As in any sale, one must have a keen understanding and profile of the purchaser of their product. The same is true for anyone who is contemplating a successful transaction in an ever-changing real estate market. Over the years I have observed a change in buyer’s expectations when searching for that right home which meets their requirements.

Young people today are delaying marriage and having children later in life. This has led to the increase of single buyers purchasing on one income and a more cautious approach to their search. This group typically 25-32 years of age are looking for homes that require little updating. They do not have the funds to make major repairs such as updating kitchens and baths, or correcting structural issues. Their price range would be in the lower price point of the market in the community they choose. Since this is usually their first home, they do their homework and are more educated in the real estate market than ever before, due to the proliferation of information via the internet. A seller today would be smart to (more…)

Have you ever tried to paint the outside of your home in the winter? Not a good idea! All too often, I visit with folks ready to make their move and put the home on the market. They are excited about the apartment or condo they just found, and now it is time to sell their home. However, it is February, and the home needs inside and outside improvements. Downsizing of personal property has not been started, and the interior needs several upgrades before showing the home. Improvements have been avoided because moving seemed so far off until they stumbled into this perfect new home which they don’t want to lose. The excitement has now turned into panic and all the seeds for high stress have been planted by their inaction to prepare their home for sale.

Today’s buyer wants a property that is in great condition both exterior and interior. If you’ve read my past articles, I have stressed to make sure your property does not compete with foreclosures if at all possible. Foreclosures often are homes that have been neglected due to lack of funds, and are selling at up to 70% off the top market value! Therefore, your home must be far superior to the foreclosure competing in your neighborhood. If you know you will be selling sometime in the next 5 years, begin downsizing today! As Realtors, we can begin your process of preparing your home for market by offering the services of a stager. A stager is a professional trained in not only decorating, but placing furniture and artwork to compliment new flooring and carpeting as well as choosing the right colors which are attractive to today’s buyers. There are companies that will assist you in downsizing by packing, sorting, and coordinating estate sales as well as donations.

If your home needs exterior work, do it right now, while it is still warm outside. Don’t procrastinate on exterior work, as you never know when you are going to want to move. If the work on the outside is done now, you can always do the interior improvements in any season. If paint is needed, a stager can help you pick out (more…)

We are all hearing many conflicting stories about the current real estate market. Depending on area, some homes are holding their value, while most are retreating somewhat from last year’s prices. There are fewer buyers in the market, while listing inventory has risen. The law of supply and demand states that when there is less demand and more inventory, prices will fall. So how do we take advantage of today’s market and achieve our goals if we choose to make our move now?It is important to be realistic. That means to do your research as to the value of your home. The best way to gain the knowledge you will need is to call two or three Realtors, preferably one who specializes in working with seniors. Older adults have special needs and tough choices to make when considering a move. A Realtor should be educated and sensitive to those challenges. My best advice is to listen, listen, listen.

It is important you don’t interject your opinion as to value before hearing what the Realtor has to say. They are human and subject to emotions just as anyone else. If they sense you want a certain price, they may alter their opinion which is a disservice to you. You need to know exactly where your home fits in today’s rapidly changing market.

Next, ask for advice as to preparing your home for the very particular buyers who will view your home. As I stated earlier, there are more choices than in past years for fewer buyers in the market place. This means if your home does not show well, it will sit on the market or you will have to reduce the price possibly several times. The first 2-3 weeks on the market are the most important because the listing is fresh, and new for buyers to see. If they like it, they will make an offer at a price point to make sure they are the lucky new owner. If your property sits on the market for an extended time, buyers will see your home as an opportunity for them to purchase at a lower price. There is no longer the sense of urgency since it has been on the market with no takers. The advice given by the Realtor may be hard to hear. But you must listen if you want to get the most from your home in the condition it is in. You can’t have it both ways. If it needs work (interior and exterior maintenance, etc) you will have to discount the price to attract buyers who are willing to do that work. If your price is too high, you will attract buyers who have high expectations and will simply walk out of your home, wasting your time, and adding to your frustration.

Properties are selling! Your home however must be priced properly for the location, condition and floor plan that you offer. Remember that those first 2-3 weeks are critical. Understand the value of your home and decide whether or not you want to invest money to prepare the home for market, or to sell as is with the home priced to reflect work needed. Since we are in a declining market, the sooner you sell the more money you will have for your future. Waiting for prices to return to past levels may cost you more than you are willing to surrender. Therefore, have an open mind and try to listen to the opinions of professionals who are available to help you if you are willing to listen!

When speaking at my seminars about the entire home selling process, I seem to be asked most often about home inspections. Home inspections are a critical part of the real estate transaction.

When I started as a fledgling Realtor in 1977, we would sell a home and the buyer would rely almost 100% on the seller’s verbal statements as to the quality and soundness of their home. There were no condition reports as required by law today. A condition report asks the seller direct questions as to any problems they may have experienced over the years with the structural and mechanical condition of the home. Questions are direct such as ‘have you had any water coming in the basement?’ We interview the seller as to the condition of the furnace, plumbing, roof, electric and so on. If the seller has knowledge of any problems they’ve experienced, or have any reports from inspectors or contractors, this information is disclosed to the potential buyers who views the property. The buyers must sign this report when an offer is made.

The advantage of a condition report is (more…)