| How to Make Your House Irresistible to Buyers -
Part 1: Sell Your House In Any Market
- Respected Coquitlam real estate analyst Milo McGarry speaks out on how to make your home irresistible to buyers -
“How can I sell my house for the most money in the least time” is an even more important question in a buyer’s market. ‘Dressing’ your house is the answer, and it’s something anybody can do. It’s sometimes called ‘staging’ or ‘fluffing’, but ‘dressing’ is a more appropriate term. These techniques have been used by professionals for many years but information has been surprisingly hard to come by for the layman. Here you’ll learn the secrets and why they work.
Many buyers think they’ll be able to look past a poorly decorated or empty house, but they do have a negative psychological effect on most people. Have you ever noticed that successful home builders always use a professionally decorated Model Home or Sales Suite? Buyers want to fall in love with their new home, and it’s very hard to do that if it’s cluttered, in disrepair, out of style, or empty.
Every realtor knows that the longer a house is on the market the lower the final selling price will be. ‘Dressed’ houses sell twice as fast as ‘non-dressed’ houses. A survey in California of 2,772 homes showed the average number of days on the market for non-dressed houses was 30.9, while dressed houses sold in 13.8 days.
Phenomenal Return On Investment
Some of these techniques involve spending a little money, and many people have a psychological block against spending money on something they won’t get to enjoy. But when you look at the Return On Investment (ROI) you’ll realize this may be the best investment you’ll ever make. Research shows that houses that have been ‘dressed’, sell for more money, and the higher selling price more than makes up for the investment.
Statistics from the National Association of Realtors show that the optimal amount to spend on ‘dressing’ your house is between 1 and 3% of the home’s value, and it brings in an average Return On Investment of between 8 and 10% in increased selling price.
So if your house is worth $300,000, then investing between $3,000 and $9,000 will return an average of $24,000 to $30,000 in increased selling price. Even if you look at a less than average possible scenario - if you invest $3,000 and get a return of $24,000 in 5 weeks, you’ve received a net profit of 7 times your investment. That’s a Return On Investment of more than 4,200% on an annual basis. It’s difficult, if not impossible, for most people to find another investment with that rate of return.
The key to making your home irresistible is this:
“Once you decide to sell, you have to understand that this is no longer your home. It has turned into a great opportunity to make thousands of dollars in extra cash. YOUR home is waiting for you somewhere else.”
UNDERSTANDING THE PSYCHOLOGY OF HOME BUYERS
Dressing homes is about understanding and appealing to the psychology of home buyers. They want a house that’s bigger, maintenance free, and a step up in class from the home they’re living in now. And they need to be able to picture themselves living there.
Making Your House Look Bigger
There are a few simple techniques you can use to increase the perceived size of even smaller homes:
- Leave an absolute minimum of furniture and wall hangings, perhaps half of what you have now, and put the rest in storage. You may think the rooms look empty but leave them for a few days and see if you get used to them. Although you may be proud of your furniture you’ll be more proud of selling your house quickly for the right price.
- Make it completely free of small items and clutter such as magazine racks, small plants, stools, garbage containers, umbrella stands, shoe racks, CD racks, and throw rugs.
- Use large accessories such as cushions, table lamps and flower pots.
- Turn on all the lights, open all the curtains.
- Add a coat of off-white paint. If you need to, consult a professional with help on colors.
Giving The Impression Of A Maintenance-Free Home
- Upgrade electrical switches, plug-ins, lighting and plumbing fixtures to give the impression that your wiring and plumbing are up to date and will be maintenance free.
- Make your home spotlessly clean. People naturally feel that if the surfaces of a house are well maintained, things below the surface are in the same good condition. A clean house also feels more comfortable. Be sure to hide all your cleaning materials. Having them visible just reminds people about doing chores.
Gaining A Competitive Edge With Style And Features
Every Coquitlam, Port Coquitlam, and Port Moody home in your price range is your competition. The first step in gaining a competitive edge is research. You need to find out what style should your house be, what features should it have, and how much you should ask.
Style – When most people are buying a new home they want to take a step up in class. If your house is just as ordinary looking as their current one why should they buy it? They are looking for a home they can be proud of. To find out what current house decorating trends are, look through magazines like Better Homes and Gardens. Look particularly at what colors they use. Of course you want to stick to soft neutral colors in general but also look at the accent colors. Fancy cushions give the appearance of luxury. You can buy large pillows for your sofa in the latest colors. Put a slip cover on your old sofa if it is out of style.
Make sure none of the rooms in your house have been decorated in a particular theme. Themes appeal only to a very limited percentage of the population and in order to make your home sell it needs to appeal to the most possible buyers. Paint any rooms that need it with soft warm colors, not bright white. You want your house to feel comfortable, not stark or institutional.
Features - What are your house’s advantages and disadvantages over other homes for sale in your area? Dressing your house is about highlighting the positives and minimizing the negatives. Compare your house to the standard for your price range and improve the points where it is below standard. Have a look at the age of people who are moving in and out of your neighborhood. Are they empty nesters looking for a smaller home that is easy to maintain, young couples with small children, or growing families looking for more living space? This will affect what features your house should have. For example, people with young children or empty nesters may want to use one of the bedrooms as an office or den.
Asking Price – The best thing to do here is call an experienced Coquitlam realtor you can trust. They should be able to give you access to a comprehensive website such as realtor.ca or mls.ca where you can conveniently do your research. Most importantly they’ll provide you with a comprehensive Comparative Market Analysis to help you establish the correct asking price. A Comparative Market Analysis will show you what homes have sold for in the Coquitlam, Port Coquitlam, and Port Moody area and what features they had, as well as which homes are your competition. The time to dress your house is before you do anything else, before you ask your realtor to come over and certainly before any pictures are taken. Your house has to look its best on your realtor’s website. Having your house already dressed will affect the recommended asking price.
Imagine Yourself Living Here
People need to be able to picture themselves living in your house, and you make it more difficult if you have personal photos on display, your collections, and any personal items at all. Remove yourself completely from the equation.
TAKING ACTION
Take Pictures Before Dressing Your Home - The first step in dressing your home is to get hold of a digital camera and take pictures of every room in your house from every angle, including what prospective buyers would see if they pulled up in front of your place right now, before it’s dressed. Then after leaving them for 3 or 4 days, take them to a nearby coffee shop. This is important. Leaving them for a while and viewing them off your premises is the only way to ensure you’ll be looking at them objectively, seeing your house as prospective buyers would be seeing it. Don’t confuse this exercise with your final photography session. This is the ‘before’ set of pictures that only you will see. The photos you use for selling your home will be taken after all your dressing has been done.
The Best Bang For Your Buck - The cheapest things you can do that bring the most Return On Investment are:
- Lighten and brighten
- Clean and de-clutter
- Landscape and yard work
- Repair electrical and plumbing
Curb Appeal - The most important place to scrutinize is the outside front of your house. This is not only what prospective buyers see first when they drive up, or drive by, it’s also going to be what people see on real estate websites. You want people to look at the photo of the front of your home and say “What a nice looking home. Let’s see what the inside is like.” Large flower pots, small shrubs, and hanging plants on the outside can increase your home’s curb appeal tremendously.
In The Kitchen - The next most important places to improve are the kitchen and the bathroom, because that’s where new owners will be spending most of their time. New cupboard handles and hinges, or a granite countertop can make a huge difference in the luxury appeal of both your kitchen and bathroom. If you have small kitchen appliances on the counters, first put away the ones you hardly ever use. Then buy new ones for all the rest. Of course you take them with you when you move. Put half of the things that are in your cupboards in storage, and buy small cans and packages of food to make the cupboards feel larger. Be sure to buy a new shower curtain for the bathroom.
Entry Way - The next most important area of your home is the entry way. Here again, it’s about making a good first impression. If you do that, there is a much better chance that buyers will be sold on your place before they even see the bedrooms or basement. The front door is important because it is the focal point of the front of your house. Replacing or painting it with a touch of class would probably be a money making investment.
Make a Budget - Look at what projects around your house need to be done, such as remodeling or repainting. Set deadlines and budgets and plan how you will meet them. The cost and time required for each will help you to decide on which order they should be tackled, and if you need to get help or hire a professional.
Avoid Hidden Deal Breakers - Most people don’t know the smell of their own place. Either you aren’t sensitive to smell or you simply get used to it. It’s very difficult to be objective about the smell of your house. The best thing to do is invite a neighbor or a friend you can trust to come over, and be sure to stress that they must be brutally honest. Then don’t just cover up the smells, get rid of their root causes. There are service providers that specialize in getting rid of odors in homes. Be sure not to put a potpourri out before a viewing. These days so many people have allergies or are sensitive to strong odors that you will most likely be doing more harm than good.
Last Minute Touches That Really Sell - Before someone views your home open all the windows for 20 minutes to bring in some fresh air. Even if you don’t have a smelly place it will be good to get rid of any stuffy feeling. If you like you can bake cookies or squeeze some lemons. Both are appealing natural smells. Fresh flowers are always a nice touch. Play soft FM music at low volume.
In my next article I get into the specifics of exactly how to accomplish all your ‘house dressing’ tasks – room by room and item by item. Then we’ll get into dressing special properties such as vacation homes, rental properties, vacant homes, and talk about flipping Coquitlam, Port Coquitlam and Port Moody homes. We’ll conclude with more exceptional tips and valuable knowledge about putting your best foot forward at show time.
© Copyright 2008 Milo McGarry All Rights Reserved How To Make Your House Irresistible To Buyers –
Part 2: First Impressions
- Respected Coquitlam, Port Coquiitlam and Port Moody real estate analyst Milo McGarry speaks out on how to sell your house in any market -
First impressions are made in a couple of seconds.
With a home for sale, some of that first impression has already been made before prospective buyers are even in the door. That’s why curb appeal is so important, as I mentioned in my previous article. But you also need to take into account the first few seconds when buyers are forming an impression of the interior of your house. This means that your front door and foyer area are the key to bringing your prospective buyers in with a positive frame of mind rather than a negative one. You want them to be thinking “Yes, I could live here…” and not “Uh-oh!”.
Sparkling Clean
Entryways tend to attract a lot of grime and clutter. It’s just a fact of dealing with a high-traffic area and people coming in from outside. Make sure that the small details around the door get a thorough cleaning, including the door itself, walls and baseboards, and don’t forget the inside of the door frame, which can attract a lot of dirt. Get rid of all surface clutter (that spare set of keys needs to go somewhere else), and set up a system so that incoming mail gets dealt with promptly.
Splurge If You Can
Your house-dressing dollars can have a lot of impact here. If the floor needs some work, consider having it refinished or replaced if you can, or else splurge on a luxury carpet. A fresh coat of paint in a soft neutral color may also be a good idea, especially if you’ve been living with dark, patterned, or dated wall choices. Also, nothing says upscale quite like a vase of fresh flowers on the entry table.
Fine Furniture
Look at the furniture in your foyer. Do you have a nice entry table, possibly with an elegant tray for organizing keys and mail? If there is suitable space, consider a bench or chair as well, and a large foyer might feature an armoire or storage chest too. If you’re not buying new furniture for your entryway, check to see whether it needs some pre-viewing maintenance. To give that impression of class and luxury, you don’t want worn-looking furniture making your first impression. Does the wood need some furniture polish? Does the upholstery need a steam-cleaning? If anything still looks shabby, it may be worth replacing (and you get to take it with you).
Lighting Magic
Warm, attractive lighting will give your entryway its final magic touch. Look up and see what’s overhead. No bare bulbs or seventies chandeliers, right? Think about replacing a dated-looking light fixture, and if the existing fixture is fine, make sure it’s dust-free and none of the bulbs are burnt out. You can also add a little extra glow with a standing or table lamp. Finally, a mirror on the wall will reflect light and space, making your foyer seem bigger and brighter than it is.
Hallways & Stairs
From the point of view of a first impression, anything you can see, including hallways and stairs, is part of the entryway. De-clutter and dress them as you would your foyer.
When There Is No Foyer
If you can make a positive first impression on your prospective buyers, they’ll be predisposed to like what they see as they move through the home you’re selling. My next article will take you through the specifics of dressing your main living spaces, and then we’ll move on to bedrooms, the home office and storage with easy and inexpensive money making tips for real estate marketing. Then we’ll get into dressing special properties such as vacation homes, rental properties, and vacant homes. We’ll conclude with tips about putting your best foot forward at show time.
For additional information contact Milo McGarry at 604-341-0062. Milo is a senior real estate analyst specializing in Coquitlam, Port Coquitlam and Port Moody, bedroom communities of Vancouver, BC. Since 1987 he has been well respected for his passion for the business and ability to spot emerging trends in selling homes.
CONTACT INFORMATION:
Milo McGarry
Keller Williams Results Realty 604-341-0062
miloandmichelle@shaw.ca
www.mcgarrysellshomes.com How To Make Your House Irresistible To Buyers –
Part 3: Main Living Spaces
- Part 3 in a series by respected real estate analyst Milo McGarry on how to sell your house in any market -
The first rooms your prospective buyers are going to see will be your main living spaces.
If you’ve read my previous articles, you’ll already be looking around to see whether your rooms need a fresh coat of paint and some attention to the flooring, but there are some extra tips you should know about for dressing your main rooms.
The Space You Entertain In
Your living room is probably the first room your prospective buyers will see. In fact, since most newer homes and townhomes in Coquitlam, Port Coquitlam and Port Moody are designed on an open plan without a separate foyer area, odds are good that this feature space might be right up front and centre.
If there’s a fireplace, does it work? Make sure it’s clean and usable, and if you’re showing your home during the cooler months, the warm glow of a gas fireplace will make your living room cozy and welcoming.
Make sure that you don’t have any other-purpose items in the room. You may use your living room for ironing or riding your exercise bike in front of the TV when you don’t have company, but your buyers don’t need to see it. Likewise, it’s time to box up all your knickknacks and family photos. One or two pieces of good artwork on the walls will add class.
Make sure you have plenty of good lighting placed evenly around the room, as well as any ceiling fixture. Pull back or remove window coverings to let as much natural light in as possible. Many homes in Coquitlam have good views so buyers will like to look out of the windows.
The Space You Eat In
The home you’re selling might not have a separate dining room, but you probably have an area with a dining table and chairs, and possibly a sideboard or china cabinet (don’t forget to declutter and dress it). Any other furniture needs to be removed for a spacious look, and you should also remove any table leaves and extra chairs.
Setting the table as though you were about to serve a holiday meal can look both fake and cluttered, but a bare table isn’t welcoming. A tablecloth or table runner, with candles and an elegant arrangement of fresh flowers, is enough to suggest a festive meal.
The Space You Cook In
The kitchen is one place where you might have to spend a bit of money to update and upgrade. Shabby or dated countertops could crush a potential sale, and new countertops could sell your home for you. Also, if you’ve got tiles in your kitchen, check for cracking and stains. If they can’t be cleaned to a nearly-new look, consider redoing the grout or replacing the tiles altogether.
Make sure your counters are bare, with only a few classic items such as a coffee pot, toaster, and fruit bowl sitting out. Likewise, strip your refrigerator of magnets and papers for a clean look, and if you store things on top of it, get them out of sight.
Finally, kitchen odours are a key to the whole impression of your kitchen and your home. Garbage containers should be empty and sanitized, covered or hidden in a cupboard. An odour-neutralizing spray helps remove unpleasant smells, and you could even bake cookies.
Once you’ve convinced your prospective buyers that they could live and entertain in your main rooms, all you need to do is make sure they like the bedrooms and bathrooms. My next article will give you some tips on making sure they do.
For additional information contact Milo McGarry at 604-341-0062. Milo is a senior real estate analyst and agent in Coquitlam, a bedroom community of Vancouver, BC. Since 1987 he has been well respected for his passion for the business and ability to spot emerging trends.
CONTACT INFORMATION:
Milo McGarry
Keller Williams Results Realty 604-341-0062
miloandmichelle@shaw.ca
www.mcgarrysellshomes.com |
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