What Kind Of Price Reduction Makes Sense For A Home That Is Not Selling?
Two of the biggest reasons a home does not sell is due to overpricing and the condition of the home not being in move in ready shape for the average buyers. Condition issues with a home can always be dealt with through proper pricing as for every home there is a buyer when the price is right. The main reason for lack of interest in any home is pricing. Without the right price buyers won’t bother since it may be a waste of their time to negotiate if they don’t believe the seller would be willing to come down. Thinking that any reduction in price will work is not the answer to an overpriced home, in fact the amount of reduction that must be made to a home is based on a few different factors like the current price of the home, how long it has been on them market and its current condition. This article will explore what kind of price reduction will be needed for a home that is not selling.
Why Does The Price Reduction Amount Make A Difference?
The amount of the price reduction is what will make the biggest difference when selling a house. Just as a one dollar price reduction will not make much difference when a home is priced in the hundred thousand dollar range neither will a price reduction of $1000, $5000 or even $10,000 make much difference in a home that is worth more than one million dollars. For a home priced at $505,000 reducing the price to $490,000 can have a big impact since that home will now show up in buyer searches where the price range is $500,000 and below. Whereas prior to the price reduction buyers searching below the $500,000...
Smart Tips For Having A Quick Spring Home Sale
As a Greater Cincinnati real estate agent I am asked often when is the best time to sell a home and how should I prepare my home to sell quickly. In many real estate markets around the U.S., Cincinnati and Northern Kentucky included, Spring time is the best time to put a home on the market since that is the time the most buyers will be out looking for a home. No one really wants to have their home sit on the market for months and when the housing market is as strong as it is currently, homes should be selling in a short amount of time. This article will share some tips for homeowners looking to sell their home during the spring time and the tips will help to get their home sold fast.
Pricing Is Critical
This is often repeated by many articles that address selling a home but bears repeating. The price set for a home for sale is one of the key factors that determines how fast or how slow a home will sell. Price a home too high and the buyers will ignore the home as if half the foundation has melted away. After all no one wants to spend more on anything than they have to. Homes generally are not unique and if they are very unique then it is even harder to sell them since most home buyers don’t want an extremely unique house. For most buyers one home is interchangeable with another home so long as it meets their basic wants/needs like bedroom count, bathroom count, kitchen amenities...
10 Great Tips For Showing Your Home
Once your home has been prepared and is now on the multiple listing service (the MLS and all sites that get their listings from the MLS) the time comes to get ready for buyers to come and visit. Whether you are planning on having an open house or prefer to just let agents walk through with their buyers having the home ready for when the buyers visit will go a long way to impressing those very buyers. Sellers should not let the homebuyers down by showing what looks to be a great home in the pictures and video online but then the in person viewing is something completely different. This article will provide home sellers with some great tips to make sure homebuyers leave with a great impression which can help make their decision of making an offer easier.
1. Set The Stage
Not only does staging help portray a good image of the home for pictures it also helps the home show well for the in person visit. Hiring a professional stager can help but a lot of staging tips can be picked up from the internet and used for any home. Certainly newer furniture with matching curtains shown with modern colors can make a room pop but not everyone has the budget to buy or rent furniture just for staging purposes.
Instead homeowners should focus on cleaning up rooms by removing clutter, repainting walls if needed, replacing or refreshing flooring and making sure the furniture...
6 Signs That Your Home Is Priced Too High
The price of a home that is up for sale is one of the critical aspects of getting a home sold. Price a home too high and the right buyers will not even give a home a second look. Instead the home will sit on the market without much interest and the longer it sits the more of a negative association will come with that home. Not that there may be anything wrong with the home but the longer it sits on the market then homebuyers automatically assume that something is wrong. As a result it pays to make sure a home is priced right from the start and/or the homeowner is ready to adjust the price if the signs show the price to be too high. This article explores some of the signs that may show that a home is priced too high.
Home Price Based On What You Paid And Upgrades Made
Just because you paid a certain amount for a home in the past does not mean it is currently worth that much. Homes need continual upkeep and upgrading in order to retain their value. As a homeowner lives in a home things wear out over time. Furnaces lose efficiency, garage doors and their openers breakdown, carpets wear down, paint gets old. If no repairs or upgrades were made or no other updates of the home were done in any way since buying it the value may not be the same as the day it was purchased. Certainly if the real estate market was on an uptrend from when the home was originally bought and then today it is put on the market to sell there could be some increase in value but not if the condition has not been maintained or...
Should You Sell Your Home To A “We Buy Houses For Cash” Company?
You may have seen the signs in passing while driving in parts of your town where they usually say “We Buy Houses For Cash” or “We Will Buy Your Home In Any Condition”. Sometimes the signs are properly printed signs whereas others are handwritten. Also known as bandit signs since they are illegal to put up in many areas, these signs advertise to homeowners that regardless of the condition of their home they can give it to someone and get paid for it. For some it may make more sense to invest in a few repairs and sell the home as-is on the local Multiple Listing Service or even For Sale By Owner. For others though the we buy homes for cash buyer can represent a quick exit from a home that may not even be livable and is costing more money that it is worth. This article explores the cash for houses concept in more detail.
Just as in the retail market a wholesaler will buy items from the manufacturer and sell them down the line directly to retailers and make a profit along the way some of the we buy homes for cash buyers are wholesalers as well. Those wholesalers don’t intend to buy the home themselves and are merely locking into contract the option to purchase a home with the goal of finding an investor who will actually buy the home for cash at a price over what the wholesaler is in contract with the homeowner for. The wholesaler does intend to make a quick profit by re-assigning the purchase contract to another buyer and hence is the reason for their business model. Some wholesalers do allow subsequent buyers to finance...
5 Ways Homeowners Price Their Home Too High
One of the key aspects of listing a home for sale is setting the right price. Price your home too high and it will result in the home sitting on the market getting little to no attention. The longer your home sits on the market to more buyers begin to think something is truly wrong with the home and they will be less likely to want to visit. Just as with anything sales related selling a home is about generating exposure for your home and getting as many qualified buyers through as possible in order to increase your chances of getting an offer. Price the home too high and qualified buyers will know to steer away from the home since other homes in similar style and condition will be more cost effective and get them the same thing. This article explores some of the common ways homeowners get the price of their home wrong which can lead to unsold home syndrome.
Basing Your Home’s Price On The Amount Spent On Updates and Upgrades
Setting a price for your home as the price you paid for it plus adding to that any money you spent to update and upgrade the home is the wrong pricing strategy to use. If you have purchased the home while prices were at their peak that does not mean you can get the same price for it today. Homes and neighborhoods do not always go up in price. As recent history has shown us prices can go down for particular homes. Homes that have not been kept in good condition and homes in neighborhoods or locations experiencing a downturn due to any number of reasons do lose value. So pricing based on what you paid for the home plus upgrades will be the wrong way to price a home...
Does An Open House Make Sense When Marketing A Home For Sale?
In the past when there was no Internet for marketing homes the open house was a great way to get many people into a home at one time in order to help get it sold. Advertising in local newspapers could be expensive so not many pictures of the home would be able to get published. Advertising in local magazines also would be expensive but would be generally slow since magazines published usually no more than once a month. As a result many agents would advertise their open houses or host open houses at one time in one neighborhood in order to maximize on homebuyer foot traffic.
Since the internet has taken over as the go to source for home marketing the use and need of open houses has declined greatly. This article explores why open houses are no longer commonly used and some reasons why homeowners may want to completely pass on it.
How Are Homes Marketing On The Internet Today
With over 90% of home shopping starting online it makes sense for the home seller and their agent to focus on the place where most of the buyers will be looking. Starting with a clean and de-cluttered house the pictures of a home online are what will make or break a sale. Clean freshly painted rooms that show the space available in a home make for great photographs that allow homebuyers to see the potential of a house. Using great photo gear to help take great photographs will translate into interested buyers so make sure the photographs are taken during the best time of day with the best quality equipment in order to show the features of a home.
Video is another huge selling point for many homes especially...
Great Tips For Improving The Curb Appeal Of Your Home
Curb appeal generally means how a home looks while seeing it from the street. A home’s curb appeal is one of those things that a home has or either does not have. While technically there can be an in between status of curb appeal where it is not completely bad that is not what makes buyers stand up and take notice. Homes with great curb appeal present well in photographs which do grab the attention of homebuyers online as well as in person when they come to visit. This article will help you learn how to boost the curb appeal of your home so everyone takes notice.
Cleanliness Of The Landscape
One of the easiest things to do with your yard to improve your home’s curb appeal is make sure it is clean. What that means is making sure no dead plants or trees are present anywhere in the yard. Trash as well should be picked up otherwise the home may have more of an abandoned property look than one of a lived in and cared for home. Often times the trash may not necessarily be the homeowners doing as based on the traffic from the street others may throw trash onto the property for “convenience” sake. Regardless of who put the trash in the yard in the first place the homeowner still should strive to keep the yard clean as that adds to the appeal of a home.
Especially right after winter time or during periods of drought grass, bushes, shrubs, plants and trees may die out. Leaving the dead vegetation in plain view is a major detractor of curb appeal. Potential homebuyers may think since the homeowner did not care enough to clean up their yard how must the rest of the home look and would...
How To Deal With Offers When Selling Your Home
When selling a home the ultimate goal is to get an offer from a buyer that meets all the requirements of the homeowner. Depending on the market type, whether a seller’s market or a buyer’s market, the offers may not be at the asking price. Homeowners have a number of options for dealing with offers when they come in and this article explores in depth what homeowners can do when they do receive one or more offers on their home for sale.
How Will Offers Be Presented?
In order to be legal and enforceable in court all offers for real estate must be presented in writing. Most states consider electronic versions of the forms to be considered “in writing” and even the digital signatures that go along with the electronic forms are acceptable. The buyer can present verbal offers to the seller and the seller can even accept a verbal offer verbally, but until written down the offer and acceptance is not valid. A court of law would not find an enforceable contract where there is only verbal offer and acceptance. So the best bet is to make sure there is a written contract that covers the terms of a verbal offer.
Sometimes buyers just want to test out the waters and see if the sellers would be willing to accept an amount offered verbally. They may send an email or have their agent send an email or make a phone call to see if the seller would take a certain amount to sell their house. Even if the seller states yes they would, until the offer is reduced to writing with signatures on the offer documents it will not be valid as noted above. Email, text messages, social media messages and similar...
DIY Projects To Do And Ones To Avoid When Getting Your Home Ready To Sell
As the weather starts to warm up and the real estate season starts to heat up homeowners may be wondering what they can start doing in order to get their home ready for sale during for the spring market. In many areas the spring season represents the time when the most buyers are out looking for homes. By starting the preparation process now prior to the peak selling season homeowners can position themselves to be ready during the prime selling period of the year.
Indoor Preparation Tips
If the weather is still cold in your area or there is still snow on the ground then prior to it warming up it is a good idea to tackle indoor projects in order get the home ready for sale. While curb appeal is important to address the interior is just as important to work on as well.
Painting your home with fresh neutral colors is a great way to update the look of a home real quickly and allow buyers to see the home for what it is. Dull paint and dirty walls will never impress any buyer as compared to a home with a clean well done paint job. If you are up to the task of painting your home on your own this is one Do It Yourself (DIY) task that can save you some money. Of course buyers are looking for a paint job done properly so make sure the painting you are doing is as close to perfect as possible. That means all trim must be painted with trim appropriate paint and colors, walls and ceilings must be properly painted and no paint bleed is seen (i.e. paint from the walls is accidently running onto...
What Are Fixtures In Real Estate?
A critical part of any real estate transaction is the actual fixtures within the home that are required to stay with the home after closing. There have been many lawsuits filed on the basis of a homebuyer seeing something in a home prior to making an offer or prior to closing and then not finding that specific item or finding a cheap knockoff after closing. Home sellers should understand what a fixture is when selling a home and be ready to disclose up front if certain fixtures will not be remaining with the home. Homebuyers as well should understand what items are considered fixtures and what items are not so that in the case something is not really considered a fixture the buyer requests that item stay as part of the sale or is aware the item may not be there after closing.
Simply stated a fixture is something that is physically attached to a part of the home that is supposed to stay with the home after the sale has been completed. For example a chandelier attached to the ceiling in a dining room or foyer area is considered a fixture and should stay with the home after the sale. Bookshelves that are physically attached to walls is another example of a fixture that will generally stay with the home. Everything else that is not affixed is considered personal property of the seller and generally does not stay with the home unless specifically requested in the purchase contract.
When it comes to wall mounted TVs the TV itself is not considered a fixture but the actual wall mount that holds the TV to the wall is considered a fixture. Same goes for mounted speakers unless...
Dealing With Mold When Selling A Home
Mold is a naturally occurring living substance that exists everywhere in nature and its purposes is to decompose organic matter. The organic matter is a food source for mold. Whether you think you have mold in your home or not the fact of the matter is you do have very small quantities of mold in your home. Mold in low quantities is generally not cause for concern. When mold accumulates in large quantities then humans and household pets can suffer ill effects from it. This article explores mold in the home and how it can affect the sale of a home.
What Causes Mold To Grow Out Of Control
As mentioned above mold is found pretty much everywhere and as result is present in a home usually in very small quantities. Certain conditions in a home can cause mold to grow uncontrollably which then may require professional treatment and cleanup in order to get rid of. One of the most common ways which allows mold to get out of hand is water leaks, especially in areas where there is little to no air circulation or the water leak is continuous thus providing mold a constant supply of water.
As the water leak begins to saturate carpets, walls, wood and more mold spores can attach themselves to those items and will start to grow uncontrollably. Especially for items with organic matter in them (wood and drywall) the mold will begin to not only eat away the surface of the wood but will also embed themselves in the wood themselves making removal of just the mold alone almost impossible.
Mold will cause even worse damage to drywall and carpet since the carpet is much more porous allowing the mold to thoroughly get into any tiny space or...
How Buyer Feedback Can Help Home Sellers
A crucial aspect of selling a home is paying attention to the feedback provided by homebuyers and their real estate agents. After every showing real estate agents are usually sent an automated email, which asks for their opinion on a number of things with regards to the house they have just seen. While the email goes to the homebuyer’s agent the information provided to the home sellers can come from both the buyer as well as the buyer’s agents. The buyer’s agent provide feedback based on what their buyers tell them about the home or the buyers can directly provide the feedback if the email is forwarded to them.
Sometimes the buyer’s agents ignore the emails since they may have gone through multiple homes in one day and the buyer’s comments and thoughts can blur together in the mind of the agent. Other times due to the buyers visiting so many homes the agents may provide generic comments about the home that don’t give the homeowner much to go on other than the buyers may or may not be interested in their home.
The helpful buyer’s agent will provide detailed comments and thoughts based on what their clients felt and what the agent also sees. Regardless of what level of commentary is provided home sellers still can use any feedback provided to guide them towards making adjustments in the home’s price, marketing strategy, presentation or more. Failure to take into account buyer feedback can lead to a doomed sale with no offers coming.
Buyer Feedback On Home Pricing
One of the most important aspects of putting a home on the market for sale is ...
How To Recover From An Expired Home Sale
So your home has been on the market for three to six months and for whatever reason did not sell within that time frame. The current seller’s market means homes are selling briskly in many markets with more buyers than there are home sellers so given the right conditions homes are selling. Homeowners needs to set their home up under the right conditions as well in order to get sold. Often times those homeowners who try to sell their home in haste without full preparation will find themselves behind the curve when compared to other homes. That combined along with a mindset that is not exactly willing to adapt and change as needed means the home will sit on the market with little to no interest from homebuyers.
Failure In Home Preparation
One of the more common areas where a home does not sell during its listing period is due to inadequate home preparation. There are many steps that need to be taken in order to get a home ready for sale. Depending on the age of the home and the time the last update was made in the home there may be a lot of improvements needed in order to bring a home up to current market standards. A majority of homebuyers are looking for move-in ready homes. A home is move-in ready when a homebuyer can purchase the home, move all their furniture and belongings in and not have to worry about making any updates for a number of years to come.
Therefore homeowners need to take the proper steps to make sure their home is move-in ready if they want to get full market value for their...
What Is A Buyer’s Persona and Why Should Home Sellers Care
In marketing speak a persona is a particular set of customers that are grouped together in order to better sell to them. Home sellers would be wise to understand what type of persona would be interested in buying their home. For instance if one is selling a luxury home marketing to those who are luxury home buyers makes the most sense and represents the most effective use of marketing dollars versus marketing to everyone and anyone that wants to buy a home. With luxury homes costing what they do it does not make sense to market to those who are looking for an entry level starter home. Home sellers need to focus on the right persona in marketing their home and as a result there is greater chance the right buyer will come along ready to make an offer.
How To Target The Right Buyer
Given an unlimited amount of money for marketing purposes home sellers and/or real estate agents can advertise a home for sale all over the world without regard to who is seeing the message. The reality is there is a limit to the amount that can be spent on marketing and as a result those marketing dollars need to be effectively spent to target the right buyer who would be interested in buying the home. Therefore it makes sense to figure out who the ideal homebuyer is and where do they go to find information on homes they potentially want to buy.
A majority of buyers (more than 80%) begin their home shopping online. What that means is in some form or another they are actively looking for homes via their laptop/desktop computer, tablet or mobile phone. The traditional locations to find homes are ...
Preparing Your Home For A Quick Fall Sale
Whether your home is making its debut for the first time on the market in the fall or maybe needs to be re-listed after having expired with no offer getting the home marketing presentation done right can help ensure success. A fall time home sale does require somewhat different preparation in order to attract the right buyers. By ensuring your home is better than every other home out there on the market and primed for a fall sale will result in a quick sale.
Should You Sell Your Home In The Fall?
The first question many homeowners ask is if they should sell their home during the fall. The fact is homes sell throughout the year. Depending on one’s location there may be a peak season when the most homebuyers are out shopping for homes and as a result that season has the greatest number of home sales. For the Greater Cincinnati, Ohio and Northern Kentucky area the peak season for selling homes is during the spring. During the springtime many families are shopping for homes so they can get moved in prior to the start of the school year in the fall. Moving during the fall can often be disruptive to children and could potentially force the children to change schools during the school year which most parents want to avoid.
Seasonality wise with fall and winter being colder and there being greater chances of rain or snow (depending on one’s location) homebuyers may not be as up to buying a home during the colder seasons. There being fewer buyers out during the fall also may mean in order to get sold lower home prices may need to be considered...
Do You Need An Open House To Sell A Home?
In the past when real estate was mainly advertised through the newspaper and listings came in an actual soft cover book published on a weekly basis, open houses were a great tool to get buyers in the door to show off a home. Generally those listing books included only one picture of the front of the house and had statistics about the house in general (bedroom count, bathroom count, square footage and more). In order for buyers to get a real feel of the home it had to be visited in person. What better time to get a bunch of buyers into a home than during an open house.
In the current days of the Internet with high definition photography, videos, 3D tours, virtual reality tours, aerial tours and more buyers are better able to get an overall view of a home and better decide if they want to see it in person. If a buyer does decide they like a home they are more likely to want to view the home when no one else is around to obstruct views or make them feel rushed in seeing parts of a home. Where open houses were needed in the past, in this current market their use and effectiveness is not as high.
What Types Of People Come To Open Houses?
To truly understand whether an open house is a good idea it helps to have an understanding of who comes to open houses and what their motivation is. When one hosts an open house it truly means the house is open to anyone and everyone to walk in and tour to their heart’s content....
When Is The Best Time Of Year To Sell My Home?
Home sellers often wonder when is the best time to sell their home? While there are many who will say now or anytime is the best time to sell one’s home there are times where homebuyers are out in full force looking to actively move. For Greater Cincinnati home sellers, the best time to sell a home is during the early to mid-spring time period. Every state and real estate location is different though and this also depends on the type of area the home is located in.
Why Some Markets Have Different Peak Seasons
A home located in a retirement community is definitely going to have a different peak buyer time as compared to a home located in a neighborhood where local schools are one of the big draws. Those parents wanting to move into a new home before the new school year starts will want to buy a home in spring or early summer in order to make sure they settle in prior to the start of school. Those looking to move into a retirement community may be looking to move before the weather gets cold. Again this will entirely depend on where the communities are located. Retirement communities in Florida will be different than retirement communities in the Greater Cincinnati area due to different climates.
For those markets where schools are the primary motivator for people to move in, then spring time can be peak shopping time where the most home buyers are out looking for a home. Home sellers can ...
Should I Have Aerial Photos Or Videos Taken Of My Home For Sale?
The latest and greatest real estate marketing techniques include virtual reality video, 3D video, high definition photography and aerial photographs and videos. Aerial photographs and videos can present an overhead view of homes and the surrounding features. Aerial pictures of a home are not necessary for every home and in some cases should be the last thing home sellers should pay extra for since it adds very little to the marketing of the home.
What Kinds Of Homes Would Benefit From Drone (aerial) Photos and Videos?
Homes with a few accessory features in and around the home are great to show off from above so buyers know where the pool is in relation to the main home or where the basketball court is in relation to the garage. An overhead view will also let buyers know how much land is available with a particular home. Luxury homes with plenty of land and outdoor recreation amenities are great to show off from the air.
Aerial photos are not just for luxury homes but often times luxury homes have features that luxury buyers will be better able to appreciated when seen from above. Aerial photos/videos of non-luxury homes with great yards, landscaping and recreation amenities may also present well in a marketing package when done correctly. For example a water front home will show off great from above where the surrounding body of water is a sight to behold. So don’t think just because a home is not a luxury home that aerial videos are not needed.
What Kinds of Homes Should You Skip Drone (aerial) Photos and Videos For?
Now if the home happens...
What To Expect When Listing Your Home For Sale With A Realtor
New home sellers or those who have not sold a home in a while may be wondering what the process is for selling a home with a Realtor. While each Realtor may have a different process for the most part Realtors will visit a seller’s home for a listing appointment where they will provide a listing presentation, do a walkthrough of the home. If the home and seller are ready to go the Realtor can start the process of getting a home listed for sale. Once the listing agreement is signed the Realtor will take measurements of important rooms in the home, gather other facts about the home and either take pictures/videos of the home or arrange for a photographer to come out and take the pictures and videos.
The length of time of the entire process of getting a home onto the market depends when the Realtor is first called to the home and the level of readiness the home is in. If a home is not ready due to need of repair and/or other work to get it ready the Realtor will offer advice on how best to repair and stage a home. This process can take a couple of weeks depending on the speed and motivation with which the seller is able to work on what is needed to get ready If a home is ready to go onto the market then a Realtor can have a home listed for sale on Internet websites within 1-2 days.
What Is A Listing Presentation?
When a Realtor comes to the sellers’ home the first time they will usually bring with them a booklet with their listing information or will show a listing presentation on a digital device. The presentation will go through a real estate agent’s...