by Kathe Barge | Apr 16, 2024 | Blog, Design, Helpful Tips, Home Improvements, Home Staging, Listings, Market Trends, Mortgage, Property Updates, Property Value, Sellers, Selling Conditions
What are some cost-effective ways to increase the value of my property before putting it on the market?
Boosting the value of your property doesn’t always require significant financial investment. There are several cost-effective strategies that can enhance your home’s appeal and attract potential buyers at a low out of pocket cost. One approach is to focus on curb appeal. Simple yet impactful improvements such as freshening up the exterior paint (particularly the front door), mowing the lawn, trimming bushes, weeding your landscaping beds and adding potted plants or flowers can instantly elevate the first impression of your property. A well-maintained and inviting exterior not only attracts buyers but also sets the tone for the rest of the home tour.
Another cost-effective way to increase the value of your property is by making small changes to modernize its design aesthetic. Upgrading key features such as lighting fixtures, faucets, and cabinet hardware can give your home a modern and refreshed look without breaking the bank. Changing out worn or dated carpeting is also easy and reasonably cost effective/
Furthermore, don’t underestimate the power of a thorough cleaning and decluttering. Clearing out excess clutter, organizing closets, and deep cleaning surfaces can make your home feel more spacious, inviting, and well-maintained. This simple yet effective step allows buyers to envision themselves living in the space and highlights the full potential of your property.
By implementing these cost-effective strategies, you can increase the value of your property and attract more buyers, ultimately maximizing your return on investment when it’s time to sell. If you’d like advice specific to your home, whether you are considering selling this year or in five, please reach out to me!
by Kathe Barge | Mar 18, 2024 | Buyers, Buying Conditions, Contracts, Home Staging, Listings, Market Trends, Mortgage, Real Estate, Sellers, Sellers-Contracts, Selling Conditions
Many of you may have already heard about the proposed settlement from the National Association of Realtors (NAR) in regard to commissions. Don’t believe the sensational headlines. Commissions have not been slashed nationwide! Our media has become so sensational in recent years! Here is what is going on and what you might be interested in knowing. The litigation, as I discussed in an earlier Ask Kathe (available at AskKathe.com), centered around Sellers offering to pay buyers agent commissions. As you can imagine, many buyers don’t have enough funds available to pay their agents themselves. Sotheby’s parent company, Anywhere, already settled its stake in the litigation and the fall-out to consumers was simply that we had to inform sellers of their options when it comes to offering compensation to Buyers Agents and buyers of their rights and obligations under a Buyer Agency agreement. So what does this new proposed settlement mean? If the settlement is accepted by the court, then as of July (or sooner if adopted by a multilist (MLS) service):
- Realtors will no longer be able to list in the MLS what a seller is offering to pay a buyer’s agent. This does NOT mean sellers will stop paying Buyers agents. It does NOT mean that we can no longer communicate to Buyers agents what the seller is offering. This does NOT mean that buyers cant request, as part of their offer, that Seller’s pay their buyer’s agent commission. It just means we cant put it in the MLS.
- Realtors will be required to have a signed Buyer Agency Agreement with a consumer before showing them a home. What does this mean? You will need to sit down with the agent before viewing homes to review and sign the Buyer Agency Agreement, by which you will be assuming the responsibility for payment of the Buyer’s Agent commission should the seller not be offering to pay your agent’s fee. Does this mean that you will get stuck with the fee (typically 2.5% – 3%). Not necessarily. 99% of our sellers are still offering payment to the Buyer’s Agent and if they are not, you can still request the fee be paid as a condition of your offer. Unless you are going to open houses, this suggests you will need to sign a Buyer Agency Agreement to view homes. Does this mean you can call an agent to see a home because it looks interesting? Only if you are willing to sign a Buyer Agency Agreement and choose that agent as your agent. What this means to you is you SHOULD NOT push “Contact Agent” on Zillow or any other website and then go see a house with a random agent. You should do your research and choose a Buyer’s Agent before you do anything else. Get educated on what Buyer Agency means for you. And then move forward with all of the benefits that Buyer Agency brings to you, the consumer!
My colleagues report that in New York City, the most expensive city in our country, Sellers are still paying Buyers Agents as they have in the past. It will add an extra layer to your Buyer Agent’s job to ascertain those offers before taking you to see a home so that you can understand your potential liability. This should also wake the consumer up to stop blindly choosing agents, such as by pushing a “contact agent” button on a website, and take a minute to review agents’ websites online to learn about each agent’s qualifications and value proposition before signing up to be represented by them.
by Kathe Barge | Feb 12, 2024 | Blog, Buyers, Buying Conditions, Design, Helpful Tips, Home Staging, Inspections, Investment Properties, Listings, Property Updates, Property Value, Sellers, Selling Conditions
How do you approach homes that may not be ready for market when you first see them? Is it better if the home is completely ready before you see it?
Generally, its best if I see your home before you make any changes to get it ready for market. After 25 years selling real estate in this town, I am able to help you figure out where your money is best invested to reap the highest return from the market and advise you on current trends. You may be focusing on things that are not important to buyers, and may overlook things that are.
Realizing top market value is a common goal for sellers, and in today’s HGTV-inspired market, it’s achievable with the right preparations. I’m here to guide you through those decisions, using my market expertise to ensure that your investments are both wise and likely to return their value. Together, we can navigate the nuances of the market’s current expectations. My role is to provide you with candid, constructive feedback to help you understand the market’s perspective. It’s a collaborative journey, where I share insights—not to criticize, but to empower you. I appreciate the love and care you’ve invested in your home, and my aim is to honor that by positioning your property as a compelling opportunity for buyers, avoiding the pitfalls of a stagnant listing or the need for multiple price adjustments. Therefore, while your home’s story is uniquely yours, I’m here to help translate it into the universal language of the current market for a seamless sale. Let’s work together to turn your home’s potential into a polished presentation that stands out, ensuring you don’t just list your house, but truly showcase it for what it can offer to the next owner!
by Kathe Barge | Dec 4, 2023 | Buyers, Buying Conditions, Design, Helpful Tips, Home Improvements, Home Staging, Listings, Market Trends, Marketing, Property Updates, Property Value, Real Estate, Sellers, Selling Conditions
As we consider listing our home, what are the best, quick, and affordable changes we can make to enhance its sales appeal?
First impressions are pivotal when selling your home, and a fresh coat of paint is one of the most cost-efficient ways to make a dramatic impact. Choose neutral shades that not only provide a blank canvas for buyers but also complement any decor style they might imagine. Light hues can make small spaces feel larger and more open, while soft tones can soothe and welcome. If a full house repaint isn’t feasible, focus on high-traffic areas and any walls with noticeable wear. Pair this with strategic touch-ups such as baseboard polishing, door frame repairs, and elimination of scuff marks to convey meticulous maintenance.
Enhancing curb appeal is another transformative and budget-friendly strategy. Start with basic landscaping; prune overgrown bushes, weed garden beds, and add vibrant plants for color. Ensure your lawn is green and manicured, as a healthy lawn is synonymous with diligent upkeep. The entryway is also crucial—consider a new doormat, potted plants, and perhaps a fresh coat of paint on the front door to make a welcoming statement.
Internally, decluttering and depersonalizing spaces are essential. This process involves more than just tidying; it requires removing excess furniture and personal items to showcase the spaciousness and potential of each room. Follow this by deep cleaning every corner of your home, from steam-cleaning carpets to scrubbing grout lines, to present a spotless environment. Updating fixtures and fittings, such as doorknobs, cabinet pulls, and light fixtures, with modern alternatives can refresh the entire feel of your home. These changes, while seemingly small, can significantly modernize the space and increase its appeal to buyers who are often looking for move-in-ready homes.
In summary, a few well-considered changes can have a substantial effect on the appeal of your home. Fresh paint, curb appeal, and thoughtful interior updates are practical and financially savvy ways to enhance your home’s attractiveness to potential buyers. As always, if you’re looking for tailored advice or have specific questions about preparing your home for sale, don’t hesitate to reach out. With the right preparations, we can ensure your home stands out in the market and catches the eye of discerning buyers.
by Kathe Barge | Jul 28, 2023 | Contracts, Helpful Tips, Home Staging, Interest Rates, Listings, Market Trends, Marketing, Property Updates, Property Value, Real Estate, Sellers, Selling Conditions
We are frustrated that our house has not sold and everyone gives us different advice. We are thinking of changing Realtors. Who should we believe?
Prolonged higher interest rates have caused a decrease in buyer confidence and a very uneven market – some segments are still selling “high” while other segments are very slow. And of course when a home does not sell, everyone has a different reason to offer you. Assuming you did your research up front on your agent’s expertise and you feel that they are a seasoned agent offering your home good exposure to the market, then changing agents is probably not going to do much for your home sale. The best course of action is to put your trust in the agent whose credentials you verified upfront and follow their lead.
That said, consider whether you are doing your part (selling a home is, after all, a partnership – its not all about what your Realtor is doing for you – the question you need to consider is are you doing your part and presenting a home that is market ready for sale?) Realtors do not have magic wands – we cannot make a buyer buy a home that is not prepared well for market. On my website, askkathe.com, there are many articles about getting your home ready for sale. A brief summary of some major considerations include:
- Is your home squeaky clean? Did you deep clean? Are the windows shiny inside and out? Are the carpets free of stains, wear and tear?
- Is the color palate of your home primarily neutrals in a single color or two, and is the paint fresh?
- Are the floorcoverings, clean, free of wear and tear, and in a current color palate?
- Have you decluttered your closets, cabinets and storage areas? Have you rehomed what you won’t be taking with you? If you have moved out, have you really moved out, with nothing left behind?
- Have you had you home professionally staged? Yes, its an expense, but more often than not a home stager has the “midas touch” you are probably looking for!
Every home is unique and so one size does not fit all. Your Realtor (or me, if you don’t have one) can provide you with the best advice on how to best present your home for a successful sale. And of course, if you are a seller who just wants to sell “as is” there will be a buyer for your home – you just need to adjust the price to a lower price point that will attract a buyer willing to put in the effort.
by Kathe Barge | Jun 23, 2023 | Buyers, Buying Conditions, Design, Helpful Tips, Home Improvements, Home Staging, Listings, Market Trends, Marketing, Property Updates, Real Estate, Sellers, Selling Conditions
Do you think it’s a good investment to stage our home before putting it on the market?
Home staging is one of the most important things a seller can do to improve their chances for a successful sale! Staging is just as important as is getting the price right when it comes to attracting the most buyers and driving in the best possible offer. The National Association of Realtors shares “Buyers want to easily envision themselves within a new home, and home staging is a way to showcase the property in its best light.”
Why is staging so important? The overwhelming majority of buyers start their home search online and surveys show that buyers who see photos of a staged property online are more willing to do a physical walkthrough of the property. 81% of buyer’s agents surveyed indicated that staging helps their clients visualize life in a home. A third say that staging boosts home value, particularly if the aesthetic fits the client’s tastes. And nearly one quarter of survey respondents say that staging may help buyers look past property faults.
Home staging is typically done by trained professionals specializing in readying homes for the best possible outcome when they hit the market. While Realtors can provide advice, a home stager’s expert eye can make a huge difference in the success of your sale. Sometimes stagers can work with your furnishings, and sometimes they bring in rented furnishings. Yes, it is an expense, but in my professional opinion, sometimes it takes money to make money, and home staging is an excellent investment to generate the best possible returns!
Don’t just list your home, get it the attention it deserves by making sure it looks its very best from the outset!
by Kathe Barge | May 8, 2023 | Buyers, Design, Helpful Tips, Home Improvements, Home Staging, Listings, Market Trends, Marketing, Property Updates, Property Value, Real Estate, Sellers, Selling Conditions
We are planning to update the color palette in our home. What are the “in” colors these days?
Gray (and its many shades including greige) have been in-style for so long now that its hard to imagine it still holds its alure, and many homeowners are venturing into different color palettes. However, gray is still extremely popular with buyers – homes painted in a gray/greige and white color palette almost universally fly off the market. And if you have to choose between gray/greige and any other color (except white), always choose gray! If you need a break from gray, however, the incoming trend is strongly leaning towards the whites. White comes in so many shades – and even straight out of the can white is quite a nice and refreshing color. In some cases white is being combined with an accent wall in a gray tone or other neutral, and this can work quite well.
Of course, like any other color, it is critical that you choose the correct shade of white to compliment your trim. It is easy to end up with the walls clashing with the trim if you are not careful! An easy solution is to paint the walls the same color white as your trim! Don’t let the whites fool you – there are so many shades of white, and before you paint be sure to look at the undertones in the white to determine which undertone you prefer – a tiny hint of gray? Pink? Green? Unless you use the white straight out of the can, there will always be an undertone.
Where to start your painting? Strong colors and yellow tones are not currently where the buying market is, so its best to start be repainting rooms that are currently wallpapered (also not popular with buyers unless the wallpaper is pretty new and very trendy) and rooms that are painted the strongest colors. In an ideal world, you will ultimately create an interior aesthetic that, while ever room does not need to be the same, the colors blend nicely together.
by Kathe Barge | Apr 19, 2023 | Buyers, Helpful Tips, Home Improvements, Home Staging, Listings, Market Trends, Marketing, Property Updates, Property Value, Real Estate, Sellers, Selling Conditions
With the weather warming up outside, any tips for selling our home?
Spring is in fact in full swing! With the bright sunshine and warming temperatures, it’s a great time to be focused on making sure the outside of your home is looking it’s best. Whether you are thinking of selling your home or not this year, a yearly exterior audit of your home is always a good idea to keep it in its best possible condition. But if you are selling, curb appeal is critical to attract buyers. Start with the front of your home and work your way back to your non-public spaces. Make sure you have cleaned out your planting beds from the fall. Rake out any leaves, trim back shrubs. Order fresh mulch. Plant colorful annuals in your planters. Review your lawn and make sure it is in good shape. If there are bare spots, reseed them. If you have large trees on your property, make sure they are all healthy and any dead limbs are removed.
This is also a great time to make sure your gutters are clean – gutters full of leaves suggest a homeowner isn’t up on their maintenance. Be sure to have your windows cleaned inside and out. With the sun streaming in through the windows, all of the winter dirt is very apparent so its important to make sure they are crystal clear (this will also improve your photos!) Take the time to put out your outdoor furniture. Be sure patios and porches are well swept. Step back from your home and see whether your paint is in good shape- – if there are areas that are peeling, have the scraped and repainted. Be sure the front door is clean and nicely painted. Remove all seasonal décor (Christmas wreaths and lights). Ask a friend to stop by and do a quick walk-around for any areas that need attention – a fresh eye is always likely to catch those things you have gotten used to and overlook. Need help finding service providers? Reach out and I’m happy to share my lists.
Spring has in fact sprung! Make sure your home is well-prepared for the strongest market of the year!
by Kathe Barge | Sep 13, 2022 | Blog, For Sale By Owner, Helpful Tips, Home Improvements, Home Staging, Listings, Market Trends, Marketing, Property Updates, Property Value, Real Estate, Sellers, Selling Conditions
Do we really have to have our home professionally deep cleaned before putting it on the market?
The short answer is yes, but here is why! When we live in our homes, we don’t see the dirt and the grime build up. Even if you have your home cleaned every week, it is impossible for a weekly cleaning to keep up with the little things. And when you want to sell your home, to achieve top dollar, it is important that your home sparkles at the highest possible level. We are no longer in a market where buyers are happy to get any house. We have moved back to a more traditional market and that means that sellers must take the time and incur the expense of a deep cleaning to make sure your home is squeaky clean and showing its very best.
Deep cleans are expensive and when done properly take many days of work. It is unlikely that your weekly housekeeper (if you have one) is going to have the time to clean at this level. Should you choose to take on the task yourself, you will soon see why deep cleans are costly and time consuming. So what is involved? In every room of your home, every surface must be thoroughly cleaned. Light switches and plugs should have all grime completely removed and restored to new, all vent covers (heating, ceiling fans, appliances) must be removed and washed (some may need to be repainted), all lighting fixtures must be carefully cleaned (including removing any glass bowls to clean inside) and should sparkle, all cabinets and drawers should be cleaned inside and out, windows should be washed inside and out including screens and tracks, carpets should be steam cleaned, shower grout needs to be cleaned, mineral build-up should be removed from shower/bath glass and all plumbing fixtures (try CLR and a scrub brush, or Stanley Steamer if the deposits wont budge), fireplaces need to be swept out and scrubbed down (if you burn wood in them, call a chimney sweep for a professional cleaning). All wood work needs to be washed down or repainted as needed to look fresh. Any smudging on walls needs to be cleaned or painted away.
Outside your home be sure that all doors are clean and fresh, that your porch/deck is clean (power wash if needed), that all lighting fixtures sparkle and that all patios and walkways are freshly power washed.
You may of course find it helpful to employ additional service providers, such as a power washer, carpet cleaner and window washer to get the job done right! It’s a big task cleaning up after years of enjoying a home, but it will absolutely pay dividends when you go to sell.
by Kathe Barge | Aug 8, 2022 | Buyers, Buying Conditions, Design, Downsizing, Helpful Tips, Home Improvements, Home Staging, Inspections, Market Trends, Property Updates, Property Value, Real Estate, Sellers, Selling Conditions
We aren’t ready to move but want to update our home – what are the best choices for paint colors and flooring changes, assuming we may want to move in the next few years?
New paint colors must harmonize with the rest of your home, unless you plan to repaint the entire interior of your home, so any suggestions need to be taken in the context of what else is going on inside your home. My best suggestion for a currently fairly timeless paint color is Benjamin Moore’s Edgecomb Gray.
This color blends with virtually every shade of white that might be on your trim and nearly every color flooring that might be in your home. It is really more of a greige than a gray and, like a chameleon, changes color a bit depending on what is in the space and what kind of light is filtering in through the windows. However, if your home is a palette if golds, for example, this color might not be the right choice! Trending now is white on white (with trim and walls painted the same or nearly the same shade of white), but this is a design style that is best incorporated throughout the entire home, and not just a singular room. If you have wallpaper in your space, then it’s a very good investment to have it removed (do not paint over it, no matter what the painter tells you) and painted in a color that coordinates with your design aesthetic. Wallpaper overall remains a difficult sell.
As to flooring, real wood floors remain the best investment you can make. They are timeless and easy to refinish if they become worn or if the buyer prefers a different color. I highly recommend choosing a medium tone brown, not too yellow, red or dark and preferably in ¾” thickness. If engineered wood floors are what your budget requires, choose one that the manufacturer indicates can be refinished at least once, and keep a few extra pieces on hand in case you damage any through normal wear and tear. Bamboo is another great option and there are on-line suppliers that offer a variety of shades in ¾” planks – it is very resilient, environmentally friendly and installed can look like hardwood. I do not recommend that you choose the latest trend, “LVL” (luxury vinyl flooring), for anything beyond the basement level of your home. These are plastic floors, and if your home will likely sell for over $500,000, these floors will not be appreciated on the main or upper levels. Finally, carpet in a neutral tone plush (no berber, no mixed colors) is acceptable as long as they are clean and stain free. If you stain them during the remaining time in your home, you would need to replace them again before you sell your home.
by Kathe Barge | Aug 1, 2022 | Buyers, Helpful Tips, Home Staging, Listings, Market Trends, Property Updates, Property Value, Real Estate, Sellers, Selling Conditions
We are thinking of remodeling our kitchen. Any advice for us if we want to be making good choices for resale?
As much as we would all like to be creative, when it comes to the “hardscapes” of your home – the things that are difficult to change – if resale is even a remote possibility for you, or if you want to be sure to get a high return on your investment (most people expect 100% which is not always realistic), its important to make “mainstream” choices that the buying public as a whole loves! How do you figure that out? Pay attention to what sells quickly in our market. Watch some HGTV. Check out Pinterest! Here are some easy rules to follow!
The most popular cabinet color by far is white! Yes, I know, everyone has been saying for the past two decades that white is on its way out, and that is just not true! Can you choose natural woods? Sure. Will it generate the same excitement on resale? It will not. Yes, it will resell, but probably not as fast or for as much as white. Colored cabinets? If you pick the right (think trendy) color and are selling soon, that can work well. But if you stay in your home for 10 more years, the color you chose may no longer be in vogue and may be a challenge to resell.
The most popular flooring in a kitchen is hardwood. Can you choose tile? Yes, but it will feel dated more quickly, so choose carefully. Bamboo, cork and upscale vinyls are far less popular but can be good choices, depending on the price point.
Countertops? Either granite or quartz are the most popular choices – either will sell well, but choose the color carefully. Right now lighter color palates are in style for countertops. Avoid Formica unless the property is lower end.
Appliances? Choose stainless. Brand is less important. It is the look that is key.
Lighting? Here is where you can show some of your personal style. Buy economically but not cheap. Lights are very easy to change, so if styles change, it’s a very simple way to give your kitchen a facelift before you sell. The same is true for paint, although wallpaper should be avoided. Yes, the design industry claims wallpaper is back in style, but as far as buyers are concerned, nothing has changed!
by Kathe Barge | Jul 19, 2022 | Buyers, Buying Conditions, Helpful Tips, Home Staging, Listings, Market Trends, Marketing, Property Value, Real Estate, Sellers, Selling Conditions
We plan to move out of our home before we put it on the market. Any thoughts on selling an empty home?
Some homes definitely sell more readily vacant – my last home was one of them – and so I definitely do not dissuade sellers from emptying their homes before selling them, but there are some important tips to keep in mind!
If you are emptying your home, then empty it. Do not leave behind the items you don’t want. Do not leave behind soaps, shampoos, chemicals, lawn fertilizers… Empty is empty. So please plan on a complete clean out. If you need help finding people to help dispose of items, give me a call!
It is critical to be sure that once your home is empty, you bring in a handyman to make sure that everything is in good order. Holes should be patched and touch-up painted, scuffs eliminated, carpets and windows cleaned, all lightbulbs working … When there is no furniture to look at, the condition of the home is all the more important.
Make sure you have a plan for upkeep of your empty home. The yard must be regularly maintained, including weeding, leaf and snow removal. The interior tends to be easier to keep up, but do be sure you arrange for a periodic quick clean. It is also a good idea to hire a neighbor or friend to check your home regularly to make sure that there has been no crisis at your home (such as a broken water pipe).
Be sure to keep your home properly conditioned (warm enough in the winter and cool enough in the summer). I have actually seen mold grow inside a home when sellers do not keep the air conditioning running in warm weather in their vacant homes – this will cost far more to clean up than the air conditioning bill! Finally, consider putting lights on timers so when buyers drive by in the evening, your home does not appear dark and unloved!
Selling a vacant home is not a bad thing, but it is important that you follow these tips to be sure your home is presenting well to prospective buyers!
by Kathe Barge | Sep 14, 2021 | Blog, Home Staging, Listings, Market Trends, Real Estate, Sellers, Selling Conditions
We are thinking about selling the home we have lived in for 25 years but it seems like such a daunting task. Do you have any advice?
If you are like most people who live in their homes for multiple decades, you have undoubtedly collected a lot of treasured memories in the form of physical objects. Your son’s first “big boy bed,” your daughters first bike. The furniture from your first apartment that you saved, certain one of your children would want it some day. Whatever it is, a move to a smaller home means that you are going to have to part with much of what you have collected.
For starters, you need to give some thought to how much you will be downsizing. If you are planning to move from a 4000 SF home to a 1500 SF condo, you have a lot of clean-out to do. If you are moving from 3800SF to 3000SF, you will not need to dispose of as much. I do recommend that you start your clean-out right away. Your home will show much better if it is emptied of your “collections” and presents in a more minimalist way.
If you need help, a professional home organizer is your best first step. An organizer can help you break down the process into manageable pieces and formulate a plan for the coming months. You should anticipate that the process will take several months, maybe even a year. Whether you use a professional or not, you should review all of your belongings to determine what you really NEED for your next adventure, and discard the rest. If you have items that hold treasured memories, consider photographing them and creating a “Memories” book.
Even if your move is years away, now is a good time to get started on those areas of your home that you don’t regularly use anymore, such as adult children’s rooms. Pack up their favorite things in Rubbermaid bins that you can easily send to their new residences someday and re-home the rest! For all of your “no longer needed” items, there are so many wonderful charities that will take them, and in addition to getting a home ready to sell and easily moved, you will get a tax deduction as well for your benevolence! If you need help finding these organizations, or a professional organizer to get you started, feel free to give me a call!
A home’s value is set by the market. Value is always determined by what a buyer is willing to pay for your home. Many factors come into play in setting that value. Market value reflects quantitative factors such as: # bedrooms, # bathrooms, # garages, placement of garages (attached or integral), lot configuration (large and functional back yard? Cliff lot?), location of the home generally, age of roof, age of mechanicals. Market value also reflects more qualitative items: how updated is your home, and is it all new, or just refreshed? What is the floorplan (open concept?) What are your wall colors? There is always a range that value will land in, which we call the range of reasonable. There is no ONE price at which a home will sell. If there are many buyers seeking a home like yours, it will sell at the top of the range of reasonable. If there are not, it will take longer to sell and may sell a bit lower in the range. What the market does not consider in setting a value of a home is what you need from the home. In 2008, many homeowners had used their homes as ATMs and withdrawn large sums of money for educations, vacations and cars. When the market softened, there was not enough equity for them to be able to sell their homes and not be in a short sale situation. This fact, that a homeowner over-extended themselves on mortgages, is not the least bit relevant to market value. The market is also not going to consider what you plan to do next. If you plan to move to Los Angeles to be closer to family and are finding that the Pittsburgh market is not going to yield you enough to be able to buy in L.A., you will need to turn to other investments to make up any difference.
We are in a very robust market – your home is far more likely to garner more now – whatever that may be – than it could have in the past. Forecasters are also suggesting that values will soften by year end. My crystal ball is out for service, but what I can tell you is that every hot market eventually softens. Waiting out the market so that you can get a price that the market is unprepared to deliver at this time may have you waiting many, many years, and during that time you may need to invest even more in your home in order to deliver to the market what it needs in order to deliver an acceptable sale to you.
