlooms, personal interests, and other conversation pieces. Prospective buyers may
not be able to see past personal belongings and may even be distracted by them. For example, buyers who have strong beliefs about animal welfare may not buy a home displaying hunting trophies. Remove personalized items where possible, replacing them with generic items. Improve the exterior HGTV says that curb appeal is crucial to making a strong first impression. A messy or lackluster landscape can turn buyers away even before they reach the front door. Mow the lawn and make sure shrubbery has been trimmed. Seasonal potted flowers and plants can help make the house look polished. Repair cracks or damaged walkways, and consider a fresh coat of paint on trim around windows
and doors. Pressure-wash siding if necessary. Put things in storage Rent a storage unit to house items that can make a home appear cluttered. Clean out closets and cabinets, so that when buyers “snoop” during appointments or open houses they see orderly storage areas. If closets are brimming with stuff, buyers may assume the house doesn’t have enough storage space and move on. Make it light and bright Open up all of the drapes and blinds, and turn on overhead lights so the house is well-lit. Add table lamps or other fixtures to especially dim rooms. Create a hotel experience Forbes suggests making bathrooms look like a spa. Stack a few pretty
washcloths tied with ribbon, add some scented candles and faux plants and buy bathmats and towels in coordinating tones. Remove extraneous items from kitchen counters and replace them with vases of flowers. In addition, set up dining spaces as if one were sitting down to a meal, and ensure appliances are sparkling clean. Use common ‘scents’ Skip the fish, bacon or other aromatic meals for a few days, as such foods can leave lingering aromas. Baked goods, vanilla and cinnamon might make for more appealing scents.
Making a home sell fast involves preparation and the knowledge that buyers are often greatly influenced by their first impressions.