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Navigating the world of real estate can sometimes get confusing, and options are often overwhelming. Before deciding to buy, rent or sell, there’s so much for a family to consider. Is now the time to buy, or does renting really make more sense? Should you pay more for a town you really want to live in, or broaden your search to where you can obtain more for your money? And how do you add more value to your home when you really need to sell?
This column is your guide to making the most of your investment, learning about the changing state of the market, and ultimately finding a wonderful place to call home while feeling good about real estate again. We’ll also answer your top questions from Long Island real estate sources, give an overview of local communities and offer ways to help adjust to the move. Do you have a question you’d love to get answered? E-mail: celene@celenemcdermott.com
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In today’s buyer’s market, sellers are trying to obtain as close to their asking price as possible. And with home values falling, experts say that professional home staging can often be just what a seller needs to close the deal and quickly.
“The statistics are that a staged house sells 50 percent faster and for 7 percent more than an unstaged home,” says Val Allocco, founder of Staged 2 Sell NY in Northport, referring to a 2007 study from Realtor Magazine.
When starting her business in 2006, Allocco says no one really knew what home staging was about. But with the National Association of Realtors reporting that 90 percent of buyers are first looking online for a home, that first impression of the listing photo has been critical, leading to an increase in realtors requesting professional staging of the home.
Allocco likens the practice to creating the feel of a model home, filled with various emotional connection points designed to draw the buyer in. Staging involves a personal consultation to help maximize aspects of the home that will “wow” the buyer. A team of professionals manages everything, she says, from taking down old wallpaper, to replacing counter tops, to accessorizing. And renting new furniture is particularly useful for creating rooms.
“Staging is used to help define the areas,” explains Gillian Giordano, a licensed realtor from Century 21 Dallow Realty in North Bellmore. “For buyers who don’t have the visions, it helps them answer, What would I use this space for?’”
Giordano says that staging is recommended in cases where the seller wants to price their home higher than suggested, for vacant or new construction homes, and for homes that have been on the market a long time (over six months). Renting furniture, painting neutral colors, de-cluttering and removing personal items can make all the difference in getting a home to move on the market.
And while some sellers are still hesitant to spend the money in today’s economy, Giordano often recommends that they consider a consultation, as a variety of services can be offered and often on a shoestring budget.
Whether you hire a professional to help make improvements or you simply want to maximize your home’s assets on your own, here are some factors to consider:
- Curb appeal is the first impression of the home. Trim hedges, add flowerpots to the front stoop, paint doors and replace broken or unsteady steps. Minimize bright colors and paint dirty walls.
- Don’t be there. Giordano says that most buyers don’t like meeting the home’s current owner, as they feel uncomfortable about stating what they’d like to fix.
- Concentrate on the most important rooms: kitchens, bathrooms and master bedroom. If you can’t update the cabinets, consider painting them. The master bedroom should show enough space for two people, says Giordano. And make sure you can see the back or bottom of the closet.
- Fix any “red flags” to potential buyers: water stains in a basement, leaks, any signs of mold and plumbing and electric wiring that’s outdated. “You can’t sell a house on the market with these things, unless you sell ‘as is’ and take bottom dollar for it,” says Allocco.
- De-clutter and get rid of personal things. Put away photos, greeting cards and trophies. Replace old windows that don’t work properly. If you have a sunny room, keep the windows clean and open to maximize light.
- Consider hiring a cleaning professional at least once to do a thorough job.
- Use a rug to fix a floor’s shortcomings or consider re-polishing the floors.
- Remember that you’re selling space. If you have too much furniture, consider renting a storage unit. Remember to pick up children’s toys so that potential buyers can walk around your furniture.
- Add warmth to the home: consider candles and setting the dining room table.
- Make sure you take updated photos based on seasons.
Finally, once the house is staged, have an appraisal done before the realtor comes in. This way, you’ll be armed with the most information to get the highest value.
For those who are still unsure about the cost of home staging, Allocco suggests that sellers look at it as a dividend that will pay back. At the very least, the home will likely sell faster, so that you might not have to come down in price.
