From the category archives:

Home Selling Guide

With inventory piling up and home buyers now faced with multiple home choices in the same neighborhood, the first impression your home makes is more important than ever.

It’s no longer acceptable to pass off unfinished projects to home buyers in hopes that the buyers will overlook the flaws in favor of your home’s more positive characteristics. Today’s home buyers care about two things: location and price.

To offset tough competition and make home buyers fall in love with your home, check out the top seven home staging secrets of the pros:

1. How are your floors? - The very first thing every home buyer will do is watch their step as they enter the doorway of your home. If you have dingy, wet dog looking carpet or severely worn hardwood floors you should replace your carpet/refinish the floors before putting your home on the market. You will easily reap the benefits of new flooring with fewer days on the market and possibly receiving an offer closer to asking price.

2. When you have less than three bedrooms do NOT convert one of the bedrooms into a home office. - Although home offices are easier to set up and the smaller furniture will complement a narrower room, bedroom space is at a premium in two bedroom or less abodes. Instead, use a day bed to show off the flexibility of the space while still showcasing it as a bedroom.

Living Room with a View

Living Room with a View

3. Share your views with the world! - Overlooking a river, park or private garden is a tremendous asset for any home seller. When staging your home for sale, move large objects away from the windows and keep window treatments to a minimum. A stunning panoramic view can win over even the biggest home buying critic.

4. Don’t interrupt the flow of the room. - Ninety degree angles are great in math but square edges create visual interrupters that catch the eye as buyers navigate the flow of a room. When possible, use round tables to create a visible, circular flow throughout the room.

5. Use rugs to anchor furniture. - Especially popular in dining rooms, stagers love to use rugs underneath dining room furniture to anchor the furniture to the space.

Round Features Soften Hard Edges

Round Features Soften Hard Edges

6. Soften hard furniture edges using pillows and/or blankets. - Square edged furniture can look very substantial and executive, evoking the styling of a boutique hotel room. Be sure to try different styles of pillows and blankets to soften the edges of the furniture and make the room more inviting.

7. Clearly define each room’s purpose. - Multi-tasking has become a part of everyday life for most of us and we tend to apply this characteristic to our homes. Clearly define each space so home buyers don’t have to think about how a room will be used and possibly lower their offer price to compensate for missing rooms.

Utilizing the steps outlined above you will be able to create a warm, inviting space that will entice home buyers to pay top dollar for your home. For more extensive staging or to rent furniture, consider hiring a professional home stager who will be able to guide you through the staging and, if necessary, furniture rental process.

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The Orange County Association of REALTORs (OCAR) recently released their August 2008 real estate report for Orange and Rockland County New York. Although there isn’t anything terribly surprising in the report when compared to the national real estate market it is worth highlighting a few details:

YTD Residential Sales (2007 to 2008)

Orange County New York - 32% Lower
Rockland County New York -
31% Lower

Sales of condominiums were down significantly this year with a 39% drop in sales in Orange County and 33% drop in Rockland County as compared to July 2007.

Interestingly enough, the asking prices of homes in Orange County increased 2% versus 2007 and dropped 6% in Rockland County.

Although OCAR seems convinced that the market will rebound in 2009 I think there is a much greater chance of seeing improvements in 2010. There are still too many uncertainties in the credit market and with deathwatches being announced for mortgage biz heavyweights Fannie Mae and Freddie Mac along side of current local data I would say 2009 is a tad optimistic.

Should you buy or sell right now?

This is a loaded question but the short of it is that you should buy or sell if your lifestyle and living situation call for it. It’s still true that you make the most money on your home when you purchase it and not when you sell so the market is ripe with great buying deals but you might have to let your current house go at or slightly below market value.

I assisted a client in the purchase of a new home and sale of his current home recently and by pricing the home right, combined with my marketing plan, we had an accepted offer at full price within 3 days of going on the market.

The current market is less than ideal for home budget stretchers and investors looking to flip properties so if you fit this segment I would hold off until this winter.

For the full report including charts and statistics, please click here to download the PDF file. As always, comments are welcome and I look forward to hearing what you all think of the current market.

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Modern KitchenEveryone loves to update their homes, and if you live in an older home in an appreciating neighborhood, it can be a fantastic investment. There are some pitfalls to avoid, which can cost a homeowner quite a bit of money because of no return on investment. However, it’s better to focus on what TO do and stay the course.

  1. Raise the Roof!!! Not literally, but gut the attic, and raise the ceiling in, at least, the living room. Older homes typically have 8 foot ceilings, and it’s one of the first characteristics that buyers notice. It’s relatively inexpensive, when you compare your return on investment, to demolish the ceilings of your older home and sheetrock over your new, vaulted ceiling. It’s amazing how much larger and lighter your home will feel.
  2. Knock Down Walls Literally, knock down as many walls as you can and still retain the integrity of the home, and the NECESSARY separation of rooms. If you compare older homes to newer homes, you’ll notice that older homes are typically “choppy” while newer homes feel “open and flow well.” This is due to “line of sight.” Newer homes opt for less separation in rooms. You can create this same feeling by demolishing a half-wall that separates your kitchen from the living room or knocking down the wall between the living room and dining room to create one grand room. You’ll be AMAZED at the difference it makes.
  3. Overhaul Your Kitchen and/or Master Bathroom These are the two rooms in the house that you can ALMOST go overboard and still get your money back when you sell the home. Refinish or replace the cabinetry, put in new tile and sinks – even install a new, stand-up shower! When (or if) you put your home on the market, you should see a GREAT return on investment.
  4. Add a Master Bathroom The 1-Bathroom houses from the 1970’s and earlier are now obsolete. Americans have decided that we like a private bathroom for ourselves and another bathroom for our guests and children. While 90% of the house additions are bad ideas because they don’t flow well or create poorly usable space, a master bathroom addition is a fantastic way to add more square footage, and more value to your home. Make SURE that your builder ties in the new slab to the old, and make sure that the addition is done properly. A poorly designed or executed addition never adds value – most buyers immediately imagine demolishing the work.
  5. Xeriscape Your Lawn It’s trendy, it’s cheap – it should be a go! Your homes curb appeal is the first thing that buyers notice, and it’s how buyers decide whether or not they’ll “click on your house” online to further investigate the interior. You can xeriscape a ¼ acre lot for around $3000, and you’ll more than make up for that when your home goes on the market. Furthermore, it’s environmentally & fiscally responsible. Stop wasting water!
  6. Paint!!! It’s fairly obvious, but painting your home modern, neutral colors makes a HUGE difference in the appearance of the home. And when you factor in the cost – roughly $0.75/s.f. – it would be a HUGE mistake to forego painting your home when you decide it’s time to modernize it. If you’re planning on staying in the home for some time, paint it whatever colors you wish, but plan on repainting right before it’s time to put it up for sale. If you plan on updating your home in order to sell it, go with neutral colors so that it will appeal to the widest audience.
  7. Put in Wood Floors You won’t ALWAYS get your money out of installing wood floors. If you’re in a great area, and it’s time to replace the floors, look at the cost difference between tile, pergo, and wood. If your home will sell for $250k+ then forget about pergo and, if you choose tile, make sure it’s not cheap tile. If the cost difference between wood and your other options is negligible, then go with wood – it appeals to the most buyers.

Eric Bramlett is the Broker and co-owner of One Source Realty in Austin Texas. He has seen considerable success in real estate, and looks forward to many more years in the business. Eric currently invests, renovates, and develops real estate in the Greater Austin Texas Market. He spends his time working with select clients, helps his new agents get started in their real estate careers, helps his experienced agents progress their careers to the next level, & when he has time…he takes his dogs to the lake. Visit Eric’s Austin Texas Real Estate Guide & visit his Austin Texas Real Estate company’s website.

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