Downsizing to a smaller Columbia SC home is not always simple, painless, or smart. Financially, it may not be all that beneficial either.
Selling a Columbia SC Home in a Fragile Market
Millions of Americans age 50 and older are looking around their spacious homes and are deciding they don’t need all that room anymore. The kids are gone, and they could really use the money from a sale to bulk up their retirement funds. But with the real-estate market still fragile, many baby boomers are getting a lot less than they expected for the larger home.
But even when the housing market was robust, many downsizers had little left over after paying off the mortgage and covering moving costs.
Consider a study from Boston College’s Center for Retirement Research that looked at older adults who moved in the 1990s and early 2000s due to a change in circumstances, such as a job loss or divorce. The report found that while these movers generally chose to downsize, they didn’t get much in the way of a financial windfall. In fact, on average, they plowed almost all of their home equity into their new homes, freeing up an average of just $26,000.
Putting a large Columbia SC home on the market and clearing out decades worth of possessions, can be dramatic. But for most, it is just plain overwhelming. For others, emotional attachments get in the way.
The potential problems don’t end once downsizers move into their snug new homes. With fewer square feet to heat, mow and pay property taxes on, many downsizers assume they’ll slash their monthly expenses. But unless you’re willing to move to an area with a lower cost of living, the savings may prove modest, at best.
One of the biggest problems people encounter after downsizing is also one of the most obvious: It can be crowded. You’re used to all that space, and suddenly, it feels like you’re living in a milk carton because you kept too much stuff.
If you’re downsizing to a smaller Columbia SC home, sort your belongings a little at a time so you don’t get overwhelmed; don’t make judgments about what your spouse should or should not keep; and take only what fits your current lifestyle.
When selling a home, trying to figure out what Columbia SC home prices should be can only be determined by actually selling it. Because homes vary, estimates can and almost invariably do vary widely — they are essentially opinions, more or less qualified, and based more or less on fact. Additionally, most opinions of value will be expressed in a price range, rather than a particular number, because of the nature of the whole process.
Here are 3 Tips For Setting Columbia SC Home Prices
1 – Online Estimates and Appraisals – Online estimates can be a useful tool for a rough estimate, but they have a variety of issues. The computer simply cannot appreciate all the nuances of location, home style and home condition that a human being can, and they frequently fail to detect flat-out errors in the public record details about your home or the comparable properties it chooses to use. Some of the most popular automated estimate tools online actually carry a very, very high error rate.
On the other hand, an actual physical appraisal is simply one more form of opinion. And appraisers in today’s market are generally under pressure to be very, very conservative in their home estimates; one of the most common reasons home-sale transactions fall out of escrow today is because the appraiser’s opinion was lower than the price the buyer and seller agreed upon.
2 – Get Multiple CMA’s – To get a closer idea of what Columbia SC home prices might actually sell for is to ask multiple agents who are successfully selling homes in your neighborhood on today’s market. If you can get a relatively unanimous range or estimate of your home’s value from agents, it behooves you to take that number seriously.
Agents don’t make a commission on homes that don’t sell. Columbia SC home prices that are set too high simply don’t sell. What honest agents also know is that even to get a properly priced home to sell, it will take a fairly substantial investment of their own time, energy and money — these are resources they would rather not invest in a listing that will never sell because the seller is determined to ask too high of a list price. So agents these days have doubled-down on a strategy that is hard in the short term, but pulls in favor of success on the horizon: brutal honesty.
Most agents would rather not list a home that is destined to lag on the market because of its price, because (a) the unhappy seller will likely not say good things, and (b) they’d rather be able to show future prospective seller clients a portfolio of homes that have recently sold, quickly and for a price near the list price.
3 – Columbia SC Home Prices Are About Marketing – Keep in mind that the list price of your home is as much about marketing and competitively positioning it against other listings as it is about trying to approximate it’s true worth. Many agents start the list-price conversation at what you believe it’s worth, then take a tad bit off to entice buyers to come see and make offers on the home.
If you are priced right in line with other listings, that might make you feel like your price is the right price. In the same vein, if your home has been sitting on the market for longer than it takes the average home in the area to sell for the same price and hasn’t sold, you may need to do something different. And think of it this way: If you want to distinguish yourself from those other listings and beat them at the competitive endeavor of luring a buyer in, you might need to be priced better than them.
Columbia SC home prices are determined by a lot of factors, but these three tips should help you in determining where you list your property when the time comes.
How do you make your Columbia SC home stand out among the many other homes your prospective buyers may see before making an offer? Homeowners are still struggling to sell their homes, even with the real estate market improving. Use these tips to help your Columbia SC home be more appealing to those who may be looking to purchase in this highly competitive market.
Ways to Make Your Columbia SC Home Stand Out From the Crowd
Renovate
If your home isn’t catching the eyes of buyers, it might need some work. A high-priced kitchen remodel to entice buyers probably isn’t a great idea, but replacing damaged base boards, worn carpet and dead shrubbery are essential renovations in today’s real estate market. These types of renovations don’t have to break your budget, and can be low dollar items that return a higher dollar sale.
Make a Video
Before listing your Columbia SC home, make a detailed video that shows the interior and exterior of your home. Include closets, areas behind doors, the fence and all of the other less visible features. Then, view your video and think like a buyer. What do you see that might cause you to lose interest if you weren’t the owner of the home? Show the video to friends and family, and ask them to give you their candid opinions and comments. The smallest details are sometimes the difference between a buyer making an offer or moving on to the next home for sale.
Weekday Open House
Weekends are full of open houses. Not only are there more weekend open houses than there are prospective buyers, an increasing number of people work on the weekends to make some extra money. A weekday open house cuts down on the competition, and an evening time may allow parents to view your home after work when their kids are at a sports practice or other activity.
Be Pro-Active
Even if your real estate agent is advertising your Columbia SC home and working hard, two people marketing your home is better than one. Put your home on your Facebook page, Craigslist, Twitter and other social media sites. Post flyers on company-approved bulletin boards and talk to local family and friends. Most people would rather buy from somebody they know and trust. You’ll still have to pay your real estate agent a commission, but if you’re desperate to sell, take an active role in the marketing process.
Lower the Price
If your Columbia SC home isn’t generating any interest or getting any offers, it’s probably time to lower your asking price. Real estate agents will help you to set your initial price based on comparable homes in your market, but in the end, their analysis is just an educated guess. Always keep the price higher than the lowest price you’re willing to accept. This allows for room to negotiate.
Selling a Columbia SC home is still difficult. It will take meticulous attention to detail and a strategy to make it stand out from the many other homes that prospective buyers will see before making their choices. Call us or contact us here for more information on selling your Columbia SC home. We have more tips to help you sell your home at our site. Just click the link to Columbia SC Home Selling Tips to the right under Categories.
Getting your Columbia SC house ready to sell can be nerve racking. Here are some tips to help you make the process a lot easier on yourself and help you get top dollar for your home.
Let Go of Your Columbia SC House
The first thing you need to do is “Let Go” of your Columbia SC house. You have to resolve yourself to the fact that this will no longer be your home. You should envision yourself saying good-bye to the house now, and imagine handing over the keys to the new buyer.
De-personalize now by packing up your personal items before you even put the for sale sign in the yard. You don’t want, or need, the prospects looking at your home to questioning who lives there. You want them to envision themselves living there. The last thing you need is to have your prospects diverted with all your “stuff”.
Although this should be obvious, give your Columbia SC house a comprehensive cleaning. Along with de-cluttering and de-personalizing, go ahead and remove items you don’t plan to carry over to the new house. Remove books from bookcases and pack up small knicknacks just lying around. Clean off almost everything from your kitchen counters. Take vital items you’ll still need to use while the home is for sale and put them in a closet or in drawers. Don’t leave them sitting around.
Clean out your closets and cabinets. You’ll have to do it anyway before you move, so go ahead and clean it out now. Would-be buyers will be looking in there. If everything is neat and orderly, prospects will appreciate that you’ve taken care of the little things, and will assume you’ve also taken care of the bigger and more important things as well.
Consider renting a storage facility to further help you de-clutter, by moving excess furniture there until moving day. Go ahead and store those bookshelves (since you’ve packed up the books anyway) and remove extra sections of your dining room table to help the room look larger. Leave only necessary furniture so the buyers can more easily envision their furniture in the house.
Remove anything you know you’re going to want to take with you so the prospective buyers won’t be wanting to haggle with you over leaving it as part of the sale of the home. This includes window treatments as well.
These are just a few of the things you need to do to get your Columbia SC house ready to sell. We have other home selling tips here at our website. Just browse the Columbia SC Home Selling Tips for more ideas and helpful information on getting your Columbia SC house ready to sell.
When selling a Columbia SC home, there are (at least) ten “must do” things you have to cover.
1. Understand that home buyers are looking for a lifestyle as well as a home. Accentuate the lifestyle that your home and neighborhood provide.
2. Understand the real estate market. Check the average number of days homes are on the market before they are sold. When the number rises above 60, it is a buyer’s market. When housing inventory exceeds a 6 month supply, it is a buyer’s market.
3. Know your bottom line. What do you need to net from your home sale?
4. Maximize exposure of your home. Make sure your home is listed on the MLS. Good signage, emotionally appealing advertising and submission to various online home related search engines puts your home out front. Make sure the agent you’re working with is going to give your Columbia SC home maximum exposure online.
5. Get feedback from showings. How are potential buyers viewing your home? Adjust your marketing strategy accordingly.
6. Stage your home. This does not need to be expensive. Cleaning, clearing clutter and painting are excellent tools. Staging may also include adding some furniture, or taking some away if your home appears cluttered.
7. Price your home realistically. A comprehensive Comparative Market Analysis (CMA) is critical to establish a range of good pricing. Asking a few thousand dollars less than closely comparable homes may mean your house sells while others linger on the market.
8. It is not mandatory, but having a home inspection by a certified professional can eliminate unpleasant surprises at a crucial moment in the sales process. A home inspection before marketing your home allows you the opportunity to deal with any problems that may be discovered before they become a deal breaker.
9. Consider all offers. A low offer is not an insult, but the beginning of the negotiation process. Keep the lines of communication open, and make counteroffers. Be creative.
10. Understand that a signed purchase agreement is not the end of the sale. Your agent must keep on top of deadlines such as a mortgage commitment, an appraisal and other essentials, to bring the sale to closing.
If you have any questions about any of these 10 rules for selling a Columbia SC home, leave us your comment or thought below by using the “Comments” box. We’d love to hear from you.