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Rocky Mount, NC

Simple Repairs That Will Help Your Home Sell

12-16-08
David Recker
David Recker: Real Estate Agent in Rocky Mount, NC

Home improvements tend to inspire thoughts of large, expensive projects. Yet, it is often the little things that add so much value. Do you want to improve your home for resale or personal pleasure but don't want to spend a lot of money? Here are 10 improvements for under $100 each.

Mailbox

A tired old mailbox detracts from your home's appeal. Replace it with a new one made of quality materials. Depending on the style that best suits your home, you can choose brass, iron, or other materials. You can put one of those cute green mallards on it, or some other visual motif calculated to offend the neighbors.

Doormat

Anything at the front door will affect your enjoyment of your home as well as a prospective buyer's impression. Replace that worn, dirty doormat with a fresh new one.

Street numbers

Make your house easy to find with bold street numbers in brass, iron, ceramic, or other quality materials. Sure, those old falling-down aluminum ones work all right, but it would be better if the gap were filled where the "6" is supposed to be, don't you think?

Trees or shrubs

Landscaping is one of the best home investments you can make. A well-placed tree or shrub will add to your enjoyment and increase resale value. For under $100, you can choose from a wide selection of quality nursery stock and plant them yourself. If you like, you can play with some of the gardening software that's out there and get an idea of what your work will look like. Try to plan it out in advance; you can add a shrub at a time.

Perennial garden

A perennial garden will bloom year after year. This permanence makes it a landscaping fixture and thus adds value to your home. If you prepare and plant the garden yourself, your $100 will buy a good stock of perennials. For the best enjoyment and value, take the time to measure your property and use graph paper to design the best placement of your perennial garden. Many nurseries also offer free help with garden design.

Paint

Spruce up a room with a new paint job. The average room can be transformed with about $60 to $80 worth of paint (and that should also cover the cost of a paint roller and brushes). If you want to improve buyer appeal, then avoid trendy color schemes or overly personalized treatments. Choose from a wide selection of neutrals and timeless colors. If the room is a "problem room" -- small, narrow, dark (oops! that's a closet!) -- you can get even more value with a paint job that visually corrects the problem.

Doorknobs

If your doorknobs are made of cheap material (plastic, for example) or they're just worn and tired, replace them with quality knobs of brass, glass, or other suitable materials. You will appreciate the better quality each time you open a door. Prospective buyers will also notice them as they go through your house. It's roughly the equivalent of "let's slam the car door to see what kind of quality we're looking at here!"

Light fixtures

Cheap-looking, ho-hum light fixtures downgrade a room. Quality light fixtures can increase your own satisfaction and buyer appeal. The best return on investment is in the bathroom, kitchen, and at the front door. Quality, well-designed light fixtures for these areas can be found for under $100. Another room that benefits from an upgraded light fixture is the dining room. However, if your dining room is a formal one, you can expect to pay hundreds of dollars for a quality fixture.

Light switches and outlets

If your home is like many, it probably has basic plastic light switches and plugs. The easiest improvement anyone can do is to upgrade the light switch covers. The best places to do this are in the bathrooms, kitchen, master bedroom, and at the front entrance.

If yours is also an older home, it probably does not have GFCI (ground-fault circuit interrupter) outlets. These outlets (identified by the red reset button) are used wherever water increases the risk of shock. To improve safety and add value to your home, replace regular outlets with GFCIs in the kitchen, bathrooms, laundry room, and anywhere that water is present. This is an easy do-it-yourself job for anyone who knows electrical repairs (always cut the power at the main panel). If you are not familiar with how to safely replace an electrical outlet, hire a qualified electrician.

This will push the cost over $100 but it will be worthwhile.

Faucets

Corroded, tired-looking sink and bathtub faucets detract from your bathroom and kitchen appeal. While designer faucets can cost many hundreds of dollars, there are many quality, tasteful sets for less than $100. If you decide to upgrade bathroom faucets, it is worthwhile to buy matching sets for the sink and tub. Faucet replacement is an easy do-it-yourself job that requires only a few common tools (screwdriver, wrench, pliers) and an hour or two of your time. Instructions are usually included with the new faucet.

David C Recker, Associate Broker, Realtor ® licensed in North Carolina. Reach David at: 252-442-2687
Copyright © 2008 By David C Recker, Rocky Mount Real Estate Guy. All Rights Reserved.. *Simple Repairs That Will Help Your Home Sell*

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Price it Right

12-15-08
David Recker
David Recker: Real Estate Agent in Rocky Mount, NC

House Sitting On a Stack of MoneyPart of the reason so many houses here in the Rocky Mount area stay on the market for so long is that many are overpriced.

There are many reasons why Realtors list homes that are overpriced but that's not the topic of this post. I want to stick with the benefits of pricing your home correctly from day one.

The bottom line is that pricing your home correctly on the first day it is listed should lead to a quicker sale at a higher price. How can this be you ask. Let me explain.

The first couple of weeks your home is on the market are the best time to sell it. Since it is newly listed it will enjoy the most exposure, existing buyers will want to see the new listings, and agents will search for new listings several times a week. If it is priced correctly you should receive serious offers fairly quickly.

What is a properly priced home? That is a home that has a justifiable price supported by comparable SOLD properties, a home's physical condition that supports the asking price, and the comparable location of the home as compared to the SOLD listings.

What happens if it is not properly priced on day one? For purposes of this discussion let's say the home is listed for $150,000 but should have been listed for $130,000.

First, a good buyer's agent will know it is overpriced and either not include it for showings or explain that it is overpriced thereby reducing the likelihood the buyer will want to see it.

Second, if the buyer is qualified for a loan amount of $120,000 and they have a $10,000 down payment that totals $130,000 to buy a house. Their Realtor will search for homes that meet their criteria within their price range and will never see the overpriced home even though it may be a great home. This situation typically results in few if any showings. It's awful hard to sell a home that isn't being shown.

Third, buyers who are looking in the $150,000 price range will find and look at the home. However, as it is overpriced by $20,000 and truly will not compare to the homes that are worth $150,000. Therefore, it will be rejected by these buyers. This situation typically results in several showings but no offers. It's awful hard to sell a home that doesn't receive any offers.

After months of being on the market Mr & Mrs seller are ready to reduce their price to a more justifiable price. The first problem is that the person who would have thought is was the perfect house for them has already bought another. Next, once you start down the reduction path potential buyers start to think something is wrong with the house. Why else would you be reducing the price right?

Another problem is that your house has been on the market now for months. Every buyer asks "How Long Has This House Been On The Market". Again, the longer the house has been on the market usually means two things for a potential buyer. Either something os wrong with it or the sellers are becoming desperate to sell. Neither of these assumptions may be true but both effect whether this buyer will want to look at the house and ultimately how much they will offer if they choose to do so.

All of this could have been avoided if the house had just been priced properly to begin with.

How can you avoid this from happening to you? Work with a Realtor who understands the market, knows how to properly price your house, and can justify and document their suggested list price.

If you are thinking about selling your home give me a call. We can schedule a no obligation consultation to discuss this important subject.

David C Recker, Associate Broker, Realtor ® licensed in North Carolina. Reach David at: 252-442-2687

Copyright © 2008 By David C Recker, NC Real Estate Web Blog. All Rights Reserved.. *Price It Right>*

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How To Get A Quick Sale In A Slow Market
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How to Get a Quick Sale in a Slow Market

12-12-08
David Recker
David Recker: Real Estate Agent in Rocky Mount, NC

There are many things that determine if and when a house sells. However, three things stand head and shoulders above the rest. They are price, condition, and marketing. Lets take a look at these:

Price - Your home must have a reasonable and justifiable price. A good buyer's agent will look at comparables to determine if your house is priced correctly. Therefore, it must be priced within the range that comparable homes have SOLD for (reasonable) and the condition and/or unique features must justify your specific price.

Price is controlled by the market.

Condition - The condition of the property must support the price. The higher you are within the selling price range the better condition your house should be in.

Condition is controlled by the seller(s).

Marketing - It takes more than a yard sign and an ad in the Sunday paper to sell a listing quickly and at top dollar. You need to cast the widest possible net to gain the widest possible exposure.

Marketing is controlled by the Realtor©.

Therefore, it is not surprising that analysis shows that fast sellers in a slow market have three common denominators:

  • They're priced better than comparable listings.
  • They show like model homes.
  • They have a full force of marketing, including enticing Internet photos, behind them.

David C Recker, Associate Broker, Realtor ® licensed in North Carolina. Reach David at: 252-442-2687

Copyright © 2008 By David C Recker, NC Real Estate Web Blog. All Rights Reserved.. *How To Get A Quick Sale In A Slow Market*

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Rocky Mount, North Carolina Area - Market Statistics for November 2008

12-09-08
David Recker
David Recker: Real Estate Agent in Rocky Mount, NC

The following are indicators of the Greater Rocky Mount Area Real Estate Market. These statistics were gathered from data contained in the Rocky Mount MLS system and predominately cover Nash and Edgecombe Counties in North Carolina.

Active residential listings totaled 1066 properties. This is a decrease of 32 properties, or 2.9%, from 1098 in October. Inventories typically rise in the fall as the number of buyers dwindle heading into the winter.

Newly listed properties totaled 128. This is a decrease of 36 new listings, or 21.9%, from 164 last month.

Sold properties totaled 60. This is a decrease of 28, or 31.8%, from last month's total of 88 residential properties sold.

Pending sales totaled 62. This is a decrease of 53, or 46%, from last month's total of 115 properties pending settlement.

The Greater Rocky Mount Area currently has a 13.1 month housing supply based on the previous 12 month sales rate. This is a decrease from the 13.5 month supply in October 2008.

Overall the local real estate market in 2008 is down by 24% for the first 11 months of the year when compared to the same period in 2007.

What does all this mean? The last several months have been significantly slower than they should have been. The local real estate market is in its second year of decreased sales and the credit crisis has definitely had a negative impact.

The local housing market is very saturated with available housing. Therefore, we are still in a strong "Buyers" market and will be for the foreseeable future. What is a Buyers market? This is when conditions exist that allows buyers to obtain concessions from sellers that they would not receive in a balanced market.

What is considered a "Balanced" or "Normal" market? Typically this is when houses sell between 3 - 4 months.

If you are looking to buy, this market is for you. In this market buyers typically get more for their money and receive seller concessions regularly.

If you are a seller this is not a bad time to sell. You just need to have a realistic expectation of your homes value and need to work with a Realtor that will provide maximum exposure for your property.

David C Recker, Associate Broker, licensed in North Carolina. David works at RE/MAX Classic Realty and can be reached at: 252-442-2687

Copyright © 2008 By David C Recker, All Rights Reserved. Rocky Mount, North Carolina Area - Market Statistics for November 2008. Contact David C Recker for all your real estate needs.

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Another Firm Disappears

12-08-08
David Recker
David Recker: Real Estate Agent in Rocky Mount, NC

Last week I reported that the local Prudential Franchise went out of business. Unfortunately, it looks as though a second firm in as many weeks has been forced into memory.

This morning it was published that that Team One Real Estate has closed its doors. This was a highly productive and experienced local team that broke out a few years ago and opened their own office.

The economy, housing market, and credit freeze continues to take its toll on our business. I wish that the individual "Team One" members land on their feet.

David C Recker, Associate Broker, Realtor ® licensed in North Carolina. Reach David at: 252-442-2687

Copyright © 2008 By David C Recker, NC Real Estate Web Blog. All Rights Reserved.. *Another Firm Disapears*

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