Signs of the Times
 It's New Home Show 2007, and all of the builders involved in this popular tour are eager to show their models. They're also realistic about where you may stand in the local housing market. Whether you're a shopper or a buyer, they're ready to welcome you into their homes.
If you're in a position to purchase a new home, and you don't have a house to sell, lucky you. You can still get the best home at the best price, with builder incentives to help make your decision easier. And if you have one of the 35,034* properties for sale in the Twin Cities, take heart, this article is primarily for you.
This is of course a buyers' market, when prospective homebuyers have a choice of thousands of homes in hundreds of neighborhoods with many in their price range. Sellers are putting their best foot forward, showing off their homes' most attractive features, pricing it based on other comparable properties, and keeping their fingers crossed that you'll come back for a second look and an offer in hand. It's the perfect scenario for all buyers.
For those who once believed in "buy first, then sell" - the paradigm has shifted. Now it's "sell first, because there will be plenty to choose from once you're in the buyers' seat." When you don't have to move, it's really not such a bad position to be in. You've got a place to live, you can wait around for the right buyer and you don't have to accept a price that's tough to swallow. And just because you're not ready to buy, doesn't mean you can't do a little pre-shopping to preview areas and see what's available.
If you're thinking about listing your home, here's some good advice on everything from making cosmetic changes to creative marketing strategies. Selling a home is not all about price anymore. With so much inventory on the market, the home that gets sold first is the best value in its price category. With that in mind, you may want to consider the following suggestions:
Take an honest look at your house as if you were a buyer. It starts at the curb. Get your landscaping under control. Trim shrubs and hedges and even tree limbs if they're visually blocking the main entrance. Keep the grass mowed, watered and the weeds picked.
The first floor is the most important. When there's work to be done, many homeowners tackle the basement first and run out of energy before they get upstairs. The fact is, potential buyers will never get to the basement if they don't get past the first floor. In terms of importance, consumers focus on the first floor first, then the second floor and finally the basement and garage.
Pay attention to the kitchen and bathroom. A lot of time is spent in the kitchen - entertaining family and friends. For the most part, people buy on emotion. If they can imagine celebrating joyful occasions in your kitchen/dining/family room areas, without having to do a lot of redecorating, that's a plus.
Move-in condition often equals more money. Buyers are willing to pay more if they don't have to do the work themselves. Taking care of maintenance items like painting, window repairs, even a thorough cleaning will elevate the value of your home in a prospect's eyes.
Ten-year-old homes are competing with new construction. Of course ten years doesn't seem like an old house, but it can look outdated compared to new construction in the same price range. Updating light fixtures, plumbing fixtures, carpet, wall colors and countertops may be worth the investment - especially if you want to sell your home quickly.
Consider hiring a stager. Not all people have a knack for decorating. And not everyone believes the recommendations of their Realtor. Some Realtors enlist the help of stagers as independent third-party observers who know how to make your home look its best. Their advice may be as simple as re-arranging your furnishings in a more attractive way.
It's time to de-clutter. This is an obvious suggestion that needs to be taken seriously. Your Realtor will recommend it, the stager will insist on it, and potential buyers will appreciate it. Have a garage sale or call a non-profit for pick-up - you'll be glad you did when it comes time to pack for your move.
Let the buyer be cautious. A lot of home shopping is done on the Internet these days, and some buyers are choosing to go it alone. Yes, the Internet is a wonderful vehicle for getting up to speed with the general marketplace and help you determine your likes and dislikes. But ultimately you should physically inspect the homes that seem to meet your criteria to help you understand value differences. People tend to look for the best values on line, and they don't see that the house may have some issues. A professional Realtor can get the whole background on the house. He or she can discover things you won't find on the Internet, such as how long the house has been on the market, what the sellers paid for the house, whether it is truly a value. It's so easy to see the property up close and personal, and an agent can take you there. Typically this service is paid for by the sellers through the listing process and is at no cost to the buyer.
* Source: Minneapolis Area Association of Realtors as of Monday, July 23, 2007.
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