The Top Five Mistakes that Sellers make- The Fairfield County CT Version

Here it is. It offer my own version of the Top Five Mistakes that Sellers Make.  You may have seen a littany of articles on those "top five mistakes". Go ahead if you want, and look at all of the articles on this subject-  there are quite a lot, I can assure you. As a matter of fact, I typed in "top five mistakes that sellers make" in Google and it returned about 415,000,000 results in just 0.32 seconds.

With that, I offer you my original Top Five, which may not necessarily agree with the other Top Five Lists, but I can pretty much guarantee you that all of these are appropriate for our area,  and actually..... anywhere you want to sell your home. Here they are, in order of importance.

1. Hire the Right Realtor
2. Hire the Right Realtor
3, 4 and 5. Hire the Right Realtor!

All of the reasons that your home doesn't sell is because the wrong Realtor is representing you, period- end of story.

Hiring the wrong Realtor is the worst thing that you could possibly do. All four hundred some-odd million of these lists could have stopped right there, because all of the other items that are on those lists  are agent related.

The bottom line is that it rests with your Realtor, so your top five priorities in selling your home should truly be focused on just one thing. That is, Hire the Right Realtor.  There is  only one answer to the number of "mistakes"  that I saw, and continue to see in the marketplace. Here  are some of them, and as you can see, the common denominator has to be your agent.
 
1. Overpricing Your Home- wouldn't your Realtor tell you the right price?
2. Not staging your home? Doesn't your Realtor assist you with this as part of their service?
3. Under-marketing or OVER-marketing your home including misrepresenting your home's features, condition or square footage? Your Realtor is the professional he/she should know exactly how to market your home. Shame on your Realtor for this one, period.
4. Sticking around during Showings, and/or not making your home readily accessible for showings? Hasn't your Realtor advised you how this can adversely affect your home sale?
5. Picking the wrong buyer- Shouldn't your Realtor be helping you on this?

Keep it simple and get it sold. Hire the Right Realtor.  These people did.

......and the right Realtor? That's me! :)

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Seller Tips: Proper Staging and Guidelines for Home Showings.

When you list your home for sale, a lot of emotions can come to the forefront of your thoughts. You love your house, you may  have some sentimental memories there, and it's only natural to think that everyone who comes in should like it enough too want to buy it, too. But that's not always the case.

The most important thing to remember is that it is not a personal affront to you when a buyer comes into your home and doesn't wish to pursue a purchase.

There are things that you can do before, during and after a home showing that will assist your Realtor in making the process as quick and painless as possible  There are also things that you shouldn't do that can also hinder a sale. SEE ARTICLE ON "Should a Seller Leave During Home Showings".

Before the showing:

Is you home properly staged for sale? We have a few general tips on staging  and have also provided useful links right here within this article for your reference.

OUTSIDE: Make sure your front porch is inviting. During the summer months, put a potted plant near the door. In the fall, Mums are nice, and make sure that the porch and front walk are clear of any fallen leaves. In the winter, make sure your walk is devoid of ice and/or snow. SEE ARTICLE ON Exterior Staging

INSIDE: Pick up any clothing on the floor, on the bed, draped on the couch, or in the laundry room.  Gather all of your personal papers and put them out of sight. Make sure your counters are clean, no dishes are in the sink, and that your home smells fresh.  In, short, it's time to de-clutter. DO NOT spray something like Febreze all around the house moments before a showing. It's obvious to buyers, and it looks like you are hiding something.

During the Showing: Try and leave if you can. You don't have to leave until the buyers come, but  really- try not to be there.It can get uncomfortable for the buyers and you want them to have their own "space" while they are looking.

After the Showing: Most  buyers spend about 10-15 minutes looking at an average sized  home. Any less, they are probably not interested. If they stay over 20 minutes, there may be some interest. You should expect that your agent (that would be me!)  will obtain feedback for you on the showing. Be prepared for negative feedback, and again... do not take it personally. Feedback helps you and your agent tweak the marketing of your home in order to effect a sale.

When you decide to sell your home, be prepared for the gamut of emotions to pour out. Don't shoot the messenger if the news is not exactly what you want to hear, and always be fully prepared for the last minute showing. It could very well be your last showing, too!

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Trust Your Gut. Spot Red Flags When Negotiating the Sale of Your Home

Your gut instincts are usually right on target. Learn to trust them. Sometimes, we get that gut feeling that something can or will go wrong, and we dismiss them for whatever reason. Maybe it's because  the reason we got those gut feelings is because of something totally unrelated, and we recognize that. Or, maybe the other party did something  to diffuse the initial concern.

Nobody ever wants to tell you, "I told you so", and you should not ever have to feel like saying to yourself, "I should have listened to my gut and I didn't. That's what got me into this predicament"

So let's talk about those gut reactions, and gut feelings when it comes to negotiating. When you can chalk those up to past experiences when there are many of the same factors involved, it is time to listen.

This may seem out of context, but it really isn't, if you think about it.  A few years ago,  I went to a Realtor safety class that was given by a seasoned detective. He gave us a great presentation and went on to say that we (as Realtors) put ourselves at risk  on a daily basis. He said something that resonates with me to this very day, and that not only involves personal safety, something that is smart thinking in day to day life- and I have taken that one step further to include negotiating.

What he said is that is if you have a concern, you learned that (physical and/or) emotional response from a prior event. Listen to your gut. If it says you need to be concerned, then be concerned. Period. And take an appropriate course of action.

Now what does all of this have to do with negotiating? We are not talking about safety issues, we are talking about negotiating. And that, we are...

You probably have not been involved in a large number of home negotiations, but I am assuming your real estate agent has. There are few obvious red flags to concern yourself with.

When the party on other side of the transaction displays some behavior that just doesn't seem right and it's right there from the beginning, don't expect it to get any better throughout the transaction.

If a buyer or seller is nickel and diming you from the very beginning, expect it to last right up through and including the closing.  That doesn't mean that you shouldn't work with that buyer or seller, it just means that you should know what you are in for, and to be ready for it. That may mean holding back some negotiations that are inevitably bound to happen before the closing.

If a buyer or seller agrees to a contingency or modification of the offer, and then reneges, expect that to happen throughout the transaction, if it ever comes to fruition.

On the other hand, when the other party tends to be reasonable, they will most likely be reasonable throughout the transaction. So your gut isn't always telling you that there is something to be concerned about.

Your agent (that would be me) knows how to negotiate and counteract those  seemingly little items that tend to pop up, and that could very well amount to much more than they initially appear. So count on your professional agent to guide you in the right direction and handle the bumps along the way.

 

How much should you negotiate on your home?

This may seem initially vague,  but that answer will be different for everyone. Four factors play a major part in the ultimate selling price of your home, and those four factors together will determine the negotiating guidelines that are right for you.

• what is the market value is on your home

• how much is your home listed for

• how much structural or cosmetic work is needed

• how badly you want to sell.

1. What is the market value of your home? If your home's value is estimated from your Realtor  to be at  $600,000, for example, and you have an offer on the table that is substantially less, there may not be any room to negotiate, or any need to , for that matter. If your offer comes in at $620,000 for example, you may just want to accept it right then and there, or just try for a little more. (It never hurts!)

2. How much is your home listed for? Let's say that your home that is valued at $600,000 is actually listed for $650,000, because you wanted to leave room for negotiations. If someone came in with an offer under $600,000 does it mean that they are trying to lowball you? Absolutely not. They just want to get you to accept an offer on your home that is much more in line with market value.  Optimally, you should never put in "negotiating room" on your asking price. Your home  will end up  being labeled as overpriced, and you will not be able to compete properly with the homes in your expanded price range.  Buyers buy on emotion. If they really want your home, they will pay your price, as long as its within market reason, and they have the financial wherewithal to buy it.

3. Does your home need any structural repairs or obvious cosmetic updates? If a repair costs $2,500, subconsciously most buyers will end up doubling that and reduce their offering price by the doubled amount. It might fare better that you acknowledge that the home needs some structural or cosmetic repairs, and state clearly that you have already accounted for that in the price, do you don't get hit in the wallet  twice for one repair.

4. How badly do you want to sell? If you are not getting a lot of offers, or getting very few, that saying "A bird in the hand is worth two in the bush", is much more relevant to you. Just for one quick example, think about each monthly mortgage payment you make, and how much it costs you to maintain your home while it is on the market. If you are sure that the risk of not selling is less than the perceived financial loss of selling, then hang on and wait for another buyer.  But remember to look at your actual bottom line- that is your net proceeds after your expenses.

If the bottom line in your mind is that you won't selll for a dime less than $600,000, your mortgage is $4,000 per month and you have already waited four months to get an offer of $585,000, you have actually spent $16,000 to get to that point (four months worth of mortgage) for a net of $584,000.  If you end up waiting yet another four months and settle for $595,000, you have spent $32,000 to get to that point.
That $595,000 is worth less than the $585,000 just 120 days ago. So it is important to look at your actual net, after you take into account all of your expenses.

But truly, the answer to how much you should negotiate falls squarely on your shoulders, taking into account  these four items, and it is your decision. Let no one talk you into or out of anything. What is best is that you have someone experienced (like me!) give you the best advice  possible. Contact me anytime. I am ready to assist you with all of your real estate needs.

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Mold in Your Connecticut Home. The Basics

MOLD. No one likes being told that there is mold in the home you are trying to sell, or the home you are interested in buying. When someone uses that word in any context with a home purchase or sale, everyone gets nervous, and all of the most offensive images come to mind. Mold can be removed, but you have to get to the source first.

Mold, Moisture and Your Home

Mold Basics - The key to mold control is moisture control. If mold is a problem in your home, you should clean up the mold promptly and fix the water problem.  It is important to dry water-damaged areas and items within 24 to 48 hours to prevent mold growth.

Why is mold growing in my home? - Molds are part of the natural environment.  Outdoors, molds play a part in nature by breaking down dead organic matter, such as fallen leaves and dead trees.  But indoors, mold growth should be avoided.  Molds reproduce by means of tiny spores; the spores are invisible to the naked eye and float through outdoor and indoor air.  Mold may begin growing indoors when mold spores land on surfaces that are wet.  There are many types of mold, and none of them will grow without water or moisture.
 
Can mold cause health problems? - Molds are usually not a problem indoors, unless mold spores land on a wet or damp spot and begin growing.  Molds have the potential to cause health problems.  Molds produce allergens (substances that can cause allergic reactions), irritants and, in some cases, potentially toxic substances (mycotoxins).  Inhaling or touching mold or mold spores may cause allergic reactions in sensitive individuals.  Allergic responses include hay fever-type symptoms, such as sneezing, runny nose, red eyes, and skin rash (dermatitis).  Allergic reactions to mold are common.  They can be immediate or delayed.  Molds can also cause asthma attacks in people with asthma who are allergic to mold.  In addition, mold exposure can irritate the eyes, skin, nose, throat and lungs of both mold-allergic and non-allergic people.  Symptoms other than the allergic and irritant types are not commonly reported as a result of inhaling mold.  Research on mold and health effects is ongoing.  This article provides a brief overview; it does not describe all potential health effects related to mold exposure.  For more detailed information, consult a health professional.  You may also wish to consult your state or local health department.

How do I get rid of mold? - It is impossible to get rid of all mold and mold spores indoors.  Some mold spores will be found floating through the air and in house dust. Mold spores will not grow if moisture is not present.  Indoor mold growth can and should be prevented or controlled by controlling moisture indoors. If there is mold growth in your home, you must clean up the mold and fix the water problem. If you clean up the mold but don't fix the water problem, then, most likely, the mold problem will recur.
 
Who should do the cleanup? - This depends on a number of factors.  One consideration is the size of the mold problem.  If the moldy area is less than about 10 square feet (less than roughly a 3-foot by 3-foot patch), in most cases, you can handle the job yourself, following the guidelines below.  

If there has been a lot of water damage, and/or mold growth covers more than 10 square feet, consult with an InterNACHI inspector. If you choose to hire a contractor (or other professional service provider) to do the cleanup, make sure the contractor has experience cleaning up mold.  Check references and ask the contractor to follow the recommendations of the EPA, the guidelines of the American Conference of Governmental Industrial Hygenists (ACGIH), or other guidelines from professional or government organizations.
    
Do not run the HVAC system if you know or suspect that it is contaminated with mold.  This could spread mold throughout the building.
    
If the water and/or mold damage was caused by sewage or other contaminated water, then call in a professional who has experience cleaning and fixing buildings damaged by contaminated water.
    
If you have health concerns, consult a health professional before starting cleanup.

Tips and Techniques - The tips and techniques presented in this section will help you clean up your mold problem.  Professional cleaners or remediators may use methods not covered here.  Please note that mold may cause staining and cosmetic damage.  It may not be possible to clean an item so that its original appearance is restored.   

    Fix plumbing leaks and other water problems as soon as possible. Dry all items completely.
    Scrub mold off hard surfaces with detergent and water, and dry completely.
    Absorbent or porous materials, such as ceiling tiles and carpet, may have to be thrown away if they become moldy. Mold can grow on or fill in the empty spaces and crevices of porous materials, so the mold may be difficult or impossible to remove completely.
    Avoid exposing yourself or others to mold.
    Do not paint or caulk moldy surfaces.
    
Clean up the mold and dry the surfaces before painting. Paint applied over moldy surfaces is likely to peel.  If you are unsure about how to clean an item, or if the item is expensive or of sentimental value, you may wish to consult a specialist. Specialists in furniture repair and restoration, painting and art restoration and conservation, carpet and rug cleaning, water damage, and fire or water restoration are commonly listed in phone books. Be sure to ask for and check references. Look for specialists who are affiliated with professional organizations.

What to Wear When Cleaning Moldy Areas: -  Avoid breathing in mold or mold spores.  In order to limit your exposure to airborne mold, you may want to wear an N-95 respirator, available at many hardware stores and from companies that advertise on the Internet. (They cost about $12 to $25.)  Some N-95 respirators resemble a paper dust mask with a nozzle on the front, and others are made primarily of plastic or rubber and have removable cartridges that trap and prevent most of the mold spores from entering.  In order to be effective, the respirator or mask must fit properly, so carefully follow the instructions supplied with the respirator. Please note that the Occupational Safety and Health Administration (OSHA) requires that respirators fit properly (via fit testing) when used in an occupational setting.

Wear gloves. Long gloves that extend to the middle of the forearm are recommended.  When working with water and a mild detergent, ordinary household rubber gloves may be used.  If you are using a disinfectant, a biocide such as chlorine bleach, or a strong cleaning solution, you should select gloves made from natural rubber, neoprene, nitrile, polyurethane or PVC.  Avoid touching mold or moldy items with your bare hands.
 
Wear goggles.  Goggles that do not have ventilation holes are recommended.  Avoid getting mold or mold spores in your eyes.

How do I know when the remediation or cleanup is finished? - You must have completely fixed the water or moisture problem before the cleanup or remediation can be considered finished, based on the following guidelines:  

    You should have completed the mold removal.  Visible mold and moldy odors should not be present.  Please note that mold may cause staining and cosmetic damage.   
    You should have revisited the site(s) shortly after cleanup, and it should show no signs of water damage or mold growth.  
    People should have been able to occupy or re-occupy the area without health complaints or physical symptoms.  
    Ultimately, this is a judgment call; there is no easy answer. If you have concerns or questions, be sure to ask your InterNACHI inspector during your next scheduled inspection

Nick Gromicko, FOUNDER. http://www.nachi.org
International Association of Certified Home Inspectors (InterNACHI) is the world's most elite, non-profit inspection association.
President, ComInspect, www.cominspect.com
Director, Master Inspector Certification Board, www.certifiedmasterinspector.org
Author, 15 books and Co-Host of  http://www.NACHI.TV