Seller Tips: Affordable Cabinet Updates

Step By Step Instructions

Makeovers to Sell

First impressions are everything and you only get one chance. Fact number one is that Buyer's start judging your home right from the street, before ever setting foot in the home itself. However, this article focuses on the interior, more precisely, the top three things to think about as you're preparing to sell:

Kitchen
Bathroom
Color

The Kitchen:

Old-outdated styles, worn fixtures and cabinets, dirty peeling paint, etc are major turnoffs to prospective buyers. Minor kitchen makeovers can bring big returns. Painting the walls with a fresh coat of neutral paint, new faucets, porcelain flooring, refacing or painting cabinets can give an old kitchen a more modern appeal. A big trend right now in counter tops is granite. If granite slab is too costly an upgrade at $36 to $45 dollars a linear square foot, then I recommend going with granite tile. An affordable do-it-yourself project that will bring a 90 percent return on investment. For more information on how to install granite tile yourself. Click the link below for an informative video from the DYI Network.


The second most important selling featuring in the house is the bathroom. If its been 10 years since the last time you've changed the bathroom style, you may want to think about giving it a fresh facelift. Perhaps, think about adding new tile counter top, tub surround and floor. Don't forget to paint the walls, refinish the cabinets or replace them for a fresh look. Remember, sometimes just the smallest changes in cabinet hardware, light fixtures and sink will do the trick.

Color

Last but certainly not least is the total interior color. First rule paint to sell. Which means to color for mass appeal. Buyers prefer neutral colors. You have no idea what negative feelings and comments come from the buyer when they enter a bright yellow kitchen, cobalt blue bedroom or burgundy painted study. And don't be lazy about it and say the buyer can paint it after it's sold or you just may find your house sitting months on the market before finally succumbing to painting the home yourself. And if you're painting the rooms yourself, a general rule is that gloss paint is best for bathrooms and kitchens. That’s because there easy to clean unlike a flat finish.

February pending home sales fall 1.9 percent

Some realtors don't want to speak openly about the elephant in the room, hoping it'll just go away but ultimately, the truth will out itself. The truth is that you can only manipulate the numbers and figures for so long before they bottleneck into one huge mess. And that mess translates into "buyer reluctance".

Buyer's are smarter and more savvy than some realtors and sellers think. Pending sales are down because of several important factors: uncertainty over economy, interest rates remain much higher than they should be considering where the Federal Reserve has set its own rate, and a real estate environment across the country that continues to act as though it's a sellers market.

News flash to obstinate sellers and those realtors that think you can still get buyers to pay more than the homes worth or push an appraisal upward to the maximum value-BUYER'S AIN'T BUYING! Now is the time for a new strategy and hard choices. I've said it before and I'll keep saying it, number one question a seller needs to ask themselves keeping in mind how serious they are about selling: Do I want to still own this property 3, 6, 9 months from now?

If the answer is no, then I suggest you do three things:

Set the price correctly. For those that are unsure what that price should be even after obtaining a comparative analysis, that is the price just under your strongest competing property in the neighborhood. The home that offers buyers the same style, amenities, condition and age as your property. Probably a good rule of thumb is to lower your asking price by 3% of the market value and a couple hundred dollars lower than your competition.

Another thing about price that is important to those sellers facing foreclosure; never hold firmly to a price, even at market value that fails to lure buyers. You need a quick out and that means "by any means necessary". Example and true story, I had a client wanting to move into a certain high dollar area within Oklahoma City and we found a home that was perfect. The lender had already recieved judgement on the seller and was entering the final phase of the foreclosure. My client had just enough to cover the sellers loan and offered to do a "short sale" through the lender. The seller could have walked away with clean credit and no foreclosure. Instead, the seller held firm to the asking price believing he had time enough to find a full price offer and walk away with some equity. What ended up happening was that the bank took the property. The seller now has a foreclosure on record and my client moved on to another property.

Let me repeat again: Never insist on receiving "full price" offers if a buyer brings you an offer within 90-95% of your asking price.

Never insist on selling "as-is" if there is enough equity built into the sell that you'll only be giving up $3 or $4,000 in repairs (assuming that your home needs that much repair work).

Never tell the buyer no when it comes to making concessions on closing costs. There is always a way to create a "win-win" situation between you and the buyer.

Bottom line: Stubborness will insure that you still own a house you no longer want or need.

Real Estate Rates Increase Overnight

Long-term 30-year fixed mortgage rates rose Thursday to 5.75% and the 15-year fixed rate increased to 5.27 percent. This means Banks are not doing what the Feds had intended by lowering the federal reserve rates which was to pass the savings on to consumers by lower mortgage rates. The idea was that lower consumer rates would in turn help keep are ecomony floating above the recessionary line. However, banks have used the lower reserve rates to increase there liquidity and are not passing any discounts along to the consumers.

Stage Your Home

To Sell or Not To Sell

Tough times calls for tough choices. Hard nosed sellers don't want to hear the truth about pricing their homes correctly under the current market conditions. Instead, many will actively seek out real estate professionals that falsely promise to get the sellers their full asking price and that is assuming they don't over price the home from the beginning.

What surprises me is when these very same sellers become upset and frustrated when their home ends up sitting on the market for months after turning down realistic and reasonable offers.

The first thing a seller should do when setting the asking price is to ask themselves the question, "Do I really want to still own this house 6,7 or 9 months from now?" That is if they have the luxury to wait around for a buyer to offer that magic price regardless of how long it takes. However, some sellers may be relocating and need to free up their funds to purchase a new home while others may be facing foreclosure. In these tough economic times the age old saying holds true: a bird in the hand is worth more than two in the bush.

So, here is a bitter pill--If it don't appraise at that "magic price" or greater then the lenders won't lend the buyer any money to buy until the contract price is in line with the appraisal. In other words, save yourself some time and price it correctly.

Oklahoma City is On The List!

Oklahoma City ranked 4th on the list of best places to buy foreclosure. People all over the world are starting to take notice that one of america's best kept secrets is that Oklahoma City is a great place to shop for deals in this new ecomony. While Oklahoma's foreclosure rate is smaller than other states across America, we offer the greatest value for those homes found on the foreclosure lists.

How to Cash in on this trend?

There are 3 main ways to buy foreclosed properties here in Oklahoma City Metro. Pre-foreclosures better known as short sales. These are primiarly offered through local Relators and are generally listed on the MLS. Another lessor known method is to buy at the sheriffs sales which is the last step in the foreclosure process before banks reassign them to a listing broker as a REO property. Some pretty great bargins can be found at the sales but on the most desired properties it can be tough competition during the bidding. Depending on the balance owed at the time of foreclosure some properties may be sold at auction for as little as 80% of the appraised value. Fore more information on Sheriff's Sales visit: http://www.oklahomacounty.org/sheriff/SheriffSales/

This lovely 2,668 SF 3 bedroom/3 bath Edmond Home is up for Sheriff's Sale on 5/1/2008. This property has appraised at around $250,000.

The third method are the tax sales which are not as productive today as they were 15 or 20 years ago. But this is a great method employed by investors trying to pick up vacant land for development or "fixer-uppers" in urban neighborhoods where rentals are common. The Oklahoma County Tax Sale which serves all of the Okahoma City Metro area comes up once a year on the 2nd Monday in June. Additional information can be found of the Oklahoma Treasures site: http://www.oklahomacounty.org/treasurer/ResaleInstructions.htm

If you have any questions about buying foreclosures in Oklahoma City Metro Area or a real estate question in general please email me at okcrealty@msn.com.