Selling Your Farmington Hills MI Home? Buyers Want Home Office Workspace

Selling Your Farmington Hills MI Home? Buyers Want Home Office Workspace

Selling Your Farmington Hills MI Home? Buyers Want Home Office Workspace

Although there’s been a significant uptick in buyer demand for home office space in the market, working-from-home was already a growing trend well before the pandemic. Statistics show that as of 2018, there were 4.3 million remote workers in the U.S., which was an increase of 140% since 2005. 

Both employers and employees are realizing many of the benefits that come from working from home. And workforce analysts predict that by the end of 2021, as many as 30% of all employees will still be working from home at least part of the week.

As a growing number of companies are requiring or offering the option to work from home, more Farmington Hills MI home buyers are including home office space on their must-have checklist. 

In response to the demand, sellers are now positioning extra space in their home as a “home office” or “workspace” to market their Farmington Hills MI property, anREALTORS® say they’ve seen a notable increase of home offices mentioned in listings.  

Add value to your home and attract buyers 

In a realtor.com® survey, 63% of respondents indicated that they plan to buy a new home in light of their ability to work from home. On average, listings featuring a home office command a 3.4% price premium and sell nine days faster than listings without one, according to realtor.com data.

Many REALTORS® agree that showcasing a dedicated work area can help attract more buyers to your property. Most homeowners don’t have the luxury of having a specific room dedicated as a home office. Work areas at home often consist of a desk and computer sharing space in a guest room with a bed or exercise equipment.

If you are preparing to put your home for the market, why not stage a multi-functional room like this into a home office instead? Showing buyers that your house has room for an office, even if it’s a shared space in your kitchen or living room, can add value to your home in their eyes.

Cost of building a home office and ROI

According to HomeLight research, to build a new home office, homeowners can expect to spend an average of $12,000, but they will get an approximately 87% return on that investment when it comes time to sell.

Before getting started with any renovations or improvements, it’s best to consult with a Farmington Hills MI real estate agent to get their advice and guidance on maximizing your home’s value for resale in your area.

Will converting a bedroom into a home office boost the resale value of your home?  

If you don’t have an official home office, you might be looking around your house, wondering which room could be converted into a workspace. Keep in mind that while buyers are looking for home office space, bedrooms and bathrooms rule the day to boost resale value. 

Most buyers would much rather have four bedrooms than have three bedrooms and an office. Rather, look for opportunities to create dual-purpose spaces.

Since you’re probably not entertaining many guests during the pandemic, now’s a great time to create a combination guest room/office. Remove the bed, and replace it with a sleeper sofa or love seat. 

Transforming an unused area of your home into a workspace

Take a look around at any unused areas in your home, and you’ll probably be able to find a place to create a workspace that buyers will covet. A finished, walkout basement could be turned into a comfortable and private workspace. Or, a nook underneath the staircase or unused space at the top of a staircase could make a compact office.

Setting up a workspace in the kitchen, which is usually the central hub of a home or in a noisy TV room isn’t likely to appeal to many potential buyers. It’s best to choose a room with adequate space that’s far from the main living spaces and not frequented by family members or guests.

Try carving out space in another area such as the dining room. Keep the dining table, but remove the buffet or the leaves in the table and extra chairs to make room for a chair and desk. You are not eliminating the dining room – merely suggesting to buyers how the room can be repurposed further to suit an office.

If you have no choice but to set up a home office space in the main living area, present it in the most appealing way possible. Try separating the work area from the rest of the room with a folding screen, partition wall, curtain, or even tall houseplants like a Fiddle Leaf Fig tree or a potted Dracaena.

Choose a free-standing desk to fit the space without overwhelming it. Or, consider a wall-mounted desk that takes up less space. Keep the area neat and tidy, bundle up any loose cords or wires, and Illuminate a poorly lit work zone with a small desk lamp.

Staging your home office 

If you already have a dedicated home office, staging it will create a functional and organized space that buyers are looking for at this time.  As with all staging, start with a clean and clutter-free space, void of personal objects. Stage your home office by storing supplies out of sight.

Hide office supplies inside desk drawers or stash them inside a storage cabinet. Once you’ve decluttered, depersonalized, and cleaned your office space, you can begin the fun part of staging it. The desk should be featured prominently in the room as it’s the main component.

Neutral colors create a relaxing work environment. Choose a neutral color scheme in calming colors, like beiges, whites, soft grays, greens, or blues. Task lighting is a must in every home office. A lamp for the desk should be bright enough to illuminate your workspace, but not blinding.

And with the growing number of meetings now taking place by way of video conferencing, you’ll want to ensure the lighting is suitable for being on camera. Additionally, place a large area rug beneath the desk area and chair to warm up and add color and texture to the space.

You can also add some live green plants and fresh flowers, and place a tall, big-leafed plant in an empty corner to bring life into the space.

The takeaway

With so many people now working remotely, the demand for a home office or workspace is on the rise. If you are planning on selling your Farmington Hills MI home and already have a home office, now’s the time to promote it. If you don’t have a dedicated home office, create and stage a workspace in another area of your home that will bring in the buyers and seal the deal!

Partner with Highly-rated Farmington Hills MI REALTORⓇ -Tom Gilliam

With over 20 years of real estate experience, Tom Gilliam is proud to be a trusted Farmington Hills MI REALTORⓇ – offering his guidance and expertise to area home buyers and sellers. Tom understands that buying or selling a home is a significant financial and life decision and that you are looking for someone you can trust and work with.

If you are ready to list your current property, Tom can help determine the market value of your home and make suggestions on how you can command a higher asking price.  As your agent, he will protect your best interests, advocate for you, pull together all the details of the transaction, and get your home sold quickly for the highest market price. Feel free to contact Tom directly at (248) 790-5594 or you can get in touch by email.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Direct: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578 

Farmington Hills MI Real Estate

Article sources:

https://www.homelight.com/blog/building-a-home-office/
https://globalworkplaceanalytics.com/telecommutingstatistics
https://startupsavant.com/news/home-buyers-add-office
https://www.onlinehsa.com/how-a-home-office-increases-appeal-to homebuyers/
https://www.tepilo.com/blog/2017/09/
why-broadband-speed-is-becoming-so-important-for-property-buyers
https://www.newhomesource.com/learn/design-home-office/

Selling Your Farmington Hills MI Home? Avoid These Mistakes

Selling Your Farmington Hills MI Home? Avoid These Mistakes

Selling Your Farmington Hills MI Home? Avoid These Mistakes 

Selling your Farmington Hills MI home can be surprisingly time-consuming and emotionally challenging, especially if it’s your very first time. With no experience and a complex, emotional transaction on your hands, it’s easy for first-time home sellers to make mistakes. However, with a little know-how, you can avoid many of these pitfalls. Read on to find out how to sell your house while getting the highest market price within a reasonable time frame – and without losing your mind.

Not keeping your emotions in check

Once you decide to sell your Farmington Hills home, start thinking of the transaction from a purely financial perspective. That way you can distance yourself from the emotional aspects of selling it. While your home is full of sentimentality and memories for you, a potential buyer will be looking at it quite differently.

Try to put yourself in the buyer’s shoes and examine the house’s attributes and imperfections. If you can remember that you are selling a piece of property as well as an image and a lifestyle, you’ll be more likely to put in the extra effort of staging and doing some minor remodeling to get top dollar for your home.

An agent can also help tone down the emotion of the process by interacting with potential buyers and eliminating those who only want to look at your property but have no real intention of making an offer. It may be hard to believe right now, but you’ll soon become just as attached to your new home as you were to your old one.

Not hiring a Farmington Hills MI REALTOR® 

An experienced real estate agent can help you at every stage of the home selling process. They are better-qualified to set the right price for the homes they list, better-equipped to market those homes, and likely to find a buyer in a shorter period of time than if you try to sell on your own. Marketing exposes your property to the public as well as to other real estate agents through a Multiple Listing Service, other cooperative marketing networks, open houses for agents, and so on.

In many markets, a substantial portion of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Real estate agents often use these cooperative relationships to benefit their clients. In addition, an agent will know when, where, and how to advertise, which medium, format, and frequency will work best for your home and your market.  Without an agent, you are the one responsible for showing the house and negotiating the sale with the buyer’s agent, which can be time-consuming, stressful, and emotional for a lot of people.

Not setting the right price  

The selling process generally begins with a determination of a reasonable asking price. One of the biggest mistakes to avoid when selling your Farmington Hills MI is overpricing it. A higher list price will not translate to more money in your wallet. In fact, the National Association of REALTORS® reported in 2020 that sellers typically sold their homes for 99% of the listing price while 38% reduced the asking price at least once.

Listing your home above market value can cause it to linger on the market and make buyers wonder why it hasn’t sold. Buyers see comparable homes in your area online every day and they know how long a house typically lasts on the market. Don’t worry too much about setting a price that’s on the low side, because in theory this will generate multiple offers and bid the price up to the home’s actual market value.

Underpricing your home can actually be a strategy to generate extra interest in your listing, and you can always refuse an offer that’s too low. Your real estate agent can give you up-to-date information on what is happening in your local market as well as the price, financing, terms, and condition of competing properties. These are key factors in marketing your home and selling it at the best price. Often, your agent can also recommend repairs or cosmetic work that will significantly enhance the salability of your property. 

Not being willing to negotiate on the asking price  

Any smart homebuyer will negotiate, and if you want to complete the sale, you may have to as well. Most sellers want to list their homes at a price that will attract buyers but still leaving some wiggle room for negotiations. The buyer then feels like they are getting good value while allowing you to get the amount of money you need out of the sale.

Be prepared to receive multiple offers if your home is priced right and don’t ignore any offers, even if it seems too low. Negotiate by making a counteroffer. Don’t be afraid to make a full-price counter offer if your price is competitive and it’s backed up by comparable sales. Whether you end up with more or less than your asking price will likely depend on whether you are in a buyer’s market or a seller’s market and how well you have prepared your home to sell.

Your agent can help you objectively evaluate every buyer’s proposal without compromising your marketing position and also help you write a legally binding, win-win agreement that will be more likely to make it through the process.

Not investing in quality listing photos  

Since most buyers look for homes online these days, and many of those homes have photos, you’ll be doing yourself a disservice if you don’t have quality visuals of your home. If you do a good job, it will set your listing apart and help generate extra interest. Good photos should be crisp and clear and taken during the day when there is plenty of natural light available. They should showcase your home’s best assets. Consider using a wide-angle lens if possible—this allows you to give potential buyers a better idea of what entire rooms look like.

Ideally, hire a professional real estate photographer to get top quality results instead of just letting your agent take snapshots on a phone. And don’t just stop at photos. Consider adding a video tour or 360-degree view to further enhance your listing. This can be easily done with any smartphone. You can certainly entice more potential buyers into walking through your doors for showings. You may even get more offers if you give them an introductory walk-through of your property. 

Not disclosing problems with your property

You really can’t get away with hiding problems with your property because they will get uncovered during the buyer’s inspection. Basically, you have three options to deal with any issues: fix the problem ahead of time, price the property below market value to account for it, or list the property at a normal price and offer a credit for the issue. Not fixing the problem ahead of time, however, could eliminate a number of potential buyers who are looking for a turnkey home.

Having your home inspected before listing it is a good idea if you want to avoid costly surprises once the home is under contract. Many states have disclosure rules and some require sellers to disclose known problems about their homes if buyers ask directly, while others require that sellers must voluntarily disclose certain issues.

Not preparing your Farmington Hills MI home for sale

Sellers who do not clean and prepare their homes for sale will have a harder time getting them sold fast for the best price. You want your home to be in the best condition possible. Take care of major defects like broken windows or a leaky roof that could discourage buyers.  If you haven’t attended to minor issues, such as a dripping faucet or broken doorknob, a potential buyer may wonder whether the house has other, more expensive issues that haven’t been addressed either.  Anything that’s obviously broken gives potential buyers a reason to submit a lower offer.

Thoroughly cleaning, decluttering, putting a fresh coat of paint on the walls, and getting rid of any odors (litter box) will help you make a great impression on buyers. In addition, you might consider hiring a professional to stage your home for showings or ask your real estate agent for help or ideas. According to the Real Estate Staging Association, homes that are staged before going on the market sell 73% faster, on average, than their non-staged counterparts.

Virtual staging apps such as Ro0omy, VisualStager, BoxBrownie allow you to stage a home digitally, then use the photos in your listings or other marketing material. Remember, you only get one chance, and sometimes only three seconds or so to make a great first impression, so make it count.  

Not estimating your costs to sell

Depending on the price range of the home, be ready to spend 9% – 10% of the sale price on selling costs, including the real estate agent commission and closing costs. Be sure to budget ahead of time for the additional costs involved with selling your home so that you will be ready when the time comes to close the deal. The main types of fees to plan for include:

  • Staging and prep fees (anywhere from a couple hundred to a couple of thousand dollars)
  • Real estate agent commissions (5.8% national average)
  • Inspections and repairs (varies)
  • Closing fees (1% – 3% of the sale price)
    • Title fees
    • Transfer or excise taxes
    • Escrow fees
    • Reconveyance fee
    • Recording fees
    • Prorated property taxes
  • Seller concessions (2% – 6%)
  • Overlap costs (1% – 2%)
  • Moving and relocation costs (varies)
  • Mortgage payoff (varies)

Your real estate agent deals with transactions every day and will be able to give you a very close estimate of seller closing costs.

Not selling to qualified buyers  

It’s more than reasonable to expect a buyer to bring a pre-approval letter from a mortgage lender or proof of funds(POF) for cash purchases to show that they have the money to buy the home. Signing a contract with a buyer may be contingent on the sale of their own property, which may put you in a serious bind if you need to close by a particular date. An unconditional offer is when the buyer does not place any conditions on their offer. This is often preferred by sellers as it is an easier option and the sale can proceed quickly.

The takeaway

Selling your home will likely be one of the biggest transactions of your lifetime. An experienced Farmington Hills MI REALTOR like Tom Gilliam can get broader exposure for your property, help you negotiate a better deal, dedicate time to your sale, and prevent your emotions from sabotaging it. An agent brings expertise to a complex transaction with many potential financial and legal pitfalls.  

Partner with award-winning Farmington Hills MI REALTOR® – Tom Gilliam   

Tom Gilliam is proud to be a trusted REALTOR® in Farmington Hills MI for the past 20 years – offering his guidance and expertise to home buyers and sellers. He understands that buying or selling a home is a significant financial and life decision and that you are looking for someone you can trust. As your agent, Tom will protect your interests, advocate for you, negotiate on your behalf, and do whatever it takes to ensure a smooth transaction and the best results possible. 

Tom works hard for his clients and provides the kind of knowledge, skills, commitment, and personalized service you need and deserve when buying or selling a home. Get the process started today by reaching out to Tom Gilliam directly at (248) 790-5594 or you can get in touch here.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Direct: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578 

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