Winter Survival Guide for the Spring Real Estate Market
Winter - just the word can make people shiver. The short days, blustery cold, lack of outdoor activities (for some of us...), all of these things can make one lay back and dream of warm breezes, sunshine and sandy beaches. But for those of us that are thinking of moving during the typically hot spring real estate market, winter can be a blessing.
Taking full advantage of the peak of the spring selling real estate market means that you must have a plan going into winter to get your home ready to hit the first impression out of the park and get multiple qualified buyers to write offers and be ready to write offers yourself! Below are some tips and ideas to pass the time during those long, cold winter days!
First things first, when you live in your house, your everyday life stuff can cloud your objectivity in regards to the layout, décor, and overall condition of your home. Connect with a qualified Realtor (like myself) and schedule a time to have them perform a walkthrough with you in your home. Realtors are in and out of homes daily with buyers, and most Realtors are going to be akin to home style trends, colors, and maintenance items that may excite buyers or turn them off. Realtors can help you create a to-do list of maintenance and staging ideas can help you prioritize what needs to be done prior to listing your home. A Realtor can also help understand your goals for the move, and suggest items that will return the most investment. A common misconception sellers have is thinking that the dollar value of improvements and repairs made to your home should be directly reflected in the sale price. "I spent $30,000 on this shed and patio, that means I should be able to sell my home for $30,000 more." Unfortunately that isn't always the case. There are some very simple fixes and improvements that can go a long way with buyers. Lets look at a few different areas.
The Kitchen
DUN, DUN, DUN!! The kitchen is typically going to draw the most attention from buyers. Having tastefully updated cabinetry and modern appliances will go a long way. But not everyone has it in their budget to do an extreme makeover on their kitchen.
- Real wood cabinets, if they are not in fantastic shape or the finish color is dated, consider having your cabinets painted. Modern colors such as white and various shades of gray will go a long way.
- Consider updating your cabinet pulls/knobs. Those old brass pulls with the white porcelain handles have got to go. A fresh look with a modern stainless steel design is a quick and inexpensive way to freshen up your kitchen.
- Update or add a backsplash. Mosaic glass tile backsplashes are very popular and look great. Also maybe consider a subway tile, or a staggered self-stick copper tile. Change it up using a herringbone pattern. There are a ton of kitchen backsplash ideas on the internet that will help your kitchen stand out.
- A new sink and faucet will completely change the look of your kitchen. Going from the old standby of chrome and a simple stainless steel sink, to a solid surface single bowl sink with a matte black finish and a new high-arc oil rubbed bronze faucet will look stunning in the right kitchen.
The Bathroom
Just below the kitchen on the importance scale is the bathroom. Whether you have one bathroom or four, you need to have them stand out. Here are a few things to consider to help your bathroom look its best.
- Vanities are the first thing you see. How does yours look? Chipped edges? Veneer falling off? Crooked doors? If you said yes to any of these, its time for a fresh coat of paint, or a replacement. Solid wood vanities will look sharp with a fresh coat of paint and new hardware, veneer or pressed wood cabinets are hard to paint, you're better off replacing in these instances.
- Update that plain beveled-edge mirror with a new modern framed mirror to match the vanity.
- Dropping in a new faucet will do your bathroom wonders. The fake glass single handle faucets need to go. You know, the one that everyone had in their bathrooms 25 years ago?
- Light fixtures are not nearly as expensive as you think. A nice vanity light fixture will start around $40. Put that old basic chrome with rust accents one out of its misery.
- Finally, the tub and shower. Multi-piece surrounds have a tendency to show mold and mildew at the seams. Replacing the surround with a new one will freshen up the look big time. Or, even consider doing a ceramic tile surround! YouTube is your friend for projects like this!
Ceiling Fans and Light Fixtures
The old brass and light oak ceiling fans with the wicker inlays need to find their way to the home improvement consignment shop. You don't have to spend a lot to get an updated ceiling fan or replace a dated brass light fixture.
- Ceiling fans run anywhere from $50-$200 will transform a bedroom or living room almost immediately.
- Many home improvement stores will have light collections with various types of fixtures from flush mount ceiling lights to pendant lights, and even chandeliers for your dining area. Light fixtures are typically pretty easy to replace and are relatively inexpensive, but provide a much needed boost for your home's appeal.
Miscellaneous
There are so many things that can be done to your home that I could go on forever, but I have to stop somewhere. There is a lot more to do besides clean up your kitchen and bathrooms. Here are a few other areas and items to consider:
- PAINT! Words of wisdom: "Paint is worth $20 in the can, and $1000 on the wall." There is nothing like a fresh coat of paint to a potential buyer. Even though your paint said "scrub-able" and your daughter loves dark purple, chances are, you will be able to tell where you tried to wipe off her crayon artwork, and other buyers may not have the same, bold taste in color as your child. When in doubt, paint; and paint neutral, bright colors. Light shades of tans and grays are clean, simple and attractive to the vast majority of buyers.
- Spend a couple of weekends organizing your closets. How many times have you mentioned "we need more storage"?? Quite a few I'm sure. Buyers will say the same thing, so you need to showcase the space in your closets, not how much stuff you can jam in there. Reduce clutter. If you have to, rent a storage unit. Many storage facilities will offer incentives, such as one month free, with new leases.
- Just before listing in the spring, consider having your carpets cleaned professionally if they are still in good shape. Especially if you have pets. Most pet owners are "nose-blind" and are accustomed to their pet's smells, but find them very noticeable in other homes.
- Your furnace is typically the unsung hero in your house, going virtually unnoticed most of the time. Unless there is a problem. But many buyers look just as closely at the furnace, as they do your kitchen appliances. In the early part of winter, consider having a furnace tune-up done by an HVAC contractor. Having the receipt/invoice ready to show potential buyers will help ease their mind, considering a furnace is one of the most expensive appliances to replace.
- Clean, clean, clean, and clean like you have never cleaned before. Bust out the Pledge and wipe down wood furniture and cabinets. Windex all of the windows, clean the baseboards, trim and furnace vents. Clean out the oven, the tops of the cabinets, fan blades, light fixtures, below toilets, under sinks, behind dressers, etc. Do a thorough room by room dust and trash extraction. Not enough time on your hands? There are plenty of maid/cleaning companies out there that can help you out. Just remember, the less they do, the less you pay.
Financing
This is a topic that gets overlooked a lot, but can really throw a chink in the gears if not addressed early. Chances are, you are selling your current home to purchase a new one. So not only do you need to get your home ready, you need to get yourself ready.
We have already discussed that connecting with a Realtor ahead of time is a must, but not just for advice to get your home. Realtors will have a network of lenders and loan officers that they can recommend to fit your situation. Many people shop around for their home, but don't shop around for a lender. A good lender and loan officer can be just as important as finding the right house.
Understanding your credit and what is on there can make or break an offer. You as a buyer want to look as financially strong as possible to sellers. Working with a lender early on in the process, they can help identify issues on your credit report, work with you to help remedy the issues, may even help set up a plan for saving for down payment, and so much more. They can help guide you to be ready to write that winning offer! I have seen too many times, where potential buyers don't meet with a loan officer until they are ready to write an offer and they end up uncovering issues or finding out they can't get the financing they wanted. Correcting credit issues, repairing credit, or building credit takes time. So connecting sooner, is better.
Wrapping Up
These are some great starting points to help guide you through the long winter months to help you get you and your home ready for the spring market. Doing these items, along with selecting the right Realtor (me!) to work with you and market your home effectively will help drive qualified buyers to your doorstep!