Spring has sprung, which means many people are gearing up to put their homes on the market. Before you list, though, there are five common but crucial seller mistakes you should be aware of:
1. Not properly preparing your home for the market. Over-improving your property can damage your bottom line, but listing your home without bothering to clean or declutter is an even worse mistake to make. If you want to earn top dollar, the key is to strike a healthy balance between these extremes. Make strategic repairs and upgrades where they’re necessary, and make sure your home is generally neat and tidy.
2. Skimping on professional photography. It blows my mind that some people believe photos taken on a cell phone are enough. Our team knows that professional photography is key, and have even gone so far as to use video marketing for all of our clients.
"If you hire the right agent, they’ll help you avoid every mistake on this list. "
3. Only considering one pricing strategy. When we help clients, we present them with three options we believe will fit their market, needs, and home.
4. Picking an agent based on price alone. The saying “You get what you pay for” definitely applies here. If you hire an agent who lacks experience, skill, and a track record of success, your home sale will suffer. The key to selling quickly and for top dollar is to partner with an agent who has experience, a strong marketing strategy, and a gleaming performance history. If you hire the right agent, they’ll help you avoid every mistake on this list.
5. Overpricing your home. The idea that you can set your price high and simply negotiate down often does more harm than good. Overpricing can cause your property to sit on the market without any offers. Pricing your home at fair market value, instead, will surely bring better results.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
If you’re planning to enter the market to buy a home in 2019, you’d do well to avoid making these five critical mistakes:
1. Thinking that you need to put 20% down. Astonishingly, 49% of renters think that they need to put 20% down in order to buy a home. However, there are plenty of first-time homebuyer programs that require little, if any, money down. Depending on the program, 3% to 5% down is all you may need.
"Unless you’re working with a designer who will build you a custom home, there’s no such thing as a perfect home"
2. Working with an amateur agent. You might have the urge to support your friend or family member who has a real estate license, but if that person also has a full-time job somewhere else, chances are they don’t have the expertise that you really need to rely on when it comes to making such an important decision.
3. Thinking you’ll find the perfect house. Here’s the truth: Unless you’re working with a designer who will build you a custom home, there’s no such thing as a perfect home. You need to have a reasonable expectation of what your budget can sustain, and you also need to be able to make some trade-offs.
4. Writing an offer in the hopes of getting a counteroffer. Over the years, I can’t tell you how many clients I’ve worked with have done this, thinking it might be a powerful way to negotiate. Ultimately, they often lost out on that property and the opportunity it presented. Instead, write an offer for acceptance.
5. Removing all emotions from the homebuying process. We don’t need you to be overly emotional when it comes to finding a home, but there is a lot of value in acknowledging some of the emotions you have about a property.
If you have any questions about this or other real estate topics, please feel free to reach out to me. We welcome any comments, feedback, or suggestions for future video topics.
Let’s jump right into the four things you need to do if you want to sell your home quickly:
1. Prepare your home for sale and make it move-in ready. Buyers want to feel like all they need to do is pack up and move in. Don’t be worried about spending money on fixes: You’ll likely be surprised at the positive return on investment you can receive by making repairs.
2. Get professional photography. No cell phone cameras here! Hire a professional who has the right equipment and knows how to use the angles and lighting needed to highlight your home.
3. Clean your home. You want people to come through and notice how sparkling clean your home is. Especially make sure to remove any personal items, clutter, and pet hair and odor.
4. Reach millennial homebuyers. Millennials now make up the largest group of homebuyers in the country. You need to reach them online and through social media, as well as highlight any smart home features you have.
If you have any questions about marketing your home or preparing it for sale, don't hesitate to reach out to us. We'd also love to hear your feedback and suggestions for future video content. We look forward to hearing from you!
Here are four reasons why upsizing or downsizing makes the most sense:
1. Equity. For the vast majority of home sellers, equity is at an all-time high. Whether you’re thinking of moving into a bigger home, finding a better location, or downsizing and cashing out, accessing this capital is part of the equation.
2. Interest rates. Interest rates are at a six-month low right now, and these low borrowing costs increase your buying power if you’re moving up and enhance your affordability if you’re downsizing.
3. Neutral market conditions. We seem to have transitioned out of the hyper-competitive environment that produced so many multiple-offer situations, and now sellers have to be more flexible. This makes contingent-sale offers much more of a possibility, so you’ll be able to sell and buy at the same time.
"We seem to have transitioned out of the hyper-competitive environment that produced so many multiple-offer situations. "
4. Inventory. Inventory levels are increasing, which gives you more homes to choose from—especially in the higher-end markets.
If you have any more questions about upsizing, downsizing, or contingent-sale offers, feel free to reach out to me by phone or email. I’d love to speak with you.
People ask me on a near-daily basis whether sellers still have the upper hand in our market. While the answer a few months ago would have been a resounding “yes,” conditions have shifted as we progress into this new year. Now, we’re in a much more neutral market than we were in 2018.
Contingencies that may have previously been a deal-breaker are now back on the table, and buyers have regained a lot of leverage. Part of the reason for this is the recent increase in supply. That said, this increase is not as significant as some have reported. The current level of supply, approximately 2.1 months’ worth of homes, is still relatively low.
Moving on, interest rates have also played a major role in the current state of our market. Rates are currently at a nine-month low, according to the Wall Street Journal. This means that now is a very favorable moment for buyers looking to make a move—especially given that rates are projected to reach 5% by the end of 2019.
"2019 holds benefits for buyers and sellers alike, and I would be happy to help you make the most of these advantages."
You may be wondering what these conditions mean, overall. For sellers, the most important point to take away from this is that you must have an aggressive strategy for success moving forward. You will need to partner with a strong, experienced agent in order to secure a great deal.
Buyers, on the other hand, are in for greater opportunities than have been available to them in over three years.
The bottom line is that 2019 holds benefits for buyers and sellers alike, and I would be happy to help you make the most of these advantages.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.