Wednesday, March 21, 2012

6 Rules of Curb Appeal

Hi,

I received the following article from Inman News sponsored by Lowes. I couldn't do a better job of recreating Paul's suggestions, so am reprinting his entire article for your review.

Curb appeal is Sooooo important. When you sell with us you have another really good rundown on what to do to spruce up your house in the Sell-It-Yourself Kit we've provided. Take a look at that, blend it with Paul's suggestions, and you should be good to go!  Thanks for reading....  Carol


How to beat out competition when selling your home

By Paul Bianchina
Inman News®
It's that time of year again, when I take a moment to talk to all of you who are thinking of putting your home on the market this spring. If real estate's favorite old adage is "location, location, location," then it's got to be followed closely by, "You get only one chance to make a first impression."
You can't change your home's location, but you can certainly do everything within your power to make that first impression a strong one, so let's go over the basics of that all-important must-have for a successful sale: curb appeal.
Start with a step back
You've seen the outside of your house so many times that you don't really see it anymore. So now's the time to look at it with new eyes, from the perspective of a prospective buyer. And if you can't do it objectively, get a friend, a neighbor or your real estate agent to do it for you.
Put yourself in the buyer's shoes, and make a written list of those things that might raise some concerns for you if you were thinking of buying it. And while the front of the house is the primary focal point, don't overlook the sides and rear of the house as well. Here are some things to keep in mind:
Exterior paint: The color and condition of your home's exterior paint job is one of the single most important things to a prospective buyer. The color makes a visceral impact the moment a buyer walks up, and while you might have thought that the hot pink siding with neon purple trim was a great showcase of your individuality when you painted the house, it's going to severely limit the home's appeal.
And no matter what color the house is, if the paint job is faded and peeling, it's an immediate warning sign to buyers that the house hasn't been maintained, so they'll have their magnifying glass out to look for other defects.
If you're handy with a brush and an airless sprayer, you might just want to undertake a repainting project yourself. A long weekend and a few hundred dollars in paint can make a world of difference in how well the home shows and how quickly it sells.
If you don't want to paint the entire house -- or if it doesn't really need it -- just painting the trim, exterior doors, garage door or window shutters can make a big difference as well.
Roofing: A bad roof is another indicator of a general lack of maintenance, and may point a finger at potential structural and even mold problems resulting from leaks. Roofs are expensive to replace, but depending on your market and your desire to reap top dollar from the sale, you may want to take a hard look at the economics of re-roofing.
Talk with your agent about the pros and cons of re-roofing now versus crediting the cost of a new roof to the buyer in escrow.
Driveway and walkways: Driveways are a pretty dominant feature in most homes. Clean any oil-stained concrete, and repair small cracks before they get larger. For asphalt driveways, a seal-coat can often make a big difference in appearance and help prolong the asphalt as well.
For concrete or asphalt that's badly damaged, it's time to be thinking about replacement. You can replace the driveway with the same material as before, or consider an updated look by using paving stones instead -- they hold up well in all types of weather, and can even be a very satisfying do-it-yourself project.
How about walkways? When someone arrives, is there a clear and safe path to your front door? You may not mind walking across your front lawn, but guests and prospective buyers would definitely prefer a walkway. There are lots of options for creating a new front walkway or replacing an existing one, so check out your home center or some landscaping magazines for ideas.
Landscaping: Are things overgrown? Dead or dying? Obviously neglected? Landscaping is a huge part of that first impression, so remember to take a critical look at it.
  • Fertilize and water the lawn regularly to green it up, and run an edger along sidewalks and driveway edges.
  • Rake up leaves and pine needles.
  • Repair sprinkler systems.
  • Prune back or even remove those wild shrubs, and trim overhanging tree branches.
  • Use bright flowers to create borders and accent areas that add both color and hominess to the yard.
  • Consider adding new shade trees in front, which help a home look more established and appealing. Trees look best planted in odd numbers -- a grouping of three or five for example -- and the folks at your local nursery can help you with proper spacing.
Clean and organize: Finally -- clean! If you're not going to paint, wash down the siding to remove dirt and stains and get it looking fresh and clean. Wash driveways, walkways and patios. If you have a wood deck, consider a complete cleaning to restore the wood to a fresher look.
Wash all the windows, inside and out, and wash the screens as well. Polish doorknobs and light fixtures. Stow all of your garden tools and kids' toys away to remove clutter and potential tripping hazards. Take a trip to the local landfill and dump all the stuff that's accumulated in and around the yard.
Check the night view
One last thing: Check the night view as well. A home that shows well at night really creates an impression. Replace any burned-out lightbulbs, and consider adding a timer or two to keep the lights on a little longer into the evening.
Consider some low-voltage or solar lights to accent front walkways, and maybe provide up-lighting to accent trees and larger shrubbery. Keep a light or two on in the front windows as well, to add to the feeling of coziness and comfort.
Remodeling and repair questions? Email Paul at paulbianchina@inman.com. All product reviews are based on the author's actual testing of free review samples provided by the manufacturers.

Monday, February 27, 2012

Pending Home Sales up 8% from last year!

Good news from the National Board of Realtors this morning. Pending home sales are up 8% from last January. It's nice to see things moving in the right direction! We've seen a lot more traffic for our listings, and it's good to hear that this is a national trend.
Let's get more dominos lined up.... when someone buys a "starter" home it allows that owner to move to the next price point, which allows the seller of that property to do the same. One sale can be the trigger for several more.
Good news!

Thursday, September 29, 2011

Home Prices Post Fourth Month of Gains

Have we turned the corner on house prices?? Read the following article reprinted from Inman News for some insight.

Home prices post fourth month of gains

By Inman News
Inman News™
U.S. home prices inched up for the fourth month in a row, rising 0.9 percent from June to July, according to the latest Standard & Poor's/Case-Shiller Home Price Indices.
Only two of the 20 metro areas tracked by the Case-Shiller 20-City Composite saw month-to-month price declines: Las Vegas (-0.2 percent) and Phoenix (-0.1 percent). The index showed prices in Las Vegas down 59.3 percent from their August 2006 peak, hitting a new low.
Looking back a year, 18 out of 20 metro areas saw annual price declines, with the price index for Minneapolis falling 9.1 percent, Phoenix down 8.8 percent, and Portland, Ore., dropping 8.4 percent.
Detroit (up 1.2 percent) and Washington D.C. (up 0.3 percent) were the only cities to post annual gains in July, leaving the 20-City Composite down 4.1 percent.
But a dozen other cities -- Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Las Vegas, Miami, Minneapolis, Phoenix, Portland, and Tampa -- posted improvements in annual price declines compared to June.

Metros tracked in Case-Shiller 20-City Composite


Metro
Change June-July
Change from year ago
Atlanta
0.2%
-5.0%
Boston
0.8%
-1.9%
Charlotte
0.1%
-3.9%
Chicago
1.9%
-6.6%
Cleveland
0.8%
-5.4%
Dallas
0.9%
-3.2%
Denver
0.0%
-2.1%
Detroit
3.8%
1.2%
Las Vegas
-0.2%
-5.4%
Los Angeles
0.2%
-5.4%
Miami
1.2%
-4.6%
Minneapolis
2.6%
-9.1%
New York
1.1%
-3.7%
Phoenix
-0.1%
-8.8%
Portland
1.0%
-8.4%
San Diego
0.1%
-5.9%
San Francisco
0.3%
-5.6%
Seattle
0.1%
-6.4%
Tampa
0.8%
-6.2%
Washington, D.C.
2.4%
0.3%
10-City Composite
0.9%
-3.7%
20-City Composite
0.9%
-4.1%

Source: S&P Indices and Fiserv
 
Standard & Poor's said the report included some "unusually large revisions" across some metro areas. Detroit was the most affected, with additional sales in May and June showing "a much healthier market than previously thought."

Wednesday, August 24, 2011

The problem with ... “We can always go down, but we can’t go up.” ...The 7 Deadly Sins of Overpricing

The problem with ... “We can always go down, but we can’t go up.” ...
Overpricing a home can have many ramifications for a home seller.  It can limit the number of potential buyers who can afford your home, reduce showings and create an impression in the marketplace that the homeowners aren’t really serious about selling their home.  Serious homeowners who overprice their home often get caught in the trap of price reduction after price reduction trying to catch up to the market.
During the past year, U.S. home sellers slashed more than $24 billion from home listings on Trulia.com. Trulia’s Q1 Home Offer Report indicated that on average, most sellers will reduce their list price after 79 days on the market, choosing to cut their original list price by 8 percent. Following a first reduction, 35 percent of these sellers will make a second.
Most homebuyers look at 10-15 homes before making a buying decision. Because of this, setting a competitive price relative to the competition is an essential component to a successful marketing strategy. Underpricing a home isn’t good either- educating your clients about the importance of properly pricing a home is key to the home sales process.
7 Deadly Sins of Overpricing
Most experts would advise that the best way to increase your odds of a successful sale is to price your home at fair market value. But, as logical as this advice sounds, for many sellers it is still tempting to tack a few percentage points onto the price to "leave room to negotiate". To avoid this temptation, let's take a
look at the seven deadly sins of overpricing:
1. Appraisal Problems
Even if you do find a buyer willing to pay an inflated price, the fact is over 90% of buyers use some kind of financing to pay for their home purchase. If your home won't appraise for the purchase price the sale will likely fail.
2. No Showings
Today's sophisticated home buyers are well educated about the real estate market. If your home is overpriced they won't bother looking at it, let alone make you an offer.
3. Branding Problems
When a new listing hits the market, every agent quickly checks the property out to see if it's a good fit for their clients. If your home is branded as "overpriced", reigniting interest may take drastic measures.
4. Selling the Competition
Overpricing helps your competition. How? You make their lower prices seem like bargains. Nothing is worse than watching your neighbors put up a sold sign.
5. Stagnation
The longer your home sits on the market, the more likely it is to become stigmatized or stale. Have you ever seen a property that seems to be perpetually for sale? Do you ever wonder - What's wrong with that house?
6. Tougher Negotiations
Buyers who do view your home may negotiate harder because the home has been on the market for a longer
period of time and because it is overpriced compared to the competition.
7. Lost Opportunities
You will lose a percentage of buyers who are outside of your price point. These are buyers who are looking in the price range that the home will eventually sell for but don't see the home because the price is above their pre-set budget.
Most buyers look at 10-15 homes before making a buying decision. Because of this, setting a competitive price relative to the competition is an essential component to a successful marketing strategy.

This great article was reprinted with permission from Trulia.com

Monday, April 25, 2011

Proper Pricing is Sooooo Important!

We had 2 of our listings sell in the past week or so, each with their own "pricing" story that you might learn something from.
The first went on the market on a Thursday. It had 4 showings over the weekend and 2 offers. By Tuesday it was under contract. It was a cute home, in nice condition, and priced right. They didn't have it priced high to see if they could catch someone, then if not lower it in a while. That tactic just wastes time and gives your house a negative spin. They did their homework and priced it right from the start.
The second home I'm using as an example was, again, a very nice house. The owners were in no huge rush to move, so they priced it where they hoped against hope they'd get a buyer. After much time passed with lookers and no offers they did a drastic price reduction. We cancelled out their old listing, and put it in fresh with some new words, some new photos, but most importantly a new price. Within 10 days they, too, were under contract.
The moral of the story is that there ARE buyers out there. Every hit your property gets on realtor.com, and every family that comes to see your home IS a buyer. If you don't capture them because your home is priced too high it's just a waste. You don't have your home on the market just to meet new and interesting people. You want to get it SOLD!
Check realtor.com for homes currently on the market so you can see what your competition is. Sign up for email alerts (link to this found on our home page) to find out when new listings come on the market so you can keep an eye on pricing trends.
We also have an arrangement with an appraiser to do a Certified Appraisal on your home for only $250. This is a good savings, and will give you a sense of what a buyer would find when having your home appraised for their mortgage. Find out if you're on the mark or way off base.
Send us any questions you have, and let us know if we can help!

Friday, March 25, 2011

Do agents show our listings?

  I had some very good questions today from a woman who is planning to list her house with us. She wanted to double check on a couple of aspects of our program. She wondered whether agents would actually show her house once she listed with us.
  I assured her that the agents definitely show our listings just as often as they show other homes. They are guaranteed commission on our listings just as they would be a listing of Prudential, ReMax, or any other company. As far as agents are concerned our listings are not "For Sale By Owner", but are real MLS listings with commission attached to them.
  With technology being what it is they wouldn't dare not show our properties. Their buyers have already seen our listings on CutTheCommission.com, Realtor.com, CTReal.com, Zillow.com, Homes.com, Yahoo.com, Trulia.com and every other real estate website in existance. The agent knows that if they don't show the house the buyer will call the owner directly to see it.
  So what the heck... if the agent doesn't choose to show the house it saves you the 3% commission when the buyer comes to you directly :-) But the agents are smart enough to realize this, so Yes, Virginia, The agents will show your house. Besides, we've been around for 23 years now, so our listing program is nothing new to the agents. They're familiar with how we work and are glad to have some extra inventory to show and possibly make some money on.
  In the meantime you, the smart seller, save half the traditional commission or all of it if your home sells without a Buyer's Agent. Sweet......

Monday, March 21, 2011

New Listing in Waterford,CT

Are you or a friend looking for a great home in the Waterford, CT area? We have a new listing at 222 Butlertown Road that is definitely worth a look. Beautiful newer home with a sunny open floor plan. Set on lots of acreage for your own use or to possibly subdivide.  Check it out on our site, or MLS #G585521.This is a picture of the rear showing their beautiful deck with retractable awning. Yes, Spring is coming and you'll get a lot of use out of this south facing deck!