Speaker Intro:
Welcome to the Southwest Florida Realty show with Billee Silva and here’s your host Billee Silva!
Billee Silva:
Hi, it’s Billee Silva with the SW Florida Realty show, I don’t know if it’s because I am in the business and maybe more cognizant of it, but it seems like there is hardly a day that goes by when I don’t turn on the news and hear something about the real estate market. Granted, we are still considered a seller’s market here in southwest Florida, but as interest rates continue to rise and inflation continues to increase, we have begun to see home prices stabilize. Just like the beginning of 2020 when we switched to a sellers’ market almost overnight, it almost seemed like we came to a screeching halt in mid-May as we started seeing a slowdown and shift in the market. But, We’ve been on such a crazy roller coaster ride since 2020, I think we forgot what a semi-normal market feels like. Pre-Pandemic, summer months were always a little quieter and I think that may also have a little something to do with it as the rest of the country is now open and back to normal, people are focused on vacations, and spending time with their families and not necessarily house hunting unless they actually need to move. Inventory still remains tight, but we have more inventory today than we’ve had since March 2020. We’re noticing more price reductions, homes staying on the market longer, less offers per property, and less cash offers. This morning I looked on the MLS and there were 3745 homes on the market in Lee County. 1284 of the 3745 homes on the market recently had a price reduction. This means 34% of all homes on the market today have had a price reduction since they listed the home. This would have been unheard of 3 months ago. So as the market stabilizes, sellers are going to need to try a little harder when it comes to selling their home.
Your home might not be the right fit for you, but it could be perfect for an eager buyer. If you’ve contemplated selling, there are some little fixes that make a big difference when selling your home. When I meet with prospective sellers, “How much is my house worth?” is the most common question. Second most common? “What should I do to the house to get it ready to sell?” I have found that most home sellers understand that to get the most money possible for their home requires making the fixes that buyers expect.
If you want buyers to be interested in your home, you need to show it in its best light. A good first impression can influence a buyer both emotionally and visually, thus prompting them to make an offer. In addition, what the buyer first sees is what they think of when they consider the asking price.
A bad first impression can dissuade a potential buyer. So please, don’t show your property until it’s all fixed up. You do not want to give buyers the chance to use the negative first impression they have as means of negotiation.
Typically, there are some general fix-ups that need to be done both outside and on the inside. Although most contracts are as is, I have yet to meet a buyer who is not looking for a deal. It’s human nature, we all want to feel like we’re making a good investment and getting a bargain so naturally, we look for things we deem are not perfect so we can negotiate a better deal, right? How many of you have walked into a car dealership not planning on paying sticker price, well buying a home isn’t much different. Granted during the last two years, that has not necessarily been the case, but we are starting to see a shift so as a seller, you might have to try a little harder or you may end up accepting a less lucrative deal.
I am going to share with you some of the comments and biggest complaints I hear from buyers, things as a homeowner you may be completely oblivious to, but buyers notice. So, before putting your home on the market consider the following. Go out and stand in front of your driveway. Has the front yard been maintained? Are areas of the house visible to the street in good condition? How does your driveway and sidewalk leading to the front door look? Does it need a good pressure washing? Are weeds overtaking your flower beds? What does your front door look like? Is the paint peeling, is the hardware weathered, and in need of replacement? Remember, first impressions are everything. If the exterior of your home is not maintained, more often than not, buyers are going to assume the interior hasn’t been maintained either and they’re already forming an opinion before they even enter your front door. So, let's not give them the opportunity, the things I am going to talk about are all things you should be doing as a homeowner anyway, but unfortunately, life tends to get in the way and we end up overlooking the obvious. Probably the most overlooked item by sellers is caulking and painting any cracks around window and door frames. Not only does this help with appeal value, but it also has the practical benefit of keeping moisture out of your home. So, whether you are planning on selling or not, you should periodically walk the perimeter of your home and caulk and paint any cracks on stucco and foundation to alleviate problems down the road. Speaking of painting, does both the exterior and the interior look like they have been well taken care of? Check for any drywall holes, cracks at joints, or stains on the ceiling. Stains on the ceiling are a biggie folks because whether or not you have roof issues, buyers always assume the stain on the ceiling is related to a roof leak. Then their mind wanders to, well if it was water damage, they probably have mold issues, and it continues to snowball from there. So get yourself some kiltz and paint any ceiling stains.
If you have carpeting in the home, does it have stains or look old and dirty? If so, have it shampooed. Not only does shampooing help revitalize your carpets but it will also help alleviate any pet or smoke odors. Odors can kill more deals, I can’t tell you how many times I’ve been with buyers who absolutely love the home but find the smell of the home so offensive they will not even consider putting in an offer, even though I go into great detail of how we can eliminate the odor they are either in such a hurry to get out of the home or convinced the bad smell is going to lead to additional expenses they just don’t want to incur. Obviously, pets, smoke, and mold are the odors that come to mind but I have had buyers exit the home immediately because they couldn’t handle the smell of the cooked food, dirty laundry, and shoes, even dusty air vents can put a stank face on homebuyers.
Speaking of dusty air vents, make sure to change the HVAC filters and flush out the AC drain line with a shop vac and some vinegar, this is something you should be doing regularly as a homeowner anyway but if your air handler is in a closet where buyers are going to see it make sure it’s clean because if your filters are dirty and there’s dust hanging from the air handler, a buyer is going to assume you haven’t maintained the HVAC system.
Another thing buyers like to check, and even if they don’t, a home inspector will definitely put it on their report and that is signs of water damage under the sink. This can include stains, visible moisture, or finishes that are bubbling. So, use your flashlight and just do a quick visual once over.
When you have your initial listing appointment with a realtor, more than likely they’re going to tell you to declutter and depersonalize, but decluttering does not mean taking items and throwing them in the closet. Don’t neglect storage areas. Storage is important to buyers, especially those who are relocating from the north and maybe giving up basement space so clear out your closets and then organize what’s left to give the appearance of having extra room.
The next two items I’m going to discuss are probably the easiest and most inexpensive fixes, but the most overlooked. One of the biggest objections I hear from buyers is the home is too dark and 9 out of 10 times its because half the light bulbs in the home are burned out. This is such an easy fix folks. Make sure all light bulbs are working and fixtures with multiple bulbs are of the same color temperature. I know that may sound knit picky, but it does make a huge difference. Also, clean all your windows inside and out. We live in the sunshine state, take advantage of the natural light coming through your sparkling clean windows.
Hopefully, you got some helpful hints out of today's podcast. A nice-looking, clean home triggers the emotional response that can lead to a financial response. Bottom line don’t give buyers the chance to use any negative first impression they may have as a means of negotiation.
As always, thank you for tuning in. Now, go out there and have an amazing day!
Speaker’s closing remarks:
Thank you for listening to the Southwest Florida Realty Show with Billee Silva. To learn more about Billee Silva go to www.sw-floridarealtor.com. That’s www.sw-floridarealtor.com. Or call 239-247-2490.