How to Make Your Home Open House Ready

This is the season for real estate because buyers are ready to spend their holidays looking for the house of their dreams. Therefore, you as the seller need to be ready to capture their attention by staging your home just right in order to appeal to that special homebuyer. Here are a few tips on how to make your home inviting and open house ready.

Advertise!

Advertisement is the quickest form of getting the word out about your home for sale. Even though, you may be working with a Real Estate agent, your efforts as a seller should include placing a small ad in your local newspaper announcing your open house, talking with neighbors, and ensuring brochures and solicitations are up to date.

Make Your Home Sparkle

Mr. or Mrs. Clean should live at your house during the time you are trying to sell your home. During your open house, make sure that all personal memoirs, small expensive items, jewelry and pictures are placed in a safe place or safe deposit box outside of the home. Clear all clutter and knickknacks from the kitchen, living room, bedrooms and outside entryways, because you want to show that your home is move in ready. If you have any pets, please be sure to clear your home of pet items during the open house.

Staging your home during the open house will give your home that comfy and relaxing feel by placing candles, flowers or any type of festive arrangement around the house to give your home an inviting feel and it wouldn’t hurt to have soft music and a nice fresh scent throughout your home to add to the ambiance.

Prepare Guest List

One the most important things to have at an open house is a guest list. A guest list is the key to following up with potential buyers after the showing. Make sure to have your guest list displayed on the kitchen counter or close to the front entryway. Your real estate agent should provide a guest list sign up sheet, if not, you can easily make up one on your own.

List as much Information Possible

Lastly, ensure that all contact information and Realtor information is properly displayed so that potential buyers are able to pick up the information easily. Ensure that all pertinent information is available on your home brochure such as price, bedrooms, bonus rooms, pools, bathrooms, etc. and any other particulars about the house.

Buyers love to know what other amenities that are available to them in your neighborhood so do not hesitate to include any additional information about your community, including neighborhood crime watch, schools, playgrounds or parks that are nearby. This information could possibly help sell your home.

Generate Buyer Interest in a Slow Housing Market

When the housing market is slow, house sellers need to generate buyer interest in the sea of housing listings.
It is not always easy because other home sellers are trying to do the same thing. This makes it even more imperative that the house seller do what they can to make their listing stand out amongst the crowd, and grab the attention of home buyers.

The best way to stand out among the house selling crowd is to make the listing of your house less static. House sellers can do this by creating movement of their house listing.

Creating Movement for Listing

Creating movement takes some initiative and direct involvement on the part of the house seller. The house seller cannot simply rely on the real estate agent to generate this type of movement on their own. It is in the best interest of the house seller to generate as much interest, and to continue to create that interest over time.

The seller can use the real estate agent and their listings to create this movement. In order to do so, the house seller needs to be willing to take the upper hand when it comes to marketing. While the real estate agent will profit from the sale of your home, your house is just one of many to them.

For the house seller, it is the only one you have, and it is in your best interest to maintain some control of your listing, and to change the listing as many times as you need to, in order to create movement and generate a wave of house buyer interest.

Increase the Listing Price

Increasing the price may seem like a strange approach to take in a slow housing market. It will generate home buyer interest, however. An increased listing price will result in your home being listed in a different price range, which means it will be seen by home buyers that are looking in that increased price range.

Increasing the price will also generate appeal to those home buyers who are seeking houses of a certain worth, and will not purchase houses selling under certain listing prices.

The increased price will add perceived value to the home, and will attract those home buyer who only seek the best in everything they buy.

Decrease the Price

Another way for a seller to generate interest in their house is to decrease the price. The trick to decreasing the listing price is not to decrease it all at once. The home price should decrease incrementally.

For example, based on the home’s value and the current market, the seller decides to decrease the price by $10,000, the first decrease in the price should be by about $2,000. Even a decrease of $10 will generate interest.

In this example, this can be done five different times. By decreasing the listing price incrementally, the seller will generate more interest in their home. Each time the listing price is decreased, any home buyers and real estate agents and brokers that are signed up for certain real estate web sites may be notified.

De-List and Re-List

Yet another way sellers can generate interest in a slow housing market is to de-list and re-list. Re-listing a home for sale will bump out the sometimes negative looking “number of days on market” notation. A re-listing will come up as a new listing on some web sites and realtor lists.

The key to generating interest in a slow market is to play with the prices and how it is listed.

Understanding Mortgage Brokers

Finding ethical and well-suited mortgage brokers is a critical component in the process of shopping around for your new home mortgage. Due to the competitive nature of mortgage markets, it is highly advised that homeowners receive quotes from multiple mortgage brokers in order to explore various rate offers and other opportunities to save on your home loan mortgage.

Mortgages brokers can also use their knowledge and resources to assist borrowers that have poor credit history or other unfavorable situations to search out lenders that can best meet their financing needs. It should be noted that mortgage lenders do not actually set actual mortgage rates themselves, instead these rates are dependent on the current situation of the secondary mortgage market. The secondary mortgage market is a market where primary investors sell existing home loans to investors.

A mortgage company typically has more flexibility than banks in terms of lending to borrowers. Although banks typically fund a large proportion of home loan mortgages compared to all other lenders, mortgage brokers actually arrange more than 80% of these transactions between borrowers and lenders. For this reason, finding experienced mortgage brokers is very important because they can save you money in the long run. Furthermore, mortgage brokers are paid by mortgage lenders, not by you.

The Main Responsibilities of Mortgage Brokers:

  • Advertising and marketing to attract new and existing homeowners to their mortgage company.
  • Evaluating the home loan market to find rates and lenders to meet the borrowers needs.
  • Evaluating the client’s financial situation (credit history, income requirements, etc.).
  • Connecting the borrower with the lender in order to get a pre-approval.
  • Collecting required documents and facilitating the application process.

Concerned about Mortgage Fraud?

Consumer laws have advanced considerably over the past few years in order to better benefit and protect the security of consumers. There are now limits enforced on the amount that a mortgage company can charge borrowers and specific criteria that mortgage brokers must meet in order to charge borrowers with additional fees. These newly enforced laws have effectively helped to reduce costs to borrowers.

Furthermore, The Federal Real Estate Settlement Procedures Act makes it mandatory for a mortgage company or lender to provide borrowers with a good-faith estimate of the settlement costs associated with the home loan. The lender is required to release a good faith estimate to the borrower after 3 days of the borrower signing the loan application.

The good faith estimate details all the settlement costs or closing costs associated with the home mortgage, such as taxes, title insurance, inspection fees, and various other fees. Closing fees can vary anywhere from 3 percent to 5 percent of the total price of the home, therefore homeowners should shop around to get good faith estimates from multiple lenders in order to obtain the best possible deal.