Preparing a house to sell… what to consider upgrading? Cost effective renovations…

I am often asked by single family home owners in Wellesley , Weston , Newton , Needham , and Brookline , “What should we do to get our house ready for sale?” While this can be a very different answer depending on the house etc., there are some things that are consistenly cost effective.
What upgrades make sense to do if you are selling, and want to attract buyers? Here are the 5 top projects to consider:

Project 1: Entry Door Replacement (Steel)
Cost $1,218
Resale value $1,243
Cost recouped 102.1%
(National averages)

Project 2: Garage Door Replacement
Cost $1,291
Resale value $1,083
Cost recouped 83.9%
(National averages)

Project 3: Siding Replacement (Fiber Cement)
Cost $13,382
Resale value $10,707
Cost recouped 80.0%
(National averages)

Project 4: Kitchen Remodel (Minor)
Cost $21,695
Resale value $15,790
Cost recouped 72.8%
(National averages)

Project 5: Deck Addition (Wood)
Cost $10,973
Resale value $7,986
Cost recouped 72.8%
(National averages)

Selling a house west of Boston can be challenging, but with some cost effective repairs or upgrades, you can increase your chances of a well time sale.

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Wellesley Real Estate Information

Number of properties currently on the market in Wellesley:
Single Family: 155 Properties
Multi Family: 1 Property
Land: 7 Properties
Number of new Wellesley Real Estate listings in the last month:
Single Family: 31 Properties
Multi Family: 0 Properties
Land: 2 Properties
Average list price for Real Estate in Wellesley over the last 6 months:
Single Family: $1,593,645
Multi Family: $799,000
Land: $597,200

Needham Homes for Sale… market stats as of July 22, 2011…

More information on Needham homes:

Number of properties currently on the market in Needham:
Single Family: 149 Properties
Multi Family: 6 Properties
Land: 12 Properties

Number of new Needham Real Estate listings in the last month:
Single Family: 28 Properties
Multi Family: 1 Property
Land: 1 Property

Average list price for Real Estate in Needham over the last 6 months:
Single Family: $994,994
Multi Family: $664,725
Land: $846,322

20 July, 2011 12:59

Hammond’s Fine Properties Magazine is online for viewing at: http://viewer.zmags.com/publication/dc37eb7d

Brookline Real Estate Update ~ July 18, 2011

Brookline Market update:

Number of properties currently on the market:
Houses: 65 Properties
Condo: 116 Properties
Multi Family: 6 Properties
Land: 2 Properties

Number of new listings in the last month:
Houses: 6 Properties
Condo: 23 Properties
Multi Family: 0 Properties
Land: 1 Property

Average list price over the last 6 months:
Houses: $2,396,667
Condo: $547,040
Multi Family: $998,750
Land: $599,500

Selling a house or condo? Here is what you can learn from the second home market!

Perhaps there is no more challenging market for selling a property, than a market that is primarily second homes. Of course, one of the biggest factors in selling a home depends on the other inventory available for buyers to consider.

While away for a weekend, I met a couple that has a house for sale in a part of Maine, made up of mostly second homes – I will refer to them as the Smiths. The house is now listed for the third time, and they are now using a second real estate company. Not surprisingly, there is serious glut of properties for sale, very similar to the Smith’s house.

After speaking with them, and finding them to be quite frustrated with the slow moving sales in the area, I asked whether they had revisited pricing their house. As often is the case with my own clients, pricing is a touchy subject. And they were all too eager to explain to me why their house is so much nicer than many of the others for sale.

For the sake of this article, lets assume that the Smith’s house was in the better half of the similarly priced inventory. This, in my opinion, gives them a great opportunity! With the large inventory that has been sitting for years in this particular market, if priced lower than comparable houses (even if just marginally), they could really stand out as sellers. With buyers having so many options to choose from (as is the case around the country, not just in the second home market), a seller can really take advantage of the stale, over priced inventory that is their “competition” as sellers.

Whether selling a property in Wellesley , Newton , Brookline – Maine or Vermont, pricing to attract buyers is EVERYTHING. Buyers see a sale happening, with no pressure to buy because if a house they are interested in happens to sell – they know there will be others… many others. However, if a seller is realistic, takes the buyer’s perspective and beats the competition with an attractive price, an educated buyer will not wait to pursue it.

Sellers like the Smiths are often too eager to simply blame the market for their house not selling for the price they “want”. A slow market, with buyers taking their time, can work to a seller’s advantage if they realize what an opportunity they have when pricing their property.