Celebrity Real Estate Meltdown: Learn How to Sell Your Home
- Barbara Eisner Bayer - MortgageLoan.com
If you’re selling your home, you may have a lot more in common with Jamie Dimon, Chairman and CEO of JPMorganChase, than you think. All his wealth and power isn’t helping sell his mansion on Chicago’s Gold Coast. He’s just slashed the asking price from $9.5 million to $6.95 million.
Across the country, home sales -- already down 28 percent since 2006 -- keep plummeting. All the money in the world can’t help you sell your home during this plunging market. Christina Aguilera has had her Hollywood Hills home listed since 2007, and recently lowered the asking price by $2 million. The Greenwich, CT estate of former “Queen of Mean” Leona Helmsley has just gone into contract for $55 million, less than half of the original asking price of $125 million.
Luckily, you’re not trying to move such high-end properties. But if you are trying to sell, you must do everything in your power to make your home desirable. The following ideas can help transform your “For Sale” sign into a “Sold” one.\
1. Use a realtor. During a seller’s market, it’s logical to go the “For Sale by Owner” route. Bidding wars prevail, and drive sale prices higher. But with a staggering 12 million homes currently on the market, a buyer has his choice of properties. An experienced real estate agent can help price your home, market it, and make it more desirable to buyers.
2. Enhance curb appeal. People are swayed by first impressions, so it’s important that your site can create a love-at-first-sight reaction. Spruce up your gardens by adding colorful plants or shrubs. A fresh coat of paint works wonders when it comes to that first look. Pick up clutter, leaves, or garbage around your home’s perimeter.
3. All the selling world’s a stage. Once a buyer has fallen in love with your exterior, don’t let your interior disappoint. A professional “stager” can create an appealing environment. Just moving your furniture can change the way prospective buyers feel about your home. They should imagine that they could move right in without changing anything. You may need to refinish your floors, paint, or purchase new carpets or appliances. It may be costly, but if it moves your home, it’s well worth the expense.
4. Offer an irresistible deal. Consider giving perks to buyers to sweeten the deal. Pay some of the closing costs, or offer to purchase a transferrable home warranty that would cover the failure of appliances after the deal is closed. Consider throwing in some nifty fixtures that you were planning to take with you.
The bottom line? Do everything you can to make your home appealing. The Astor home in Rhinebeck, NY thought that Chelsea Clinton’s wedding would spice up its desirability. The original asking price of $12 million was raised to $13 million after the wedding. Now it’s going to auction for a starting price of $7.5 million. Since celebrity status can’t move a home, you may as well try everything else.
See Today's Rates
Browse Mortgage Rates
Browse our comprehensive guides to popular topics related to mortgage and personal finance.