Repair & Improve

Fast Sales For Slow Real Estate Markets

Keys to success for buyers and sellers in the current market

by Tom Kraeutler, AOL Home Improvement Editor

In the wake of credit and housing market troubles that sent 2007 out with a whimper, up-and-coming buyers and sellers may feel tentative about the options and outlook for their endeavors in 2008. Strategic thinking and proper planning, however, can help you make a successful move into or out of a property this in a difficult year. Here’s a portfolio of tips for buyers and sellers in a tough market.

If you’re a seller…

• Take a good, hard look at your home, and determine what updates and improvements could help its chances in your local housing market.
• Also be sure that what you plan to spend on said improvements can easily be recouped at selling time: updated appliances and a fresh coat of paint, for example, are better uses of your money and time than an all-out kitchen remodel.
• Highlight outdoor living spaces, integrating them with the structural elements of your property through well-maintained landscaping, decorative focal points, and thoughtfully arranged furnishings.
• Apply the principles of universal design to accessibility and functionality of both indoor and outdoor spaces, and where appropriate, promote potential for upgrades (for example, the current design of your two-story home may accommodate future addition of that small elevator on a particular buyer’s wish list).
• Where possible, go green. Buyers are more informed and interested than ever when it comes to earth-friendly building practices, products and systems, and are looking for abodes that leave a reduced carbon footprint.
• Style to sell by applying real estate staging principles to the presentation of your home. If you’re not comfortable handling this job on your own, consult with your real estate agent, who can recommend a local staging professional.
• Speaking of agents, take the time to vet and choose a qualified real estate professional with the track record, reputation and personality that can lead to the satisfying sale of your home.
  Set a fair price, and be prepared to bargain. Getting to this point may include checking out the stats and sales results for similar local properties, a professional home appraisal, and other research, but any and all will be worth it when your home’s price tag turns from a dollar amount to “Sold!”

If you’re a buyer…

• Know what you can afford, and stick to it. This may seem like a no-brainer in the wake of the sub-prime loan disasters and foreclosure reports that have recently peppered the news, but time and again, buyers have been known to fall in love with properties beyond their means and taken inadvisable detours and shortcuts to purchase them.
• Also know your personal priorities for a property, including features, layout and location.
• Choose a proven real estate agent who will respect all of the above in directing your search, and whose values and personality make for a comfortable match with your own. Interviewing at least three agents before hiring one is the general industry recommendation.
• Shop during seasons that offer buyer advantage, such as the dog days of late summer and the slower-paced winter season (vacation communities may have different sales cycles, so check into the local scene before scheduling your shopping trip).
• Do your homework before bidding on a property. This can include everything from arranging a professional appraisal to testing a potential commute to getting to know the priorities and personalities of the sellers. The current market is largely in the seller’s favor, so don’t be tempted to rush─you’ll be far happier with your investment and much more at home if you’ve taken the time to make a solid buying choice.
  

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