3 secrets for selling in buyer's market

Homes aren't selling like hotcakes any longer. Buyers are choosy.

Prices are soft. What can you do to speed the day when that sign on your lawn will say "Sold"?

1: Set a realistic asking price.

In a seller's market, brokers say it's often possible to ask for more than you expect to get. In a buyer's market, you can save valuable negotiating time and attract more buyers by making your "asking premium" closer to what you're willing to accept.

Before setting the price, learn all you can about your micromarket. Your agent can research recent selling prices for similar local properties. But thanks to a new wave of real estate websites, buyers too may be familiar with prices in your neighborhood. To become as sawy as they are, check out sites that cover your area (try Zillow.com, Domania.com or PropertyShark.com). Hit the road and spend a weekend looking at houses for sale within a 10-minute drive of yours.

You can order an appraisal for a specific idea of what your home is worth. But it may be more useful to pay $150 to $500 for a professional home inspection, which will look for defects that reduce your home's value. If nothing needs fixing, you can promote the inspector's clean bill of health to prospective buyers.

2: Use creative salesmanship.

Offer an incentive so buyers feel they're getting a better deal. For example, you might consider paying points or closing costs, including the appliances, giving a carpet allowance or accepting an offer contingent on the buyer's own house selling first. A competitive edge like this can help you sell your home faster without having to lower the price.

3: Help buyers to like your house.

Start by eliminating reasons for a buyer to say "no." Real estate pros say that most buyers decide in a few seconds whether a house appeals to them. Make the first impression more attractive by mulching flowerbeds, pruning shrubs, and cleaning up clutter. (See "10 ways to help your yard spring into beauty.") The entryway in particular needs to be inviting, with fresh paint or upgraded lighting if needed.

Inside, focus on sprucing up your home so it's in move-in condition. That means washing walls and windows, polishing scuffed wood floors, fixing dripping sinks and deodorizing pet smells. If you're on a tight budget, get the most impact for your investment by replacing things that could immediately turn off a critical buyer, such as stained carpet or battered countertops.

Also, think about what could make your house memorable. That comfy window seat? The built-in bookcases? The entry with the river stone floor? Discuss these elements with your agent, so she or he can be sure to point them out in a showing. If a buyer forms an emotional attachment to an unusual feature of your home, you have it made.

The most important advice for a seller these days is to be patient. Ask your agent how long your home is likely to be on the market. With luck and the help of these three guidelines, you'll see that "Sold" sign long before then.

7 Tips to Radically Update Your Home (And Not Lose Money!!!)

by Eric Bramlett

Everyone 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.

Updating your older home can be very fun, very rewarding, and potentially very lucrative. Older homes in established neighborhoods are ripe for updating and can draw a premium on the marketplace. Make sure and follow these guidelines, and you should see a great return on your investment.

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Sellers, the best bang for your buck!

Don't assume that because home prices are out of free-fall that you can stab a For Sale sign in your lawn and be flooded with offers. This isn't 2003. If you want maximum buck for your property, you need to make sure it makes a bang when buyers see it.
Focus on high-impact improvements that can be done in less than 30 days and enhance the two most important aspects of the buyer experience:

The first impression.
The "feel" that buyers get when they walk through your home.

The Big Five

The following five improvements give homeowners the best return on investment when they sell:

Upgrade the kitchen. The kitchen is the heart of the home and the room where luxury becomes practicality. Most buyers spend a great deal of time in the kitchen, and it sets the tone for their walk-through. If your kitchen is outdated, hire a professional kitchen remodeling company to give you a quote for new countertops and cabinets. Pick out a new sink and sleek clean cabinet hardware. When you rip out your old cabinets and counters, hire a flooring person to lay down new flooring, whether it's laminate or tile. Paint using a color that complements your tile or countertop colors. Don't install new appliances unless yours are very old and worn.
Likely cost: $20,000-$25,000.
Likely payoff: Up to $40,000 in increased sale price.

Redo the bathroom. If you don't have the budget for a kitchen upgrade, the next best place to spend your cash is in the primary or master bathroom. Here, cosmetic upgrades can make a big difference. Have the bathtub bleached so it's snow-white. Re-tile the shower/tub surround. Replace a fabric or plastic shower curtain with a glass enclosure. Replace linoleum with ceramic floor tile. Upgrade old sink fixtures. Either replace an old wall mirror or frame it in dark wood to make it look stylish. Replace outdated medicine cabinets in wood that matches the mirror frame. Replace outdated light fixtures. Paint. You can do the same in other bathrooms and create a very classy, coordinated effect.
Likely cost: $5,000 for a master bath; $1,000-$2,000 for smaller baths.
Likely payoff: Up to $10,000 for each upgraded bathroom. Main or master baths give you the most profit.

Landscape the front yard. Hire a landscaping company if you're busy; do it yourself if you're not. But turn your front yard into a frame for your home. Tile or brick the walkways and line them with lights. Lay down new sod. Replace landscaping plants or plant new ones, interspersing them with potted plants and statuary for a nice mixed effect. Upgrade outdoor lighting. Consider a subtle fountain for the sound of falling water. Pay attention to how your front door looks. If it's peeled or dated, replace it.
Likely cost: $3,000-$10,000.
Likely payoff: $15,000-$20,000, plus greater curb appeal.

Improve the entry area. What do people see when they enter your home? A dim entry foyer with stained laminate flooring and poor lighting? Consider first impressions and line of sight. For example, if you just upgraded your kitchen, why would you want something blocking the view from your entryway? Upgrade your flooring -- install new tile or laminate, or if the floor is wood, have it refinished. Try colorful rugs. Install brighter, more modern light fixtures.
Likely cost: $1,000-$3,000.
Likely payoff: $3,000-$5,000.

Paint. Color is a personal choice, true, and your buyers will probably change the paint colors when they move in, but that's no reason not to paint when selling. You're out to showcase your home in its best light, and taking the time and trouble to hire a professional painter tells buyers you have taken care of your home. Don't fall into the "white or beige" trap, but also avoid rich, dark colors, because those don't appeal to everyone. Think about richer colors with wider appeal: khakis, sage greens, rich tans, subtle Tuscan golds. Hire a pro and focus on the details: window and door trim, baseboards, crown molding and so on.
Likely cost: $3,000-$5,000.
Likely payoff: $5,000-$7,500, plus faster offers.

There's much else you can do, but these choices have shown time and again that they deliver the most money on the final sale for sellers.