Princeton Real Estate

Beatrice Bloom, Princeton Real Estate Agent

Seller Tips

REMODEL OR MOVE?

Princeton Town Topics – Let’s Talk Real Estate – August 5, 2009

REMODEL OR MOVE?

 

When your house begins feeling too small or outmoded, you have two options — to remodel or move to a new home.  Many homeowners who do extensive remodeling often sell their homes within a few years of completing the work. The decisions you make about your renovation could have a significant impact on whether you can recover your investment when you sell your home.

 

Realtors see a lot of houses and listen to a lot of buyers.  They can provide valuable advice on what buyers are seeking and help you add to your family’s enjoyment while attracting future buyers.

 

Before you decide to take the remodeling plunge, you should consider whether expensive improvements will over-improve your home.  If you are inclined to make an investment in your home that far exceeds the selling price of other homes in the area, it may be better to sell your present home and buy one that corresponds to your needs.

 

SELLING RENTAL PROPERTIES

Princeton Town Topics – Let’s Talk Real Estate – July 1, 2009

SELLING RENTAL PROPERTIES

 

Marketing a rental property presents some special challenges.  Most owners want to offer the house for sale while tenants are still living there so the property will continue to produce income.  Most real estate agents prefer that the property either be empty or owner-occupied.  Tenant-occupied homes are often difficult to sell because the tenants may not share the same pride of ownership and may not be eager to have the sale succeed.

When you put a tenant-occupied house on the market, it is important that you enlist the cooperation of the tenants in the effort to get your house sold.  Before listing the property, ask the tenants if they would like to buy the house.  If they are not interested, negotiate the ground rules for access to the house.  In most cases, the new owners will want the tenants to move, and it may be necessary to work out alternate living arrangements for them.  Often sellers either reduce the monthly rent, or forgive the last month’s rent in exchange for tenant cooperation in realtor showings.  Creating a cooperative spirit is a major contribution to a smooth sale.

 

IF IT’S BROKEN…

Princeton Town Topics – Let’s Talk Real Estate – June 24, 2009

IF IT’S BROKEN…

 

Most houses have a few “little” problems, like leaking faucets, a stove burner that won’t light, or electrical outlets with too much “spark”.  These defects may not seem very important–unless your house is about to go on the market.

We rarely have difficulty getting sellers to agree to paint, replace worn carpets or plant a few flowers in the front yard.  These kinds of repairs obviously increase the overall appeal of the property.  However, if any of the major systems in your home need maintenance, be sure to have the necessary repairs made.  It is also a good idea to have your furnace, central air-conditioning system, plumbing and wiring checked as part of your pre”‘marketing efforts.  The best rule is–if it’s broken, fix it!

The purchase agreement gives the buyers an option to have the property inspected, and most buyers will have their home inspected to identify any major problems. During the period of time between the “meeting of the minds” and the removal of the inspection contingencies, it is to the sellers advantage to have their property market-ready, with any known defects either disclosed or repaired.

 

WHEN TO TAKE A WALK!

Princeton Town Topics – Let’s Talk Real Estate – June 17, 2009

WHEN TO TAKE A WALK!

 

Your agent calls to say he is bringing prospective buyers to see your home at 2:00 p.m.  You quickly straighten up the house and run the dishwasher, etc.  What should you do then?   If you have to let them into the house–take a drive or walk the dog!

Many owners think they should linger around while their home is being shown.  They are afraid that the Realtor might miss the storage shelves in the basement or forget to point out the beautiful new floor in the kitchen.  It is better for the agent to miss something than for you to be ushering the buyers around, so resist the temptation to stay while your house is being shown.

Buyers usually base their decision to buy on an attraction that often has more to do with emotions than pure logic, and a lot goes on between buyer and agent during a showing.  The buyer needs to evaluate the home’s pluses and minuses, and the agent needs the opportunity to work with the buyer’s objections.  This process cannot take place comfortably if the seller is on the scene.

 

WORKING WITH APPRAISERS

Princeton Town Topics – Let’s Talk Real Estate – May 27, 2009

WORKING WITH APPRAISERS

 

After the buyer and seller come to a “meeting of the minds” on the price of a house, there is one more person who must be convinced that the house is worth the selling price: the mortgage company’s appraiser.

The appraiser looks for three or more comparable houses that have sold in the same area within the last six or so months, and compares the selling prices of these homes with the one you are buying.  They make adjustments to account for the differences in each property, and the value for your house will be based on the adjusted prices of the other homes.  In subdivisions or condominium projects where there are many similar properties and plenty of recent sales, the appraiser has enough information on which to base his price.  In neighborhoods of older homes that have been renovated or remodeled over the years, it can be like comparing apples and oranges. In some cases, the professional appraiser will use other success-proven techniques to determine a realistic market value.

If the appraiser’s evaluation is lower than the agreed-upon purchase price, it can threaten the transaction if the lender declines the buyer’s loan based on the appraisal. In that case, the help of a knowledgeable Realtor can be a valuable asset in the transaction.

 

PREPARING YOUR HOUSE FOR THE WALK-THROUGH

Princeton Town Topics – Let’s Talk Real Estate – May 13, 2009

PREPARING YOUR HOUSE FOR THE WALK-THROUGH

 

The movers have just pulled away from your house, leaving it totally empty–except for years’ worth of grime and dust.  If you don’t have the time or energy to clean your house for the new owners, you should consider paying a professional to do the job.

Before going to the settlement table, your buyers will have a last chance to go through the house to check the appliances, fixtures and mechanical systems.  Their purpose will be to make sure the home’s overall condition is consistent with the sales contract.  Even though they really want the house, they may be somewhat “nervous” about the sale.  It is the little things that can trigger last-minute cold feet, so your best insurance is to make sure that the house looks great, everything is working properly, and all the agreed-upon repairs have been made.  Taking special care in preparation for the walk-through will help to promote a more relaxed atmosphere for the settlement.

 

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