After a 6-year economic drought, the housing market is on the rebound, giving home sellers a much needed advantage. So now may be the time to put your elderly parent’s home on the market if they’re making the transition to assisted living or downsizing. But getting the right price still takes some persistence and patience. Here are 5 key strategies, according to CNN Money, to help take advantage of the turning market and get the best price.
Price Just Right. The market may be turning, but it’s not where it was six years ago. If you expect to sell your parents house, you have to price it just right. In a recent poll, real estate brokers indicated that 75% of homeowners think their agent’s recommended listing price is too low. If you price the house above recent sell prices in your area, your parent’s home may be sitting on the market a lot longer that you expect.
Make Repairs. Fix minor imperfections like leaking faucets, holes in walls, etc. and major problems like structural damage before the house goes on the market. These can all be issues you’ll likely have to deduct from the asking price so it’s best to meet it head on. According to a HomeGain poll of real estate professionals and home buyers, the “fixes” that pay off the most are cleaning, decluttering, lighting (lamps, opening blinds, etc. and taking care of electrical and plumbing issues.
Stage to Impress. Rearrange furniture to make the rooms look larger, pack away personal affects, add fresh flowers and candles, repaint walls in a neutral color, etc. And it’s important to have the staging complete just before you list online, where 90% of buyers look first, according to Realtor.com.
Take Professional Photos. Because the web is typically the first place buyers go to, take lots of pictures. Work with your Realtor to get professional photographs. Lighting can make all the difference, especially for close-up details. 30-40 great shots can give a potential buyer a 360 degree view of your house before ever stepping foot in it.
Get the Right Appraisal. Since appraisals can be based on homes that sold six or more months ago, it’s important to make sure the appraiser is using the latest comparable sells. Ask your agent to personally oversee the appraisal process and give the appraiser the latest data and sell comparables in your area.
Your Next Move can help you locate the perfect senior housing for your aging loved one. Our team of relocation specialists are also with you through every step of the transition process including home sale, downsizing, estate sales and moving household goods.
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Your Next Move, Easing Your Senior Transition
Julie Kopetsky, President