Priced to Sell - How to Educate Agents and Sellers to List at the Right Price
Posted By Paige On October 13, 2008 @ 3:38 pm In Today's Top Story, In Every Issue of RE, Business Development Comments Disabled
RISMEDIA, Oct. 14, 2008-Now is a time to face facts. In the past four months, research suggests that housing inventory has climbed to an 11-month-plus supply.
According to NAR, in fact, there was an 11.1-month supply of homes in June 2008.
As an industry, we need to come together to focus on the best strategies for getting this inventory sold. Putting new tools into the hands of home buyers-including the recently enacted housing stimulus package-is certainly expected to spark an uptick in the months ahead, but in the meantime, it is our responsibility to encourage sellers and agents to price properties correctly in order to start moving this abundance of inventory off the market. NAR has several consumer-focused tools available at www.REALTOR.org to help the cause, including publications like “It’s a Great Time to Buy, Getting it Sold,” and “Pricing Your Home to Sell,” and helpful toolkits, such as, “Tips for Pricing Your Home.”
In this month’s Power Broker Roundtable, panelists tell us why it’s so important to work with sellers to price properties correctly, and how this effort is critical to reducing housing inventory.
Moderator: Alex Perriello, Special Liaison for Large Firm Relations, NARParticipants: C. Dan Joyner, Broker/Owner, Prudential C. Dan Joyner REALTORS®, Greenville, South CarolinaRobert Weber, President, First Weber Group, Greater WisconsinPat Riley, President and COO, Allen Tate Companies, Charlotte, North Carolina
Alex Perriello: Bob, how important is the right listing price in your market?
Bob Weber: Well, according to the MLS in Central Wisconsin, unit sales were down 25% from July ‘07 to July ‘08, but the average selling price was down only 2%-so we haven’t had to face some of the huge price declines that other regions have faced.
Our agents put great stock in doing a detailed market analysis for each seller and showing them true comparisons. We take a four-stage approach when it comes to taking a listing: we show up, we listen, we tell them the truth-and if they can’t live with our suggested list price, we walk away.
Pat Riley: We understand that selling your home is an emotional decision. Some will say, “My neighbor got X amount a year ago, and my home is so much nicer than theirs.” They are not realistic about competing homes in their region. So we just put our sellers in the car and take them around personally to see the competition for themselves.
Dan Joyner: We all know that thorough market analysis and neighborhood price comparisons are the only way to set the right listing price-especially as the market keeps shifting. In fact, the last two months have been very encouraging. If a home is reasonably priced and market-ready, we are beginning to witness multiple offers within the first few days of the listing-but the right listing price is essential.
BW: Absolutely. The fact is, there hasn’t been a better time in years to buy that first home-or a second or vacation home for that matter. More and more buyers are beginning to realize that, and I think sellers are realizing it as well. They understand they have to be realistic to take advantage of what’s happening today.
PR: There’s another issue we point out to our sellers-the nature of the swing. That is, any dollars they may give up on the sale of their home, they will likely make up on what they buy. It’s a moot point, so pricing the property right in the first place is a win-win situation.
AP: So as sellers in general become more realistic, sales will continue to improve?
DJ: Yes, and as that happens, and the good buys are being snapped up, the number of homes on the market will decrease. That is precisely the situation we need in order to get back on track.
BW: Which brings us back to point one. Our agents know we need to walk away from listings where the seller has no urgency to sell, because those are the homes that will simply clutter up the marketplace.
PR: We also need to focus our energy on buyers-because we know there are plenty of them out there, wanting to buy and buy now. The sooner we can help our sellers to realize that, the sooner the market will return to more normal levels.
The Power Broker Roundtable is brought to you by the National Association of REALTORS® and Alex Perriello, NAR’s Special Liaison for Large Firm Relations. Watch for this column each month, where we address broker issues, concerns and milestones.
Friday, October 17, 2008
Trying to decide when to Re-list...read this!
Owners Who Keep Homes on Market Could Fare Better in Fall
Posted By Paige On October 13, 2008 @ 3:27 pm In How to Sell Your Home, Consumer News and Advice, Real Estate Comments Disabled
By Brendel Hightower
RISMEDIA, Oct. 14, 2008-(MCT)-Home sellers usually share this belief about fall: As the leaves come down, so should their For Sale signs.
But some real estate agents say removing a home from the market could be a mistake.
“Buyers don’t have a month when they say they’re going to buy. They buy when they need to buy, and that need happens 12 months out of the year,” said Glen Silvenis of RE/MAX Crossroads in Belleville, Mich.
Agents say fall often brings out the more serious lookers who need to find a home right away. Additionally, there may be less competition because many sellers aren’t willing to stick it out through fall and winter.
And with slipping home values, sellers run the risk of fetching a lower price for their home if they take it off the market and relist in the spring.
Agents say sellers should use fall as a time to regroup.
For starters, they should look at the price of their home-and whether it is competitive.
“Take a good hard, honest look at what’s on the market right now. You want your house to be the best value,” said Patricia Phillips of Real Estate One in Southfield, Mich.
Dana Johnson, an economist from Comerica Bank, agrees, noting that the economy will continue to be soft nationwide.
“You have to price things realistically,” he said. “This continues to be a buyer’s market.”Sellers should also use the off season to their advantage. Putting up fall decorations-like a wreath on the door-and setting a few mums on the porch can bolster a home’s curb appeal, agents say.
Fall is also an ideal time to get rid of clutter and embark on home-improvement projects neglected during spring and summer. Agents suggest sellers tear down old wallpaper, update the carpet, paint and do a thorough cleaning. In pricier homes, sellers should consider higher-end upgrades like adding granite countertops, wood floors and ceramic tiles.
Hiring a stager-those who specialize in eliminating clutter, decorating and rearranging furniture-is also a good idea, said Karen Jolley of Buckley Jolley Real Estate in Brighton, Mich.
Julie Sirrine, 42, and her husband, Dan, 43, are making the best of the season. They would have preferred to list their 2,300-square-foot, four-bedroom house in Howell, Mich., during the spring, but the family is moving to Minnesota because of a job transfer.
“We had to put our house on the market now … with this situation we can’t wait,” Julie Sirrine said.
The couple bought the house for $252,000 five years ago. It’s now listed for $244,900.
The pair hired Kathi Presutti, owner of RE:STYLE in Brighton, to help with staging their home. In addition to removing clutter and reorganizing furniture, the company is helping the family add seasonal flowers, select new wall colors and improve lighting throughout the house.
“A stager is more important than in the past to rise to the top of the competition,” Jolley said. “You might as well keep the house looking new, even while living in it.”
© 2008, Detroit Free Press.Distributed by McClatchy-Tribune Information Services.
Posted By Paige On October 13, 2008 @ 3:27 pm In How to Sell Your Home, Consumer News and Advice, Real Estate Comments Disabled
By Brendel Hightower
RISMEDIA, Oct. 14, 2008-(MCT)-Home sellers usually share this belief about fall: As the leaves come down, so should their For Sale signs.
But some real estate agents say removing a home from the market could be a mistake.
“Buyers don’t have a month when they say they’re going to buy. They buy when they need to buy, and that need happens 12 months out of the year,” said Glen Silvenis of RE/MAX Crossroads in Belleville, Mich.
Agents say fall often brings out the more serious lookers who need to find a home right away. Additionally, there may be less competition because many sellers aren’t willing to stick it out through fall and winter.
And with slipping home values, sellers run the risk of fetching a lower price for their home if they take it off the market and relist in the spring.
Agents say sellers should use fall as a time to regroup.
For starters, they should look at the price of their home-and whether it is competitive.
“Take a good hard, honest look at what’s on the market right now. You want your house to be the best value,” said Patricia Phillips of Real Estate One in Southfield, Mich.
Dana Johnson, an economist from Comerica Bank, agrees, noting that the economy will continue to be soft nationwide.
“You have to price things realistically,” he said. “This continues to be a buyer’s market.”Sellers should also use the off season to their advantage. Putting up fall decorations-like a wreath on the door-and setting a few mums on the porch can bolster a home’s curb appeal, agents say.
Fall is also an ideal time to get rid of clutter and embark on home-improvement projects neglected during spring and summer. Agents suggest sellers tear down old wallpaper, update the carpet, paint and do a thorough cleaning. In pricier homes, sellers should consider higher-end upgrades like adding granite countertops, wood floors and ceramic tiles.
Hiring a stager-those who specialize in eliminating clutter, decorating and rearranging furniture-is also a good idea, said Karen Jolley of Buckley Jolley Real Estate in Brighton, Mich.
Julie Sirrine, 42, and her husband, Dan, 43, are making the best of the season. They would have preferred to list their 2,300-square-foot, four-bedroom house in Howell, Mich., during the spring, but the family is moving to Minnesota because of a job transfer.
“We had to put our house on the market now … with this situation we can’t wait,” Julie Sirrine said.
The couple bought the house for $252,000 five years ago. It’s now listed for $244,900.
The pair hired Kathi Presutti, owner of RE:STYLE in Brighton, to help with staging their home. In addition to removing clutter and reorganizing furniture, the company is helping the family add seasonal flowers, select new wall colors and improve lighting throughout the house.
“A stager is more important than in the past to rise to the top of the competition,” Jolley said. “You might as well keep the house looking new, even while living in it.”
© 2008, Detroit Free Press.Distributed by McClatchy-Tribune Information Services.
Wednesday, October 15, 2008
Annual Outer Banks Marathon - Nov. 9th
This year a friend of mine convinced me (against my better judgement!) to run the Outer Banks 1/2 Marathon. I usually like to attend the event with a cup of coffee and cheer on all the crazy runners, but it looks like this year I will be one of the crazies myself.
If you are new to the area or want to find out how to get involved in this event, go to:
http://www.obxmarathon.com/site3.aspx
If you are new to the area or want to find out how to get involved in this event, go to:
http://www.obxmarathon.com/site3.aspx
3rd Quarter 2008 Seaside Report
Contact me today for an email copy of the Outer Banks 3rd Quarter Market Report!
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