Home Selling Archives - Page 19 of 28

2 Tips For Selling Your Home Fast and For Top Dollar

January 10, 2019 By Troy Stavros

Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive the maximum value for your house?

Here are two keys to ensure that you get the highest price possible.

1. Price it a LITTLE LOW

This may seem counterintuitive, but let’s look at this concept for a moment. Many homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation. In actuality, this just dramatically lessens the demand for your house (see chart below).

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. By doing this, the seller will not be fighting with a buyer over the price but will instead have multiple buyers fighting with each other over the house.

HGTV gives this advice:

“First impressions are everything when selling your home. Studies have shown that the first two weeks on the market are the most crucial to your success. During these initial days, your home will be exposed to all active buyers.

If your price is perceived as too high, you will quickly lose this initial audience and find yourself relying only on the trickle of new buyers entering the market each day. Markets are dynamic, and your price has an expiration date. You have one chance to grab attention. Make sure your pricing helps you stand out on the shelf — in a positive way.”

2. Use a Real Estate Professional

This, too, may seem counterintuitive. The seller may believe that he or she will make more money without having to pay a real estate commission, but studies have shown that homes typically sell for more money when handled by a real estate professional.

Research by the National Association of Realtors in their 2018 Profile of Home Buyers and Sellers revealed that,

“the median selling price for all FSBO homes was $200,000 last year. However, homes that were sold with the assistance of an agent had a median selling price of $264,900 – nearly $65,000 more for the typical home sale.”

Bottom Line

Price your house at or slightly below the current market value and hire a professional. This will guarantee that you maximize the money you get for your house.

Top 4 Home Improvement Projects That Net The Most Return On Investment

January 4, 2019 By Troy Stavros

Some Highlights:

If you are planning on listing your house for sale this year, here are the top four home improvement projects that will net you the most Return on Investment (ROI).
Minor bathroom renovations can go a long way toward improving the quality of your everyday life and/or impressing potential buyers.
Upgrading your landscaping or curb appeal helps get buyers in the door. These upgrades rank as the 2^nd and 4^th best renovations for returns on investment.

Knoxville Home Buyers Are Looking For Your Home… NOW!

December 21, 2018 By Troy Stavros

Some Highlights:

Existing home sales are currently at an annual pace of 5.32 million and have increased on a monthly basis for the last two months.
The inventory of existing homes for sale remains below the 6-months needed for a normal market and is now at a 3.9-month supply.
Inventory remains low due to high demand from buyers who are still looking for houses to buy!

5 Reasons Homes Don’t Sell in a Strong Real Estate Market

December 18, 2018 By Troy Stavros

As we approach the end of the year, many homeowners find themselves asking the question, “If we’re currently in a strong real estate market, why won’t my house sell?”

Below are the 5 most common reasons why your home isn’t selling:

1. The Price

Sometimes when the market is hot, homeowners attempt to set their listing price higher. Their hope is that a motivated buyer will be willing to pay any price for a house in their desired neighborhood! Sellers must remember, though, that in today’s market a house must be sold twice; first to the buyer and then to that buyer’s bank.

A buyer can agree to pay the homeowner’s asking price, but after the bank conducts their appraisal, the price might need to be adjusted. The bank will only give the buyer a mortgage for the value of determined in the appraisal.

Sellers must also keep in mind that today’s homebuyers are well-educated. Before they look to buy a house, they have already seen many houses online. They’ve done their research on the Knoxville neighborhoods they are interested in, including information on the school districts in the area.

They will know if your house seems overpriced and will not waste their time considering it. This is why it’s so important to make sure that your home is priced right from day one on the market!

2. The Condition of the House

In many areas around Knoxville, builders are taking advantage of the lack of inventory of homes for sale by building new houses. These newly constructed homes create competition for existing homes in the market. For this reason, many homeowners are making renovations and updates to their homes to compete with the new construction in their marketplace.

Most agents recommend that homeowners declutter their houses before putting them on the market. Buyers want to be able to imagine themselves living in the home instead of focusing on the current homeowner’s decor.

It’s important to take care of the small problems like dripping faucets and torn screens, while also remembering to remove any posters hanging in your teenager’s bedroom. Making sure your home is in perfect condition will make buyers fall in love with it and will ultimately help you get the right price for your house!

3. Seller’s Motivation

Why did the seller put their house on the market in the first place? Is the seller’s motivation still the same as it was when they first listed?

If homeowners are really motivated to sell, they will make sure their houses are both priced right and in good condition. The seller’s motivation will push them to consider all offers and help them make the right decision for their family’s future.

4. Marketing Plan

Having a marketing plan is important! According to NAR’s 2018 Profile of Home Buyers and Sellers, 95% of buyers searched online for a home last year. The days of looking for a newspaper ad or yard sign in your preferred neighborhood are over.

If you want to sell your home, you need a real estate professional who understands your local market and knows how to promote your home online. Don’t settle for someone who will just put your house on the MLS and leave the rest up to luck!

5. Lack of Communication with Your Agent

Keeping an open line of communication with your agent is crucial in getting your home sold with the least amount of hassles, in the right amount of time, and for the right price! From the beginning, establish a continuous line of communication with your agent, and make sure you review your agreement often to see if any changes need to be made. For example, adjusting the selling price!

Bottom Line

There are houses selling every single day because they are listed at the right price, they have the right marketing plan, and they are staged for the sale. Also, keep in mind that some price points sell much faster than others, and while it might be a strong real estate market for entry level or trade up homes, it might not be for luxury homes (for example as of right now in Knoxville, it is a seller’s market for entry level and trade up homes, and a buyer’s market for luxury homes). If for some reason your home didn’t sell and you’re still motivated to get it sold, let’s get together to figure out the reason your house isn’t selling!

5 Reasons The Holidays Are A Good Time To List Your Home

December 9, 2018 By Troy Stavros

Every year at this time there are many homeowners who decide to wait until after the holidays to list their homes. Here are 5 powerful reasons why waiting until after the holidays to sell your home probably doesn’t make sense. Let’s get together today to discuss how we can market your home this holiday season! Have questions or want to talk about getting your home on the market? Call Troy Stavros with CornerStone Realty Associates at 865-999-0925 or 888-388-DOOR xt.707 today.

Are Homeowners Renovating to Sell or to Stay?

November 13, 2018 By Troy Stavros

Over the past few years, two trends have emerged in the housing market:

Home renovations have shot up
Inventory of homes available for sale on the market has dropped

A ‘normal’ housing market is defined by having a 6-month supply of homes for sale. According to the latest Existing Home Sales Report from the National Association of Realtors, we are currently at a 4.4-month supply.

This low inventory environment has many current homeowners worried that they would be unable to find a home to buy if they were to list and sell their current houses, which is causing many homeowners to instead renovate their homes in an attempt to fit their needs.

According to Home Advisor, homeowners spent an average of $6,649 on home improvements over the last 12 months. If that number seems high, it also includes homeowners who recently bought fixer-uppers.

A new study from Zillow asked the question,

“Given a choice between spending a fixed amount of money on a down payment for a new home or fixing up their current home, what would you do?”

Seventy-six percent of those surveyed said that they would rather renovate their current homes than move. The results are broken down by generation below.

More and more studies are coming out about the intention that many Americans have to ‘age in place’ (or retire in the area in which they live). Among retirees, 91% would prefer to renovate than spend their available funds on a down payment on a new home.

If their current house fits their needs as far as space and accessibility are concerned, then a renovation could make sense. But if renovations will end up changing the identity of the home and impacting resale value, then the renovations may end up costing them more in the long run.

With home prices increasing steadily for the last 6.5 years, homeowners have naturally gained equity that they may not even be aware of. Listing your house for sale in this low-competition environment could net you more money than your renovations otherwise would.

Bottom Line

If you are one of the many homeowners who is thinking about remodeling instead of selling, let’s get together to help you make the right decision for you based on the demand for your house in today’s market.