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4 Important Tips to Boost a Triangle Home Selling Price

FFR- Jan 5 Pic- CuteimageNow that the holidays have passed, many Triangle homeowners will look to spruce up their homes in anticipation of selling during the busiest season. While winter is traditionally a slow period for the real estate market, the arrival of spring tends to heat things up. Most homeowners want to sell their homes quickly and for top dollar, and while that’s an admirable goal, the home really needs to be in tip top shape to accomplish it. Luckily, this usually doesn’t mean a major renovation is necessary. In fact, it’s often the little things that count the most.

Below, our real estate experts at Flat Fee Realty share the four important low-cost improvements homeowners can make for the highest return on investment come closing day.

  • Make an entrance: For a few years in a row, adding a new steel front door has topped the National Association of REALTORS Cost vs. Value report. Homeowners could recoup almost 100% of the cost of this improvement.
  • Add some power: According to the same report, installing a backup power generator brings back almost 70% of its cost, and is only trending upwards (perhaps because of the large-scale, unpredictable storms over the past several years). Here in North Carolina, this could be an excellent selling point.
  • Fix the fixtures: Although it’s actually an easy replacement, old fixtures (such as brass or gold) are a turnoff for many buyers. Replace them with a more contemporary design and watch buyer’s objections disappear.
  • Increase living space: Although this one is more of a a choice than a requirement, adding living space without increasing a home’s footprint (such as finishing a basement, creating an attic bedroom, or a rear deck addition) brings average returns of 77% – 88%.

By the time most Triangle homeowners are ready to sell, they look around their homes and see multiple areas that could benefit from some improvement. However, it’s important to look at the home through the eyes of a buyer. Homeowners should choose projects that appeal to the widest range of buyers, and avoid pet projects that will narrow the field.

Wondering what your home is worth, or whether pre-sale improvements are worth the expense? The experienced agents at Flat Fee Realty can help you look at the numbers. If you are considering selling or buying a home, give the agents at Flat Fee Realty a call today!

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This post on selling and buying a home in the Triangle is brought to you by the team at Flat Fee Realty and is intended for informational purposes only. 

The Future of Real Estate! 

Flat Fee Realty 

919 342 5230

Contact Us

Terry@FlatFeeNC.com

Photo: cuteimage, freedigitalphotos.net

 

 

 

 

 

 

Three Reasons Why For Sale by Owner (FSBO) in the Triangle Probably Won’t Save Money

FFR- Dec 15 Pic- MarkMoz12The average Triangle homeowner who is considering selling a home without help probably isn’t dreaming of becoming the next top real estate agent. People soon realize that it is very challenging to guide a parade of strangers through their home, giving up entire weekends to host open houses, or conducting heated and stressful negotiations with buyers, agents, or the ever present attorney. People marketing their homes as For Sale by Owner (FSBO) are looking for one thing: to save money for their next home.

The simple fact is that selling a home by owner probably won’t save much money.

Flat Fee Realty explains why with three important reasons:

  • Most sellers don’t know how commissions actually work: Usually, the commission charged by the listing agent (and typically paid by the seller from their proceeds) pays two agents. A portion of it is paid to the buyer’s agent, since most of the time (but not always), buyer’s agents work at no charge to their buyers. The commission split is typical for services rendered. This is a major area where FSBO’s will start to see their potential savings erode. Savings can be cut in half by simply offering a standard 2.5-3% commission to buyer’s agents.
  • Agents don’t work for free: Real estate agents are supposed to put the best interests of their clients first. This means that if an agent finds a home that is a fit for their clients, the amount of commission, or lack thereof, should not be a major ingredient. Unfortunately in practice, it doesn’t always work this way. Simply put, a seller who does not offer a commission to the buyer’s agent may just not get the home shown as often.
  • Look out for falling purchase prices: Lack of a seller-paid commission up front means that the commission becomes part of the ensuing negotiations, creating a potential headache (and maybe extra expense) for the buyer’s agent and their clients. Often, this translates to lower offers and ultimately a lower purchase price, because buyer’s will use the fact that they may now have to pay commission to their agent as a negotiation point to lower the purchase price of the house.

FSBO sounds like a great strategy in theory. Instead of using a real estate agent, sellers think they can save thousands of dollars. Unfortunately, this idea doesn’t go as planned for the vast majority of sellers, especially when potential buyers are represented by knowledgeable experienced agents.

Before deciding to sell by owner, it makes sense to sit down with an agent from Flat Fee Realty and discuss current market data and what to do next.

Want to level the playing field? Whether you’re considering selling on your own or just want to find out what your options are, give the agents at Flat Fee Realty a call today!

All of us wish the Happiest Holiday Season ever for everyone and a Prosperous New Year!

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This post on selling and buying a home in the Triangle is brought to you by the team at Flat Fee Realty and is intended for informational purposes only. 

The Future of Real Estate! 

Flat Fee Realty 

919 342 5230

Contact Us

Terry@FlatFeeNC.com

Photo: MarkMoz12 / Foter / CC BY

Four Important Points Triangle Home Buyers Need to Know

FFR- Dec.1 Pic- JoeldindaIt happens all the time. A buyer is assessing the Triangle NC real estate listings, and comes across the perfect North Carolina home. It’s in a prime location, has an attractive and updated interior, and most importantly, comes at an amazing price. The buyer calls the real estate agent, ready to jump right in with an offer. Then, the enthusiasm stops. The listing description states “as is”. In the area of real estate, these two words can create a lot of confusion.

Here are four important points the Flat Fee Realty team believes buyers should know before purchasing a home sold in “as-is” condition:

  • Selling a home as-is benefits the seller, not the buyer: By listing a home as-is, the seller is telling buyers loud and clear that the house might have some costly repairs. Not only that, but selling “as-is” basically releases sellers from liability for the home’s condition.
  • Inspections are a must: Professional inspections are an essential part of any home purchase, but even more so when the home is listed “as-is”. It is perfectly legal for sellers to claim to have no knowledge of problems, usually indicated as “no representation” on the seller’s disclosure.
  • Know about risk tolerance: Even the best and most thorough inspections can’t guarantee a home will be problem-free, so buyers of “as-is” homes must have a degree of tolerance for the unknown. While purchasing an “as-is” home is risky, it really can often be an excellent decision.
  • Budget for repairs: Buyers of these homes should have either the cash available or the necessary skills to perform all types of repairs, major and minor. If a buyer doesn’t have one or both of these aspects, they may want to reconsider buying this type of home.

The consequences of buying a home listed in “as-is” condition (not to mention the meaning of the phrase itself) are often misunderstood, and the buying decision is sometimes clouded by the possibility of getting a fantastic deal on a new home. Regardless of whether a buyer is purchasing their first home or their fifth one, the experienced and professional agents at Flat Fee Realty can help navigate the risks inherent in every real estate transaction.

Are you looking for an real estate agent who will give you straight-to-the-point, unbiased information on all the homes you are considering? Give us a call!

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This post on selling and buying a home in the Triangle is brought to you by the team at Flat Fee Realty and is intended for informational purposes only.

The Future of Real Estate!

Flat Fee Realty

919 342 5230

Contact Us

Terry@FlatFeeNC.com

Photo: joeldinda/Foter/CC BY-NC-SA