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Picture Shopping for a New Home

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Wed, 11 Jan 2012 17:47:41 -0800

I was excited that a new listing had come on the market. It was a home I had listed and sold a couple of years ago and actually had resold just months later when that buyer was quickly transferred again. So when it came up for sale I just knew it was a match for my client who has been looking on and off for the last year for that special home.

I quickly sent the listing information and Customer MLS information via email to my client and explained how wonderful of a home it is .. just what they have been seeking. The response ..

We didn’t care for the photos of the home and have decided to pass on looking at it as it just does not appear to meet what we are seeking.

I hadn’t even looked at the photos as I knew the home well – great finishes, heavy doors, granite in all bathrooms, barrel ceilings in the study & sunroom, etc. quality plus and beautiful lot. So I pulled the home up on MLS and was just disgusted. There were dark pictures and nonsense choice of views of rooms. The positive features were not shown. You are allowed up to 25 photos with description area under each if you wish in our MLS system. There were 12 photos of poor quality with no advantage of the description to point out additional items like over $5,000 of upgraded recessed lighting package, built-ins – huge veranda (with photo), etc. shameful!

First impressions start with the picture of the home that paints an interest and invites the viewer to want to see more. Actually look at what you have selected as representative pictures of the home – they tell the story. Make sure that you work around an obstacle like a tree to get a better view of the home. If unavoidable that the home is masked by heavy trees and a clear shot is not possible then don’t make that your primary page or lead photo, be creative to pick the most inviting picture that will captivate the buyer to look at more.

When you are presenting the pictures on MLS start with the best points first then end with the weaker facets of the home. If a view is a huge point then make it one of the first photos, don’t wait until the end. Think of viewing photos like reading a book. You have to capture the interest in the first few pages or the book gets closed and never revisited – it was boring!

Make sure the photographs have meaning. You are not taking pictures of a bedroom bed, you want to show off the lighting, the windows, the interest of the room. A wide angle lens is best to obtain the results in small room areas.

Edit your photos. Make sure the light balance is good, color tone is vibrant, etc. Take photos at night for an interesting night shot of the exterior or pool area all lite up. Stage your pictures. Make sure that clutter is removed, the refrigerator magnets and any distracting items taken away to give a clean and well-presented photograph.

Take advantage of additional area for description and don’t put the obvious. This is the kitchen, this is a living area. Discuss highlights, the kitchen has expansive beautiful quality handsome 42 inch cabinets …

One of the responsibilities of a listing agent is to market the home. Professional presentation of pictures is one of the key elements to the marketing program.

I’d rather be accused of making a home look a lot better than it actually is by how I staged the right views & points than be the reason a buyer does not want to go look at a listing.

2701 Sylvan Way, McKinney Texas - Eldorado - Forest Ridge Subdivision

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Thu, 05 Jan 2012 16:50:20 -0800

2701 Sylvan Way, McKinney, Texas

Eldorado Master Planned Community, Forest Ridge Subdivision

$575,000

3,913 sq ft - 5 Bedrooms, 4.5 Baths, 3 Car Garage, 3 LAs, Media Room

MLS #11677751

North Dallas Area, McKinney ISD, Minutes to Major Freeways!

One of the loveliest homes you will see. Incredible former Mayfair Custom Home model that defines elegant with tasteful updated touches. Located on over a 0.866 of an acre with gorgeous heavily wooded area, this stunning home has an ideal setting for outdoor entertaining. Outstanding lagoon diving pool/spa with extensive stone enhanced accents, gorgeous lush landscaping, and beautiful double waterfall feature. A heavily treed site with open area is perfect for games and enjoyment.

The home has a wonderful floor plan with lots of personality. The interior is very warm and inviting with tasteful designer paint tones and texture finishes. The main living area (den) has a focal fireplace and has a wall of windows capturing the picturesque backyard beauty. The master bedroom and secondary bedroom are located on the first level. The spacious master has a great sitting area by the windows that overlooks the outside pool area. The master bathroom has been updated and has a charming claw bathtub, elegant tile and handsome shower. The marble top vanities are split and the master closet is spacious with built-ins. The kitchen has a focal large island; extensive granite countertops provide lots of surface of work. Other kitchen features include built-in refrigerator, double ovens, custom fluted cabinets, butler’s pantry, walk-in pantry. The second level is delightful with generous sized rooms. One bedroom has a private balcony area. The second level living area can serve for multiple purposes. It is currently being utilized as a media room but can also serve as a gameroom, large bedroom suite as it has a private bathroom. The room is irregular in shape so the room dimension does not capture two alcove areas and a large space that has a built-in computer desk setup.

Additional features that will be appreciated include nice closet space storage, large utility room with sink, 3 car garage with protective floor finish and workbench, built-ins, elegant light fixtures, delightful updated half bathroom, wood floors, frieze carpet, full bathroom with exterior door for ease of use for backyard entertaining, large covered patio and front porch, stone enhancements on the exterior and much more that will WOW you.

Located in the Village of Eldorado with wonderful hike & bike trails, neighborhood parks and lakes, and sought after Valley Creek Elementary School. Exceptional location to major arterial routes, restaurants and retail centers.

33 Creekwood, Richardson, Texas - Prairie Creek Estates - New On Market!

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Tue, 03 Jan 2012 14:46:11 -0800

33 Creekwood Circle, Richardson, Texas - Prairie Creek Estates - Just Listed!

Modern Vintage Home - Great Design Style & Personality

MLS #11700319 - North Dallas Area

You will just love this home! One of a kind modern vintage era home filled with artistic touches and personality! This one owner home was designed by the seller, an architect and custom built to fit the presence mature tree on the site. The home has many quality finishes including a pier & beam foundation. You will appreciate the character of the design being kept with the special selection of light fixtures to the way the staircase has been crafted to add an element of design to the front interior entrance. Varied levels are present with small step areas down & up to continue the modern flair the home has to offer. The seller also incorporated special stain glass pieces to fit in a built-in dining room hutch cabinet door, in a plantation shutter and hanging at the entrance. Even a wood mobile was designed to hang in the main living room area to give it an inspired touch. Lots of wood floors and charming brick floors area present in the property. The bedroom areas are split with two nice sized bedrooms and full baths located in one wing and a master suite/bathroom are located privately on the second level. The master bathroom has penny tile vanity tops with dual areas split with a master shower/toilet area between. There are three closets that accommodate the master area. There is a large bonus area that can serve as a gameroom, office or even guest bedroom as there is a half bath nearby. This area can be partitioned off with folding doors to configure to meet your needs. The home has lots of cabinets and storage. The oversized one car rear entry garage has an inset area for a work bench. Views of the Prairie Creek Park greenbelt can be seen from the front yard of the home and this beautiful mature tree lined area is just steps from the property. Located in popular exceptional schools Prairie Creek Elementary & J J Pearce High School, make this area a standout. Quick possession is not a problem! This home has much to offer and leaves a great memorable impression.

New Lisitng in McKinney Texas! $575,000

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Wed, 16 Nov 2011 14:18:27 -0800

Are You An Average Realtor?

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Mon, 24 Oct 2011 18:09:36 -0700

Many Realtors when determining the value of a property utilize the Average Cost per Square Foot Method. Simple enough. You pull up the neighborhood on MLS, pull the sales for the last six months or so. Do the math to determine what the average price per foot for the sales comes to then you apply that number to the square footage of the home .. Bingo you have the answer. A third grade mathematics exercise that Realtors trust to be the best way to determine the price a home is worth.

What if I were to tell you that this particular home is located on a large lot, has lavish landscaping, hand-scrapped wood floors throughout the first level, has a pool with waterfall, arbor covered outdoor entertaining area with built-in kitchen and fireplace? Also what if all the sales in the neighborhood mostly did not have pools, located on smaller interior lots, did not have the extensive wood floors, etc.? The average price per foot would indicated a far less price than the actual worth of the property.

The homeowner is interviewing several Realtors. One has been in the profession for 30 years, holds several current designations, was recognized as the Outstanding Realtor of the Year last year by the local board, serves on several real estate commission committees and has a team of marketing specialists and client care specialist eager to make this a top notch experience for the client. The other Realtors interviewed have been in the business for 5 years or less and all do not hold designations and their resumes seem about the same. Do you think the seller will select an Average Realtor? Do you think that a buyer really when looking at properties sees them all as average? No, the standout property will merit additional monetary consideration. It is not average and to apply such a simple form of analysis is just defaulting to Easy as to learn how to properly adjust sales takes some additional time and education.

One way to catch quick and deserved attention is to be the Realtor who gets away from applying the Average and actually adjusting for points of difference and deriving at a thoughtful conclusion as to the worth of a property. It sets you above the average to the unique and demonstrates your expertise and additional arsenal of ammunition you will bring to the table for negotiations.

Being average is easy but being exceptional gets the best results. You and your clients will benefit. When I teach classes on how to value homes I put up on the overhead - No to the Average Price per Square Foot .. Don't Be Average.

How Do You Know You Need A Day Off?

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Sun, 23 Oct 2011 11:19:19 -0700

When you celebrate a canceled showing appointment on one of your listings, this is one clue that you just need a little R & R. I found myself doing the little happy dance as I opened an early morning email to find that my afternoon schedule has just opened up, time back to me.

How do you know you are addicted to your occupation? When you have that gift of recaptured time and your first thought is how can you productively plug it in with dollar generating activity? After considering a spontaneous open house on a vacant home to working on prospect touches a little bell sounded ... just take time to smell the roses.

Doing something for oneself is just as important as working your behind off. It is the downtime that we often deny and then instead of momentum generating it backfires into negative attitude, loss of enthusiasm and positive energy into your business.

So today I will focus on "me" this afternoon and working on attitude. My work days will not be an ever ending blend without a day off and tomorrow I will start fresh with looking forward to the week instead of ... just another day of many.

3413 June Drive, McKinney Texas - Just Listed!

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Mon, 19 Sep 2011 15:03:10 -0700

3413 June Drive, McKinney, Texas - $209,500

Crescent Ridge/Ridge Road Estates - West McKinney Area - Frisco ISD!

3 Bedroom/Study/2 Bath/DR/LR/2 Car Garage - 2,125 SF

MLS #11659251

One of those fun listings that is a pure pleasure to represent! So many outstanding gorgeous finishes for an exceptional value. This property is located conveniently near in west McKinney just a couple of minutes from Hwy 121 tollway, IH 75 (Central Expressway), and Hwy 380. This truly is an incredible home which has no pets or children that have lived at the property - pristine!

Incredible describes this highly customized Newmark built home. No expense spared with all the special quality extras and thoughtful planning of this stunning home. Meticulously kept and shows like a feature home for the model presentation touch. The outside expanded quality covered area with stone flower beds, stamped concrete decking, expensive cedar board on board fence, focal fountain and lush landscaping has over $35,000 in finishes making this an entertaining sanctuary for enjoyment. The back and side yards are no maintenance but nice gated off area on the side for pet use. The front elevation is attractive with the covered front brick floored large front porch. Immediate first impressions will be validated as you note the enhanced landscaped yard and beautiful glass front entry door with quality storm door to offer security and energy efficiency. The interior has neutral upgraded Berber carpet and neutral tile floors. The windows have custom drape treatments and blinds. The floorplan is open with lots of windows. The kitchen has granite countertops and upgraded appliances, breakfast bar, pantry, and custom stained 42” cabinets. The living area has plenty of wall space for a large entertainment center and focal custom stained cast stone fireplace. The master is a great retreat and is located split for privacy and at the back of the home. It is spacious and has two walk-in closets. The master bathroom features a huge garden tub, dual sinks, one piece marble separate shower for ease of cleaning and private toilet area. The secondary bedrooms are a nice size and one has a huge closet. The study could easily be utilized as a bedroom. The owners opted to not have a closet installed but there is an inset present that can be quickly made to have a closet. This room is very spacious. Many fun extras including landscape positioned by window area to give a nice view, beautiful dining room chandelier, large built-in lite bookcase in the hallway, recessed lighting well placed, and much more! The homeowner’s association pool and playground area is just a half of block away. Serviced by Frisco ISD, the property taxes enjoy the lower tax rate. Exceptional home and outstanding location. It will WOW you.

5012 Grampian Way, McKinney Texas - New Listing!

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Tue, 13 Sep 2011 16:16:08 -0700

WOW ... Huge Yard and Beautifully Updated Home - Just Listed

5012 Grampian Way, McKinney, Texas

MLS#11655548 - Dallas Area

Located in the popular Villages of Lake Forest subdivision on the central western side of McKinney, this home has location, location, location appeal. McKinney Boyd High School is just two blocks away, access to 3 major arterial routes is just minutes to reach from this home which makes it a work commuter's delight for ease of travel.

Besides the wonderful updates and features this home has to offer, the floor plan is one of the most sought after layouts. The home is a one story with a bonus room up. The bonus room can serve for many uses making it versatile to mold into your needs.

McKinney, Texas - 5th Best Place to Live in the United States (Money Magazine)

Do Appraisers Have You Running Scared?

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Sun, 21 Aug 2011 11:35:09 -0700

I heard it again yesterday from a potential seller - Appraisers are just suppressing our home values! The word has finally reached the more informed public, there are challenges in selling the home and now the blame is being aimed at the appraisers. The thought of appraisers can bring a chill up the spine and a big gulp, will I have a valuation issue?

Finally, the difficulty of the home value challenge has shifted some from the agent onto the hurdle of the appraisal. It use to be when I delivered the message about the value estimate of the home I would also have to enlighten the owners about what obstacles we face in our industry. If the home is unique or there was limited data then the problem would be data and the appraiser having a challenge with the report. The word has gotten out and the concerns of this part of the home selling process have taken main focus.

There are ways to combat appraisal problems and take control. Knowing what your challenge may be on the front end will help prepare you for offers and the appraiser.

Being prepared is the first line of defense. This is one of the strongest tools that a listing agent can offer to their client - knowing about your home, the amenities and comparables that will be available. Making a list of the amenities and on each comparable sale knowing what the points of difference are & how your home may offer more.

Why are we running scared when it comes to the appraisal? Fear of the selection of an appraiser with attitude, fear that your home value is strained and the appraiser will not value, fear that the appraiser will just look at living area and bathroom count only and not consider all the additional finishes, condition of the home.

To take a bite of the fear we have a responsibility to invest time in preparing the strongest defense of our listing's true worth. ASSUME NOTHING .. do not assume that the appraiser has noted the extensive floor finishes, updated appliances, lot size, view amenities, etc. You can prepare information in a non-confrontational manner by having a well prepared packet ready. Make sure what you have prepared does meet with good comparable selection not just all sales thrown together and handed over. Know what these sales will say when analyzed. Write out the points of difference ... this home did not have wood floors in all the lower level like my listing, it was on a smaller site size, it is older and not as updated, etc.

Know that the issue may not be the appraiser who we would love to pass on the blame. The report must be prepared to meet varied guidelines, meet the test of underwriting and review, utilize sales within 6 months, etc. With reporting restrictions, the Realtor has a responsibility to be aware before the listing is taken what situation they may face and plan for the obstacles they will face. They need to inform the owners so there are no surprises. They need to be cautious on the contract terms and buyer qualification. BE AWARE!

If you are a true professional then bring on the challenge - you will be ready. If you happen to get that just awful appraiser with attitude then your next defense - get the buyer to change to a lender that has a better pool of appraisers on their round robin lists. Be ready for Plan B.

Do

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Sat, 20 Aug 2011 09:51:55 -0700

Action speak louder than words. A foundation for our business - Don't just talk a good talk but actually emply what comes out of your mouth into motion.

We continually get bombarded with the list of Don't do or things to avoid. To be into positive thinking avoid the Don't Do to just Do.

Get up with purpose and a plan each business day.
Respect your time and put distractions away to when you can conveniently address.
Prospect - make that a top priority each day - have a plan of action of what touch/task.
Fit in time to keep updated on industry information by attending office meetings, reading the NAR website news, etc.
Keep in front of your past clients by continuing to call and send them information.
Return phone calls and emails.
Listen before reaction.
Be thoughtful to others in the way you talk.
Be professional - from how you dress to how you address others.
Be on time.
Reach for your goals and not let setbacks take you off track from this journey.

Be a Doer not a Talker. You will find that "I can do" attitude will take you towards the outcome of your day and achievement of your goals. Besides you will just like yourself much better!

Are Your Contracts Reflecting Your Professionalism?

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Fri, 12 Aug 2011 11:40:41 -0700

First impressions are important, not only in how a home looks but how you as a professional present yourself. It begins with prompt and informative communication with agents.

Then judgment day arrives when an offer is submitted. This judgment is not rendered on the offer price but to how well the contract is written up and the preparation questions launched to the listing agent prior to the offer being submitted.

Fact gathering information for the offer should include:

Is the property still available and do you have any offers/activity that my client will need to know about when they are considering points for this offer.

How is the seller's name to be addressed.

Any specific needs that will need to be considered such as time frame to close, exclusions to the property, seller disclosure documents - do you have all reports and if the disclosure is older have there been any changes that might need to be addressed on the disclosure?

On the past listing history - if the home had been under contract and placed back on the market, obtain an explanation of why it terminated. Were there any inspections done at that time and if so do you have copies of that report?

Is there anything that my clients will need to know or consider when making this offer.

The offer in itself becomes an instrument of where an opinion of your representation quality and level of experience is judged. If there are areas left unchecked, addendums not attached and failed to include obvious forms such as a homeowner's association acknowledgment addendum, math is inconsistent (i.e. varied loan amounts). If it becomes apparent that the buyer had made an offer on another home such as an inappropriate address reflected that is a turn off as well. The wording in special provisions - seller to respond by 12:00 August 13, 2011. Then there is no consequence - i.e. or buyer retains the right to void this offer. Home must appraise for sales price. That is very limiting - should be sales price or higher and a consequence or action stated next.

Presenting the contract in an orderly manner also adds a touch of professionalism image. Make sense order of the offer with a lender's letter or proof of funds if cash is important. A note about the buyers to bring a personal touch and help parties emotionally connect so the process will not be just paper and numbers.

It is critical that as a buyer's agent that you do your part to help the listing agent feel confident that you can carry the buyer's side of the transaction well and have the ability to work through challenges such as repair negotiations. By building a great reputation of the Realtor others love to work with will bring volumes to the acceptance of a contract and equate to the best terms for your client's favor.

It begins with first impressions which you have total control of on your part as a representative! Be the 10+ rated Realtor for your client.

If Your Mother Wouldn't Approve, Why Would A Buyer?

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Thu, 11 Aug 2011 20:27:55 -0700

We have all been there, showing a home and then then a pause and in full glory for all to view is the object that will now take the focus away from the home.

Such was the case when I was out with a client. A refrigerator magnet reading "I give the world's best _ _ _ _. I'll let your imagination fill in the four letter blanks. Well, needless to say the good natured clients I was out with and thankfully young buyers just stared - comments began. It was downhill from that point. With chuckles for the remainder of the day we came up with all sorts of quips - well the home with the ups and downs ... it just spiraled to even worse corn ball comments. It wasn't the home with possibilities, or warm fuzzy feeling it gave, etc. The distraction had been created the moment we entered the kitchen.

It is up to us as professionals to view our listings and take the owners by the hand to view each room and discuss ways to improve if needed. This not only applies to furniture rearranging, paint colors to neutralized, a pillow added to the sofa to pop a color but also look for items that may be of questionable taste. Even true art pieces like nude statues or paintings may make buyers feel uncomfortable. The popular pictures of maternity huge belly and then mom breast feeding a newborn may be special to the owners but certainly not to all buyers.

Screen for teenage rooms that have posters that would not be considered in good taste. Bumper stickers, magnets, and personal products sitting out need to be tucked away. Undergarments hung up to line dry need to be taken down, no one enjoys seeing thongs or bras in the bathrooms. Dirty clothes hampers hidden, trash cans emptied. Reading material and magazines that may raise an eyebrow need to be put away.

If you would be embarrassed if your mother saw something then that is the test to hide it away.

It is up to the listing agent to politely but firmly make the sellers aware that these things are distractions and in your most professional wording get them on board to stage for success.

Keeping It Within the Box

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Wed, 03 Aug 2011 18:17:32 -0700

Thanks to HVCC requirements we now have this box that the appraisal report must neatly fit. No out of the box thinking allowed, it MUST conform all into a tidy package, no rough edges sticking out, no room for a little fluff on top. Just a plain vanilla box sealed to perfection.

Enter Real World properties. Homes are unique and not all are clones of each other, many points of difference and heaven forbid if they are located in an area where a move is rare .. no recent sales activity.

As REALTORS, we need to be able to quickly ascertain if a listing opportunity conforms to "the box" or if out of the box challenge will arise. As a professional you need to be able to relay to your clients the hurdles of the future if there are some that will need to be jumped.

A few in the box rules to be familiar are:

Recent sales within the last six months.
Location of sales - are they nearby or is a great distance required?
Size of the home - are sales relatively similar in size or would large square footage variances be present for comparable properties?
Line item adjustment - does your home have an improvement that other sales do not have that would make an across the board adjustment necessary for the amenity - i.e. pool? Underwriters hate this type of adjustment across the board!
Bracketing - are there sales that are larger in size, smaller in size, sale above and below the sales price?

If you have a challenged property be sure that you try to make up for this obstacle with a strong buyer candidate. One that has a good down payment, great credit.

You may be able to do some great out of the box marketing and even nail the right value potential for the home but the package will close if a buyer's appraisal does not meet the rigid rules.

We would like to blame the appraiser (and there are some that do deserve the blame) but the reality is that limited data will procure a challenged report. A challenged report, even when the value appraises, most likely will face an underwriter rejecting it, calling for a review, etc.

Be prepared on the front end. Keep current with all market activity and when that offer comes in be realistic with your clients. This is called representation.

What Do You Do When There Are No Comparable Sales?

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Tue, 19 Jul 2011 20:34:59 -0700

So what do you do when you have a unique property or a home that is located in an area where there has been no sales, or very limited ones that have taken place?

Playing ostrich with your head buried in the sand and pretending you don't see the problem or better yet it will simply disappear will not get the task before you accomplished.

It begins with the end in mind as the saying goes ... when you first visit the home and then work on an analysis red flags will wave. At that moment, as the one who will representing the sellers as the listing agent, you know there will be a challenge if not a "deal killer" that you will face. Better peel off the band-aid now and tackle the problem.

Immediate things to watch when an offer is presented - the type of loan, the lender, the quality of the buyer, how much down payment. If you have a difficult property and you know comparable sales are limited or non-existent then the strength of the buyer will certainly help overcome some underwriting obstacles. The more down payment the more forgiveness that might be extended on the appraisal report. The quality of the lender and the type of appraiser pool they draw upon is also important. Appraisers can make or break the report just on the merits of how well they provided explanation and tried to present reasonable data.

Lack of Sales due to Unique Aspects of the Home

Identify what is unique about the property and then do a wide search for a similar variable. If it is size, finish quality, updates, etc. you may need to locate sales in competitive areas to utilize. An appraiser cannot overlook sales in an immediate neighborhood if they are present but if there are none then they have no choice, distance becomes necessary. Again, if the buyer's lender has a distance of sales rule then this may present an issue especially with a weaker buyer.
Utilize sales in the neighborhood and make adjustments for the unique factor if ones are available but just are not as similar as the property.
If size is an issue and the home has had additions, then you might break out the addition and give it a contributory value which will bring the main living area in range with other home sales that have taken place. This is generally done when the addition is not the same finish or has a functionality issue when compared to the main dwelling.

Lack of Sale due to No Sales

Go back in time frame for sold sale search even past a year if necessary. Depending on your local market you may need to time adjust for depreciation of value due to economy. If there are some sales that are comparable they can be used as support information.
List out the competitive neighborhoods/areas where you would take a buyer to look for similar homes. These are the next areas to research to pull comparable sales. The closer the better. Be sure to watch location, schools, etc. that help define similarity of housing desirability to the buyers.

Be prepared on the front end with your market analysis to provide information to how you derived at your list price, where you went for research, etc. I like to prepare a packet for the appraiser, if they wish to look at it great and if not then at least you know you did the very best to provide dependable information. Be sure to include a list of updates, etc. that may help elevate the opinion of the value of the home. Also if there are sales in the area that sold low for a good reason, then be sure to pull up the data and have an explanation as to the "Why" on the MLS sheet - was a total redo, smelled like a cigarette, etc.

Most of all prepare you sellers that there may be and most likely will be a problem due to lack of similar sales. Expectations on the front end may assist in paving the road to bumpy journey of getting it under contract ... and then realizing that is only one step in the process of hurdles yet to leap.

700 Bluffwood Avenue, McKinney, Texas - $360,000

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Mon, 18 Jul 2011 18:26:06 -0700

700 Bluffwood Avenue, McKinney, TX

Woodhaven, Stonebridge Ranch

$360,000

MLS #11622566

Absolutely incredible finishes from beam ceilings to beautiful fluted trimwork, this Stonebridge Ranch gorgeous home is a standout. Located on a lushly styled landscaped corner lot, this home offers a beautiful outdoor covered patio, pretty kitchen with all the "I Wants" and a smart floor plan to meet privacy and flow requirements. Serviced by the highly rated McKinney ISD and located sought after McKinney Boyd High School District, this home is warm and inviting. Elegant and Delightful!

10300 Belfort Drive, Frisco, TX - Hillcrest Estates - New Listing

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Mon, 18 Jul 2011 17:45:44 -0700

10300 Belfort Drive, Frisco, Texas

Hillcrest Estates

$188,500

MLS #11628143

Exceptional location in Frisco, the fastest growing city in the United States. Minutes from several retail centers, lots of restaurant choices, freeways and highly rated Frisco ISD schools. This is a wonderful floor plan with soft warm tone walls, updated light fixtures, popular open flow from the kitchen - breakfast - living area. Huge master retreat that is split for privacy. Delightful and just waiting for that special new owner!

One Way to Beat the Texas Heat!

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Thu, 16 Jun 2011 09:51:07 -0700

There is one way to beat the heat ... no I'm not doing a post to rub in the fact that our Dallas Mavericks took the NBA Title.

Each morning my husband Jim takes our Black Lab, Bear (a female .. my husband named her and I thought it sounded like a boy name but I digress) for a job. We live in a beautiful community in McKinney, Texas know as Eldorado, which is a master planned community known for its trees, golf courses and pretty terrain.

Now I know you members that live in parts of the country that these would look like shrub trees must understand, this is a rare sight for thie geographic area so it is a wll sought after premium ... trees!

Bear enjoys her after run treat of a good hose soaking and bites of water as she enjoys the cool down!

This time of year in Texas we have been reaching 100 degrees and promises of even higher temperature to come. It is during these times that we reflect on those special moments in the winter and wish we could average the temperatures to get a cool crisp enjoyable day. During her runs I imagine Bear is fantasizing on the past ...

Of course we all know how the Dallas area beats the Heat!

OK, so I'm proud of our TEAM!

Do You Have Your Listings Walmart Priced?

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Mon, 18 Apr 2011 08:48:39 -0700

Attention Walmart shoppers, today in aisle 4, the home product section, we have our featured home on special today. Like all of our homes, we have all our homes with a discount priced special value and we do price match for satisfaction.

There are many strategies regarding how to price position your home. Many who with passion defend their method of the best visual price to give your home a standout edge.

One method is to price your home with odd numbers like - $429,957. The theory is that as the properties in a price range are pulled up on a MLS search or website search like Realtor.com the odd numbers would make it stand out and not be grouped with others. The thought is it would be isolated in the grouping and gain more immediate attention by the buyer/agent.

Another method is to price slightly above an even number as to give the seller a little more negotiating edge when an offer arrives so they can either appear to take off more on a counter offer or receive more at the end. Example: $326,500 - Goal was to hopefully obtain $320,000 - offer comes in at $315,000. Seller counters $322,000 and buyer accepts. Sometimes in a negotiation the parties decide to half their difference which with this type of pricing could give an edge.

Then my favorite is solid base foundation price positioning. By pricing in an increment that is used as a common search criteria amount, you may capture not one but two buyer levels. Example: $350,000 even. This would then be a home price point for $300,000 to $350,0000 and also $350,000 to $400,000. If you were to price at $349,950 then the opportunity to be in the next level group has been lost. Also, after you discuss this method to your clients, it might encourage them to price position at a better advantage. Instead of pricing at $410,000 they just might be encouraged and see the value in your suggestion of $400,000.

Walmart pricing - using a visual amount that makes it appear that you are not asking as much- $399,999. The thought is that it plays to the mindset that the home is priced in the $300,000 price range rather than $400,000. There are firm believers that this is the best listing strategy. I again challenge missed opportunity with not being in a price that search criteria hits so for $1.00 you miss another group of buyers. Agents argue that when they search they always go below the range some to capture this price level. Example - search set for $395,000 to $425,000. However, other websites do not give this option as they are pre-set for the criteria levels. If you use this method you just might lose out.

Advantageous price position of a home is a very key element that should be considered when taking a listing and deciding what to ask. It just may give you the edge you need to obtain a quicker sell!

Finally a Day Off ... Sorta

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Sat, 16 Apr 2011 20:52:59 -0700

A few posts back I had made a promise that I was going to just put my foot down and enjoy some time for family and relaxation. Keeping true to my promise, I said NO to 3 different clients who wanted my day for varied real estate related business. All understood and even said enjoy your time with family. My daughter and son-in-law came in from out of town which is rare. On borrowed time between the other set of parents in the area and friends, I knew I better spend the moments I could with them or just do the kick me later feeling if I chose work.

So today we went to the Dallas Arboretum and had a lovely picnic with other family members joining and even the in-law's parents. I of course took advantage with camera in hand to snap a few photos. Enjoy my fun moments!

Fun, Fun Day and I will be sharing more of my photos on posts to come! I will have to admit that I spent my morning on taking care of some business but I didn't miss out on this absolutely perfect afternoon with mid 70s weather, light winds and sunshine!

1300 Silverlake, Stonebridge Ranch, McKinney, Texas - Under Contract 10 Days!

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Fri, 15 Apr 2011 12:23:29 -0700

1300 Silverlake, Stonebridge Ranch, McKinney, Texas - Newport Village - List Price $625,000

MLS #11569914 - 4 Bedrooms, Study, 3 Car Garage, 3 Living Areas, Gorgeous Pool & Spa

Located on .523 Acre Lot with Gorgeous Small Lake & Fountain View

Stonebridge Ranch exquisite custom Billings built home that reflects outstanding quality and style. This beautiful home has a gorgeous setting located on a magnificent corner lot with front views of a pond/fountain setting and privacy of a green park area to the rear. Lushly landscaped from front to back including a decorative courtyard setting that brings an English style garden flavor to the view. With slightly over a half acre lot size, there is generous room for plenty of green yard area, fabulous diving pool & spa, spacious decking for entertaining and grand covered patio to compliment the resort feeling.

From the picturesque exterior to the handsome interior, you will feel the luxury of fine finishes complimented by a well-designed floor plan. With specialized ceiling finishes, dramatic styled windows, extensive slate and hand scrapped wood floors, decorative lighting, designer wall/paint finishes, plantation shutters and glamorous entry presence, the artistic thought given to every nook and corner is evident. The kitchen will please the most discriminating chef with top of the line stainless appliances & built-in refrigerator. The granite tone of the extensive countertops is rich and appealing and custom cabinets add that special touch. Added enjoyment is present with the wonderful storage space, solid core doors, elegant front doors, built-ins, dual staircase, and over-sized utility room.

The master retreat is tucked away for privacy and is on the first level. The three bedrooms are on the second level of which one is currently being used as a comfortable media room. The study is near the front entrance for convenience. Enjoy the additional parking of the circular driveway for guests. This home is ideal for entertainment with show stopper elegance.

Stonebridge Ranch is a nationally acclaimed master planned community which features extensive hike & bike trails, heavily landscaped mediums, parks, tennis courts, aquatic pool, beach pool, clubhouse, small lakes with paddle boats. Private membership to the Pete Dye and Stonebridge Ranch country club & golf course are available and Westridge public golf course is minutes away. This home is serviced by exceptional McKinney ISD popular schools! A memorable and outstanding home!

Do You Walk It?

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Mon, 11 Apr 2011 21:28:00 -0700

Sellers scurry to pack and take care of negotiated repairs. Buyers are busy packing and finishing up last minute mortgage details. The end of a transaction nears.

As a buyer's representative, it becomes hectic also towards the last days of a transaction. Many critical time frame dates to make sure has been completed to meet contract terms. Balls from all sides are being juggled.

The sellers have completed required and agreed repairs. Receipts have been given to the buyer's agent as proof of completion. Is the next step and one of the most critical steps missed as we head for closing? The buyer's walk through and acceptance of property.

When the buyer says ... I feel just fine about the repairs and don't have time to make a walk through before close then red flags should be waived. I have often had no walk throughs prior to close and this just puzzles me. Even if the sellers are still in the midst of packing and moving this should be done. Ideally the walk through takes place after the home is vacated, clean and ready to be conveyed. But sometimes that just cannot be achieved.

The WHY of a Buyer's Walk Through:

Gives the buyer a chance to personally see that the repairs were done properly.
Another inspection may need to be done to validate proper completion of repair by the home inspector.
When repair is done things can happen such as further damage .. the unfortunate domino affect that sometimes takes place, Murphy's law at its finest.
A vacant home can also reveal stains on carpet. I often see where furniture has stained the carpet as it has bleed the stain in over time. Validation of the home is left in the agreed manner.
Gives time to troubleshoot and negotiate a resolution instead of a 9-1-1 drill.
The buyer can refuse to close or negotiate funds being withheld if there is damage or repairs not properly addressed or competed.

The Big WHY for Agents - Liability. You want to make sure all has been done right, no matter what side of the transaction you are on. Never say the home warranty company will take care of that problem or be prepared to pay for it yourself when you find out they won't cover it. Caution - agents, don't do the walk for them even if they are out of town. Have them designate someone on their behalf (not you) to do this. I don't have to even explain the lawsuit potential that kind gesture will have down the road.

Be sure to obtain a Buyer's Acceptance of Property Condition signed off form from the buyer and listing agents ask for it or provide one to be signed at close if not before.

A prudent professional will not only protect their clients but themselves when they make it a practice of taking their buyers through to approve the repairs and condition.

Jumping Over the Home Repair Hurdle

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Fri, 18 Mar 2011 08:42:19 -0700

We are about to approach one of the most painful parts of the purchase transaction ... the home inspection and Amendment to the Contract for repairs.

This hurdle is not only one of emotion for the sellers and buyers but is also one of the lawyers' personal favorites for legal battles.

It begins with the property inspection. Items cited as deficient. The amendment to do certain repairs is presented to the seller. Then the fireworks begin! The seller has just never seen a more outrageous report, how picky can an inspector be, just ridiculous! We have heard this outcry many times over.

Overcoming this the seller's emotion is the first step a listing agent must address before any reasonable discussion for the amendment can be considered. Statements such as - the inspector has a responsibility to point out all items, even those that were in code at the time the home was built but are no longer found acceptable. Yes, new code requirements are to be cited, the consumer should know about new discoveries for safety, etc. We want the inspector to find all the flaws so that these findings really protect you down the road. To know now is better than find out later and then possibly receiving unhappy buyer calls or worse an unpleasant lawsuit!

Now the fun begins - what will the seller elect to correct or negotiate and what items will they decline? This phase of the negotiations can be sensitive but once all is agreed the next decision on how to handle these repairs is critical.

Do you obtain bids and offer money compensation for repairs or does the seller take ownership of having all repairs made?

How this hurdle is approached and jumped is key. Opinions as to what is best vary.

Buyer to do the repairs with money compensated:

Time consuming, may delay their move in.
What if the repair reveals more issues that need repair and cost are driven up?
Who obtained the repair costs .. were the best professionals used to obtain bids or Joe the I just got into the business of handyman?
Control of quality of work and can hold the vendor responsible.

Sellers responsible for the repairs:

Buyers may not like how the work was completed, may think is sloppy.
Not enough time to complete the work and now the negotiation of how to handle this situation.
Inconvenience of trying to pack, may be already moved and now must oversee repairs (well we all know the listing agent will step up for this).
Liability of work done properly and it malfunctions soon after close.

There are split opinions on how the repairs are to be made and arguments pro and con on how to handle. This decision is up to the seller & buyer to negotiate and come to an agreement. If the seller does the repairs then the buyer should be furnished receipts for the work, have required professionals and licensed service companies handle. A walk through inspection by the buyer prior to close should be made to validate the repairs acceptability and even another trip of the home inspector to verify all is proper.

What is the best way to tackle this hurdle of who does the repairs?

World's Best in Sales - We Can Learn A Few Lessons

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Thu, 17 Mar 2011 07:52:52 -0700

Break out the milk because is it the cookie invasion time. The time of year that I cave to my weakness and buy, buy from those Girl Scouts. Those gosh darn and I blame my spring 5 pound gain to Girl Scouts!

We are bombarded at the front of the grocery store & movie rental entrances. Tables of neatly stacked cookie boxes, catchy signs, sweet young ladies dressed in uniform and even some dressed as cookies politely solicit your business as you come within hearing distance. Heck you are reaching in your wallet as you approach for those affordable cookies that are well priced and for such a good cause.

They are tops in sales and we just can't refuse. We can learn much from those natural sales young ladies.

Don't be afraid to ask for the business.
Dress well and appropriate.
Bring your enthusiasm & smile.
Promotional material should be well displayed.
Directional signs to lead you to the location.
Be creative. Although I don't recommend dressing in costume you should think outside the box (pun intended).
Strike while the customer is hot. One young lady said after I told her I would buy on my way out ... the store said it was just fine to go in with the cookies, they won't charge you again!
Be consistent. The booths are up every weekend during the month in those locations. I know when I can replenish my supply. They always arrive in March!
Seek referrals & Offer more service - oh, do you need any for other family members, neighbors? Be sure to tell everyone we are here!
Offer a product that is sought after, appreciated. Go after the business that you know will gain results!

In the Girl Scout creed are words to center your business - "To Help People at All Times". Lessons from the Girl Scouts can help make us tops in our business.

The Lender Letter - Helpful or Harmful?

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Wed, 16 Mar 2011 09:34:23 -0700

The letter that a buyer's agent provides with an offer to demonstrate to the seller that they are well qualified for the property. The handhold that the seller relies upon to give insight as to the buyer's qualification and first impression concerning the offer and financial strength they bring to the table.

I love to receive these lender letters and comb through them for varied elements of information. Dear Mr. & Mrs. Buyer, Congratulations, you are pre-approved for a loan amount of $200,000 with XXX terms. Yea, they can afford above a $200,000 sales price. Yet my listing is priced for $175,000 and the offer is for $160,000. Another yea .. Mr. & Mrs. Seller, according to the lender letter, we have a very well qualified buyer for your home. I know they offered fairly low but they can certainly afford much more. The buyer's agent said that they aabsolutely love your home and their daughter and grandchildren live only two blocks over, I just feel we can negotiate very favorable for your price, after all they can purchase for higher!

Did the lender letter compromise the position of the buyer? I contend it did. By stating the buyer's full qualification it was like playing poker and having all your cards faced towards the other players. It gave away the hand being held and now all know. (The Realtor also provided a little too much information as well about the family nearby but that is another post and discussion).

There are varied arguments concerning the lender letter and the terms it reflects:

By providing the great qualification of the buyer it provides strength behind the ability to purchase.
The seller may look at the higher ability to qualify for more of a home as a great candidate and negotiate more favorably for less for a strong buyer rather than wait for a possible weaker one to show up who will pay more.
The seller may feel the buyer can pay much more and be more aggressive in their bottom line.
The buyer will only negotiate to where they feel comfortable so it doesn't matter how much they can qualify for it will only be what they are willing to pay.

The lender letter and components that it should provide:

On official stationary for the company with full contact information/location.
Specifically tailored for the offer is wonderful - addresses the property, type loan, loan amount & terms mirrored in the offer. Exceptions certainly are needed if you are making an offer over the weekend and the lender is not available to write a specific letter.
Defines what pre-approval means - credit report was run, employment verifications obtained, etc. reviewed and meets requirements with the disclaimers that the home must appraise, etc.
Invites the parties to call should they need information (not confidential but check on things like .. do they use appraisal management companies, are they a banker or a broker, etc.).

The lender letter is the very first impression that a seller has regarding the offer. It is critical that Realtors ally themselves with a lender they can trust, has an excellent reputation, a consultant that has experience and communicates. By providing a letter from a lender and loan officer with a great reputation has just allowed your buyers to jump over one of the negotiation hurdles. It is the buyer's agent responsibility that the letter reflects the type of information that is to the best advantage of your client and a conversation before the home search takes place with the client and their lender to see how they wish to be handled.

Does the History of a Home Affect the Value?

Connie Goodrich,CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) — Tue, 15 Mar 2011 22:04:31 -0700

When researching the potential value of a home, one important piece of information is the history. This critical component to the analysis is often overlooked as we scramble to locate ideal comparable sold properties.

Just as important as sales surrounding the home is the archive search for a glimpse into the past to what has currently taken place.

When providing an analysis for a buyer this should be a key element to provide to your client prior to an offer. When you are invited for a potential listing opportunity, the history gives us great insight. This especially holds true if the home has expired and you are seeking to be the next representative.

Past history - if the home has sold through MLS then the information regarding the condition and terms will be available. In a disclosure state, the past sales history is public information, here in Texas, a non-disclosure state, this makes this task a lot more challenging. The past sales history will tell us what was paid, you can see if the home has had updates, upgrades, new amenities, & additions since that last time period that may have a positive impact. Has the home been under contract and then back on market? Has that happened several times, then maybe there is an issue with the home.

Days on Market - key to understanding the possible position the seller may be in at this time. If just listed, the seller may not be as negotiable, if the price was just lowered the seller may not be as flexible, for lengthy days on market it tells us one piece of information - we know what the home is not worth. If there has not been a price adjustment and it has been exposed consistently for a lengthy time, then it most likely is overpriced.

Research the Past History and it will unlock key information for a well prepared value analysis.