If you are considering selling your house after the first of the year, now is the time to get started preparing in order to ensure a successful sale.
The first thing to consider is if you are going to sell the house “as is” or if you are willing to invest in the property to improve its salability.
Regardless of which path you choose, the first logical step is to contact an experienced Realtor with the Greater Chattanooga Association of Realtors to complete a complimentary market analysis of your home.
A comparative market analysis (often referred to as a CMA) will show the price you should expect to list the house for and what you should expect to sell it for. In addition, you can see what the condition of surrounding homes is and how long it took them to sell (days on market). Your Realtor can present the pros and cons of an “as is sale” vs. investing some time and perhaps money into improving the appeal of your home.
While our overall market has been steadily improving each month, foreclosure and short-sale homes continue to comprise approximately 25 percent of the number of units closed on each month. These homes generally have deferred maintenance in addition to functional obsolescences and are therefore priced accordingly and sold in an as is condition. If your home has some of these same features and you are unable or unwilling to make improvements, you need to price your home accordingly if you really desire to sell the property.
Most homeowners find that it is in their best interests to spend some effort improving their home to increase its sales price and shorten the number of days on market. There are the basics of removing clutter, organizing closets/cabinets/storage and giving everything a thorough cleaning. Pressure washing the exterior and adding fresh mulch to improve the home’s curb appeal are also items that require more effort than money in most cases.
While some homeowners consider worn/stained carpeting and outdated paint to be “cosmetic” in nature, these features will have a definite impact on the appeal your house has to a new buyer. Look closely at the photos and descriptions of the houses which have sold recently to determine if you really don’t need to invest in some paint, wallpaper removal and carpet cleaning. If there are mechanical issues such as leaking pipes, a damaged/worn roof or nonfunctional heating/cooling systems and broken windows, you may need to invest more money into the repairs and call upon skilled craftsmen.
Regardless of the route you choose, it takes time to prepare most homes for sale. Call on an experienced Realtor with GCAR today so that you are ready to start the year off with a successful sale!
Mark Hite is president of the Greater Chattanooga Association of Realtors