The coronavirus pandemic has changed many things, and the real estate market is no exception.
Inventory is low, said Susan Roemer, a licensed realtor with over twenty years of experience, and lots of eager buyers are willing to bid against each other and pay top dollar for your property. It’s not even critical, as it was in the past, that your home be one of the first to hit the spring market (usually the end of March and the first two weeks in April). There are no great bargains out there, and multiple offers above the asking price are common.
That said, don’t assume that you can just list your home without regard to its condition and still come out ahead. Any time is a good time to put it on the market these days, but it still needs to be prepared, both inside and outside.
An experienced realtor like Roemer can help you determine what you need to do to be ready.
While there have been instances of frantic buyers purchasing properties sight unseen and waiving inspections, these are the exception, not the rule.
Buyers expect at the minimum an efficient heating system, a sound roof, good water quality and a working septic system. An offer could be re-negotiated or even withdrawn when a buyer offering above the asking price discovers that there’s an expensive repair needed or that one of these essential features needs to be replaced.
“Sellers and I discuss red flags regarding the condition of their home,” Roemer said. “We look at the age of their appliances, windows and all housing components. Owners need to keep in mind depreciation and life expectancy of major items and other things that often appear on the home inspection list of things to address.”
Sellers also need to recognize that the pandemic has affected buyer expectations, Roemer said. Air quality is now more of a priority. Consider having existing HVAC systems cleaned and serviced and perhaps updated with newly designed filters and thermostats. Look into eco-friendly ideas such as water-saving mechanisms and LED lighting.
In the current market, you may get a healthier return on these and other updates (new flooring, new bathroom or kitchen hardware, etc.) than in the past. However, that doesn’t apply to recouping the cost of replacing worn-out utility items like a roof or furnace. You’re unlikely to get $10,000 more for your home because you spent $10,000 replacing a furnace nearing the end of its life.
Roemer recommends a pre-listing inspection to identify and address major problems ahead of time. If you find that you are not able to address them, Roemer suggests getting two or three estimates so that when you disclose a problem (as you must) to a potential buyer, you and they know what the cost of correcting it would be.
Once the big stuff is addressed, it’s time to turn to your home’s appearance. First impressions are important, both inside and out. Roemer can advise you what is needed to present your home at its best with “Roemer’s Remedies,” her guide to readying your house for sale.
Indoors or outdoors, the most cost-effective change you can make is to paint. A fresh coat of paint on the front door and on interior walls adds vitality to your home’s appearance. Resist the temptation to use your favorite colors, though. It’s a good idea to consult the people at your local paint store for current color trends.
Inside, decluttering is essential. For example,
■Remove excess clothing and stored items from closets.
■Sell, donate or toss items that you no longer want or need.
■Create a greater sense of space by removing extra furniture and placing it in storage, along with those boxes of things that you will keep but don’t need right now.
■Remove family photos and other personal items.
■Don’t forget the basement. Clear out storage areas, remove cobwebs, and vacuum or sweep the floor.
Next, make everything shine.
■Wash windows and woodwork.
■Clean, replace or remove blinds.
■Get rid of pet odors.
■Clean carpets.
■Scrub everything in the kitchen and bath.
Curb appeal is as important as ever. You only have one opportunity to make a favorable first impression. Once the snow is gone, take a good look at your property. It doesn’t cost a lot of money to:
■Remove broken branches.
■Rake up winter debris.
■Trim overgrown shrubs, especially those that block windows.
■Power wash sidewalks and decking.
■Repair broken steps.
Roemer is happy to have a conversation with you to evaluate your home’s condition, make pricing recommendations, and get you moving onto the next chapter in your story. With her extensive experience, she’s a trusted professional who gives good advice.
Susan Roemer can be reached at 491-0833 or sroemer@masiello.com.