Sunday, April 19, 2009

Painting Your House to Sell It Quickly - Painting Tips and Tactics

Do you need to paint your house in order to sell it quickly? In most cases, yes. If you have recently painted the home, and you chose neutral and soothing colors, you might be able to skip this part of the preparation stage. But in most cases, painting is a smart investment prior to listing a home for sale.

There are several reasons for painting a house before selling it:

  • To neutralize the color scheme throughout the house
  • To freshen up the appearance of the house
  • A combination of these two things
We will cover these things in more detail below. But first, I want to share a couple of stories with you. One is a real-life story involving yours truly, and the other is from an HGTV home buying show I watched earlier today. Let's start with my own tale about paint colors, home selling, and first-time home buyers.

Selling a House With a Bad Paint Job


Back in 2002, my wife and I were shopping for our first home in Maryland. We pulled up to one house that was very nice ... from the curb. It was a new colonial-style home with nice architectural touches and tidy landscaping. It was a bit far out from where we worked, but we were flexible. So we went into the house with an open mind.

And everything went downhill from there.

The first room we entered was the living room. The paint color could best be described as dark pink, and it had a flowery wallpaper border around the entire room. Way too taste-specific. So right away, I was thinking about how much work I would have to do to tone down the gaudy color palette in the space.

It only got worse as we moved through the rest of the house. Apparently, the lady of the house ran a daycare from her home. She used the finished basement for this, and it was painted in true daycare fashion -- one wall was bright red, one was bright blue, the door was green with a yellow frame. You get the idea. It was over the top, gaudy, and the exact opposite of how you should paint your house when selling it.

We went into this house with an open mind, and it could very well have been the one. But the paint scheme blew it for us. I had estimated that I would have to spend 30 hours of labor -- and hundreds of dollar in painting supplies -- just to make the house presentable. No thanks!

So we left and did not look back. And judging by how long the house had been on the market, I would venture an easy guess that many other would-be buyers did the exact same thing. The homeowners were either very lazy, in a state of denial, or both. The paint colors were killing their chances of selling the house, but they weren't doing anything about it.

Bold Colors Can Kill the Sale


That was my own story of bad paint colors when selling a house. Earlier today, I saw this very same thing on an episode of The Unsellables, a home selling show on HGTV. You've probably seen this show, or a similar one. They will focus on sellers who are having trouble selling their house for some reason, and they'll bring a real estate agent through to point out the potential problems. In this episode, both the host and the visiting agent could not get past the bold color schemes. Bright orange bedrooms. Bright red living room. That sort of thing.

One of the homeowners said it herself during the episode. She said, "This is just our style ... it's how we like our house." Exactly! It's how they wanted the home to look when they were living in it, but most buyers would be repulsed by the colors. You have to put your own style aside when you are trying to sell your house.

The last thing you want to do is paint the home with a taste-specific color scheme that says, "This is our home with our unique style." After all, you are trying to appeal to the masses, as much as possible. Ever wonder why most car dealers show silver cars in their commercials? Because that color appeals to the largest audience. They rarely show bold red or green models in their TV commercials and brochures, because those colors are too taste-specific. You should use this same strategy when painting your house -- if you're serious about selling it quickly.

Which Colors Will Help You Sell the Home?


Choose soft and warm colors and avoid bold ones. A soft yellow, beige or olive color is generally a safe bet for most rooms. If you're not sure where to start, ask for advice from the paint person at your local Home Depot or Lowe's, or at a local paint store. Tell them you are selling your house and ask for their advice. They will probably be happy to give you room-by-room tips for choosing paint colors.

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Thursday, April 9, 2009

How to Sell Your House by Owner - The Steps Involved

Do you plan to sell your house by owner in the near future? If so, now is the time to start researching the steps involved in the process. In this article, I'll give you a quick rundown of the steps needed to sell by owner in today's economy. You can get a more detailed explanation of each step in this tutorial.

Step 1 - Find out what your house is worth.

This is a good place to start for several reasons. First of all, it might change your mind about selling your home. If your property values have fallen a lot (as a result of the housing crash of 2008 - 2009), then you might decide it's a bad time to sell by owner -- or to sell at all.

This step is also needed for pricing purposes. You can't set your asking price until you know how much the homes in your neighborhood are selling for in the current market. The best way to do this is by paying for a professional appraisal. Learn more about pricing

Step 2 - Prepare your home for the market.

Before you sell your house by owner -- or before you even list it, for that matter -- you need to make sure it's presentable. For starters, you need to fix anything that is broken. That leaky faucet or torn carpet might not seem like a big deal to you. But when buyers see these things, they immediately wonder what else is wrong with the house. This is not the mindset you want people to have when they tour your home. Learn more about preparation

Step 3 - List your house on the Multiple Listing Service.

There are many ways to market a property that's for sale. But if you are serious about selling your home in the shortest time possible, you should list it in the MLS. It's the best way to reach the largest possible audience, of buyers and real estate agents alike.

Even if you sell your house by owner without an agent, you can get it listed in the MLS. Here's what I recommend: National Real Estate Listings without the Commissions!

Step 4 - Read our comprehensive guide to selling a house by owner.

If you want to learn more about the steps to sell by owner in the modern real estate market, I highly recommending our guide to selling your own home. It's one of the most in-depth and useful FSBO guides online today.

The most important thing to take away from this article is the three P's -- pricing, preparation and promoting. In that order. If you don't price your home accurately for the current market, you'll never find a buyer willing to pay. And if you don't prepare the property before people come to visit, they won't stay for very long. Price it right, prepare it for the market, and then promote it through the MLS and other channels.

I hope this article helps you understand the steps involved in the sell by owner process, and I wish you luck selling your house for top dollar.

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Friday, April 3, 2009

How to List a Home for Sale - And Where to List It

Reader Question: I want to sell my own home, and the only thing I'm not sure about is listing it. How do I list a home for sale and where are the best places to list it?

The important thing is that you realize the importance of listing your home for sale. This shows you have a good idea about how the selling process works. I will give you some tips in just a moment, but first I want to explain the terminology being used for people who are unfamiliar with it.

Definition: Listing a home for sale means that you are adding your house to some kind of property database or list of properties, which is viewable by real estate agents and/or home buyers. The most popular database of this kind is the Multiple Listings Service (MLS).

Now to revisit the question at hand. Here's how to list a home for sale effectively:

In the definition I just provided, I mentioned the MLS. This also answers part of your question. You wanted to know where to list your house in order to get the best exposure, and this is the place to do it.

When you add your home to the Multiple Listing Service, you'll be putting it in front of hundreds, possibly thousands, of potential buyers in your area. That's because the MLS is the most widely used property database, and just about every real estate agent has access to it. Here's the bottom line. If you're serious about selling, and you want to attract as many buyers as possible, you should list the home in the MLS as part of your marketing strategy.

Listing Your Home in the MLS


The next logical is, How do I get my property listed in the Multiple Listing Service? There are basically two ways to go about it -- through a real estate agent, or through one of the big FSBO websites. Let's talk about each option.

  • You can hire a real estate agent and have him or her list your home in the MLS. As I mentioned earlier, nearly every agent or Realtor has access to this database.
  • If are going to sell your own home, but you still want to list it with a national database, you can use an FSBO website. Many of these services offer seller packages that include an MLS listing. Here's a good example: National Real Estate Listings without the Commissions!
Remember, how you list your home for sale is not nearly as important as where you list it. So it doesn't really matter how you get your property into the MLS database, so long as you do it. This is the best way to market the property to the largest possible audience, which is the first step to a successful sale. If you have an agent, he or she will handle this for you. If you are selling by yourself, you should list the home through one of the major FSBO sites (see link provided above).

Before You List Your Home for Sale


Now that we have covered the how and where of listing your home for sale, let's back up and talk about what you should do before you list it. In particular, let's talk about pricing and preparation.

Pricing Considerations:

It's critical that your price your home effectively for the market. Over-pricing is the number-one mistake sellers make, especially when they handle the process by themselves. It's hard for people to distance themselves from their homes, but that's what it takes to see things objectively and price the home accurately. So before you list your home for sale, you need to find out what it's worth in the current market.

You can get a general idea of what your house is worth by using a home value website for free. But these websites cannot match the accuracy of a professional appraisal from a licensed appraiser. After all, a website can only look at data -- it cannot take into account upgrades and improvements you've made to the home.

In summary, it's important to set the right price for your house before you list it for sale, because it determines your success or failure more than any other factor.

Preparing the Property:

If you're in a buyer's market, which most people are these days, you need to work extra hard to prepare the home for sale. This process starts long before you list the home, and it includes such things as landscaping for curb appeal, freshening up the paint job, staging the property and more.

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