Sunrise Homes & Renovations, Inc.

Pocket the Profits: The Secrets to Selling Your Home above the Asking Price

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Pocket the Profits: The Secrets to Selling Your Home above the Asking PriceWe all want to sell our homes at above asking price, but what is it that makes a seller succeed at this? Here’s our expert advice on how you can sell your home above the asking price.

Ask For Less

You may be surprised, but pricing your home lower than market value can have an extremely positive effect on the offers you receive. This is because a low-priced listing will stand out and will draw more attention, which boosts your chance of a bidding war.

By attracting more buyers to come and look at your home, you will find more buyers who are willing to make an offer on your property. When they view your home they will see its true market value, and are then more likely to make a higher offer in hopes of outbidding others. It’s all about creating hype, and a low asking price will do just that.

Wait It Out

While it may be tempting to accept the first offer that comes along, in some cases, it may be better to wait and see what other offers come in. If you accept the first offer on your property you have closed the door to competition.

Consider Who You’re Selling To

Is your home better suited towards traditional buyers, or is it a valuable property for investors? If your home could easily be renovated and flipped, has high potential as an income property, or is in an up-and-coming neighborhood, it may be better marketed as an incredible investment property.

Investors expect a return on the money that they spend so are often more willing to make a higher offer – they know those funds will come right back to them.

Rock Your Renos

There are several simple renovations that can add a huge amount of value to your home. The return on investment for a few small upgrades is often very worthwhile when your goal is to receive more than asking price.

Make sure the flooring, kitchen, and bathrooms in your home are updated and appealing, and if not, consider upgrading these areas first. If you’re targeting investors, adding an income suite to your property may be the best investment you can make. Consider which kind of buyer you’re targeting and what areas of your home need the most TLC, and choose accordingly. Speak with your trusted real estate professional today to learn more.

Selling Your Home? Here’s Why You’ll Want to Keep Your Emotions out of It

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Selling Your Home? Here's Why You'll Want to Keep Your Emotions out of ItSelling your home can be an extremely emotional process, but it’s important that you don’t let your emotions get the best of you. Learn which common mistakes emotional sellers make when selling their home so that you can identify them during your own sale and overcome them before it’s too late.

Price Paralysis

You love your home, you know the value it provides to its owner, and you think it’s special compared to other houses on the market… and that it should be priced as such!

Be wary of this thought pattern though, as sellers who are emotionally attached to their home tend to overprice their listing, ignore market data, and be stubborn in negotiations.

It is perfectly normal for your emotions to cloud your judgement when first listing, but it is important that you listen to your real estate agent’s advice and stick to reason, or you may find your home failing to close.

Pricing Based On Need

Your home has a market value, and you can’t ignore that. It’s a fact.

When moving to a new property, it is essential that you understand that you cannot price your current home based on the amount of money you need to purchase your desired next home. This mindset is unrealistic, and can drag out your home sale.

If the purchase of a new home is contingent upon how much you make from selling your current home, be sure that you do not celebrate too early. Wait until you have closed the deal before gauging what you can afford to buy next, or stick to a property that is definitely within your budget.

Maintain An Open Mind

While you may love the way your personal items and interior design pieces make your home feel, it is best to stage your home very impersonally for showings. This may require re-painting rooms to more neutral tones, taking down your favorite family photos, and using professional staging furniture rather than your own. Doing so isn’t admitting that you have bad taste, but rather accepting that buyers have a wide variety of taste themselves, and you want to appeal to them all.

You should also keep an open mind when it comes to who you sell your home to. You may have an idea of what you consider to be the perfect buyer, but ultimately the goal is to sell your home. What the buyer does with it after the fact is up to them.

To avoid these emotional home-seller mistakes, work with your trusted real estate professional who can guide you through the process and keep you on the right track.

How to Gain the Upper Hand in Real Estate Negotiations Without Being Mean or Rude

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How to Gain the Upper Hand in Real Estate Negotiations Without Being Mean or Rude In a typical real estate transaction, numerous factors may be negotiated, and the terms of the purchase may be negotiated at different times throughout the process. For example, the contract may be negotiated at the time the original offer is made, but revisions to the contract may be negotiated after the property inspection has been completed. Both parties want to have the upper hand in negotiations, but those who focus on a few points are more likely to walk away feeling satisfied with the results of the negotiations.

Research All Factors Related To The Negotiation

A successful negotiation may be about achieving specific, desired goals, but in most cases, there will be a bit of give and take on both parties’ parts in order to find success. Those who have the upper hand in real estate negotiations will take time to research all factors related to the negotiations, and this includes everything from market conditions and how long the property has been on the market to how competitively priced the real estate is, how many other buyers there are and more.

Understand All Motives And Influences

Beyond outside factors related to the negotiation, there typically are personal motives and influences that must be considered. For example, a seller may be motivated to sell quickly due to a job offer in another city, or a buyer may be motivated because the property is the only one of its kind close to a great school. Real estate agents can often provide information about motives and influences that may impact the negotiations and that may reveal who has the upper hand in negotiations.

Consider Alternative Creative Solutions

After all external and personal factors have been researched and itemized, it may appear that one party has a clear upper hand in negotiations and the other party does not. However, in order to be successful in negotiations, typically both parties will need to feel as though they are getting what they want. After all parties’ motivations have been identified, it may be possible to think of creative, outside-the-box alternatives that may be agreeable to both parties.

When a buyer or a seller is preparing to negotiate with the other party, it is important that they fully understand all of the factors that may be at play in determining the outcome of negotiations. When buyers and sellers focus on these points before making an offer or counteroffer, they may find their negotiation efforts more successful. Contact your trusted real estate agent for more information.

4 Reasons Why Your Home Isn’t Selling

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4 Reasons Why Your Home Isn't SellingSelling your house can be hard. Emotionally, because it’s become your home, but also economically. If your home isn’t selling, there are usually specific reasons which means there are ways to amend them and make your home more appealing to potential buyers. Here’s a short list of reasons why your home might be stalling on the market.

You Didn’t Spread The Net Wide Enough

No longer is it enough for a sign on your front lawn and word of mouth to carry the brunt of your marketing. With the world moving increasingly online, you need to address social media when advertising your home. Think Facebook. And be sure to use professional photos of your house whenever advertising it, so that it is properly and engagingly represented.

You Didn’t Make Your Home A Blank Slate

People on the hunt for a new home want to be able to picture themselves in the house (or apartment, or condo) they’re being shown. This means your house needs to be a blank slate. If there are idiosyncratic rooms, paint them neutral colors and keep the furnishings simple. Remove personal items from all areas being shown photos, achievements, etc. Open up the space by moving furniture out first.

You Are Not Available Enough or Are Too Available.

Potential buyers can be easily discouraged before they even get into your home. Make sure your house is accessible for as many viewings as you can manage even at odd hours to accommodate them. But you should not go to the showing itself. Having the previous owner around hinders people’s ability to assess the home objectively because they know it’s not objective for you. That discomfort can lead to them not asking the questions they needed to, and being deterred from the purchase.

You Didn’t Talk To The Buyers That Walked

It’s inevitable there will always be buyers that are interested but unwilling to make the final commitment, so use those buyers to your advantage. If you can, reach out and ask what made them turn away. There could be external factors (literally, elements outside your home) that negatively impact a buyer’s decision. If you learn that from almost-buyers, or even from your neighbors you’ll be able to find a fix or adjust the price accordingly.

If your home is listed but not selling, sometimes it can feel like it’s the universe rising against you. But often there are concrete reasons and simple solutions to get your home’s appeal up. And remember, in the end, the best way to find out why your house isn’t selling is to talk to your local real estate agent, who has the expertise to help.

How to Design a Modern, Luxurious Home Inside of an Older Piece of Real Estate

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How to Design a Modern, Luxurious Home Inside of an Older Piece of Real Estate Newer properties may be infused with built-in designer touches that give them an instant sense of luxury, but older homes may lack many of these built-in features. Whether buying or renovating an older property, many people are interested in learning how to instill modern luxury in older property. The good news is that this is easier than it sounds, and it can be accomplished by following a few simple tips.

Make Thoughtful Upgrades

It may not be cost-effective or reasonable to upgrade the entire space with an extensive renovation, but making a few thoughtful upgrades can yield fabulous results. The light fixtures, faucets and hardware in the space should receive attention first, and homeowners should choose a modern finish that goes well with the rest of the home. If funds permit, consider upgrading the counter tops, sinks and bathtubs to further add luxury and modern style to the style.

Choose The Right Fabrics

When decorating the home, it is important to choose fabrics that speak to the luxury that is desired in the space. While some affordable materials have a luxurious look, it may be necessary to invest in premium materials like leather or upgraded upholstery in some areas to achieve the desired results. Think about the use of color, and layer fabrics for a truly upscale, finished look in the space.

Take Advantage Of Antique Charm

Most older homes have a special antique charm, and homeowners may have better results when working with this charm rather than trying to remove it from the space. Antiques can be incorporated with modern pieces to create a historic, classic or even rustic look to a home. Consider which aspects of the existing decor to highlight, such as gorgeous wood floors or an antique banister, and celebrate these areas while also including modern fabrics and other decorative touches to create the luxurious, modern look that is desired.

Decorating an older home can be challenging for many reasons, but it is possible to instill a sense of modern luxury into the space without a complete renovation. Some smaller remodeling efforts may be needed for the best results, and they can be incorporated with these tips to provide a lovely look that homeowners can truly fall in love with. Those who are thinking about buying an older home or renovating their older  speak with your local real estate professional for more information about thoughtful upgrades that can add value to the property.

How to Differentiate Your Home from the Neighbors for a Faster Sale

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How to Differentiate Your Home from the Neighbors for a Faster SaleWhen it comes to selling your home, there can be a lot of options on the market, and nothing is quite so competitive as having your house listed right alongside the home of your neighbor. If you’re struggling with how to highlight your home to potential homebuyers, here are some things you can do to ensure it gets the attention it deserves.

Engage All The Marketing Options

Many people prefer their real estate agent to take care of the heavy lifting when it comes to selling a home, but there’s no reason you can’t go beyond the typical measures to really get potential homebuyers interested. Instead of leaving it up to a website or a sign on the street, send out flyers to all of your neighbors and utilize social media as a resource for getting the word out. You may also want to create a website for your home that will highlight its features in the best light.

Emphasize The Special Details

You may not think that the small things matter when it comes to selling your home, but the little details add up and they can actually make your home quite memorable to someone who’s seen a lot of open houses. Whether you’ve installed them or they were there already, your house probably has a special feature like brightly cultured kitchen tiles or an interesting light fixture; just ensure it’s effectively displayed and your home will stand out from the pack!

Clean Up The Curb

It’s possible that you have a stunning panoramic shot of your home from the outside, but if your house looks nothing like this when potential homebuyers arrive they’ll immediately be reconsidering the visit. Instead of leaving this to chance, make sure that you’ve done any minor repairs to the exterior of the house, cleaned up the lawn and organized everything so nothing looks messy or disheveled from the street. Your exterior will provide the initial impression, and nothing will make your home stand out from your neighbors like an immaculate facade.

It can be a struggle to know how to best display your house so it stands out, but by organizing the exterior and highlighting your home’s special features, you may be on your way to an ideal offer. If you’re getting ready to put your home on the market, contact your local real estate professional for more information.