Does Size Matter?

Titillating and controversial, the "size question" arises in many interesting conversations... including real estate! The airport hanger required to keep Kate Plus 8's kids from full scale warfare eclipses the Manhattan man-cave flaunted by your typical Bachelor contestant, even if sometimes they cost the same amount! In most cases, size correlates specifically to need. The "little old lady who lived in a shoe" definitely needed a wacky hairdo, an agent, and a reality show! 

But with most of the non-celebrity US population downsizing, what can we expect from real estate? The new-build spec size houses in our area usually fluctuate between 1800 heated square feet up to 2,400 and offer 3 to 4 bedrooms and 2, 2 ½, and 3 bathrooms.  Builders often place that 4^th bedroom in a 3-split configuration for a single story home (master on one side, two guest/children’s bedrooms on another wing, and a bonus bedroom on yet another wing of the home) or tuck it away upstairs with a small bathroom. These arrangements allow this 4^th bedroom to serve as an office, man-cave, children’s living area, or private guest suite.

            And just as the old adage suggests, quality, not quantity, can dictate marketability. Rambling around a sprawling 1970’s home chopped up into add-on after add-on updated in vastly different eras is a bit like a trip to a haunted house. You don’t know what’s gonna pop out next – parquet flooring, pink tile, forest green wallpaper? And what did they need with all of those rooms? It’s like when they stopped liking the blue carpet in the den, instead of replacing it, they glassed in the back patio, laid Mexican tile, and declared it the new hang-out spot. The den became the Mrs. Havisham of the house – its single brass ceiling light casting shadows on the glass grapes and driftwood sculpture. After the southwestern theme sputtered out, the homeowners abandoned the erstwhile porch, closed in the carport, added funky carpet tiles and an air hockey table and declared it the game room. Such were the excesses of the 80’s and 90’s…lots of square footage, even when it’s unused. Today’s designers recognize that modern families live in about 1800 square feet of house, daily. That’s the kitchen, living room, bedrooms, bathrooms, and utility room. 

            So how do builders package this space for maximum impact? For one, they look at what types of space sells, like storage; homeowners love a good closet! While bedroom space is shrinking, closets have expanded, exponentially. Young, mobile homeowners shun the highboys, lingerie chests, and armoires of yesteryear. They realize that heavy, expensive, matching bedroom sets follow a person worse than a bad tattoo. At least a long sleeve can cover the ex-boyfriend’s initials. It takes a king sized bed sheet to conceal that claw-footed, lion-carved chest of drawers! Frankly, moms would much rather pack underwear into Target plastic drawers hidden in the kids’ walk-in closets.

Kitchens often maximize their storage through using all of the space between standard upper cabinet heights and the 10 to 12 foot ceilings typical today. Yes, you’ve gotta drag out the ladder to access the highest kitchen cabinets, but homeowners pack these with Christmas dishes, grandmother’s cut glass punch bowl, the football themed taco platter… the Margaritaville… the bread machine….

            So how does size figure into the market value of your home? Real estate professionals compare nearby recently sold homes to estimate listing/buying prices for clients. They strive to find houses with comparable square footage and finishes because larger, older homes today tend to suffer from the law of diminishing returns on square footage. For example, a layperson may point to a 2200 square foot home that recently sold for $250,000 and insist that the 3,000 square foot home next door should be worth at least $339,000. However, using a common Realtor formula, the comparison would only add up to $295,500. Furthermore, in the actual marketplace, the larger house may have an awkward glassed-in sunroom that radiates heat and adds little overall value to the home.

            In real estate, size does matter, but just like Kate’s latest hairdo, it’s often controversial and in the end, always a matter of personal taste! 

"You, Light Up My Life ..."...

     Yes, Debbie Boone’s song headlines a crowded list of the cheesiest 70's wedding songs ever, but thousands of married couples and Real Estate agents alike swear by the power of "light" to start a happy home!
     I've toured lots of houses, and by far, the worst selling point in many of them is the lack of light showcasing the home.There's nothing worse than fumbling around in the dark searching the wall for switches, vaulting over a bed to yank the fan string, and illuminating that one working bulb that casts eerie shadows on a massive carved wooden headboard. Buyers nervously glance left and right, pretty sure Chucky or Freddy, or some killer clown is right around the corner. This horror story won't likely end in a sale.
     The lesson here is: Let there be light, and more light! Before listing your home, make sure every bulb in the house is working and align lights with switches instead of pull strings. You may have saved money by keeping bulbs to a minimum, but it's worth spending a bit more on electricity throughout the listing process to get top dollar for your home.
     Speaking of energy savings and light, homeowners often use blinds, drapes, and shades to keep homes cool in the summer and warm in the winter. While window treatments serve this purpose perfectly, closed blackout drapes kill all natural light and make rooms seem much smaller to a buyer. If the home has gorgeous landscaping, a pool, or a woodland view, closed shades and blinds prevent buyers from experiencing these property extending and enhancing features. In a highly competitive market, open blinds could be the difference between a sale and a fail.
     So how should sellers use light to best showcase their homes to potential buyers? A house that shows the best is one with all of the lights turned on and all drapes and blinds open. Sellers should only close blinds or shades if views are particularly unattractive. However, in this case, consider purchasing great sheers that allow the natural light to filter through the room while obscuring an unpleasant view.
     Sellers often say, "But I'm at work all day," or "I don't live there anymore," to point out the difficulties of lighting up a house for potential buyers. This is a great time to speak to your agent about how he/she will help you prepare your home for buyers.
     Agents know the market and where your house slides into the market spectrum. Homes reaching for top dollar in competitive or slow areas require special touches, like perfect lighting, to set them apart in the crowd. If an owner can't turn on the lights, a forward thinking agent will offer to go over to the home before it's shown to switch on the lights and open the blinds/drapes - especially if the buyers have returned for a second showing!
     When selling real estate, never underestimate the power of light!