Sylvia Edwards - SECRETS EVERY HOME SELLER NEEDS TO KNOW

SECRETS EVERY HOME SELLER NEEDS TO KNOW

Sylvia Edwards

Table Of Contents

Introduction

First Steps to Profitable Home Sale

Pareto's Principle

Creating Va Va Voom aka "Curb Appeal"

Staging Real and Virtual

Upgrading with ROI in Mind

The Three D's

MARKETING YOUR HOME

Common Seller Mistakes

10. Costly Seller Mistakes

11. Finding Buyers

12.

Power Negotiator

13. The Dos and Don'ts of Negotiating

14. Bargaining Chips

15. Why Hire an Agent?

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Dedication:

to all of those that move to New York and make it here.

Thank you to my favorite niece who kept me company during countless hours of facetime while I typed away. (my only niece)

To my many family and friends that have always supported me... ALWAYS!! words of encouragement, shelter, bottles of wine, a meal, cards, spa days, trips around the world, runs, and all the laughter and some tears, thank you so very much. And to my Picasso, thank you for all the snuggles.

To my spirit team that guides me on this journey of "this thing called life."

To my brokerage Stephen C. Troy, Inc. THANK YOU

“I will forever believe that buying a home is a great investment. Why? Because you can’t live in a s e in a stock certificate. You can’t live in a mutual fund.” ― Oprah Winfrey

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About Sylvia As a child, Sylvia aspired to be a world traveler and had innocent aspirations of being a flight attendant, she soon discovered that she had motion sickness and sadly decided that probably was not the perfect occupation after all. Never in a million years did she think she’d stumble into the real estate industry. She developed a love of real estate like most kids playing monopoly as a child. Having obtained her BA in business management she has extensive experience in marketing, working on major city of Chicago marketing campaigns before working in real estate. Ms. Edwards is a skilled negotiator and seasoned real estate sales professional with experience in Chicago, most notably selling homes in the prized Montgomery Ward Catalog building. In New York she focuses primarily on properties in the Manhattan and Brooklyn area, specializing in luxury residential sales and niche market of pied a terres. Her job encompasses working side by side with developers, owners, buyers, sellers, lessors and lessees alike. Her expertise has been very useful in devising smart strategies for sellers and buyers. Sylvia has achieved millions of dollars’ worth of sales and a long successful journey in the industry with her positive referrals and extensive market knowledge. She provides each client the fiduciary duty they deserve, utilizing all the latest technology- driven data tools available to ensure the best outcome, assessing clients budget, need and timeline to acquire a new home. She is informed, tenacious and a doer. The one thing that gives her the most joy is handing over the keys to her clients for their brand new home, be it a rental or purchase. Home is a special place, it is a private refuge, she takes great pride in helping her clients achieve their real estate goals.

Sylvia lives in New York and enjoys running half marathons and cooking "gourmet meals" for friends and family. Her favorite television past times are HGTV, House Hunters International and Chopped. She served on the board for Global Language Project, advocating the importance of learning multiple languages, regularly served for various homeless programs and completed a year long mentorship for YouthAction YouthBuild of New York assisting members earn their GED. She currently serves on the vestry board for her church, L'Eglise Francaise du Saint Esprit.

CHAPTER 1 Introduction

Do you know how hard it is to sell a home, especially your home? Passing your home to the next owner is a euphoric feeling when it's done with love and extreme care. Selling a home — whether it’s a single-family residence, duplex, or condominium, etc. — is the single largest, most complex transaction a person will ever undertake. It involves accurate pricing, financial acumen, and larger figures than normally dealt with. Then there are emotions! Emotions that can affect good judgment. Many sellers think, surely, my home where I raised my children and made so many memories are worth more than the bricks and mortar it contains, surely, all the work, Italian marble, oak floors, repurposed wood and fine finishes will fetch a price considerably above ask. Real estate transactions involve dozens of decisions and substantial investment in homeowners’ time, energy, and money, and emotions almost always lead to problems in a sales price negotiation. The home seller’s objective is to find that needle in a haystack who cannot resist buying your house at the highest price. To do this, offering potential buyers a home sales presentation that pops, screams, speaks, jumps and welcomes you better than other homes on the market. It requires making a grand first impression, creating for the buyers an instant feeling that they are traveling up the front walkway of their new home for the first time. It’s about getting that gut feeling, from the curb, in that oh so important initial 30 seconds. 2

Most sellers do not venture alone into selling their home. They find it better to have an experienced real estate professional with whom they are comfortable. This book was written to provide some of that comfort without the direct sales, person-to-person contact during these times. Let's face it, just about everything you want to purchase is online, including purchasing and selling a home. However, you still need to walk into a home to feel whether it is right for you or not. However, I want the prospective or active home seller to independently achieve a better understanding of the home- selling process. We have all at some point thought, I'll just get a book and DIY, how hard can it be? I only need one buyer . You get all the necessary tools needed and it starts to look so overwhelming and then... you call me, Sylvia Edwards , your friendly Licensed Real Estate Salesperson, knowledgeable agent with tons of contacts and buyers and I sell your property at the market price. That is the goal because you don't have time to do it all, marketing, signage, follow ups, chase leads, showings, clean, stage, whew and now in addition assure each potential buyer signs covid forms, then sanitize, disinfect every door, closet and cabinet opened. I have provided actionable insight into how best to market your home and avoid critical mistakes. In case a good challenge is your forte, let this book be your go-to resource for information, strategies, and techniques that can be put to work to sell your home quickly at the best price. Take time looking through the chapters and master the secrets of successful home sellers. For example, discover why comparable homes sell for considerably different prices.

Be ready to sell by 1. Knowing your home’s market value 2. best listing price

3. negotiation tactics 4. and improvements that offer the best Return on Investment (ROI) My true sincere hope is that this book will help you make the most of your time and efforts to sell your home. In Part 1, I delve into the process and importance of preparing your house for sale: how to present to get top offers, the “80/20 rule,” along with which upgrades will make the most difference in ROI. Part 2 digs deep into marketing your home with a look at 1. costly mistakes 2. avoiding those mistakes 3. and finding qualified buyers In Part 3, we examine the critical topic of negotiations — what to expect, and how to conduct them — and finish with a look at what engaging a real estate professional brings to your real estate sale transaction. After you learn the process, requirements, and tips, you will see that an experienced, financially astute licensed real estate professional can vastly cut the time and raise the economic value of your transaction. The goal: provide a plan and as much help in the selling process. Reading this book is your first step to selling your home for the best price in the shortest time. After you read it, you might want to talk with me. I stand by to assist you with a Comparative Market Analysis and a solid marketing plan to fit your budget and lifestyle.

Sylvia's Pro Tip: Keep reading.

CHAPTER 2 First Steps to Profitable Home Sale ofitable Home Sale Location! Location! Location! is the most crucial consideration in real estate and a major factor, if not the predominant one, in real estate pricing. Novice (and not-so-novice) home sellers alike must know the considerations that determine a home’s price. Setting the price at which to sell your home is not a simple formula, nor totally mathematical. Many elements factor into the decision. Throughout this book, you will read examples of similar and similarly situated houses that sold for very different prices, along with the reasons for the disparities. A calculated home value is not necessarily what you believe your home is worth. Recognizing this helps avoid overpricing, a major factor that leaves homes languishing or unsold. Familiarity with the real estate terms market value, appraisal value, and assessed value can save disappointment and frustration, and allow the home seller to meaningfully engage in setting a home’s listing price. The most used definition of market value is “the most probable price a property should bring in a competitive, open market under conditions requisite to a fair sale.” Essentially, this is a pre- negotiation opinion of what a house should bring in its local market, i.e., its geographical area, generally an area such as a suburb or neighborhood. Appraisal value is an evaluation of a property’s worth at a given point in time that is performed by a certified professional appraiser. Appraised value is a crucial factor in loan underwriting and determines how much money may be borrowed and under what terms. For example, the Loan to Value (LTV) ratio is based on the appraised value. Where LTV is 6

greater than 80%, the lender generally will require the borrower to buy mortgage insurance. Assessed value is the amount local or state government has designated for specific property and frequently differs from market value or appraisal value. This assessed value is used as the basis of property tax and when a property tax is levied. The assessed value of real property is not necessarily equal to the property’s market value. Approximately 60% of U.S. properties are assessed higher than their current value.

WHAT IS YOUR HOME WORTH?

The first step in selling your home is knowing the difference between:

1. value 2. worth 3. price

Let’s examine the determining factors at work. Understanding those factors allows them to be leveraged. There are several ways a home’s value is derived.

ONLINE HOME VALUATION

Online tools will provide you with a very basic estimate of your home’s current value based on recent comparable home sales in your area using a comprehensive database. Note that the assessment is based on available data with no guarantee of accuracy and often uses an algorithm that simply averages comparable sales in the geographic area. These tools might be quick and easy, but they don’t take into consideration factors like location, current local trends and the condition of the property. Be aware that the prices arrived upon might be highly inaccurate.

Let’s look at a home that was put into one such system. The

home last sold for $180,000 in 1998; it was appraised for refinancing in 2015 at $275,000. In 2017, an online calculator valued this 1890 home (4 bedrooms, 1.5 baths, and 2,100 square feet) at $158,000. The apparent reason is that the six “comps” (comparable recent sales) included only 2 homes in this neighborhood (over $300,000), while four others outside this small neighborhood, although close, sold for $150,000 to $199,000. Because the system doesn’t understand the makeup of the area and simply pulled prices from a broader geographic area, the arrived-upon price was far below what it should have been. These tools are worthwhile for obtaining “comps” of area sales; however, they are NOThighly accurate in arriving at a listing price.

EXAMPLE OF DIFFERING HOME VALUATIONS

A buyer is interested in a home listed at $420,000. The online valuation determines the house is worth $440,000. Based on that estimate, the buyer offers the asking price. When a professional appraisal comes in at $400,000, and the existing tax records assess the home at $300,000, the buyer wonders why the values are so different and whether he overpaid. The house was listed at $420,000 because at that price, the home would sell in a reasonable amount of time. Why would the appraised value not be whatever a buyer was willing to pay? The fact that they paid $420,000 does not mean that is the true value of the home. Certain factors may weigh in — undesirable businesses located near the property, for example. Online valuations cannot take into consideration the condition of the property or the qualities of the neighborhood. Since an assessed home value is for taxing purposes only , it can be much more or much less than the market value. Ideally, they should be the same, but usually they are NOT; it is based on a percentage of the appraised value determined by a professional. From legal descriptions to onsite inspections to comparable

home-selling prices, the assessor will take all these things into consideration when appraising a home. Location near industry, high traffic, or potential development will also affect the appraisal.

PROFESSIONAL APPRAISAL

Nothing determines the sale price of a piece of real estate but the price at which it sells. Houses are not same-priced identical cartoons of milk in the grocery store or shares of stock valued and traded every day on the stock exchange. Real estate appraisal (“property valuation”) is the process of developing a perspective of value for real property. This is the market value — i.e., what a willing, reasonable buyer would pay for the property to a willing, reasonable seller. Real estate transactions generally require assessments because they happen infrequently, and every real property is unique in features and characteristics. Each condo and cooperatives also known as coops are uniquely different. An appraisal helps in various decision points. The seller can use the appraisal as a basis for pricing. The buyer can use it as a gauge on which to base an offer. Lenders use appraisals to know how much money to credit to their borrowers.

The important factors in a house appraisal are:

· Dwelling type (e.g., one-story, two-story, split-level, factory- built) · Features (including design) — materials used and the kind of structure present and how they were built · Improvements made · Comparable sales · Location — type of neighborhood, zoning areas, proximity to other establishments · Age of property

· Size · Depreciation

Condition, of course, is a crucial factor in valuation. Location is also a factor; however, as property cannot change location, upgrades or improvements to a residential property often can enhance its value. A professional appraiser should be a qualified, disinterested specialist in real estate appraisals, with expertise in your region. His or her job is to determine an estimated value by inspecting the property, reviewing the initial purchase price, and weighing it against recent sales with the same purchase price.

COMPARATIVE MARKE TIVE MARKET ANALYSIS BY A LICENSED REAL ES ED REAL ESTATE PROFESSIONAL

This type of home valuation is free from real estate professionals and more helpful than automated online offerings. It provides detailed information on each house sold in your area over the last six months, along with the final sale price. It also includes the specifics of all the houses for sale in your area, including the asking price. These homes are your competition. The real estate professional will also answer any questions and help you price your home realistically. Along with an understanding of how the worth of a home is determined, the current market must be taking into consideration. Current market will determine whether it is a good time to sell or buy, has the market dropped since time of purchase, will the area go thru gentrification in the near future and be worth more, buy low and sell during high time. By utilizing a licensed real estate agent, you can rely on proven expertise to market your home at the best listing price. I will be happy to provide you with a Comparative Market Analysis or comps in the area to best sell your home.

Please refer to the last page of this book if you would like more information on how to request a free home valuation.

THE SECOND STEP (SELLING YOUR HOME FOR MORE)

Prior discussion showed that there is no calculable certainty in setting the value of a home. There can be wide differences between the seller’s assessed price, the asking or listing price (market value), and the price at which the home sells (sale price). Let’s turn to what the homeowner/seller can do to elicit offers at, or even above, the listing price in a competitive market. The seller’s time, effort, and investment are the most important parts of the process. The seller’s willingness to adequately prepare the home for presentation — and willingness to live in that pristine state for the time it takes to sell the property — will greatly affect both the sale period as well as the price at which the home sells. A market in which homes normally sell in no more than six months of listing is considered balanced or neutral, which means a good number of homeowners are selling and buyers are purchasing; therefore, neither has an upper hand. A variable, for instance, like a major company entering — or moving from — the area will tip the scale toward homeowners to make a swift market or toward buyers to make a slow market. The typical selling time in a swift market might be 30 days, while that of a slow market may be up to nine months. Typically, any number below six months is considered a seller’s market. LIVING IN A FISHBOWL A house on the market requires keeping the home in a constant “show-ready” condition, and changes in day-to-day life are inherent in the process. Sellers get unexpected phone calls at all hours from unrepresented prospects and buyers’ agents to show the home, as well as frequent updates by phone, email, and text

and show appointment scheduling messages from the listing agent. They also will likely deal with repair and reconditioning appointments, and inspections. The house may be photographed for online, periodical, or brochure presentations. There are repeated showings when the home first hits the market. Keep your home in pristine showing condition for impromptu visitors — the perfect prospect might just drop in at dinnertime. CHILDREN (AND PETS) Children and pets are distractions for potential buyers, affecting their experience of your home. You should plan for your children to be elsewhere and your pets crated or leashed, and no toys lying about or dog hair on the sofa. The dishes should always be done and the kitchen sparkling. The pressure of showing to everyone even mildly interested in looking (not necessarily buying) may come from the idea that the more your home is seen, the more quickly and easily your home will sell. Many licensed real estate agents provide their clients with concentrated homes to consider with a clear picture of what the buyer wants. Low-interest traffic can be heavy and a burden on the seller’s time, energy, and resources. Since a showing can take an hour or even hours out of your day, finding an interested buyer is what matters most. The home will be shown to many more uninterested buyers than interested buyers. How many times will you have to show your home? In an ideal world, your property would be shown to serious buyers only. However, many “Sunday afternoon window shoppers” exist in the real estate business. That said, you shouldn’t waste your time trying to appeal to uninterested buyers. This is where planning, organizing, and the professional help of a qualified real estate agent enables you to handle even the most intimidating tasks without wasting efforts.

Most licensed real estate professionals have targeted questions to qualify "real" buyers. Sylvia's Pro Tip: Trust the process, eliminate the household distractions and have patience.

CHAPTER 3 Pareto's Principle

“Eighty percent of results will come from just twenty percent of the action.” This is the Pareto principle, attributed to Italian economist and philosopher Vilfredo Pareto, who, in 1906, observed an intriguing correlation. He began work on the “80/ 20 rule” with the observation that 20% of the pea plants in his garden generated 80% of the healthy pea pods. This observation caused him to explore more examples of uneven distribution. He discovered that 80% of the land in Italy was owned by just 20% of the population. He investigated different industries and found that 80% of production typically came from just 20% of the companies. His findings led to the concept that 80% of results will come from 20% of the action. While it does not always come to be an exact 80/20 ratio, this imbalance is often seen in various business cases: · 20% of sales reps generate 80% of total sales · 20% of customers account for 80% of total profits · 20% of the most reported software bugs cause 80% of software crashes · 20% of patients account for 80% of healthcare spending

RELATING THE 80/20 R G THE 80/20 RULE TO HOME SELLING

Understanding the 80/20 rule concept can save you time in selling your home. Applying the 80/20 rule, you stop trying to sell people on the entire home. Applying the rule, you can highlight the 20% of your home’s features that make it special. The remaining 80% of your home still affects the buyer’s 14

decision, so do not neglect it, but in photographs and showings, feature the elements that make your home special. Keep in mind, your selling point won’t be the common features your home shares with the other properties on the market. Instead, use your home’s unique features to grab the attention of buyers who are interested in those distinctive attributes.

BUYER’S STORY

When Vince and Sue were shopping for a new home, Vince wanted an ocean view. They looked at many desirable properties but didn’t find any that were right for them. Some were overpriced; others had obstructed views. The search went on for almost a year until they found an older home a short walk from the ocean. The neglected exterior and dated interior were not encouraging, but when Vince stepped onto the third-floor balcony off the master suite, he was sold. Any shortcomings in wall color or fixtures faded away when he took in the view. He could now see the sunrise from his bedroom window every morning. What 20% of the home caught the eyes of Vince and Sue? The magnificent third-floor view of the ocean!

SELLER’S STORY

When Cam and Kate listed their home, they needed a buyer who wasn’t concerned that the house was on an unpaved road. Though the home was over 10 years old, the interior was updated with fresh, neutral wall colors and carpeting to look brand new. The towering trees and established yard gave the home a welcoming appeal. The buyer had also looked at a home within miles of Cam and Kate’s that had towering trees, as well as a koi pond and patio. This home was comparable in interior and exterior, but it was on a busy street.

What 20% of the home caught the buyer’s eye and prompted him to choose Cam and Kate’s home? The buyer loved the secluded country feel of the home. The 1.8-acre property was surrounded by pastures, with grand oaks dotting the landscape.

LOCATION MATTERS

A buyer paid extra for a townhouse because of its location in the complex overlooking woods instead of the parking area. Another seller took advantage of the fact that most of the surrounding homes didn’t have yards; only a few shared a half- acre grassy area. An owner whose townhouse bordered this yard area sold his home for a higher price than other townhouses in the complex because he had a characteristic shared by fewer than 10% of others — in fact, he had the only available listing offering that feature. He pointed to that feature in marketing the townhome. With this attractive point of difference, the house sold for a higher price. Another townhouse seller in the same complex found a different unique feature. Although she did not have a yard, she was still able to use location to advantage. Her property backed up to a lake and fountain. This unique feature helped her to sell the townhouse quickly and for a better-than-average sales price. THE 80/20 RULE IN ACTION: BUYERS ARE SEARCHING FOR UNIQUE FEATURES Decide upon, improve, and spotlight the unique features of your home in marketing copy, photographs, and showings. Do not spend much time explaining how the storage room can be converted to another full bath; instead, lead the dog-owning prospect to the fenced-off dog run in the unusually large backyard. If the home has a certain feature a buyer is specifically looking for, highlighting this aspect in marketing efforts will attract interested buyers willing to pay the asking price.

Each house will have its unique features. Here are some suggestions if you aren’t sure of yours: · Hilltop views or high vantage point, offering a spectacular view of the surrounding area · Open fields frequented by wildlife · Unobstructed views of sunrise and sunset · Patios, decks, dog runs, garden areas, and gazebos — highlight items neighboring houses don’t have, or differences in size or quality; that one vital feature could help you sell your home · Location can set a property apart, even in the same area, adding value to a home on a cul-de-sac or corner lot · A private location or lot partially concealed by trees · A unique, shady, or larger backyard; a fenced backyard is a big selling point (If your yard can be fenced but is not, consider making that improvement.) · Finished basement, large attic or garage, swimming pool, or anything else that makes your home stand out Following the 80/20 rule can lessen time showing to people who aren’t interested. Instead, you will be showing your home to buyers who are motivated to make a purchase. You won’t have to show as frequently. You also won’t have to sift through low-ball offers from casual shoppers. Keeping this in mind, you must take the time to uncover your home’s most attractive and unique features and improve them to their highest potential. Compare your house with others in the neighborhood to see what makes yours stand out. Work with that.

HOW THE 80/20 RULE APPLIES TO HOME SALES ME SALES

An out-of-town home shopper with no specific requirements contacted a real estate agent to look at available homes for sale.

The agent drove him from house to house. In each case, the buyer suggested offers 10% to 20% below the asking price without budging. As the day progressed, the agent’s chances of finding a suitable home for the buyer were dwindling. They stopped at one last house as the sun set. The exterior of the house was dated and the yard untended. This agent and her client had spent the entire day looking at houses that shared 80% of the same features. Nevertheless, once the buyer walked into this home, he wanted to offer the full asking price. What set this house apart from the others? He wasn’t too interested in the kitchen, bathrooms, and bedrooms. A bedroom was a bedroom, as far as he was concerned. He fell in love with the one remarkable feature of this otherwise uninspiring house. The house sat on a hill with a beautiful view out a large window. As they entered the great room, the sun was setting below the distant tree line. That view sold the buyer. The remaining parts of the home could be improved. The home buyer based his decision to buy on the window view from the hillside. The 20% of the home’s features motivated him to offer full price on the spot. Such is the power of the 80/20 rule. In some cases, the 80/20 rule may help people make a sale without even conducting a showing. The house in the following example had languished on the market for months. Unlike the previous home, this one was attractive. It was a brand-new, custom-built home, yet it sat on the market for over seven months without a single offer. The builder hired a real estate agent who knew the importance of finding that one special feature. He drove out to give the house a thorough investigation. He discovered what the property had that the competition did not. The house had a five- acre yard. Other houses being sold in the area had one- to two- acre lots.

Not only was the yard bigger, it was also more private than the other properties. The real estate agent marketed the property by highlighting the five acres. Because the house was no longer the main selling point, interest in the property increased. Sylvia's Pro Tip: Highlight the main selling points of the home, the 80%.

CHAPTER 4 Creating Va Va Voom aka "Curb Appeal" Someone once said, “a stunning first impression is not the same thing as love at first sight. But surely it is an invitation to consider the matter.” This could not be truer than in selling a home. First impressions matter. Sometimes they are everything. After seeing and being told by her broker in Sex and City that the apartment they are to view is "the worst", Carrie and Big are whisked away to the Penthouse in the same building by the selling broker, who just so happened to have another unit in the building, where upon entry Carrie exclaims she has "died and gone to real estate heaven." Nothing sets the tone of a relationship or encourages a transaction more than first impressions. So, always consider what a potential homebuyer may think as he or she enters the building and unit or drives up to your property for the very first time. Think of “curb appeal” as the home seller’s shop window. Like window shopping, what's in the window that draws you indoors. I recently was scouting commercial property for a client in New York City on Madison Ave on the Upper East Side and came across an adorable shop for girls and boys, Monnalisa. The window was dressed in the most adorable red tutu skirt Olive Oyl and Popeye biker jacket for kids, I was hooked, I went inside. It’s either the outside presentation, or, as we saw in the 80/20 rule discussion, some particular feature that brings in the customers. For most window shoppers, it is the way the place 20

looks (“curb appeal”), and to others, (specific desired feature).

You do not have a lot of time to establish a curb appeal relationship with a prospective homebuyer. Whether surfing the web to view online photos from across the country, or cruising by your home in the family SUV on a Sunday afternoon outing, home shoppers will decide at a glance whether they want to see more. “We buy ugly houses” is a sign often seen nailed to electric poles. Rehabbers look for ugly houses so that they can pay the least amount possible; homebuyers looking for a deal — not a “basement bargain” — do not want an unattractive home. Creating va va voom is essential to attracting interest in your home. How your home looks upon entrance is vital to how long buyers will take to walk thru a home. It’s a compliment when buyers say that the home looks better in person, in that case fire the photographer. Photos should look equally amazing as the property. A well-prepared house may catch the attention of buyers who did not find the written description particularly compelling, but the photos piqued their interest. Likewise, a neglected house can cause a buyer previously excited by the description to cruise right on by. Step outside your front door and look — I mean really look — at your home and see if you can spot any imperfections. Is it appealing, pristine, and well-kept, or are there necessary repairs that you have been putting off? If you are in a condominium or cooperative take pictures and examine the photos or send them to a friend for their honest opinion After you’ve lived in a home for a long while, you’re not likely to examine it objectively. Listen to suggestions from real estate experts, your friends and/or potential home buyers about how you can make your home show better.

Then, take a drive around your neighborhood and surrounding area and see which homes for sale appeal to you and note why or surf the web for homes for sale and see what pictures catch your eye. Well-tended homes with groomed lawns, clean windows, attractive landscaping, and a clutter free “grand entrance” will be more impressive than homes with an unkempt walkway, uncut grass, and a paint-peeling front door. If the home is not upgraded, please be sure it is reflected in the asking price and should be sold "as is”. Potential homebuyers are drawn to welcoming entries and uncluttered yards. They are unlikely to be attracted to a home with a weather-worn exterior. It is no stretch to think a buyer will believe the home is neglected on the inside as well.

Look at your home as a prospect would.

Take inventory of everything that needs attention. Low-cost investments go a long way, like clean windows to let the sunshine. The house repainting trim, manicure the lawn, add flowers inside and out if there is a patio. Give your house more the edge. Simple improvements like clean floors, sparkling appliances, uncluttered kitchen and bathroom countertops. The goal is having the buyer envision themselves living in the home that you are selling. Improve the appearance of a home with little to no expense, add a pop of color with new throw pillows, clean mirrors, clean curtains or blinds a simple hack is to change the cabinet handles in the kitchen and bathroom instead of the entire cabinets. If you are living in the home, make it as organized as possible. Repair and repainting are costlier, but often tell in sale price. The goal here is to get MORE MONEY for your home. Homebuyers generally aren’t interested in a home that needs work, unless you want to sell below market value or are specifically looking for a fixer upper. Homebuyers want a

turnkey or move in ready home without repairs.

Look around your home and make a written list of everything that could be improved:

· Add a fresh coat of paint · Empty trash cans

· Remove outside debris, down branches, etc. from patio, terrace or yard, plant new flowers; terrace furniture updated, decks stained · All light fixtures (if remaining with the home: real property, attached fixtures); should be dusted, door handles functioning properly, nothing like going to reach for a door handle as it turns, it falls out. Make all major and minor improvements to update the exterior of your property. There might be a long list of things to do. It takes hard work to get a home ready to sell. Anyone can put a house on the market, but not everyone sells quickly or with great profits. Then, await the prospective buyers who will be drawn to the inside of your home when they see how beautiful it is from the pictures!

CREATING A GRAND ENTR AND ENTRANCE

As I mentioned earlier, an important part of curb appeal is the home’s “grand entrance” — the portal to even the most modest house. You want to create a sense of a great place to come home to. Impressing the home buyer at the front door is a vital part of the home sale. This means more than putting out a welcome mat and potted plants.

You want prospective buyers to feel welcome, safe, and secure

when they open the door.

The doorknob is the first point-of-touch on a home. Security is important to homebuyers. A flimsy lock or handle on the front door will make potential homebuyers uncomfortable, and they may not even know why. Replace a worn or loose entry handset. Consider replacing the door handle with a heavy-duty deadbolt and knob combination. This investment of less than $100 will make your home more visibly and practically secure, and everyone wants to be secure in their home. The front door is a focal point; make it impressive. Freshen it up and add a dash of color. Choose a paint that complements the color of your home. Replacing a wooden door with a steel entry door is worth the cost with a 91% ROI (Return on Investment).

SOME OTHER CONSIDERATIONS IN CREATING GREAT HOME APPEAL: EAL:

· Symmetry appeals to the eye and is easy to accomplish. Lopsided landscaping or unsightly doors will detract from the curb appeal; the overall appearance of the home needs balance. · The mailbox should complement your home. If it is worn, dated, replace it. This doesn’t cost much and is worthwhile. · Use outdoor lighting to add to landscaping appeal as well as a perceived safety feature. · Consider enhancing architectural appeal by adding molding to the tops and sides of the doorway or around windows. · Keep shutters and trim in excellent shape. Repainting them adds to the attractiveness. Fence gates, arbors, and fencing panels should be clean and fresh. · Clean downspouts and gutters. Repaint or touch up to eliminate rust spots. · Ensure the walkway to the front door is clear and

approachable. Unruly landscaping interferes with home buyers walking up and diminish the inviting look. · Try a fresh coat of exterior paint; faded or chipping paint, siding, or trim will always detract from curb appeal. This simple upgrade is well worth the cost. · Power washing the windows, walkways, and driveway can be almost as effective as repainting, at a much lower cost. Power washers are easily rented from hardware stores. · Adding some stone or stone veneer to the face of the home is an inexpensive way to instantly update your home, if it complements the design. · Add a “smart” doorbell, if you reside in a stand alone home. Eight of 10 home doorbells are outdated or not working, so if you invest $200 in a doorbell equipped with a camera and speaker, you will gain the approval of home shoppers who are looking for security measures. Curb appeal is one of the most essential elements in selling your home quickly and successfully. If you put money into cleaning your home, buyers will be far more likely to want to look further inside. Your home’s curb appeal draws buyers in, maintains their interest, and sets your home apart from the competition. Remember that unless you are willing to lower your home’s price well below market value, prospective homebuyers typically won’t want to take on a major renovation project.

Sylvia's Pro Tip: When getting your home ready to sell, ask yourself as a prospective buyer "would I call this home?"

CHAPTER 5 Staging Real and Virtual eal and Virtual

When a real estate professional talks about staging, they are referring to the art of making a home’s interior look desirable to a potential buyer thereby making it as visually appealing as possible to sell a property more quickly. Creating an appealing home — one that prospective buyers can envision themselves living in — is the best investment in the sales effort. Sellers often fail to take full advantage in this regard, as it takes considerable time and work. However, the payoff is proven. Staging is considered one of the most effective marketing strategies to increase the value of your home. This strategy is effective in any market, in any type of home property being listed. It applies equally to single-family houses, apartments, townhouses, and condos. This approach works! Agents and sellers using this tactic have a greater chance of selling the property for more money.

Staging the home will:

1. Distinguish it from the competition 2. Attract top dollar from homebuyers 3. Provide a visual edge over the competition

Staging also includes decluttering, decluttering: removing unnecessary items from a home. Stagers know to remove personal pictures, make colors neutral, removal of carpet among other key components. Not every buyer is going to love that unique porcelain hand collection, silver bullet collection, or fuchsia flamingo bathroom wallpaper. 26

THE POWER OF STAGING WHEN S G WHEN SELLING A HOME

Consider these results from surveys conducted by Coldwell Banker and the National Association of Realtors®: · Staged homes spent 50% less time on the market than homes that were not staged. · Staged homes sold for more than 6% above asking price. · A staging investment of 1% to 3% of asking price generates an ROI of between 8% and 10%. · Homes staged prior to listing sold 79% faster than homes staged after listing.

WHAT DO BUYERS WANT TO SEE?

Most home shoppers are envisioning a fresh start. If they can picture themselves living in the home, the home will be easier to sell. This is known as “interior curb appeal,” where the eyes are drawn to inviting spaces and light, as well as to unique features. Each room needs a purpose or suggested use. The home must feel new to reflect ease of upkeep. The goal is to create a clean, simple, and contemporary feel. Painting, updating fixtures, and eliminating stained carpets and popcorn ceilings can affect the sale ability of the home by 75%!

NEUTRALIZE FOR VISUAL APPEAL

The idea is to neutralize the home regarding personal taste or decoration, so buyers can easily envision the home as it would be outfitted in their taste or with their possessions without the distractions of the seller’s taste and possessions. In staging, distractions are removed so the home shopper can imagine living in each space of the house. Picture a hotel room, with neutral paintings, neutral bed covers, neutral bath finishes,

everything is neutral, its neither masculine nor feminine, it's for everyone, because the hotels want EVERYONE to stay in their accommodations. This is how you want a buyer to enter into a home. You want the prospective buyer to enter and get that warm and fuzzy feeling where they want to stay indefinitely. You know that guest that never leaves, in this case that buyer that makes an offer on the spot, they don't need to look at anything else. The buyer should be envisioning entertaining their family and friends, hosting sleepovers for the kids, spending time reading a book and waking up to the smell of home cooked meals. Stage the home with them in mind. Take the emotion out of it, the home gave you lots of happy, beautiful memories and some growing pains along with shelter for all of your personal belongings and for whatever reason you have decided to move on...then move on. An effective way to achieve this is to paint all rooms in a neutral color. A wide range of neutrals is available, from soft grays to warm beiges. Painting the interior gives newness and freshness and can make the home appear more spacious. Using the same color in visibly adjacent rooms gives the house a seamless look and uninterrupted flow. Changing your window coverings to match the walls can also create an illusion of more space in addition to strategically placed mirrors. Dark or bold wall colors can dampen interest in a home if used in large spaces; however, they can occasionally be used effectively as accent colors. Stagers and real estate professionals have the same goal, to present the sellers home in the best light possible to sell the home quickly while achieving the highest possible return.

FOCUS ON FURNITURE: LESS IS MORE

In staging, a visibly inviting space is created so that the home buyer can envision or imagine life in that space. Minimization is the key. If the seller’s personal taste and style are showcased while the home is on the market, it may be a sale distraction. Preparing for moving is part and parcel of selling a home; it might as well be done at this stage of the process, to enhance the property’s sale ability. Shortly, we will examine depersonalizing the home, a key step. First, however, we must examine the concept of creating space by minimizing furniture. Buyers are attracted to homes flooded with natural light and roominess. They are equally put off by cramped homes filled with unnavigable spaces. Buyers want to walk through a house without obstacles in the way. Space and storage are high on the list of buyers’ desires, so every area of the home should feel spacious. Remove all unnecessary furniture from living spaces. Store it or sell it while the home is marketed. Closets, pantries, and storage rooms must be free of clutter and look organized. Pruning back unnecessary items can create interest by showcasing space and storage in areas such as closets, pantries or cabinets. Furniture placement is an easy way to highlight unique house features. A grouping of chairs in front of a fireplace will draw attention to it. Avoid pushing furniture close to the walls. Every room must be staged to show function. An empty room used for overflow of boxes, possessions, or unwanted items should be transformed into a usable, desirable space. Clean it out and create an office space with a desk and chair, or a reading room with an overhead lighting. Exercise equipment might be arranged to feature it as a workout room. Every room should have a purpose and be user-friendly. Make your home’s traffic

flow smoothly, so buyers can browse each room without effort.

EMOTIONAL CUES AL CUES

Once every room has a purpose, creating atmosphere is crucial to make the home desirable. Decorative touches of greenery, flowers, and coffee table books give life to a room. Creatively hung wall art can do the same. A bedroom that has one bed with one pillow and blanket may make the room seem bare and lonely. By adding a table with a lamp and a sitting chair draped with a throw blanket, you heighten its appeal. Be sure to add elements of the same color, shape, or texture to unify the room. Any splashes of color should appear in wall art or any place you want to draw attention. Learn to strike a balance between staging and living in your home. You can even seasonally decorate your home without dashing its appeal. The main goal is to keep your home clean and free of clutter that distracts would-be buyers. Even simple things can make a big impact on the final sale price of a home. You have two options for staging a home: do it yourself or hire a professional home stager. If you are considering hiring someone, I can provide recommendations.

VIRTUAL STAGING

Virtual Staging and decluttering options. Virtual staging is a computer technology marketing tool that will get your property noticed online. Virtual Staging allows you to present properties as it could be so buyers can envision more options. If the seller has entirely too much to remove and not enough time to sale, decluttering is the way to go. Decluttering is staged photos that transform interior spaces on a virtual level. Average cost ranges from initial consultation fees $300-$600 and per room staging $500-600

Some reasons to use these services: 1. faster turnaround time 2. cost-effectiveness 3. more varied design options

TO STAY OR NOT TO STAY?

Home sellers often ask whether they should stay in their home while it is on the market or move out. There are pros and cons to both and factors that can tip the scale to one side.

Pros of Moving Out

If the seller has engaged a real estate agent, the burden of showing a vacant home is virtually eliminated. The agent will field all calls, set appointments, and show the home. Buyers’ real estate agents are also more likely to want to show vacant homes. If agents have 20 home options and 15 are occupied, they may well show the vacant homes out of convenience. They don’t have to call and make an appointment and can simply go over and use the lockbox. Further, the continual pressure to keep daily life from affecting the home’s pristine staging presentation is eliminated. The seller is not under constant pressure to keep the home in immaculate showing condition. If you’re someone who might struggle to keep your home in turnkey condition for showing purposes — for example, if you have young children. Cons of Moving Out A vacant home can signal that the homeowner is a “motivated seller” who needs to sell quickly. Consider this example found on an online real estate forum. A buyer saw that a home was vacant and offered $30,000 less than the asking price. The buyer was sold on the home anyway and would have paid more, but

“haggling” began well below asking price because the buyer assumed the owner was desperate to sell. Sylvia's Pro Tip: consider doing little home improvement projects a year prior to moving to make it easier.

CHAPTER 6 Upgrading with ROI in Mind

Making upgrades can be as easy as replacing the handset on your front door and freshening up the paint job, or as daunting as remodeling an entire kitchen or master bath. The question always is, what home improvements give the best return on the remodeling dollar? Return on Investment (ROI) is generally less than 100% in real estate, so the rule of thumb is “less is more.” It is frequently advised in this area that it’s better to update/remodel your home while living in it and not solely at the time it comes to sell. I generally tell clients to allow themselves 6 months to 1 year prior to selling. Often times sellers will run into construction restraints. Obtain permits, scheduling elevator time, ordering specialty items, shipping, holidays, etc. all can cause time delays and if the homeowner is under time constraints. That way, there is more enjoyment in the improvement and less cost and time in preparing for sale. Some desirable upgrades or home improvements will not return their cost in the sale price, so it’s better for the owners to enjoy them all along. If your home is worth $275,000, and you spend $25,000 to revamp the kitchen, don’t make the mistake of assuming that the investment will increase the value, dollar for dollar. The remodel may add value to the home, but the return in dollars spent will be around 50%. Smaller upgrades, like replacing outdated fixtures in the kitchen and bath, are certainly worthwhile, but major remodeling of those rooms isn’t wise, just to sell your home. That’s not to say you can ignore necessary repairs that a home inspector would red-flag or mortgage company would demand before issuing a loan to a buyer. If major problems, like 34

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