Selling a home? 5 ways to beat your competition
Bank-owned properties, short sale homes and foreclosure auctions distort housing markets so much that it can feel as if buyers almost expect you to pay them to take your house. If a race to the bottom doesn't appeal to you, try these five tips to make your home appealing without giving it away.
- Clean up your act: Distressed homes are often sold "as-is," and any evidence of neglect is likely to put off buyers. Give your home a thorough cleaning and repair those little nuisances you've learned to live with. The contrast will be noticeable.
- Offer peace of mind: Include a home warranty. You'll highlight the difference between a clean deal and a distress sale.
- Spice up your kitchen: Home shoppers may have trudged through dozens of tired, dated properties before viewing your home. Knock their socks off with some judicious kitchen remodeling. Choose cost-effective fixes like new flooring, countertops or cabinet refacing. According to Remodeling Magazine, most prospective buyers consider kitchens "the most important room in the home."
- Don't drag things out: Experts estimate that about 30 percent of all distressed home sales fall out of escrow (and 43 percent of short sales, according to the National Association of Realtors). If you can offer a quick closing to buyers who have run that gauntlet a couple of times, you could have them eating out of your hand.
- Include the appliances: Many distressed homes have been stripped by their former residents. Set yourself apart by including the fridge, washer/dryer, and dishwasher.
Invest in a contractor who can help you do the important work upfront to attract discerning buyers--after all, if price was the only consideration, we'd all be driving Yugos.
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