Trying to get the best offer for your home? Several local realtors have come to the rescue with a bounty of helpful tips that will have Long Island sellers jumping for joy.
The good news, according to the experts: It’s still very much a seller’s market, even with rising inventory. And demand is still high.
“The effects of Covid-19 on the housing market—recession-induced low mortgage rates coupled with the work-from-home trend allowing buyers to search deeper into the burbs—are still at play and driving the housing market forward,” according to a recent Fortune.com piece by Lance Lambert.
In today’s housing climate, you can easily get top dollar for your property without investing time and money into extensive updates, says Melissa Infanzon, licensed real estate salesperson, Lucky To Live Here Realty, Cold Spring Harbor.
“Major renos also run the risk of updating your home to a preference that could turn a potential buyer away, and/or will cost a buyer more money to modify to their tastes, which could negatively impact an offer price,” she adds.
John McSherry, licensed associate real estate broker, Douglas Elliman Real Estate, Garden City, notes: “Every market is different, so it’s important to have a guide who understands local inventory, days on market, and pricing strategies.”
To increase visibility and desirability, hire an agent who understands decluttering/staging/photography:
“Less is more, and put your best foot forward,” McSherry adds.
Next step: marketing the property/creating demand:
“It’s imperative to have an agent who can market your content across all social media/real estate platforms,” he notes. “And remember: Attention is currency.”
“Most buyers are looking for a move-in ready home. First impressions are top priority,” says Compass Greater NY (Long Island) agent, Tsui Ying (Judy) Hsu. “The landscaping captures that. Also, less furniture; paint walls with neutral colors.”
Infanzon and her team also help clients get the highest and best offers. A current seller took her advice and did the following, as they prepared to list their Huntington home, at 88 Vineyard Rd.:
Cleaning, sealing stone floors
New tile, paint – primary en suite bathroom
Rear deck replaced with Ice wood
Touched-up paint; new light bulbs
Organized; took down family photos
“When you look at the cost-benefit analysis of preparing your home for sale, in today’s market, less is more when it comes to upgrading,” Infanzon notes. “While minimal updates, i.e., power washing, will add value to your curb appeal, big renos like new flooring, aren’t always necessary to still get the best offers.”
What will drive the strongest offers is always focused on the seller’s individual needs and these three critical components – asking price, marketing approach, and offer terms – according to Infanzon, who says:
“When we advise clients on best pricing strategies, we evaluate: What is their timeline to sell? Are they planning on leveraging a like-kind exchange to purchase a new property? Do they need to sell this property to purchase their next home? How much equity do they have in their home? Is there a profit goal they are aiming for? By knowing what is most important to you and your future, we are able to strategize on what will yield the best offer for you.”
She adds: “You need to cast a wide net and work with the other 40,000 agents in New York State. In-house exclusives significantly reduce the buying pool.”
Since the market is moving so quickly now, making sure that only the most qualified buyers are coming through your home is crucial.
“We ensure due diligence is done before we open your doors to just anyone: Proof of funds before showings, understanding where buyers are in their purchase cycle, marketing strategically to the most qualified buyers, etc.,” Infanzon says. “This not only helps control things like the spread of viruses, but it also ensures that we can move quickly and confidently when a buyer submits an offer to purchase your home. “
“A blend of new-age and traditional marketing will always attract the most buyers to get you the best offer on your home.”
For more real estate news, visit longislandpress.com/category/real-estate.