Most people (including some Realtors) think that the Real Estate market stops as soon as Thanksgiving comes and resumes again after the Christmas Tree comes down and we are well on our way into spring. The market certainly takes a bit of a break from the usual tempo, but it doesn’t stop. In fact, the week of Christmas this year I showed nearly 20 homes to a serious motivated buyer. But, to underscore my point, only one listing agent called me to get some feedback! Just one!
When I woke up the other morning, I was a bit surprised to see how much snow had actually fallen and how hard it was still coming down. As I warmed up my car and shoveled the walkway, I noticed something- cars and trucks were driving by as they usually do with exception to some added caution. They were driving to work regardless of the snow covered icy roads because they HAD TO.
Not unlike weary drivers on dangerous roads, many buyers and sellers who are in the market today are there out of necessity; Marriage, divorce, relocation etc. Some buyers are however are just trying to catch a weary seller off guard, but if the home they wind up offering on your home, they are very serious and very motivated! Don’t miss this opportunity as a seller to be one of the few who can start the year off by selling your home and positioning yourself as a ‘non-contingent’ buyer.
Get your price right! When buyers are out shopping, they are looking for value and since they’ve seen over 20 homes in your area, they know a good buy when they see one. Lowering your price now to capture motivated buyers or lower it later to chase them down once they’ve left (expect to go lower to get them offer). If you wait for prices to come back up guess what, you’ll be next in line to pay for a home where prices are higher too. Make sure your house has the 5 Rights in order.
Accommodate showings. When a motivated buyer wants to see a home they want to see it now! Obnoxious, yes, but true. Re-scheduling a showing is as good as not showing it at all. Keep the house tidy and ready to show at all times and since you know you are priced right, it will only be a matter of time before the phone rings.
Don’t over negotiate! A good buyers agent is going to set up his buyer client for a counter offer from you. For example, if your home is listed for $250k, expect that an offer of $225k is anticipating a counter from you somewhere near the $230-240k price. If they come back at you again with a counter offer, think long and hard about your decision. In fact, think of your home as sold but if you don’t sign the paperwork, you are buying it back from yourself.
Remember your medium/long term goals! If you don’t have any, get some quick! When you have your list of goals, it is easier to see the big picture - moving up into a larger, nicer home - relocating closer to work - getting out of your fixer into a new home. If taking a bit less on your home now seems challenging, look at the fact that you are going to be the buyer soon and you can take advantage of some of the best inventory selection and interest rates that we’ve seen in a long time. Taking one step backward to take two steps forward is possible if you see the sale of your home as 1 part of a 2 part transaction.
Because springtime usually picks up the market, buyers want to get in before prices go back up and so should you! Take advantage of low interest rates not just for lower payments, but for larger purchasing power! Get yourself out of the sellers seat and into the buyers seat where it’s more attractive. If you are thinking about selling, don’t wait to see what the market is going to do, because once it’s done it, you’ve missed it.
If you are thinking about selling, don’t wait to see what the market is going to do, because once it’s done it, you’ve missed it. Give me a call and I can see where values are in your area and help you develop a winning strategy to get buyers braving the icy roads to come see your bargain! I work relationally not transactionally, and can help you and your family achieve your goals!
Read this article at it's source: ICY Roads can help you Sell: 4 Tips on Selling in the Winter
Thankfully I work for a company who was smart enough to see how the web was going to effect the way we do real estate and put together some of the industry’s best consumer tools! As a home buyer, you are probably well aware of many websites that you can use to search for homes. But, as technology rapidly evolves most companies are challenged to keep up. Here is one tool that I know for certain most agents wish they could share with their clients.
(Please bear with me on the production of my very first YouTube video and Tutorial; If you can get past the screechy voice and bad grammar you will learn something very important to your Home Search! If you like what you see, you can access it here at my site by doing a Boise Home Search.
See this and other good Articles: Doing a Boise Home Search? You NEED this Tool!!!
The numbers are out for this weeks Kuna Real Estate statistics. From the looks of it inventory is still declining and buyer activity is still on the increase. As I mentioned last week, these are positive indicators, but I don’t think we are out of the woods on this one so to speak.
In the coming months keep your eyes out for continued decreasing inventory in the more affordable price ranges as financing continues to be at record lows. There’s a lot of pent up demand and with the $7500 Tax Credit, there should be quite a few First Time Home Buyers that will be shopping with the July 09′ Deadline in mind.
If you are buying, the fact that the prices are decreasing but the price per square foot is increasing means that you’ll pay less and get less. That alone could be an indicator that we’re bouncing along the so-called ‘bottom’ of the market.
For a more detailed analysis, send me a request and I’ll get you one same day.
To see this and others like it: Kuna Real Estate Market Update
I am pleased to be able to share some decent news about the Boise Real Estate Market with a really cheesy grin. I don’t claim to be a prophet with regard to markets and I also don’t want to cry wolf, but for the last 3 weeks I have been watching the Market Action Index. The Market Action Index is a metric that answers the question “Hows The Market?” by measuring the rate of sale by the amount of inventory. An index over 30 implies Sellers Market Conditions, while an index below 30 suggest conditions that favors buyers.
Early this summer I was watching the Market Action Index (MAI) spiral into what seemed to be an abyss! But about a month ago, I started noticing that it was flattening out and bouncing around the 17 mark. After looking at my most recent reports over the last few weeks, I have been watching the MAI increase and work it’s way up to about 20. While this is a far cry from a more balanced market, it is a mildly positive indicator for the market.
I’m also happy to see that inventories have been decreasing as well. If these conditions continue, (increased activity and decreasing inventory) then you will start seeing better values for homeowners.
See this artice from its original source: Boise Real Estate Market Update: Have we hit Bottom?
Selling homes these days has become more difficult than ever. Add to it the fact that a lot of sellers are upside-down on their home; They owe the bank more than it is worth. Many sellers are trying so hard to get out from under their home that they are looking to Realtors now, more than ever to help provide the solution. We have come up with a simple list of 5 things that a home must have before it will sell. It’s called the 5 Rights.
It’s a fairly straightforward list, but if one of the 5 Rights is missing, you will either experience longer days on the market or be forced to make up for the shortfall in other areas such as Price or maybe even Terms. You can have a Picture Perfect home and a terrible Price and your home will sit until the market either improves, the inventory dries up or you lower your asking price. I’ll go through each of the 5 Rights and give you a general idea of what is important, but before we jump into it, you have to change your mindset and look at this not so much from your point of view, but from the buyers perspective. It is difficult, but a must.
I can tell you that most buyers start their search either online or by driving around. If they are looking at photos of your home (and hundreds of others) and the yard is out of shape, you can be guaranteed that they will pass it up. If they saw the sign and stopped the car, there must have been a good reason for it. The outside condition of your home is the first impression that every buyer sees so it has to look it’s best until the home sells.
Keep up on your yard care by mowing, trimming and fertilizing. Refresh your flowerbeds with new bark and keep them weed free. If your shrubs and bushes look like overgrown wooly mammoths, prune them. The easiest and most overlooked part of the outside appearance is how the home looks while you are standing at the door, not parked at the curb.
When an agent brings buyers to your home, they have to stand at the door for nearly 30 seconds or more while the agent accesses the lockbox. A fresh coat of paint, clean windows and a couple of flowerpots can make this 30 second eternity a pleasant experience.
So far so good. You;ve managed to get them from their car into your home, now’s the time to get them emotionally attached. Most buyers know almost immediately when they step into a home that they are going to buy it; They become emotionally driven not rationally driven and you can use this to your advantage.
When a buyer walks into your home, they should be greeted with a good smell, a well staged home and zero clutter. You don’t necessarily have to pay for an interior designer to come in and stage your home, but paying one for some consultation is a service that I can provide my clients for free. I always tell people that the way you live in a home and the way you sell a home are two different things. That means, you need to start making the bed everyday, putting the dishes in the dishwasher instead of leaving them in the sink and pulling out all of your clutter from closets and putting it in storage. You may even have to rearrange some furniture or move it out completely.
Since nearly every home is connected to the internet and over 75% of buyers are using it, it has to be priced right. This is usually the most focused on aspect of selling a home and also the most misunderstood and mishandled. The dangers of overpricing are real and if ignored, your home will be sitting on the market for longer than all the others.
Honestly, I know your home is your Castle, but the size of the inventory available to buyers makes it just another listing in a stack of others. You don’t spend more than things are worth, so, why should someone spend more for your home than what it’s worth?
To have a buyer write you an offer without a ’subject to’ clause or a contingency is rare these days. You have to be open to different ideas. Even with financing becoming more difficult to obtain, you are going to have to work with the demands of the buyers bank just as much as the buyers will. Be flexible with helping out with closing costs, closing dates and also be open to different ideas that might be needed to get the deal done.
This is also one of the most overlooked parts of the listing. Many people think that a Realtor just provides access to the MLS. Some do…and that’s alll they do. You need more than the MLS in today’s market for many reasons. You need an agent who will circle prospect your neighborhood, one who will hold open houses, one who will pay for professional photos and a virtual tour. You’ll need an agent who is constantly updating you to changes in your competition. You’ll want an agent who communicates well, one who understands how to explain all of the paperwork. You’ll want an agent who networks with other agents to get your home sold. Hiring your nephew is noble, but it is a far cry from the right choice unless he has those attributes and more.
The right Agent works for a company who has access to the latest technology innovations and high traffic websites. They know marketing and they understand the processes involved in rolling out your home on a red carpet as though its something that no one has ever seen before.
I recently had the opportunity to list a home that had 3 of the 5 Rights. The yard was in great shape and had wonderful curb appeal. The inside was well kept and updated with good colors and had great furnishings. There were a couple of peices in the rooms that were too large and had to be stored away but it was just perfect inside. The sellers were in a hurry, but understood the market and were prepared to wait. My biggest challenge was to get them to understand that the price they asked and the marketing that I did was going to make the difference needed to get them a ‘Sold’ sign and turn them into Buyers.
We priced the home competitively and thoughtfully and within 4 days of our Newly Listed Marketing Campaign, the home had an offer! It closed 30 days later, and now, the Sellers are in a position to take advantage of market and get a good deal on a home closer to where they want to be. They think that with more time they may have gotten more, but thats spectulation. If so, it wouldn’t have been much and it could have kept the home on the market longer and kept them on the sidelines unable to buy their next home.
The 5 Rights look different for every property and if you or someone you know is thinking about selling their home, they need this consultation especially in todays market. Give me a call and I can meet with you whenever you like!
Read this and other articles from their source: 5 things you MUST do to Sell your Home
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