Posts Tagged ‘home sellers’

Intero Insider: How Sellers Can Sharpen Their Competitive Edge

By Gino Blefari | October 4th, 2011 1 Comment

Selling a home is a hyper-competitive endeavor in many markets across the country. Even here in the Bay Area where many neighborhoods are doing well, we’ve got pockets of buyers’ markets that are posing challenges for home sellers.

Does this mean it’s a terrible time to sell? Not necessarily. But it does mean that sellers need to be ready to compete when putting their homes on the market. What can a typical homeowner do to make their home more appealing in a market where buyers may be looking at dozens of other similar homes in the same neighborhood?

Here are the top 4 things sellers can do to up the ante and ensure their home is in the right condition to get the best offer:

  1. Get a bird’s eye view on how your home compares. Take a sweep through a few open houses next Sunday to see what’s on the market in your area that’s comparable to your home. Take good notes on what you notice is common in all these houses. Do they all have new carpet? New hardwood floors? A fresh coat of paint? New windows? You may not be ready to invest in a large project for your home before selling, but often something like painting or installing new carpet can pay for itself in the end – especially if all the other comparable homes for sale have these things.
  2. Remove all your clutter and store it away while your home is on the market. There’s no bigger turn-off to buyers than a house that is filled to the brim with objects and furniture. Buyers need to be able to look at your home and envision their lives in it, which includes all their own furniture and belongings. That’s much harder to do the more stuff you have in your home. This is by far one of the best things you can do to help the sale of your home.
  3. Consider staging. Staging basically means removing all your clutter as outlined above and having someone – either your real estate agent or a staging specialist – look at your home and make recommendations for how to set up the furniture and décor. Often, a stager will even remove some of your furniture and bring in other furniture to best accentuate the space of your rooms.
  4. Research your market and price accordingly. This may seem like a no-brainer, but in all my years of the real estate business, the one tactic that agents say over and over again makes the biggest difference in selling a home is how it is priced from day one. This means you need to do a lot of upfront research with the help of your agent. Look at as many comparables as possible and decide on your listing price based on what has recently sold and what is currently for sale. This is how your buyers will be calculating their offers to you so it’s best to be realistic and not try to play price games.

There are dozens of other things that sellers can do to help their homes sell quickly and at the best price. Ask your Intero Real Estate agent for pre-list tips.

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Intero Insider: ForeclosureGate’s Impact on Our Recovery

By Gino Blefari | October 19th, 2010 0 Comments

We’re now deep into a widespread foreclosure investigation – in fact, it has reached “gate” status. ForeclosureGate is upon us.

Last week, I discussed why this foreclosure news was a big deal– not because it could mean millions of people were falsely foreclosed upon (remember, this is likely not the case), but because it presents a major hurdle on the road to housing recovery.

At this point, attorneys general in all 50 states have begun a joint investigation into the mortgage industry. At the heart of this investigation are accusations that some banks used shoddy paperwork to evict homeowners and a “robo-signing” process to move foreclosure proceedings forward.

It’s more than a little ironic that what got us into this housing slump – lax mortgage industry practices – now stands in the way of our recovery. That road to recovery is really what this is all about. Let’s keep our eye on it, shall we?

While there is no official moratorium on foreclosures at this point, since accusations began JP Morgan has halted foreclosures in the 23 states where they need a judge’s permission, and Bank of America and GMAC Mortgage have suspended foreclosures nationwide. From the banks’ point of view, it’s the only thing they can do at this point to show that they are taking the accusations seriously and are reviewing paperwork and procedures.

From everyone else’s point of view, this is a giant obstacle. Obstacle, yes. End of real estate sales? No.

Foreclosures in recent months have made up a healthy portion of sales in many markets. But the truth is that there are still a lot of great deals for home buyers that are not foreclosures. We need to reinforce this fact with consumers.

We need to keep our road to recovery on track, whether ForeclosureGate is happening or not. Sure, it begins to feel a bit like we’re paddling upstream, but we have got to let the market continue to move. At times, you may feel like there are people lined up alongside your closing table shouting, “The market is crashing! We’ll never recover!” as you try to sign and close your deal. It’s a challenge indeed, but not a moratorium.

ForeclosureGate is a story that will be with us for awhile. This has already created problems and will continue to slow things down. But we must move ahead – for the sake of home buyers and sellers, for the sake of a healthy sales pace and recovering home prices.

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Intero Insider: What Lower Demand Means

By Gino Blefari | August 25th, 2010 0 Comments

The data on the street points to lower demand for homes and increased supply throughout the end of the year. This is a recipe for market slowdown, for sure. But the news means different things to different people and entities.

Here is my take:

Home buyers: The best news is first. Buyers have it made right now. Interest rates are now at all-time lows. Not historic or near historic, but all-time lows.

And of course the higher inventory and lower demand in many markets gives the buyer more to choose from and more negotiating power simply because there is less competition from other buyers.

Bottom line for home buyers is that this news is good – excellent, in fact.

Home sellers: Simple math and physics tell us that when one side of a scale is up, the other side is down. Sellers may be on the down side of the equation here, but there is an upside. Fortunately, for the seller, this simple math can never account for the intangibles like an elite neighborhood, amazing schools, or the emotion that often is real estate.

Every sale needs just one buyer – the right one. When this occurs, the seller gets what he or she needs and moves on.

Bottom line for home sellers is that it may be tough, but definitely not impossible. If your location is coveted or your home has a lot of other appeal, there’s no need to fret.

The housing industry: Slowdown for the second half of the year, but not a halt. Be prepared for longer deals and more hurdles. These may be frustrating times, but many successful entrepreneurs are made in times of economic hardship. Be patient, work hard and don’t be afraid to innovate. Now is not the time to retreat.

Bottom line for the industry is that these slow times will weed out the weakest professionals.

Renters: Fewer home buyers can mean more renters so look for much more competition when you’re searching for your next rental. Rents may climb in some markets.

Bottom line for renters is that it may not be the best time to look for a new place. If you are financially and psychologically ready to become a homeowner, you might want to check out your buying options instead.

The economy: A slow housing market is not the greatest news for the economy as a whole. But the underlying factors causing the slow housing market are actually of more concern to the economy right now – slow job growth, massive deficit, deflation risks.

Bottom line is that the housing market will continue to be a topic of discussion in Washington. Look for more programs or program ideas to help tip the scales to faster growth.

To conclude, you see there are winners and losers in the low-demand, high-supply scenario. It’s all in how you see it. Opportunities are there for everyone.

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