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The market is flourishing

Now that life and work revolve around the home, people are, surprisingly, on the move. Many high-rise apartments no longer like to take the elevator with strangers and look for private homes. Those with private homes in the city may be looking to relocate to less populated areas or finally invest in a country getaway. Others, who now work from home and with children at home all day, are looking for a little more space. “People don’t spend money on entertainment or travel,” says Steve S., whose company stages homes for resale and prefers not to be fully identified for business reasons. “They think, ‘I’m going to move to a home office. “” Here’s who’s not in the market these days: International shoppers and domestic travelers looking for a base in the city.

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Undervaluation is just a sales tactic

You might think you’ve stumbled upon a gem that is too low in price. But agents know something that may seem strange at first: a lower listing price can result in a higher closing price. Undervalued homes attract many buyers and can lead to bidding wars that push the final sale well above demand. Overpriced homes will sit idle, eventually developing the stench of failure.

Related: The most expensive house for sale in every state

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Sellers hide how long homes are listed

As soon as a house is listed, its value begins to depreciate. Many online searches are set to “less than 30 days” on the market, and a home listed for more than a few months may start to have a breath of desperation about it. To counter this, owners and agents will take a property off the market for 30 days and relist it, recreating everything that was old and hiding past price cuts.

Related: 40 essential tips for selling, buying and owning a home

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You have to “stage” the space

Having a professional bring in furniture to fill a space in style is what gets a second look in many markets and drives up the asking price for expensive homes. “People want to know what it looks like,” says Steve S. “Vacation spots, they’ll buy it with the furniture. Under COVID, people have nowhere else to go while they fix it. the place. ”

Related: I just bought my first home at 47 and this is what I learned

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The staging can be an optical illusion

Good design makes a small house more spacious and a mansion more welcoming. “It’s a bit counterintuitive, but a staged house actually makes a place look bigger because it offers a ladder,” says Steve S .. “You won’t use beefy chairs if the room doesn’t. can’t handle that. These are steps people can take as indicators of good design, not just tricks of the trade. ”

Related: 19 Home improvement and decoration trends for 2020

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Sometimes the extra effort isn’t worth it

In cheaper areas, you can only add as much value to a home as during the selling process. In these locations, the cost of the staging may not be worth it compared to what it will earn on top of a buyer. “At one point, a venue’s staging value of $ 200,000,” makes the profit margin tight, says Steve S ..

Related: 17 low-cost home improvement ideas with the best return on investment

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Online pictures may not be real

This house that looks so spacious and chic online can be completely different when you see it in person, from its furniture to its paint job. For several years, virtual staging has allowed web aces to dress photos of a house with digital design, and in the COVID-19 era, how sellers would like fewer strangers to walk around in their homes, virtual staging is booming. It is also a cost saving. Companies like Virtual Staging Solutions charge as little as $ 300 to spruce up your place.

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Even the lawn can be wrong

Don’t get too attached to the lush front yard or the blooming flowers at the front door. Frequently, sod was installed and plants purchased in the days before a house was put up for sale. Greenery is not established and may not even be suitable for this climate. The result can be the heartache of dead grass and withered flowers in a matter of weeks.

Related: Reasons you don’t want a lawn

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“As is” and “Fixer-Upper” are not always the same

It might sound like a good deal, but often a home marketed “as is” is listed this way because it cannot pass inspection. You can end up with home repairs that are much more expensive than the purchase price.

Related: 25 myths about buying a home debunked

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You need to translate real estate ads

There is more to watch out for than the phrase “as is”, as every industry has its own jargon. In real estate, “cozy” means tiny. “Charming” can mean eccentric. And “character” simply means old. “Mature trees” need to be pruned, or may even be close to death. “Potential”? Unless you’re looking for a show on HGTV, run.

Related: 32 celebrity homes ordinary people can afford

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You can’t be warned about ghosts

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You will want to count the parts carefully

This four bedroom home you just signed up for might only count for three bedrooms. Why? Because ads in some hot markets will tout a basement bedroom that does not have a window large enough to meet fire codes, and therefore does not legally count as a bedroom in that state. The same goes for the garden shed that someone presents as a mother-in-law’s apartment. There’s a reason it’s advertised for your mother-in-law, and not your mother.

Related: 13 things to consider when buying a home after 50

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Lighting is one of the cheapest upgrades

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There is a formula to find an agent

Knowing the business and the market is valuable, but most of all you want an agent who will work for you and your home. The perfect intersection of qualities in a real estate agent is craftsmanship and enthusiasm. If they are knowledgeable but don’t seem to care about you, that’s a concern; and eagerness but inexperience can also be a red flag.

Related: 10 economic questions to ask a real estate agent

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