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Avoid These Deal-Breakers for Home Buyers

by Melissa Thompson


When trying to sell your house, you want to make the best possible impression on potential buyers.  While some buyers will say that they knew a house was right for them the minute they walked in the door, other buyers will tell you they knew immediately that a house was NOT right for them. Sometimes deal-breakers are personal, but often they apply to many and can damage your chances of a profitable sale (or any sale at all).  Avoid these deal-breakers to get the best deal when you sell:

  1. Pests - It seems obvious that people would be turned off by seeing bugs in a home, right?  But sometimes homeowners get used to having “bug problems” and don’t think about how they might negatively influence buyers.  Seeing one or two bugs, like maybe a fly or random little spider, might not be that big of a deal. But if a roach crawls out while people are looking at your house? Forget it.  They are out of there!  If you have any kind of infestation, you need to nip it in the bud before you start showing your house.  13 Best Pest Control Services in Memphis, TN
     
  2. Pets - Just because you love your pets and consider your home very “pet friendly” does not mean other people feel the same way.  There are a myriad of reasons why having pets can hurt your home sale. Sometimes it’s simply that animals make people nervous.  Taking your pets out of the home during showings can solve that problem.  But other things, such as visible food bowls, kitty litter boxes etc. can turn off people who don’t live with animals.  And any kind of pet odors can do a lot of damage as well.  It is a good idea to make sure your house is free of any pet paraphernalia and pet odors before opening it up to buyers.
     
  3. Small/Outdated Kitchens - Big, open kitchens are one of the most desirable features for homebuyers.  If you have a cramped, closed off kitchen, updating it before you put your home on the market will be well worth it.  Not only will you be able to sell it faster, you will get a better price for it and odds are you will likely recoup the money you spent sprucing it up and then some. Best Home Remodels to Get a Higher Sale Price
     
  4. Cheap Upgrades - Poor quality shows.  While you don’t want to spend a ton of money on a house that you are leaving, you also don’t want to hurt your chances of selling it by making cheap upgrades and repairs that are poorly executed.  Unless someone is looking for a “fixer upper”, they are going to lose interest quickly if they see a lot of shoddy upgrades.
     
  5. The Roof - A roof in bad condition will scare away potential buyers quickly.  The idea of buying a house and immediately having to foot the bill for a new roof is not appealing.  If your roof is old or in need of repair/replacement, take care of it before putting your house on the market.  Otherwise, expect to have to lower your asking price.  A new roof will not only improve resale value, it will also boost the curb appeal of your home, both of which will increase your chances of selling and getting the best price possible!

If you are in the market to buy or sell a home in the Memphis area, contact professional Realtor Melissa Thompson and let her help you with all your real estate needs! Give her a call today at 901-729-9526!

Photo Credit: pinterest.com

Harmful Home Pricing Myths

by Melissa Thompson


When you are putting your home on the market to sell, your top priority is money.  As in, how much money can you get for your house?  And it should be.  Owning a home is likely the largest financial investment you will ever make and it is only natural that you want to get the most profit possible when you sell.  Setting the right asking price can mean the difference between selling quickly or having your home languish on the market for months.  The following myths can be harmful when trying to decide on the best price to ask for your house:

  • YOU’LL GET A BETTER OFFER IF YOU WAIT -  Receiving an offer right away when you list your house can give you a false sense of confidence that it is a hot commodity.  You may think that if this buyer was willing to make an offer so quickly, then surely many other people will be interested in your property as well.  But the truth is, you might not get another offer…at all, let alone for more money.  With no other offers guaranteed, it may be in your best interest to accept the first offer if it is a fair one. 7 Reasons to Accept the First Offer on Your House
     
  • YOU SHOULD LEAVE ROOM TO NEGOTIATE WHEN PRICING YOUR HOME -  You want top dollar for your home.  Of course you do!  But overpricing it, thinking that will leave room for you to accept a lower offer, may backfire on you.  Buyers might see the high price and not even bother looking at the property.  And if you keep dropping the price, buyers might wonder what is wrong with the place.  Price it fairly to begin with and you are more likely to achieve a successful, profitable sale.
     
  • YOUR HOME IS WORTH MORE THAN YOUR REALTOR SAYS IT IS -  An experienced, professional Realtor will be able to tell you how much your home is worth based on the current market.  You should trust your Realtor.  While online estimates might tell you that your home is worth more (yay!) or less (boo!) than your Realtor states, they are likely not accurate.  Trust your Realtor over the internet. It’s as simple as that.
     
  • YOU CAN GET BUYERS TO PAY FOR HOME IMPROVEMENTS YOU MADE IN ORDER TO SELL -  While some home improvements have a better return on investment (ROI) than others, you are not likely to get back all that you spend getting your house ready for the market.  It is wise to educate yourself about which home improvements will help you sell, which will get you a better ROI than others, and which might not be worth bothering. Six Best & Worst Home Improvements for Your Money
     
  • REDUCING THE ASKING PRICE IS A SIGN OF WEAKNESS -  Nobody wants to drop the asking price of a home. But it’s important to remember that time is money.  And if time is passing and nobody is showing any interest in your home, you are still stuck paying the mortgage, taxes and insurance. This will be especially stressful if you have already purchased a new home. Lowering your price a little may be all it takes to generate interest and who knows? You might end up getting your original asking price anyway!

If you are in the market to buy or sell a home in the Memphis area, contact professional Realtor Melissa Thompson and let her help you with all your real estate needs! Give her a call today at 901-729-9526!

Photo Credit: wsj.com

A Guide to Cleaning Your Home After Selling

by Melissa Thompson


SOLD!  The word you’ve been waiting to hear!  You’ve received that much wanted call from your Realtor that your home is off the market. It won’t be yours for much longer; soon you will be moving out.  Pride in ownership means that you will likely want to leave your house looking its very best for its new owners. In some states, real estate purchase contracts stipulate that the home is to be “swept clean” meaning the seller should at least sweep the floors and leave walls and ceilings bare. But the language can often be vague.  Sample Purchase and Sale Agreement for TN

Here is a list of cleaning tips for home sellers to help you leave the house reasonably clean and to create a feeling of goodwill toward your buyer:

Cleaning the Interior of the Home Before Moving Out:

  • Remove all personal property.
  • Vacuum the floors.
  • Clean kitchen appliances including the inside of the refrigerator and over.  Wipe down the counters.
  • Scrub sinks and tubs.
  • Wipe down interior cabinets and shelves.
  • Wash tile/vinyl/wood flooring.

Cleaning the Garage Prior to Closing:

  • Remove personal belongings.
  • Throw away trash.
  • Properly dispose of toxic chemicals.
  • Sweep the floor.
  • Stack items pertaining to the home such as paint cans, roofing materials or extra flooring.  Check to make sure the buyer wants the extra materials first.

Keep in mind that you want to leave the home in the condition that you would like to find your new home.  Your buyers will appreciate it! 

The smart thing to do is to NOT wait until you have sold your house to start getting it ready for moving out. Give yourself plenty of time to get it done so that you are not rushing to complete tasks on move-out day. You will be moving in to your own new home as well, and you won’t want to be going back and forth between homes trying to get things done once you’ve moved. 5 Things to Do Before Moving Out of Your House

If you are in the market to buy or sell a home in the Memphis area, contact professional Realtor, Melissa Thompson, and let her help you with all your real estate needs! Give her a call at 901-729-9526 today!

It’s Time to Sell Your Home - Here is Why

by Melissa Thompson

Selling your home is a huge decision and one that should not be made impulsively.  If you are thinking about selling, but you’re not sure if you should, here are some signs to look for that will indicate that now is a good time to sell:

- Space is an issue.  Has your family grown since you bought your current home?  Do you have multiple people sharing bedrooms and bathrooms?  If your house is bursting at the seams, it might be time to let it go and find something a little bigger.  Alternatively, perhaps you have too much space.  If you bought the home when your family was large and now you are an empty nester, you may be ready to downsize.

- Neighbors are selling homes successfully.  If houses are selling like hotcakes in your neighborhood and your neighbors are making tidy profits on their sales, then that’s a cue that you should contact a Realtor to find out what your home is worth on the current market.

- Interest rates are low. When interest rates are low it is an advantage to sellers because a larger pool of eligible buyers can be expected.  Add to that the fact that the current inventory of homes for sale is low, and you have a seller’s market that will make your home even more desirable to prospective buyers.

- Remodeling won’t be worth it.  Maybe you want to stay in your current home and you think that remodeling is the answer.  But will the expense of remodeling to fulfill your wants and needs be worth it in the long run?  Will it add value to your home?  While you might have to do some updates to prepare your home for sale, if the market favors sellers, you might be better of selling and finding a new home to suit your needs.

- You’re confident the market is strong.  It’s important to educate yourself about what’s going on in the real estate market before you decide to put your house on the market.  An experienced Realtor like Melissa Thompson can help you understand the market and determine if now is the time to sell your house.

All signs are currently pointing at this being a good time to sell.  Contact the professionals at Your Key to Memphis and they can help you get your house on the market and sold for the best possible price! Call them today at 901-756-8900.

The Impact Staging Your Home Has on Sales Price

by Melissa Thompson

Some Highlights:

- The National Association of Realtors surveyed their members & released the findings of their Annual Profile of Home Staging.

- 50% of staged homes saw a 1-10% increase in dollar value offers from buyers.

- 77% of buyer’s agents said staging made it easier for buyers to visualize the home as their own.

- The top rooms to stage in order to attract more buyers are the living room, master bedroom, kitchen, and dining room.

Contact your local expert’s at The Melissa Thompson Team 901-729-9526 or [email protected] for all your Real Estate needs!

By: KCM Crew

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Winter Is Coming… 5 Reasons to Sell Now!

by Melissa Thompson

Winter Is Coming… 5 Reasons to Sell Now! | Keeping Current Matters

People across the country are beginning to think about what their life will look like next year. It happens every fall; we ponder whether we should relocate to a different part of the country to find better year-round weather, or perhaps move across the state for better job opportunities. Homeowners in this situation must consider whether they should sell their house now or wait.

If you are one of these potential sellers, here are five important reasons to sell now instead of in the dead of winter.

1. Demand Is Strong

The latest Realtors’ Confidence Index from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now!

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

According to NAR’s latest Existing Home Sales Report, the supply of homes for sale is still under the 6-month supply that is needed for a normal housing market (which is 4.5-months).

This means, in most areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market soon.

Also, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase, reaching historic levels in 2017. Last month’s new home sales numbers show that many buyers who have not been able to find their dream homes within the existing inventory have turned to new construction to fulfill their needs.

The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker

Fannie Mae announced that they anticipate an acceleration in home sales that will surpass 2007's pace. As the market heats up, banks will be inundated with loan inquiries causing closing timelines to lengthen. Selling now will make the process quicker & simpler. 

4. There Will Never Be a Better Time to Move Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 5.2% over the next year, according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

According to Freddie Mac’s latest report, you can also lock-in your 30-year housing expense with an interest rate around 3.57% right now. Interest rates are projected to increase moderately over the next 12 months. Even a small increase in rate will have a big impact on your housing cost.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.  

That is what is truly important.

If you are considering putting your home up for sale, visit our website, call 901-729-9526  or email [email protected]yourkeytomemphis.com to get started!

 

Displaying blog entries 1-6 of 6

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