Beth Baker Owens

Come celebrate the year of the Iron Rabbit with us: Sunday, February 27th from 1-3pm at 3082 S Wheeling Way, unti 408, Aurora, CO 80014, in Heather Gardens. ( map at http://mapq.st/hNt7zq )

In Mongolian style, with traditional dumplings, cakes and other goodies, let's bring in the new year and celebrate. Mongolian New Year celebrations began the eve of the new year (Feb 3rd this year) with immediate family and are continuing through the community for up to a month, as people greet the elders and celebrate community. In honor of Djab Burchinow, who supported the Mongolian School of Colorado, we'll also be gathering donations for the school.(http://www.mongolianschoolcolo.com ) The Mongolian School of Colorado provides language and cultural instruction for students of all ages from elementary through adult.

RSVP for the open house with Beth Baker Owens (303-550-2941).

My husband brought me an unexpected read from the library the other day--Loren K. Keim's book How To Sell Your Home in ANY Market. Curious to find out if what worked in Keim's Philidelphia real estate practice fit our market in the Denver Metro area, I read for his "6 reasons your home isn't selling...and what you can do to fix them". Market dynamics can vary from neighborhood to neighborhood, just ask a seller in old Aurora and one in Tallyn's Reach! Still the rules have been consistent here when you consider the market dynamics, so in I dove.

Here's a summary with comments on Keim's 6 reasons for a home not selling in any market (buyers or sellers market). Keim's 6 reasons for a home not selling are:

Reason No. 1 Poor Staging---It's remarkable how buyers respond differently to the same floorplan when it's set up to trigger a positive emotional response in the buyers. Buyers fall in love with the lifestyle a home can bring them. Somehow your staging needs to help the buyer feel that connection.

Reason No. 2 Incorrect Pricing---Even in a hot market some homes don't sell because of the price. In a buyers market pricing is more sensitive. Some neighborhoods are very elastic in price with huge variations in price based on perceived (and real) differences in the homes. The obvious case is that a trashed home won't sell for as much as an updated home. However, every seller wants to know how much they can push the price for their improvements. Ask your realtor about the showing benchmarks in your neighborhood, so you know what to expect. Be realistic. It's frustrating and tiring and possibly expensive to lose prime selling time because your price places you out of consideration. Some experts suggest 90% of selling a home is pricing it correctly! Shortsales sometimes come into play here, as do lease/options, if the seller owes too much and still has to move.

Reason No. 3 Improper Marketing---Keim applies market timing, marketing focus, effective marketing systems, and "guerrilla" techniques here. Certain neighborhoods are not active in the winter, others are not active in the summer, if you choose to sell outside these times, the pool of available buyers shrinks and your time on market often increases. Would retirees choose to move in the winter into Heather Gardens or prefer to wait until spring? Ask your agent who are your likely buyers and how the marketing systems attract those buyers. For the tough sell properties "guerrilla" techniques may be needed. Guerrilla techniques target the buyers in non-traditional methods or with "give-aways" like vacations or appliances or bonuses or seller paid closing costs. In my experience, this can get more folks in the door and raise interest after the pricing is near right.

Reason No. 4 Location-Challenged Properties---What do you think the effect of a busy street or high tension power lines or a business next to a property might be? Any of these could affect a buyer's perception of the property and limit the number of buyers who will consider the property. In my experience of 15 years selling expired or withdrawn listings, price is affected by these location challenges. Market research can often determine just what the effect is on days on market and price.

Reason No. 5 Functionally Obsolete Properties---Imagine a home with only one bathroom or no central heat or no garage. The options for sellers in these cases are monetary-either upgrade the property to sell it at an acceptable standard for area buyers or sell at a discount for an investor or handyman to purchase and bring up to standard.

Reason No. 6 "Nobody is buying in the area"---Keim addresses what may have to happen if buyers are to be found outside the immediate area or cash flow is needed and a lease/option is a fall back position. In my experience a chill in the market is temporary. Often it's a matter of oversupply rather than zero sales.

The rest of the book gives an overview of the sales process through closing in a generic way. Each state makes its own rules for real estate transactions, so there are some differences between Philly and Denver. Ask your agent for specifics where you live. What is the sales process? Who pays for what? Who are the players? What is the time line? What are the usual tricky spots in a transaction? When do I know my home's sold? When do I move? When do I get my money?

That's the bottom line, right? It's about moving and getting your money from the sale. All the rest is done to get you there in as timely and profitable a fashion as possible. Here's to your smooth move. (Keim's book is a good starting place to get a handle on home selling. Market rules in Philly are like those in Centennial and the greater Denver area, after all. Use your local realtor for current market conditions and staging and pricing details specific to your home, since those things are neighborhood specific.)