Less expensive ways to update your home for today's market

As you well know, we have a buyer's market today. We no longer live in a climate of home values going up. They are actually going down in many cases. Of the homes sold on Greater Chattanooga and North Georgia MLS recently, roughly one-third are distressed sales such as foreclosures, short sales, and desperate sellers willing to price below what they paid for their homes. This results in other sellers in the same area having to lower their prices if they want to be competitive. Affordability is a key to homes selling today. Buyers are looking for bargains, and bargains abound; so you want your home to stand out from the crowd if you are ready to sell. You may make up whatever you lose when you purchase another home, especially if you buy a more upscale home. As you know, pricing is the single most important factor in selling a home, but you improve your chances of a successful sale if you have updated your home.

Make your home competitive with others in similar character and price range. You may not have a lot of money, but you can make the most of what you have by updating through less expensive means.

I found some suggestions from Barbara Ballinger on-line that are considered affordable redos to improve the sale-ability of your home.

1. Make rooms gender neutral. Neutral palettes and limited frills can make a home more universally appealing to both sexes. Of course that means you don't want sports memorabilia everywhere either.

2. Paint in neurtral and healthy colors. Painting is considered the cheapest and easiest way to change a room. Use the right color and finish to make the room feel bigger or cozier. Nature and spa-inspired colors may be the smartest option when trying to sell a home.

3. Dated paneling can be camoflaged so it does not look dark and outdated. You can prime with two coats and then paint with white for a cottage look.

4. The kitchen is an important room in any home. Dark cabinets can be repainted white or off-white, and new-style hardware can be added. A kitchen can be painted the same color as adjoining areas to enhance the space. Ceilings can be painted lighter.

5. Neutralize the bathroom. Choose a large mirror from the backsplash to the ceiling or a large framed mirror. Update hardware.

6. Let the light in! Use treatments that play up the window style, let in light, and provide for views outside. If you don't like curtains, consider simple shades. Inexpensive lamps with a museum touch can provide additional lighting. A skylight or larger window, if affordable, will bring in the light.

7. Provide curb appeal for the outside of the home. Make your home stand out among adjoining homes so you will invite buyers in. The front door should be easily approachable with a wide walk. Attractive, professional pruning and color will add to curb appeal. Use of pottery can provide an affordable and improvement.

These are some of the ways you can make your home more buyer friendly and competitive without spending a boat load of money. And, by the way, feel free to contact me, Pat Branham, to help you market your home or help you look for the next one!

Selling Your Home in Today's Market

Have you had your home on the market for some time, but it hasn't sold? Are you thinking that you do not want to spend more money fixing up or staging your home and hoping a buyer will make an offer that permits an upgrade?

The market is not what it was years ago when homes were selling hand over fist. Even in an area like Chattanooga-Hamilton County, TN, where the market has remained relatively flat compared with other parts of the U.S., buyers are still contending with a buyer's market. At the time I write this article, I understand that less than half the homes on MLS are selling. For Sale By Owners (FSBOs) are doing much worse since they don't have the exposure to the many agents on MLS and to the on-line resources of MLS. Buyers expect an FSBO to be priced lower than a home listed with a realtor because they know a broker's fee is not involved. So an FSBO has less exposure to the market, and buyers are expecting a lower price when they do view it.

Proper staging and pricing are very important in today's buyer's market. I was recently told that of the homes that do sell, about 1/3 sell at a lower price than the owner paid. If you are selling a home, you are competing against foreclosures, short sales, and people in a distressed market. Some sellers have lost their jobs or come across other misfortunes and must sell their homes, so many are willing to take losses to sell their homes. Many people are buying smaller homes so they will have lower house payments than buyers were willing to incur in the past. People are saving more, paying off debt, and investing less.

If your home has been sitting for two months or more, it may be time to consider several things that the market could be telling you. When you are not getting offers, the market is telling you that buyers are not willing to pay or even offer near the listing price of your home. A good realtor can spend hundreds in advertising and time in open houses and showing your home; but if it is not priced and staged properly, it will likely not sell. Buyers may think your home is not in move-in condition. You are competing against updated homes with new granite counter tops, wood floors, neutral walls and other features. Some new homes are selling for a song and dance, figuratively speaking. Do you have old paneling that you could at least primer and paint a lighter color?

Buyers are getting older and may not be willing to climb stairs. They may also want fewer square footage to care for and be unwilling pay for the maintenance costs and time that a larger home requires to maintain.

Your home may not have the "WOW" factor that a buyer wants to see in the first few seconds of viewing a home. Are there cobwebs in the corners? Are screens torn? Is the wood on the deck getting old? Are there dirty place on walls, old railing on stairs, or other dating problems with the home? Are your carpets stained? Are your appliances outdated? If you are unwilling to change and update, it may be time to consider a serious price reduction - if you need to sell your home.

If you can afford it, you might consider taking down your wallpaper and painting your walls a neutral color throughout or getting a professional to do so for you. You might consider replacing dated light fixtures in a few of the rooms. Perhaps you can't afford wood floors, but you might be able to afford a wood foyer.

Do you have piles of bills or other items inside or outside your home that distract from the features of the home and make the rooms look smaller? Consider getting a storage bin if nothing else and clearing the rooms of clutter to show off the beauty and size.

You don't have to spend a lot of money to update if you are willing to put in some sweat equity or pay a professional for a few basic changes. However, if you are unwilling to update your home, it may be time to consider lowering your price so you will remain competitive in today's buyer's market.

Whatever your decision, I will be honest with you if you seek my services. I will assertively market your home if we agree to list it. I will spend my money and resources to market your home. I only ask that you cooperate with me to list it at the best price for you to remain competitive. Happy selling and happy buying to you!