The Eight Great Reasons to Sell Your CT Home During the Holiday Season

If you have been wanting to sell your home, but  felt that the holiday season is just the wrong time to begin the process, think again.

You may already know, or have heard that timing is everything, and it truly is. The Eight Great reasons to  put your home on the market amidst the holiday hoopla are:

1.  Did you know than over TEN percent of annual sales occur during the holiday season?
 
2. There is much less inventory for buyers to choose from, and that means less competition for you, and maybe even a higher price.

3. The buyers that are out and looking are quite serious and need or want to buy, otherwise they would probably be at the mall shopping for gifts.
 
4. If you decorate your home for the holidays, it will show beautifully. Everybody loves decorations. If you don't normally decorate, that's fine, too.

5. Very few homes will have added curb appeal due to fall and winter conditions. No lawn is beautifully green and no trees are lush. It's a level playing field as far as that's concerned. There is next to no maintenance of the yard as well, making it that much easier, and at some point, snow will cover it anyway.

6. The aromas from pies, cookies and the like create quite a pleasant atmosphere  for buyers looking at your home.

7. If there are times when showing your home is inconvenient, you can always defer the showing to another time. (just as you can throughout the year)

8. Have you thought about additional exposure from your neighbors holiday get togethers? Their friends and family may just be chomping at the bit to live on your street, and lo and behold- A house is for sale there- YOURS, and it could be the reason it sells. 

If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

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Why Your Home is Worth More than the One Down the Street.

Your home can be the exact same style and square footage as the one down the street, even be on the same sized lot, and still be worth more money than the other home.

Now that you actually see that in writing, and it's not just a thought in your head, it doesn't sound right, does it?

Suppose it's YOUR home that is the one down the street that's exactly the same in every way as the other house, and the Realtor says that  YOUR house is worth less? .... that doesn't sound right, either.

Your own emotional attachment to your home doesn't make it worth any more money. If an exact replica of your home was built right next door to you, your home would still be worth more "emotionally" to you. The house next door is somebody else's, and even though it's the same layout,  it just isn't your home, period.  One thing for certain is that your home is worth more TO YOU.

Sentimental attachments are not worth anything to the buyer, though. They have not created an emotional bond by looking at your home for twenty minutes, and just because your home is special to you doesn't mean that it's worth more in the marketplace to any buyer. That's a hard truth, and unfortunately, that's a fact.

How can an agent say your  house is worth LESS than the same house down the street? Why wouldn't it at least be the same?

There are a few reasons that this might actually be the case. One, and it's something that you've heard before-  is the location. If your home is on a corner lot, it WILL be worth less than the house down the street that isn't, and the reason has to do with privacy. If your home is on a main road, the exact same house that's next door to you will be worth more, if it's on a side street. By the way, the towns tax assessor rates your home in accordance with these principles as well.

If neither of those instances fit for your circumstance,, there is probably something else within that house that makes it worth more. It may be maintained better, may be updated in a more marketable way, or it  just shows better than your house does.

If the market is not increasing in value, your home should not be listed for more money than that house sold for, and for some, that's hard to swallow. It all comes down to the emotional attachment and sentimental value of your home TO YOU, and remembering that todays buyers are not willing to pay extra for it.

If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

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Could Your Vacant Home Be Disadvantaged in the Connecticut Real Estate Market?

Sometimes, selling a vacant home is the best choice, but it all depends on individual circumstances.  While most sellers live in their home while it is on the market,  some homeowners have the luxury of entertaining  a few different options when they sell.

When the seller vacates prior to marketing the home for sale, or while the property is on the market but not sold due to a relocation, they can choose to leave the home fully furnished, partially furnished, or vacant. Depending on the house and property, one may be a better option for some homeowners  than another.  

As a general rule, you should try and avoid selling an absentee or vacant home if at all possible, but there are some exceptions. 

Why You Should Reside in Your Home While it is On The Market, Even if you Have the Option Not To.

*Overall Home Security
*MOST homes "show" better furnished
*Buyers can envision themselves living at your home more easily.
*Minor cosmetic imperfections or flaws are not easily noticed
*Maintenance and Upkeep
*The buyers will have an example as to how to furnish a difficult room.

Why a Vacant Home Can Put Marketing Efforts  at a Disadvantage.

*Invitatation to potential break-ins
*Perceived desperation invites lower offers from buyers
*Tendency for some homesellers to forget to maintain the outside of home
*If you turn the electricity off, your home can only be shown during daylight hours
*If you set the thermostat to less than 65 degrees in the winter, it can become uncomfortable for buyers to even view your home for any length of time.
*If you choose to winterize your home instead,  it will be VERY cold in the winter, and not inviting to buyers.

The Middle Ground - Leaving Some Items of Furniture Rather Than a Whole Houseful.

If you must take most of your furniture with you, try and leave a few choice pieces behind, or if you have the means, rent some furniture short-term with expert guidance from your Realtor, or a professional stager.  If you are on a tight budget, focus on the living room, kitchen and just one bedroom. Additionally, you can purchase pre-owned furniture very cheaply, and it's very easy to find in the local paper or a few local online sources. Going this route can cost much less than renting individual pieces for a few months. Just something to consider.

When is Selling a Vacant Home Preferable to Selling a Furnished Home?

When a home's furnishings are far from neutral, are in very poor condition, or tattered and dirty, even though it's just furniture, it will detract from the home's marketability. Under these circumstances, and almost exclusively under these circumstances would I ever suggest that selling the home vacant would be a better idea.

If you are experiencing a market or particular condition in your marketplace where there is an influx of buyers who need to purchase and close quickly, a vacant home will give you a distinct advantage.

A few relevant articles on staging:

Proper Staging and Guidelines for Home Showings

Staging the Outside of Your Home

How Much Does it Cost to Stage Your Home

If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

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Buyers and Sellers- How to Prevent a Failed Building Inspection on Your Home

Nobody's too happy when the house doesn't pass a building inspection.  In fact, everyone has to start from square one all over again....The seller, the buyer, and both agents that are involved. Everybody begins their tasks all over again- and that should ALMOST NEVER be the case.
 
A failed inspection would only occur rarely in the market if agents educated their clients during the process.

It is extremely rare  that my clients have had to endure a failed building inspection, and that's whether I represent the seller or buyer- and I have sold hundreds of properties. ....So what makes such a big difference for my clients as opposed  to everyone else?

Education and disclosure. Those two factors will prevent over 99 percent of failed inspections.

Education:

For Buyers: Look closely at the home before you place an offer in on it. My buyer clients get a kick out of looking at houses with me, because I perform mini-inspections as we look at homes, and educate my buyers as to what potential problems there may be if any. I knock on tiles, stomp on the floors, and poke wood that looks like it needs poking.  I am not a building inspector, and do not have that specialized knowledge, but I have attended EVERY home inspection for EVERY home that I have ever sold. If some knowledge hasn't rubbed off on me to impart to my clients, then I wouldn't belong in the business. A couple of very good things result out of this practice- One, if the house doesn't pass my mini-inspection, there is no need to put an offer in on the home and spend money for an inspection that won't end up on a positive note, or, Two- the buyers make their offer knowing that there are some issues that will need to be addressed and are not blindsided by the building inspection.

For Sellers: When you decide to put your home on the market, you  pretty much have a good idea as to whether there may be issues, which could or would break a sale. Tell Your Realtor!  Once you are lucky enough to have a sale, you don't want to needlessly lose it. As a listing agent, I do that same mini-building inspection that I do for buyers when I list your home, and try to find the most common deal-breaker issues that may arise so that we can address them prior to putting the home on the market.  If I see something that looks like a specialist is needed, I'll say so. It's much easier to fix it now rather than fix it later, AND risk a sale because of it.

Disclosure

For Buyers: When buyers disclose found issues prior to the formal building inspection and adjust their offering price because of it, sellers are more likely to accept that offer given that they would have to address items with any future buyer as well. It gives the owner some peace of mind that they won't be nickeled and dimed at time of inspection, which seems to be a common occurrence these days. ( I do not subscribe to the last minute nickel and dime tactics. )

For Sellers: Disclose your known issues, or your suspected issues. By the way, it is the law. Besides that, the little items that wouldn't normally mean a thing to buyers become amplified when there are bigger issues to address, and  they can feel like there might be a lot of hidden problems that the inspector hasn't even found. What happens then is the proverbial straw that breaks the camel's back, and it's hard to keep the deal together or even renegotiate if that's the case.

If buyers have a good idea what they are getting into right from the get go, they are less likely to "walk" after a poor inspection report. They will already be aware of most of the issues. If sellers feel that the buyers have been honest with them, they are more likely to negotiate, or renogiate as the case may be.

Simply put, your agent has to have well rounded skills- marketing, negotiating, and good solid knowledge of a home and its components. You deserve nothing but the best.

When you're ready to buy or sell, contact me. It's my job to keep everything running smoothly, and especially when it gets rough- without worrying you about it unless absolutely necessary.

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The Top Fifteen Most Common CT Home Seller FAQS

If you have sold a home at one point in your lifetime, you already know that the process is a complex transaction that requires a number of individuals to work together to produce a favorable end result. If it's your first time selling a home, you are bound to have a number of questions about the process, just as you probably had when you were buying.

What is the difference between a CMA and an appraisal?

A REALTOR performs a CMA (Comparable Market Analysis),  which includes data  that compares a variety of active listings, pending listings  and sold listings within the past six months in order to arrive at a price range. An Appraiser performs much the same research as an agent, however he/she is also required to use a standardized form, which holds more information than most CMA's. See this article on CMA's and Appraisals.

Should I include negotiating room in the list price?

Your market analysis should be very clear as to what the sales price to list price averages are for your home, your neighborhood and your area. When an agent arrives at a price range, whatever negotiating room there is or isn't is included in that number. Adding " a little play" only makes your home appear to be overpriced as it will be in a different price range of homes that offer more value for the money than yours. As a result, your home cannot compete with a higher range properties, will appear overpriced, and make it that much harder to attract an offer.

What type of issues must a home seller disclose?

Pursuant to P.A. 95-311, Sellers must complete a Connecticut Residential Property Condition Disclosure, which identifies the current condition and history of all physical aspects of the home, as well as a  Lead-Based Paint Disclosure. When selling your home, you (the Seller) and your broker (if you have one) are responsible for disclosing any known issues that could materially affect its value.

When is the best time to sell my house?

The best time to sell is when you are ready, or when you must sell for one reason or another. Property sells throughout the year, and market time and saleability is mostly a function of supply and demand. The time of year you choose to sell can make a difference in the amount of time it takes and the final selling price.  The spring market begins in late January and continues through May. There is another surge in activity in September and October.  Timing is strategic and you may just be better off listing your home when the competition is not so fierce as it is in the spring market. Just something to consider.

Should I sell my home first or wait until I find another home?

The answer truly depends on your personal situation, as well as the condition of the local housing market, as there are advantages and disadvantages to each. If you  sell first, you maximize your negotiating position, and eliminate any need or possibilty of carrying two mortgages at once. A good safeguard to minimizing stress is to include a delayed closing contingency clause in your contract so that you can find another home with little or no pressure.

If you make an offer to buy a home without having your home under deposit first, you may be tempted to sell your existing home quickly, even at a lower price. If you are currently in a "buyers market", the odds of selling your home in time  to purchase the new one are not that favorable, and you may end up being disappointed. The only advantage of buying first is you can shop carefully for the right home and feel comfortable with your decision before putting your current home on the market.

How do I get my home to sell faster?

There are number of reasons why your home  will sell faster than others.  The most important factors are condition and price. Your home will sell most quickly when it has been well maintained and priced competitively to other houses selling in the area,  and is in a healthy real estate market.

Does my home need to be staged, and if so, how much does it cost?

Staging your home for sale is in effect, presenting an enhanced image of your home to attract more buyers. Most experts agree that the main living areas sell a home, so it is important to focus on your  living room, dining room, and family room, as well as any room that the future homeowner may find difficult to furnish or decorate.

Each home is different but basic staging principles are the same for all. Very few homes need to be staged to any extreme whereas a professional (and paid) stager is necessary. A good agent will tell you what needs to be done in order to effect a sale. The quick advice on staging?  De-clutter, de-personalize, distract any negatives, and neutralize your home with your agent's guidance.

What if I am "upside down" and won't have enough money to pay off the bank and sell my home?

This is what we call a short sale, and you are not alone. The banks do tend to want to work with you on this, and your agent should have some specialized knowledge and experience working with lenders for these circumstances. You will need to contact your bank and discuss this with them, and authorize your agent to be able to speak and negotiate on your behalf. The bank really does not want any more inventory, and although this process takes time, it is also well worth it.  

How do I compete with foreclosures? 

If your home is in fine repair, and generally in good condition, you need not worry about foreclosed homes as much as the media tends to think that you do.  Buyers see your home as one  that's ready to move into and in good condition.  It’s worth more to them- they don't want to do any work. Repossessed homes truly compete only with homes with deferred maintenance. The overwhelming majority of foreclosure properties are in need of major repairs, appliance replacement, HVAC systems and other structural components.  New lenders generally will not grant a mortgage on these homes unless the work is completed, and the banks are selling these properties as-is, which means that the buyer must complete repairs before the loan is granted. While foreclosures make great bargains for cash buyers who want to rehab them, they really are not for the general buying public.

What if I get a better offer after I’ve already accepted one? –

If you have signed a purchase contract accepting an offer, you are bound by its terms.  If the buyer defaults on one contingency, doesn’t follow through properly, or tries to renegotiate, you may have your way out. You can always ask the buyer if they would agree to walk away, or pay them to step away. Speak with your attorney as to the ways in which the contract can be legally cancelled so that you may accept another offer. See this helpful article on changing your mind after an offer has been accepted.

What are the most common contingencies in a purchase agreement?

A contingency is a stipulation to an agreement. Sales contracts typically contain several "contingency" clauses, or stipulations that the sale is subject to. The two most common contingencies are for financing- that is where the home purchase is contingent upon whether or not the buyer can secure a loan from a lender, and an Inspection Contingency, where the buyer has the right to have the property inspected for any problems that are unknown, or may have not been disclosed. If significant issues arise, the purchase offer could be rescinded or renegotiated.

Do I need to make repairs in order to sell my home? 

Sometimes a buyer might request a repair in their initial offer. More often than not, buyers may request repairs based upon the outcome of the building inspection.  Remember, this is all part of negotiating. just like the purchase price  Sometimes the lender will require some repairs in order for the buyer to obtain loan approval, but you can still negotiate who pays for them.    

Do I need to hire an agent?  

The overwhelming majority of home sellers hire REALTOR’s to list and sell their homes. Those who do not are known as For Sale By Owners, or FSBOs (pronounced FizzBo's). They market, negotiate, and sell their homes without agent assistance. Although there are a small number of  successful FSBO's, most of those sales are to family members or friends. Especially in a buyers market,  it is not the right route to go, considering all of the access agents have to whatever buyers are out there, and have knowledge of the legal ramifications for non-disclosure, misrepresentation, and the like. Ultimately, most FSBOs eventually hire an agent because the agent will handle all the details and minutia that a successful home sale requires – including the contract, forms, and disclosure statements – and expose the home to the widest range of prospective buyers through the local Multiple Listing Service  and the most visited national home search sites.

Is the commission negotiable?

Yes. Commissions are negotiable by law, and can vary depending on service, customer needs, and company policy. In general, agents charge between 4 percent and 8 percent for full service.

What costs are incurred when selling my home, and when are they due?

Paid at closing from proceeds are the real estate commission, (if you hire an agency to sell). Transfer  tax for the sale to the town and state, and prorated costs for your share of annual expenses, such as property taxes, homeowner association fees, utilties

Payable  prior to your home's sale and durring the process are advertising costs, marketing materials, and other fees if you sell the home yourself, repairs- if any are needed in order to effect a sale, and initial attorney's fees  and/or other professionals as needed.

One thing for sure, the more experienced the agent, the smoother the transaction is going to be.  With 27 years  of experience, I have assisted home sellers in the most difficult of markets, and with  the most difficult of buyers on the other side. No one likes to think about any of the negativity that can occur during such an emotional transaction. Be prepared for the bizarre to happen, because  it does more frequently than you can imagine. When you are ready to sell your home, you deserve the best representation available to you, so just contact me when you're ready. I'm up for all kinds of challenges, so bring it on if you have it!

If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

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