Hamilton Herald Masthead

Editorial


Front Page - Friday, February 28, 2014

The now and later of selling your home




President Greater Chattanooga Assocation of Realtors

Now that the cold weather seems to be behind us, it’s time to look toward spring, which is typically when the real estate market picks up. With local inventory remaining tight, it’s a seller’s market for the Greater Chattanooga area. Sellers, who soon will be entering the market, will want to consider a few steps now to be ready for showings as soon as the listing agreement is signed - and reap the benefits of getting close to asking price and a shorter time on the market.

So where do you start? It’s always a good idea to get an appraisal of your home. Sellers might ask why they should go to that expense now when the buyer’s lender will require an appraisal as part of the loan approval process. If you’ve been in your home for several years, the market has changed since you made the purchase, and there are several factors at play when it comes to the appraisal. What else is on the market? What has recently sold? What repairs have your neglected since moving in? What improvements have you made?

Getting an appraisal before listing your home will help you make a more informed decision regarding the asking price. An appraisal will give you an idea of what to anticipate for your particular neighborhood. Our most recent market statistics show the Median Sales Price at $138,500 in southeast Tennessee and northwest Georgia. Your home’s value might fall above or below this figure. The small cost of getting an appraisal before you enter the market could save you thousands by hitting the mark on the initial asking price. Discuss the appraisal with your Realtor, who can provide and guide you on comparable properties.

A home inspection is another small investment that pays off in the end. By getting a home inspection prior to listing your home, you can make any necessary repairs that otherwise might cause potential buyers to hesitate in making an offer, or encourage them to offer less than your asking price. Realtors encourage buyers to get a home inspection so the buyer is aware of exactly what they’re buying. The same is true for sellers – know exactly what you’re selling. When was the last time you went in the attic? Or the crawl space? Sellers will want to be fully informed when completing the Property Condition Disclosure so as to present a true picture of the property.

This next suggestion is hard to do. Walk through your home with an objective eye. Maybe ask a friend (whom you trust and respect) to give you candid feedback. Sure, everyone’s decorating style varies, but be strong and open-minded. If you were buying your home today, what would you like to see improved? Perhaps your bright paint colors in the kids’ rooms could use some toning down, or maybe the carpet needs replacing, or at minimum, a deep cleaning. Is the chandelier outdated? What about those kitchen cabinet knobs and drawer pulls?

As you can see, sellers can invest a small amount of money now to present your home in the best light for potential buyers once you’re ready to list. Doing so can potentially reduce the number of days your home is on the market. Plus, taking these steps could make repair negotiations go more smoothly once you do have a buyer under contract. Before the busyness of spring, take time now to make a small investment into your long-term one. Work now for a bigger payoff later. As you consider entering the market, rely on a Realtor to guide you on these and other suggestions.

The Greater Chattanooga Association of Realtors, a regional organization with more than 1,400 members, is one of more than 1,800 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. The Greater Chattanooga Association of Realtors services Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. For more information, visit www.gcar.net.