Consumer Reports recently published a survey, and the results indicate that there is, in fact, some good news in the real estate industry!  While foreclosures and other economic factors still exert some negative impact, those buyers and sellers who have worked with real estate professionals expressed a high degree of satisfaction, both with their representatives and with their bottom line.

Nearly 10,000 consumers were surveyed, and nearly three-quarters of those buyers and sellers reported that they were very or completely satisfied with their agent.  More good news: 86 percent of sellers who listed with a professional made the sale!  (Many of the remaining percentage still had their homes on the market at the time of the survey.)

Other results showed what all agents already know, because over four-fifths of consumers who listed through a broker netted an average of only $5,000 less than their asking price.  On the flip side, two-thirds of buyers who used a representative paid about $5,000 less than their purchase’s original listing price. (The remaining third, who negotiated on their own, ended up paying very close to the asking price.)

So what do all these statistics mean to you?  Regardless of your market’s conditions, when you face the need to buy or sell your home, you’ll get the best results when you seek the representation of a qualified real estate professional!

• COST DOESN’T EQUAL VALUE. If you finished off your basement six months ago for $12,000,  said improvement doesn’t necessarily add $12,000 to value in the eyes of the buyer.
• PUT YOUR MONEY WHERE BUYERS WILL SEE IT. Examples of good returns might be a fresh coat of paint and sprucing up your front door and entry way. Don’t expect to get as good a return on insulation or new wiring (these fall under item #4)
• DON’T OVER IMPROVE! We see this happen all the time. The addition of a fifth bedroom to a house in a subdivision of 3-4 bedroom homes may not give you the return you would like. Use typical improvements for your area as a guide.
• MOST QUALITY HOME IMPROVMENTS CAUSE A PROPERTY TO SELL QUICKER BUT NOT NECESSARILY FOR MORE MONEY. A timely sale will lessen the carrying costs and stress. Don’t underestimate the overall value of “smart” improvements (i.e. updated wiring, new furnace, etc.)