Monthly Archives: November 2015

5 Winter Projects That Can Increase Your Home’s Value

Winter is the best time to do home improvement projects.

Why? Contractors are more available, material prices come down before the spring market, and you may personally have more free time on your hands, especially during winter vacation.

So with that in mind, here are 5 projects you should consider this winter to add value to your home.

1.Wow Your Walls – Adding trim, crown molding, accent walls or a sharp new paint color can provide an instant upgrade to any room.

2. Bring On The Backsplash – For a relatively small amount of money, a backsplash is an easy way to completely change the look of a kitchen.

3. Let There Be Light – Changing out dated light fixtures, ceiling fans, and adding lamps can make a room look more current and brighter.

4. Closet Organizers – Wire shelves scream “builder grade” to buyers. Spending a little money can add much needed space and organization to a closet and add resale value down the road.

5.  Hardware – Get off your ass and replace that brass! Most people have outdated hardware, including doorknobs and handles. Replacing all of your hardware is a project that will change the look of your entire home and can be easily done yourself.

These projects will help you fall in love with your home again and offer value down the road when you go to sell.

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ABOUT THE AUTHORS

The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services. They specialize in Solon luxury homes, relocation, and first-time buyers.

They can be reached at 216-346-3235 or 216-403-9189 or via email, danschuman@howardhanna.com or amyschuman@howardhanna.com.

The Schumans service the following Cleveland area suburbs: Aurora, Bainbridge, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Woodmere. We would be happy to refer you to a qualified agent if you are buying in an area that we do not service.

5 Winter Projects That Can Increase Your Home’s Value is the property of The Schuman Team and may not be duplicated or used without their written consent.©November, 2015

5 Reasons Why Homes Don’t Sell

Why Home Don't Sell

 

Listing your home for sale is stressful. Not being able to sell it is even worse.

If a home doesn’t sell in 6 months, there’s a problem and it needs to be fixed.

Today we’ll discuss the top 5 reasons why a home doesn’t sell.

 

1. CONDITION – Homes that don’t sell often have a few maintenance or cosmetic issues that the seller decided to “put off” as they didn’t want to spend the money. These sellers feel that the buyer can “deal with it” or build it into their offer.

Buyers, however,  gravitate towards well maintained homes. In their minds, it’s a safer and easier option.  Most simply don’t want the hassle of having to do work to a home.

For the few that are willing to, they will estimate needed improvements to cost 3-5 times more than they actually do.

The next thing you know,  a house that may only need $4000 worth of work will seem like $12,000-20,000 in the mind of a buyer.

Fair or not, that’s how they think and failure to address the condition of your home will either create low ball offers or cause buyers to find a comparable home that doesn’t need the work.

2. THE AGENT – If a house doesn’t sell in 6 months, maybe you hired the wrong agent.

Perhaps your agent is a friend or family member who doesn’t specialize in your market area or is afraid to be truthful about your house for fear of jeopardizing your relationship.  Maybe your agent works primarily with buyers, and listing homes isn’t their strength.

Whatever the reason, you need to remember that this is a business transaction and your agents ability to sell your biggest asset needs to be re-evaluated.

Your agent may be working very hard to sell your home, but if what they’re doing isn’t working, they may be part of the problem.

Remember, not all agents are created equal.  You need to hire one who can get the job done.

3. PRICE – Some say that price isn’t the only thing, it’s EVERYTHING.

While improper pricing isn’t always the reason a home doesn’t sell, it is such an important factor that it needs to be discussed.

For starters, how did you come up with your price? What are similar homes selling for? Is there statistical data to support your price?

There are formal ways to price a home correctly, but unfortunately, many sellers don’t take this approach. Too often a seller will price their home according to how much they want to get out of it. Or, they will take what they paid, add up all the money they’ve put into it, and use that number.

Better yet, some sellers base their price on ego, thinking “well if so and so got this for their house, I should get more for mine because ours is way nicer.”

Here’s the deal,  every seller thinks they have the nicest house ever built and that a buyer should pay them what they want for it.

Buyers have a different mindset. They could care less about what you want to net from your sale or how much your home is worth in your mind. They will, however, be willing to pay fair market value and if they feel you want more than that, they will buy another house.

At the end of the day,  you need to emotionally detach yourself from the situation and come up with a fair listing price.

4. TOO MANY DAYS ON MARKET – If a home has been on the market for too long, it becomes stigmatized and passed over by solid buyers.

One of the common questions buyers ask their agent is “how long has this home been on the market?” The longer it’s been on, the more likely a buyer will question why. Is there something wrong with it? Why hasn’t anyone else bought it?

Buyers like to make safe choices and a home that has been lingering on the market for a long time, or one that never sold is viewed as risky.

For sellers whose homes have been on the market too long, our suggestion is to take it off then put it back on with a fresh approach. Perhaps some cosmetic updates, a new agent or lower price.

If you re-list your home at exactly the same price, with the same agent and in the same condition, well, you’ve heard the definition of insanity, right?

5. THE SELLER! – A seller is often their own worst enemy.

They often blame the buyers for not choosing their home. “They are too picky”, you say. Well sellers, maybe it’s YOU.

YOU won’t fix broken items, YOU insist on listing at a price YOU came up with, or YOU insist on taking advice from your brother who just sold his home in New York and therefore knows more than your local agent.

Some sellers get in their own way and don’t realize it until it’s too late.

The bottom line is, if your home didn’t sell or isn’t selling, you have a problem and need to deal with it.

It may be hard for you to admit, but refusing to address it will cost you money.

Selling a home isn’t rocket science, people do it successfully every day. So identify your problems, fix them, and go successfully sell your home so you can move on with your life.

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ABOUT THE AUTHORS

The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services. They specialize in Solon luxury homes, relocation, and first-time buyers.

They can be reached at 216-346-3235 or 216-403-9189 or via email, danschuman@howardhanna.com or amyschuman@howardhanna.com.

The Schumans service the following Cleveland area suburbs: Aurora, Bainbridge, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Woodmere. We would be happy to refer you to a qualified agent if you are buying in an area that we do not service.

5 Reasons Why Homes Don’t Sell is the property of The Schuman Team and may not be duplicated or used without their written consent.©November, 2015