Homes are getting snapped up in Idaho and buyers are paying top dollar for homes so why bother taking the time to repair broken or damaged, outdated items in your home before going to market? The answer is simple, money and stress. Homes that have been properly prepared and repaired before going on the market tend to sell quicker, have fewer issues, and potentially save the seller thousands of dollars.
Here’s the reason why: In Idaho, when a seller accepts an offer from a buyer the buyer has the right to an inspection. During this inspection period, the buyer typically hires a professional inspector to find any problem areas with the home. Inspectors have a 2200 item checklist and they ALWAYS find items needing repair, replacement, or updating. At this point, the buyer has several options 1. Take the home as it is. 2. Ask for a credit from the sellers for repairs. 3. Ask for the seller to make repairs or 4. Walk away from the contract. Sellers not wanting to risk losing the buyer typically try to take care of reasonable repairs on the home or offer the credit and this is where it can get expensive and stressful.
With construction booming in the Boise area finding a licensed professional to repair the items in the allotted time before closing (typically 10-14 days) can be very challenging. Most licensed contractors/professionals are booked out 30 days and this means having to hire whoever you can get and pay more for a repair than if you had shopped around. The other option is to offer a credit to the buyer to take care of the repairs later, but the challenge is again finding licensed professionals with enough time to get quotes. In many cases, sellers often credit more than the actual cost of a repair due to time restraints or lack of knowledge of what repairs cost.
So now that you’re convinced preparing your home to sell and taking care of those home repairs are not only a time-saver but cost-effective, which repairs should you take care of and how should go about it? Here’s a checklist of items that often come up on inspection reports and some tips/suggestions of how to take care of them before selling your home:
HVAC System. If your system is old, or not heating/cooling as it should you can count on a buyer asking for it to be either repaired or replaced. You can save yourself and the buyer the trouble by having your HVAC unit serviced by a professional heating and cooling company. Make sure they mark the date on the unit of the servicing as the inspector will look for this. A buyer will feel more confident in your system if they know it’s been recently serviced and functioning properly. Change out the filter with a new one while you’re at it.
Plumbing. Water leaks are one of the biggest items that come up during an inspection. Buyers, especially first-time homeowners get very nervous when they see there’s a leak in the sink, toilet, etc. This can often lead to cold feet and walking away from the contract or asking for major repairs that may not be necessary just for their ease of mind. Instead, take the time to check under the kitchen and bathroom sinks for any leaks, look in the crawl space under the kitchen, toilet, bathtub, etc to see if there are any water spots or leaks in the area. If you see them get them fixed. You can use a licensed plumber or take care of them if they are minor.
The “M” word (MOLD). Nobody likes it and nobody likes to talk about it, but it exists and can cause a lot of stress in the middle of a home sale. Mold or microbial growth is common in older homes where there may have been a past leak. If you discover a water leak or prior leak it’s a good idea to bring out a mold professional to assess if there is any growth in the area. Most mold professionals will not charge to assess the area and this also gives you a chance to shop around for the best price. Once a buyer discovers the “M” word, they can get very nervous and either walk away or ask for higher-priced mold remediation, more than may be necessary.
Electrical Issues. It’s a good idea to bring out your favorite electrician to check the polarity and function of all your home’s outlets. Having an electrician you trust to take care of this before selling is a great idea. It will give the buyer peace of mind that everything is up to code and working as it should. It’s also a good idea to change out any broken, chipped, or missing outlet covers for aesthetics and it’s very affordable to do this yourself.
Windows and Screens. This is one that comes up often on inspections and is typically an item buyers will ask to be repaired or credited. It’s worth the time to take care of any broken or chipped windows, make sure they are opening and locking correctly and get all those screens back on the windows. I’ll give an example. I was representing buyers on a home and during the inspection, we discovered all the seals on the windows were broken beyond repair. The closing was scheduled in three weeks and so the buyers preferred to ask for a credit to get the windows repaired once they moved in. We called every window manufacturer in the Treasure Valley and could only get one company to take the time to come out and provide a quote. This company was the most expensive window manufacturer /installer in town. The sellers only had this quote as a reference and gave credit for the windows close to the quoted price. If the sellers had shopped around beforehand they could have replaced the windows themselves at nearly half the price they credited to the buyers.
Crawl Space and Vapor Barrier. This is something that often comes up during the inspection, a messy crawl space full of debris and a missing or damaged vapor barrier. Take a weekend and clear out all the old debris and put down a vapor barrier yourself and save yourself hundreds of dollars compared to paying a professional cleaning company. The same goes for an attic.
Roofs and Siding. These can be big-ticket items and if the inspection shows damage you can usually expect the buyers to ask for a credit or repair. Make sure the shingles are in good shape and dig up your receipt for the warranty you have on the roof to show to the buyers if needed. Make sure your gutters are cleaned out and in good condition. Replace or repair any damaged siding around the home. If your roof or siding requires total replacement and you don’t want to take care of it yourself get quotes from a few different companies so you know what the potential cost is and then you won’t be blindsided when the buyer asks you to credit the cost of a new roof or siding or price the home with this repair in mind.
Many other items can come up during an inspection and if you’d like to know all of them it can in some cases be a good idea to hire an inspector to inspect your home pre-market. This gives you the good, bad, and ugly and an idea of what may come upon the buyer’s inspection report. Also, if you make any repairs per the inspection you had done you can show this to a buyer upfront and give them peace of mind before they even submit an offer on the home. Inspections typically cost $200-$400 depending on the square footage of your home. You should keep in mind however that once you have an inspection done, you must disclose anything that was discovered that could be a safety issue or serious problem such as a leaky roof, microbial growth, leaky toilet, faulty electrical, etc. to the potential buyer on the Seller’s Property Disclosure so the buyer knows what to expect.
If you’d like to know more small items you can repair, fix around the home to add value contact Jennifer Louis, Real Estate specialist for Boise and the Treasure Valley at (208) 509-9122 or [email protected]
The quick answer is YES!!! Homes in Boise, Idaho are selling at record prices, but even in a hot market staging the home can generate anywhere from 5-8% more!!! That means a $400,000 home, that is properly staged, could generate an extra $20,000 to $30,000 just for some basic staging techniques. And who couldn’t use an extra $20-30K? Right?! Here’s how to do it:
Face the Facts
There’s a misconception out there among home owners in hot markets that they simply need to put a “For Sale” sign outside and buyers will come flooding in and the bidding wars begin. Unfortunately, when you analyze the MLS (Multiple Listing Service) you can quickly see that even in a seller’s market, homes in great Boise neighborhoods are sitting for long periods with few showings and zero offers, while another home just down the street sells in record times with multiple offers. What is the difference? Well, price obviously plays into it, but more often that not if there are two comparable homes for sale in the same neighborhood at the same time, the home that was staged, had professional photos taken and was marketed correctly will be the home that gets the higher price and quicker. The reason is simple, staging and marketing a home helps a potential buyer imagine themselves in the space. Once a buyer imagines themselves in the home they are more willing to overlook flaws, pay more and go to great lengths to get the home.
Use a Professional Photographer
It’s also important to keep in mind that most buyers are falling in love with a home before they’ve actually seen it in person. According to NAR (National Association of Realtors) 95% of buyers are viewing homes online before they start going out to visit homes. So, how do you make buyers fall in love with your home when they are viewing potentially hundreds of homes online at the same time? Beautiful, eye-popping photos that bring out the homes best features to start. Buyers need to be able to look at a home for sale and imagine themselves living there before they will take the time to visit it in person. Hence the reason appealing furniture, proper layout and a few decorative pieces that pull the eye to some of the home’s best features can make one home stand out from another.
Get a Staging Evaluation Before Selling
Professional staging companies are a great option for homes that will be unoccupied while the house is for sale and only cost a fraction of what the return will be. However, for sellers planning on selling while occupying the home, there are still great techniques to put into place working with existing furniture to stage the home and generate a higher sales price. It can be as simple as boxing up personal items, changing around the furniture layout, and adding a few decorative pieces to make the house really pop and add more value in future buyers’ eyes.
Hire a Realtor That Offers Staging, Photography and Quality Marketing
Welcome to Boise and Beyond offers a free home staging consultation for every listing with proven results. We use professional real estate photographers and have a virtual tour as part of every listing, attracting thousands of views from in state and out of state buyers. Jennifer Louis, Boise Area Real Estate Expert worked in marketing for many years and knows how to get your home in front of potential buyers outside of MLS. If you would like a free home consultation and staging evaluation please contact Jennifer Louis at (208) 509-9122 or [email protected]
The market in Boise is still going strong and definitely in the Seller’s favor. With historically low existing home inventory and remaining one of the fastest-growing cities in the US, home buyers are finding themselves frustrated in the Boise home buying experience.
Bidding wars, rent backs, cash offers, and short closings have become the norm in the Valley. Many buyers can become quickly disappointed after making an offer, and a good one, only to find out they were outbid or didn’t get their offer in on time.
This short tutorial outlines some of the best practices when buying a home that can make one offer stand out from another when multiple offers are at play. After watching the video above come back to the article for some helpful home buying in Boise tips:
1. Get your financing in order before you start home shopping. This is essential and can save you a lot of time and frustration. True, it’s not as fun as looking online at Zillow or your realtor’s MLS portal, but its a must. Once you know how much you can afford then the shopping begins, but make sure to go with a local Idaho lender when possible. Seller’s and their Real Estate Agents often feel more confident accepting an offer of a buyer that is using a reputable local lender for their financing. You may have a great offer, but with an out of state lender or large corporate financial institution as your lender you risk having your offer passed over.
2. Narrow down your search. With all the technology today and due to the COVID-19 situation touring a home online has never been easier. Study the home features and what you must-have in your future home and what you can live without.
Visiting homes can be fun, but it can be overwhelming and soon one home begins to look like another. With your realtor sit down and pick your favorite 5 or 10 homes and discuss what you love and what you are not sure about for each home. This will save you time and help keep you focused when you finally get out to visit the homes.
3. Prepare to make an offer quickly if you like a home. Homes in this market at the average price are selling within a few days, some go in the first 24 hours. Plan on visiting the home as soon as it hits the market and being prepared to write an offer the same day/evening.
You will need to have discussed earnest money, or a deposit you feel comfortable putting down and have it readily available. Typically earnest money is 1%, but to be competitive putting a little more skin in the game can make your offer stand out.
Have a personal letter template prepared to tell the sellers why you are looking for a home in the area (make sure your letter is within the Fair Housing Act guidelines). Explain your employment or some details demonstrating why you are a solid financial buyer. Due to COVID-19 and the financial situation, many are concerned about buyers losing their job while trying to purchase, so a letter can go a long way. Once you pick the house add a few features about the home that you love and tell the seller why you love them. Pulling those heartstrings can make a big difference to a seller when reviewing multiple offers. Personally, I’ve had multiple clients get their offer accepted over a higher-priced offer because of a personal letter.
4. Hire a real estate professional with experience helping Buyers be successful. You may have everything in order, but if your agent doesn’t find out the right information about what the sellers are looking for you may end up not making the right offer. As a realtor working often with buyers I dig as much as possible, before writing an offer, to try to really understand what the seller is looking for in an offer. Is timing the key factor? Price? Do the sellers need to rent back the house while they shop for their own house? There are a lot of little things that you can include in an offer to make your offer the best choice for the seller.
Would you like to know how to start your own home buying process in Boise and the surrounding area? I’ve been successfully helping individuals and families buy in the area for several years and have a fantastic success rate of getting buyers offers accepted on their first or second attempt. Give me a call and let’s start your search. (208) 509-9122.
Everyone loves a great before and after story. Here’s a quick look at a local Idaho couple, Brian & Lisa living the dream and remodeling great mid-century homes throughout Boise and The Treasure Valley and giving them a new, modern look all while keeping their mid-century charm.
This creative duo takes their combination of construction experience, design knowledge and well, great taste and create masterpieces that sell in record times to happy new home owners all over The Valley.
Here’s a look at one of their most recent projects in Meridian that received a lot of attention once it hit the market and sold in record time. They managed to keep the flow and charm of the 1970s ranch-style home while bringing in highly desirable updates such as an open kitchen with island/bar, a luxurious master bath, a suite and plenty of modern touches throughout.
Jennifer Louis, Boise Area Real Estate Expert is a relocation specialist for Boise and the Treasure Valley. Helping hundreds succeed in finding their perfect home while simultaneously assisting homeowners to prepare and sell their homes.
Jennifer Louis, Boise Area Real Estate Expert is a relocation specialist for Boise and the Treasure Valley. Helping hundreds succeed in finding their perfect home while simultaneously assisting homeowners to prepare and sell their homes. 