Cathy Perry

Secrets to Helping Mom and Dad Sell the Family Home – Without Stress

One of the harder facts about getting older is that our parents are aging, too. And whether it happens sooner or later, at some point Mom and Dad are going to want or need to sell the family home. Whether they are downsizing to a villa on a sunny golf course or making the decision to move to a retirement or assisted living community, selling their home is likely to be difficult for them, and possibly for you as well, especially if it is the home you grew up in. Here are some keys to selling without stress.

What to do first? Locate a real estate agent who has the “SRES” designation. SRES stands for Seniors Real Estate Specialist, and these agents both enjoy and have special training in working with the senior client. I decided to attain the SRES designation because, in my former life as a Trust Officer for two of St. Louis’s largest trust departments, I worked extensively with senior clients and really enjoyed the relationships I developed with them. The SRES coursework covers ways to work most effectively with the senior client as well as common issues that can impact them in selling their homes.

Issues frequently seen in homes owned by elderly sellers include deferred maintenance and a need for deep cleaning, dated décor, and LOTS of stuff. So in addition to an SRES designation, an agent who works extensively with senior clients should have a large network of high quality home service providers who can address these issues as they arise – a handyman, painter, and carpet cleaner to name just a few. The SRES agent should also be happy to act as the go-to person to set up these appointments with the senior client (after obtaining all of the appropriate approvals, of course).

A practiced home stager offers valuable advice on changes that can be made to attract the largest number of today’s buyers, who have been conditioned by the media to expect perfection at a low price. A stager can work with what the client already has to make the home appeal to the widest possible buyer population, or when needed, can arrange for furniture and accessories to be rented while the home is on the market.

Several firms offer Senior Move Management services, which include having an organizer help the client and his or her family sort through family possessions and decide what to keep and what to give to other family members or to charity. They have associations with companies offering estate sale or liquidation services, or those able to appraise valuable antiques and collectibles. Some Move Managers will also pack and handle the move, and may even help the client set up their new living space so that it is immediately comfortable and feels like home.

Finally, some local retirement communities offer periods of respite service, allowing the senior client to, in essence, try them out before deciding if it’s the right place for them. Using a respite service such as this allows the client to leave their home while necessary repairs and remodeling occur, alleviating the stress and potential physical dangers of staying at home while work is being performed.

In setting up the Transitions niche of my practice, I have developed a “concierge model” that allows me to coordinate all of the facets of their real estate transaction as described above. I’m not satisfied until my clients are safely and happily ensconced in their new living space!

Lafayette High School - Wildwood, MO - Market Report for January - August 2011

Residents in the Lafayette High School district know we are fortunate to live in a top-notch school district set in an area of rolling hills with much preserved green space. Lafayette residents have close proximity to Wildwood Town Center, Hidden Valley Ski Resort, and the shopping and dining clustered in the Chesterfield Valley and in and around Chesterfield Mall.

As a real estate agent who lives and works in the area, I am frequently asked about what's happening in the market, so at two-thirds of the way through 2011, here are the highs and lows of our market this year.

Lowest priced home sale: $87,000 on Maple Lane, sold from an estate, after 24 days on the market
Highest priced home sale: $2.625MM on Wild Horse Creek Road, 12,000+ square feet, after 266 days on the market

Shortest time on the market: Three homes tied at three days, one in Pointe Clayton sold at $367,000; one in Highland Summit sold for $394,000, and one in Westhampton Woods at $407,650. All of these homes sold at more than 95% of original list price.

Longest time on the market: Not surprisingly, most of the homes that took the longest to sell were in the upper end of the market; there just aren't as many buyers for $1MM+ homes. The "winner" in longevity is a home on Rieger Road selling for $1.125MM after 643 days on the market, realizing 80.36% of the original list price.

Looking for averages? These numbers apply to single family homes in the district:

What about foreclosures and short sales (in a short sale, the bank agrees to accept less than what the seller owes on the property) in the district? The Lafayette area had 24 foreclosures out of 191 sales, or 12.5% or sales, and 7 short sales, or 3.7%. As is the case in most areas of metropolitan St. Louis, foreclosures and short sales are significantly higher in the lower price ranges of homes in our district. Although homes under $200,000 comprised 15.9% of sales so far this year, 42% of the foreclosures and short sales fell in this category.

Even within the Lafayette district, each neighborhood has its own set of statistics. If you are curious about the numbers for your subdivision, or your home in particular, let me know. I keep a detailed spreadsheet of all sales within the district and would be happy to tell you how they apply to you.

SAVE WITH DAVE; MY SON'S VENTURE INTO HOMEOWNERSHIP

Last week my son Alex bought his first home, at just a week into the age of 24, with no financial help from his parents (OK, we bought him a washer and dryer from an estate sale). What a long way he's come from the (very bright but lazy) kid who graduated from high school with a 2.0 GPA. And getting to be his Realtor on this adventure was, as the ads say, priceless.

What helped make all the difference getting him there (besides his mother the Realtor)? A good lender! How we ended up working with Dave Watson of Cherry Creek Mortgage is a true testimony to networking. When I owned my Designs of the Interior franchise, I belonged to a BNI chapter and hosted an after-hours event in my store, with Alex tending bar. Gregarious soul that he is, he struck up a great conversation with the mortgage lender in the group, and was promptly asked to interview for a marketing internship at the mortgage company. He did, he was hired, and his boss? Dave Watson.

Fast forward a few years, and the company he interned with merged into Cherry Creek, and Dave has moved from marketing maven to lender. Alex introduced me to him when I first got into real estate. When Alex decided he wanted to look for a house, we sat down for a consultation with Dave to discuss what he could qualify for and the best financing options.

We were pleasantly surprised to learn how much he could afford, but what type of mortgage to use? I went in thinking FHA with a 3.5% down payment, which he had, thanks to cashing in many years of savings bonds given by doting grandparents. I came out excited about their 3% down conventional product, with seller-paid mortgage insurance. So he ended up bringing in less down payment money than with FHA and didn't have to pay the 1.5% upfront mortgage insurance premium OR the 1.15% monthly premium, which saved him THOUSANDS of dollars. Who savs everybody is paying mortgage insurance these days? Not Alex!

Whether you are a first-time homebuyer or a seasoned real estate veteran, you owe it to yourself and your
bottom line to find a lender with a variety of financing options, who will advise and counsel you and find an option that best fits your needs.

If you're looking for Chesterfield or Wildwood real estate, call Cherry Creek and see how you can "save with Dave." At the housewarming party, I'll be lifting a glass of the Jack Daniels I gave Alex as a closing gift to thank Dave for helping him get my son into the perfect house for him!

Dave Watson, 314-448-4284