What Sells a House?

What sells a house in today's buyer's market? Read the facts and the plan of action to sell a home quickly and at a fair price by creating value.

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December 27, 2011

What sells a house in the worst housing market America has ever seen? The answers may surprise you.

There is a glut of real estate for sale right now and that means that we are still in a buyer's market. There are many more properties for sale than people to buy them. Buyers literally have their pick of the market and they call the shots on pricing.

The National Association of Realtors (NAR) issued a press release in late December, 2011, with dismal statistics. It reported that 29% of sales are of deeply discounted homes due to foreclosures and short sales. It's difficult for any home seller to compete with the price of distressed properties.

Mortgage interest rates hit an all-time, record low in November, 2011, but new purchasers have not flocked to the housing market

It takes creativity for a real estate agent or a homeowner to move a listing with an oversupply of homes on the market, offered at bargain-basement discounts.

Buyers looking now are more impressed by real value than by staging. Selling a home this winter depends upon creating value for potential buyers.

Is there an original hardwood floor hiding underneath the carpet? According to a study issued by NAR, 38% of new home buyers specify hardwood flooring as "very important" in their buying decisions. Also in the study: 57% of homebuyers are willing to pay an average $1,900 more for a home with hardwood flooring.

Featuring hardwood flooring in a home for sale is a proven way to attract more buyers. It can also make the difference in selling a home at a fair price and in selling a home period. If that means removing carpet and/or refinishing the hardwood, the process will only take a few days if you hire a professional contractor.

New wood flooring installed on a concrete slab is also an option. It's a bold decision, but one that will definitely increase the salability of a home in a depressed market..

According to a National Floor Trends market study, American red oak is the most popular choice for hardwood floors. It has an unsurpassed emotional appeal.

Home buyers know that hardwood flooring will last throughout the lifetime of the home. This is what creating value is all about.

The NAR study reported, "The typical buyer spent $4,350 on home improvement projects within the first three months of buying a home. Nearly half of home buyers remodeled or made improvements to their kitchens." If the seller can provide an updated kitchen, more potential buyers will be interested in the property.

No one likes to live through the remodeling process and buyers will factor that into their buying decision. The condition of the kitchen is often the deal-breaker when purchasers make the final decision on which home to buy.

Countertops, cabinets, tile work and window coverings are all options. Again, the emphasis must be on real value, not just cosmetics.

In the NAR study, updated bathrooms are considered a necessity by buyers and close to half made improvements to bathrooms within three months of purchase. The message to sellers: updating bathrooms gives a home a competitive edge.

If the tile is chipped, replace it; don't just repair it. If the fixtures are worn or outdated, replace them.

Never lose sight of the objective and that it to sell your home at a reasonable price and as quickly as possible. Creating value is what sells a house today.

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