Don't Give Your House Away
Selling your home has pretty much been a no-brainer for homeowners and real estate agents alike for the last 10 years. Now with inventory high and interest rates still low we are fully settled in a buyers’ market. Not knowing what matters most right now can cost sellers tens of thousands of dollars.

Here’s how not to give your house away:

Preparation – Historically homes in a buyers’ market that are well prepared – thoroughly cleaned, updated, and repaired – sell for an average of 26% more than the competition. Buyers will most certainly use the condition of the home as the single highest factor in playing down the value of your home. Many sellers underestimate the importance of fully preparing their homes for sale and this alone guarantees giving away several thousands of dollars.

Price - Pricing the home yourself based on what you “feel” or choosing an agent based on the highest suggested listing price can cost you big. Hitting the market at the correct asking price is critical in this market. Emotion, personal attachment, and competition among agents for the listing must be factored out and hard facts and analysis must dictate your asking price. An incorrectly priced home remains on the market an average of 5 months longer and ultimately ends up selling for less than comparable homes. The stigma of “what’s wrong with that house” that develops during long market times is another guarantee of giving away the value in your home.

Promotion – Gone are the good old days of listing your home and then fielding multiple offers over asking price within the first 48 hours. Extensive and aggressive marketing of your home is crucial to preserving its full value in a buyers’ market. With high inventory you need a marketing plan that allows you to capture the interest of buyers in a broad market. Many buyers start their home search without an agent so reaching them successfully means promoting your home in several online sites and publications both within and outside your immediate market area. The more buyers interested in your home, the greater the probability of driving up the offers. The narrower you keep your promotion, the fewer buyers you reach and ultimately the more you give away.

Sizing Up The Neighborhood
Here’s DHA’s Area Market Survey of March’s local real estate activity.
Easton: 90 Active Listings, 3 Sold – MT 66 days, 7 Pending, 6 Expired – MT 112
Monroe: 143 Active Listings, 9 Sold- MT 118 days, 17 Pending, 13 Expired – MT 179
Fairfield: 531Active Listings, 28 Sold – MT 92 days, 88 Pending, 41 Expired – MT 146
Shelton: 232 Active Listings, 19 Sold – MT 78 days, 29 Pending, 27 Expired – MT 137 days
Trumbull: 235 Active Listings, 11 Sold - MT 112 days, 35 Pending, 27 Expired – MT 132

What's Hot, What's Not
The big question remains, how can I update my kitchen and add my personal taste while keeping the room neutral enough for resale? It’s a fine line but it can be done. The tips below will start you on your way to smart spending.

Flooring
Hot - Tile and hardwood remain the “hot” picks for flooring. Tile is the first choice for many people thinking of updating their kitchen. A neutral color tile that helps hide dirt is always a smart choice. To add a little personality, consider varying tile size or adding a subtle colored border. Hardwood floors are the top choice for builders of new construction. However, a big concern for those redoing their kitchen is how to reap the benefits of new hardwood floors when connecting floors may be tired or worn. The answer is to make a clear delineation between the new and old flooring. Try installing the new hardwood at diagonal or use a darker wood so that the wear on older flooring isn’t as apparent.

Not Hot – Don’t be left in the cold by being sold trendy flooring materials. Cork flooring is an alternative getting a lot of attention in home improvement magazines. Unfortunately this cool fad will come and go. Installing any trendy flooring material is a risk since it will date the kitchen when the fad fades. Also, if you can afford it, stay away from linoleum or Pergo. These less expensive alternatives to tile and hardwood are quality materials but are not popular with today’s buyers. It would be penny wise and dollar foolish to skimp on the flooring.

Fixtures/Appliances
Hot – Raise the bar with a new style sink. The sink has become the centerpiece of the kitchen. Use it as a focal point while boosting its functionality. Vary your sink location by placing it in a corner. This is a great way to create additional counter space in a small or odd shaped kitchen. Also, consider changing your sink shape. Deep sinks and farmer’s sinks are popular options for today’s cooks. A double sink is a way to update your sink and double your capacity. If you have the extra space, a double sink is worthwhile addition to any kitchen.

Not Hot – While double sinks are hot, double ovens are not. Everyone thinks they want one but no one really uses them. Ok, maybe there two times a year when you host enough people to warrant a double oven but the rest of the time this large appliance takes up valuable space. Plus they are expensive. Use your money wisely by investing in convection microwave and get more bang for your buck.

Countertops
Hot - Two popular materials heating things up in the kitchen are marble and butcher block. Marble has become the “must have” of remodelers. Although more expensive than granite, this luxurious material can make any kitchen feel opulent. The natural look of butcher block remains classic choice while simultaneously being trendy. This organic material is always in style.

Not Hot – Laminate countertops are a thing of the past. If your pocket book does not allow for more, be sure to choose a faux granite or marble design. May buyers are happily satisfied with the economical alternative. Another fast fad is stainless steel countertops. With the increase purchase of stainless steel appliances countertops of the same material are popping up everywhere. Unless your home is of contemporary style, stainless steel countertops will make the kitchen feel cold.

Updating your kitchen is a huge expense. Stick with classic choices and spend money wisely with forward thinking. Infuse your personality with wall color and window treatments since they are inexpensive to change and therefore can change with your taste.

Our Tricks of the Trade Demystified was so popular we are going to Blog on this topic twice weekly. Stay tuned and send us your questions and comments.