Many experts are advising that it may be best to wait before you try to sell your home in the current market. There are certainly many reasons for this type of advice. The market in most areas remains rife with inventory. Prices have not yet stabilized and as a result, many markets are continuing to experience price declines. This is not expected to change at least for several months. In some cases, it could be next year before markets begin to stabilize. Thus, the theory exists that it does not make sense to sell at the moment when markets could likely stabilize soon. In some situations; however, sellers may not be able to wait before they sell. If they are facing a foreclosure, medical situation, or must relocate for work; there simply may not be any other alternative but to attempt to sell their home in the current market.
If you find yourself in this type of situation, then it is important to know what you can do to sell your home in the current environment despite the real estate crash. The first thing of which you should be aware of when selling in this climate is that caution should be exercised with home improvements. Just a few years ago sellers could expect to recoup quite a bit of money for making home improvements when they sold their properties.
This is no longer the case. In fact, many experts are now pointing out that buyers are more interested in homes that are clean, neat, and presentable than homes that are high-end. The most common mistake that many sellers make when selling their home in the current market is adding the cost of the remodeling to the sales price. Essentially, these sellers are asking the buyers to pay for the cost of the remodeling. While this might have worked in some markets a few years ago, it simply will not today.
Therefore, before you make any improvements to your home for the purpose of selling it, it is a good idea to seek professional advice. Ideally, this should be done a few months before you plan to put the home on the market. By seeking professional advice, you can learn where to spend your money to get the most bang for your buck. In most cases this will be paint and flooring; however, this can vary from market to market.
Another area that can be worth it to spend the money is obtaining a home inspection before the property goes on the market. In the past, home inspections were not performed until a contract was actually on the market, and then it was paid for by the buyer. In today’s market; however, buyers have the luxury of being more selective. Obtaining a home inspection can set your home apart from the rest and provide peace of mind to buyers.
In addition, you should make sure you pay attention to the exterior of your home as well as your lawn. Siding and windows, in particular, are an important area on which to focus.
While in the past, kitchens were a major area on which to focus for home improvements because most sellers could expert to recoup most if not all of the cost, this has also changed in light of the existing market. Unless you cannot avoid it, replacing dishwasher, stoves, and refrigerators is not advisable.