pillHave you ever noticed how people out there want a quick fix for everything? Think about how many informercials and products out there guarantee quick and easy weight loss. Consider those who took Fen-Phen or have tried the new Alli fat-blocking product. Trading a heart attack or serious gastro-intestinal problems for a healthy weight, isn't a good tradeoff.  Talk to an educated professional dietician and you will begin to understand there is no magic involved to long term weight loss. Good old fashioned hard work is the secret to success.

Similarly, there is no pill to kill the ills of the real estate market woes. Sell quick schemes and guaranteed sales programs are no replacement for preparation. Consult with a professional Realtor and there will be no gimmicks to replace the good old fashioned hard work that will get your home sold. Partnering with a highly qualified professional to price and prepare your home for sale is essential in this changed market.

houseIf a real estate offer seems too good to be true, you need to look it over carefully and examine that fine print. A claim of "sold in 120 days or I will buy it" doesn't look so great when you will be selling it to the agent for 80% of the appraised value of the home and the selection of the appraiser is at the sole discretion of the real estate firm. A company that offers to buy your home directly and will close in days for cash has a certain appeal to those desperate to sell. Again, peruse that fine print very carefully as the fees may be surprising and not such a great deal to the average seller.

The best option is to skip the magic pill mentality and roll up your sleeves! If you really want to sell your home in this market, here is a simple 3 step approach to kick the real estate blues:

Step 1: Partner Up! It is imperative to team up with a professional agent to get your home ready and priced right. Find someone who lists and sells homes in your community. Don't choose your best friend from college who just got their license or the wife of your coworker who lives on the other side of the Mississippi. Pricing is critical and understanding the marketplace can vary from neighborhood to neighborhood. Sure, your brother-in-law's mom who lives and works mostly in Wisconsin may have a Minnesota real estate license, but does she really know anything about Forest Lake?

The selling process still will take time. In the Twin Cities north metro and Anoka County, homes are taking an average of 120 days to sell. Unprepared homes and improperly priced properties can sit for well over a year on the market.

Step 2: Fix everything! Yes, EVERYTHING! The 20 year old roof. The dripping faucets. The missing doors. The dingy carpeting. The outdated wallpaper. Everything needs to be repaired and replaced.

When a buyer has 20-50 homes that they can purchase, if you want them to consider yours, you need to remove every potential deterrent to writing an offer.

Curb Appeal is a Must! Your home must look AWESOME from the street!

Step 3: Pricing is Critical! The most important decision you will make in the process of selling your home will be determining the original list price. If you are too high, you will lose potential clients and increase your time on the market. Pricing a home correctly from the get-go is essential. If your real estate agent shows you sales comparisons from 3 months ago but you insist on using last year's refinance appraisal, you are not working on the same team.

Most real estate markets have changed since the beginning of 2007. Changes include the amount of foreclosures in the community, new developments that are offering crazy incentives and fewer approved sub-prime buyers, have affected the marketplace drastically. Find a professional Realtor that knows your community and listen to their pricing opinion. It might be a bitter pill to swallow but to sell your home; you need to hear the truth.

More Articles to Get YOUR Home SOLD:

If you are relocating to Minnesota, are looking for Homes for Sale in the north and east Twin Cities metro area and need help from a professional Realtor, give me a call or visit my website for a FREE Relocation Packet.  Acreage homes are my specialty! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2007 Teri Eckholm  http://www.terieckholm.com/

 

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet, Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Buying a Home? Check out my new HOME BUYER'S BLOG!

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

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This post has been included in Minnesota Information

60 Comments on Doctor, Doctor! Give Me the News, I’ve got a Bad Case of Real Estate Blues!

AUG
18
2007
1 Featured Post
GREAT INFO!!!  Thanks for sharing...I am going to copy this one for my war chest! Thanks!!
4:49pm • #1
172,600 Points 1 Featured Post
Good post Teri and I concur with the steps you outlined.  I especially like your "Partner Up" phrase which I haven't seen used before.  Like you, I caution of the perils of listing with friends, family, and neighbors.
4:52pm • #2
371,530 Points 63 Featured Posts Localism Sponsor Outside Blog

I suppose what is equally interesting is the state of condition of our homes today. Deferred maintenance ,etc. Back many decades ago this was common place in rural areas but no so much in the cities. The homes built over the last 30 to 40 years were so cheaply constructed that they were not built to last a half century and many not even 20 years.

I sure understand what a seller who has just lived the life out a home must suppose when  it is time to sell and bring the home into compliance. Maybe we should teach home ownership in schools. At least we could impress upon them the idea that buying is expensive but so is maintaining, but even more so if not done with regularity.

 

4:59pm • #3
243,118 Points 3 Featured Posts Outside Blog

Teri,

This is the type of market where the magicians come to life and make all sorts of too-good-to-be-true statements. Avoid them at all costs. Right you are about getting down to basics. Price the property to align with today's market values, that's the key. But how many sellers still think about those boom years of yore and refuse to budge. Great post.

5:03pm • #4
565,203 Points 95 Featured Posts Localism Sponsor Outside Blog Hit Router
In our market the home that look the best and are priced the best, sell the best. I like you approach on Partnering UP, that is so critical. Some sellers list with neighborhood realtors etc and just don't get the job done. I have been 2nd Realtor in on 2 such ones.
5:03pm • #5
297,689 Points 12 Featured Posts Localism Sponsor Outside Blog

My dear Teri,

You are wise beyond your years. Good stuff on this one!

5:10pm • #6
603,561 Points 244 Featured Posts Localism Sponsor Outside Blog
Excellent advice Teri. Sellers will not get lucky in this market. Everything must be done right to have success. And even then it won't be easy.
5:42pm • #9
187,851 Points 8 Featured Posts Localism Sponsor Outside Blog
You are right on Teri.  This is the strategy for success & all 3 of the steps you outline are critical.
6:43pm • #10
2 Featured Posts
Another good one from you Teri. It is a tough market out there and everyone needs to put their best foot forward.
6:46pm • #11
1 Featured Post

HELLO TERI!

GREAT INFO, I AM GOING TO SAVE THIS ONE. HOPEFULLY, THIS MARKET WILL WEED OUT THOSE WHO ENTERED THE MARKET WHEN IT WAS HOT. WHEN ALL YOU HAD TO DO WAS ANSWER THE PHONE TO GET A LISTING OR A BUYER.  NOW, WITH THE MARKET THE WAY IT IS... IT'S HE (SHE) WHO WORKS HARD AND CONTINUES TO PUSH WILL SUCCEED!  GREAT STUFF, GOOD JOB!

7:03pm • #12
103,845 Points 2 Featured Posts Outside Blog
Hi Teri! You are so right! I have seen these gimmicks and wonder how the sellers are taken by them. I have a seller who stopped by some new homes, The builder told them they should build the house and if they don't sell in time the builder will buy the house for 95% of appraised value, which is about $15,000 less than market value. How is that a deal??
7:41pm • #13
Localism Sponsor Outside Blog
Today's buyers have choices, or they simply don't choose... well said!
8:45pm • #14
169,050 Points 2 Featured Posts Outside Blog
Teri:  Well written post and very informative.  I am putting this in with my other notes that I like to refer to from time to time.
8:56pm • #15
5 Featured Posts
This needs to be featured Teri!  Lots of people need to hear this and your Twin Cities Sellers should really appreciate having you and your advise. 
8:57pm • #16
186,786 Points 12 Featured Posts Localism Sponsor Outside Blog
Excellent post Teri!  Excellent information for Minnesota buyers.
11:13pm • #17
1 Featured Post

Teri,

This is all great advice!  All three points you make are critical to getting a home sold for the best price in as short  a time period as possible.  Good advice for Ham Lake, MN and everywhere else too.

11:14pm • #18
AUG
19
2007
258,641 Points 26 Featured Posts Outside Blog
Oh Teri - this is perfect - great job.... a 5 all the way
1:39am • #19
Nice Job Teri- keep up the good work!!! I look forward to hearing more from you!
7:55am • #20
408,296 Points 74 Featured Posts Outside Blog
Most sellers want to look for short cuts and I can understand that..but if the realistic goal is unattainable..then why not try to get the most out of it instead of just standing around and hoping for a wish to come true.
7:59am • #21
1 Featured Post Hit Router

Good post Teri  I think I will get a bottle of those Quick fix pills for my next office meeting..I'll feed them to all my agents as they all read the copy of your blog!

8:00am • #22
Many sellers just don't "see" the flaws and inadequacies that their property has. Mentioning some of these flaws could get us in a unwanted dispute with the seller. Other than that the suggestions you present are right on target! There is NO magic Bullet, to getting a property sold- it takes conscientious effort on the part of both the agent and the property owner.
8:05am • #23
224,760 Points 2 Featured Posts Localism Sponsor Outside Blog

Teri,

You're absolutely right about the "no quick fix."  It's all about price, price, price!  And I'm getting so good about conveying this to my sellers.  Right now, I think (notice that I said "think") that all of my listings are very aggresively prices.  Now, let's hope they sell soon.

8:06am • #24
166,888 Points 3 Featured Posts Outside Blog

 This deserves 2-stars Teri!!  Great job!!  All valid points...there is honestly NO MAGIC PILL!!  We're all appreciative of YOU putting it on the table to see how it REALLY IS!!  KUDOS to YOU!!!

This TRULY deserves the FEATURE!  Congrats!!!

8:07am • #25
4 Featured Posts Outside Blog
Teri:

Well deserving of a featured post!  There isn't any "quick fix" and so many times sellers think that I just have a magic wand to sell their homes at any price.  I don't.  THANK YOU!
8:16am • #26
4 Featured Posts

Hard work is truly the way to success...if it was easy everyone would do it!

Kudos and congrats on your star!

8:30am • #27

Fix everything is the hardest thing to get a client to understand.  They want to offer a $3000 carpet allowance or something similiar. The seller needs to understand that the competition is just too great and having an issue that takes away from a good first showing is going to turn off the majority of buyers.

 

8:55am • #28
120,476 Points 7 Featured Posts Outside Blog
What a wonderful and honest post about the real estate market!  It's so true, we would all like a quick fix and easy answer to what is going on with mortgages, home prices, taxes, etc.  I applaud you in your straight forward approach!
9:16am • #29
320,611 Points 40 Featured Posts Outside Blog

Nicole--Glad you enjoyed and will be able to make use of the post. :)

Richard--I think we need to partner with our clients which is so much more than a get the listing attitude. Both parties need to be on board with the strategy.

William--I too have seen many homes that are truly "lived-in". Nothing wrong with that but prior to selling, the homeowner must realize that if repairs are not made, condition will drastically affect the bottom line. In a market that is buyer driven, a lived-in home might not sell at all.

9:53am • #30
320,611 Points 40 Featured Posts Outside Blog

Esko--There is always a certain percentage of practioners that like to tell people what they want to hear instead of telling them like it is. I tell it like it is...Fair, Honest and Upfront. The only way to work in any market.

Missy--I think to truly sell a home we as agents have to go in with the idea we are going partner with the seller to get the home sold. I won't take the listing unless the seller is on board to prepare the home for sale. I have been the 2nd lister on a couple lately where the seller was not told what was necessary to be done after months on the market. Frustrating for sellers and the agent who is spending money on the listing too.

Lynda--Why thank you very much!:)

10:00am • #31

Great post Teri; yes, we always have to back to the basic.

Charles Parrish

10:03am • #32
320,611 Points 40 Featured Posts Outside Blog

Lorna--Thanks!!

Sally--That's it in a nutshell! :)

Bryant--It is important that sellers know what they must do. We agents can not do it all. We can only do so much....then price cutting takes over. To get a home sold quickly and effectively in any market, we should work with our clients to tell them what to do before listing the home. AND make certain it is complete or list the home at a lower price from the start...OR don't take the listing at all.

10:05am • #33
320,611 Points 40 Featured Posts Outside Blog

Steve--Thanks!! All 3 steps are important in any market.

Donna--Best foot forward includes sellers if they want to sell. Thanks!!

Susan--Working hard is important...Educating the client is critical. When the market was hot, few agents bothered to educate the client. Now it is essential.

10:09am • #34
320,611 Points 40 Featured Posts Outside Blog

Paula--I bet the builder not the seller selects the appraiser on that one too so that $15K amount will be more like $20-25K in the end. Great deal...Yeah, Right! I understand that they have taken the risk and the other house on but sellers need to be smart and sell first. That takes preparation and realistic pricing.

Leigh--It is tough for a seller to always be the 2nd choice of a buyer...but worse to not even be in the running. Some homes are so unprepared for showings, buyers are only inside long enough for the agent to drop a business card on the counter.

Donna--Thank you! I am glad you found it to be of help now and possibly into the future.

10:15am • #35
1 Featured Post
Teri, you are right on.  It has always been a partnership with our clients, sellers and buyers.  There are always the winds of change according to the current market, the thing that remains is the relationship and trust with your clients, both ways.
10:18am • #36
320,611 Points 40 Featured Posts Outside Blog

Joanne--Thank you!! Though posted in Minnesota, it is advice that can be used across the US as many markets are in a similar situation. Even as the market changes, partnering with your sellers rather than taking a listing is a sound game plan.

Chris--Thanks for the kudos!! Important information all around. :)

Rita--You are right...It is good advice for all areas in the country for agents and sellers. Work as a team to get the home sold. I appreciate the kind words. :)

10:20am • #37
320,611 Points 40 Featured Posts Outside Blog

Thesa--Thanks for the "5"! Appreciated!

Charles--Glad you enjoyed the post! Thanks!!

Neal--The days of letting the buyer repaint and carpet are over. (Were they ever really here anyway?)Do some hard work up front to wow a potential buyer into writing an offer. Agents need to tell sellers how to do this. If the seller won't listen, then maybe it isn't a good listing to take.

10:24am • #38
320,611 Points 40 Featured Posts Outside Blog

Vicki--I think there is a 2 for 1 sale on those magic pills in the Sunday circular! :) Hope the message gets through to all.

Mott--If a seller chooses not to see the flaws in their home, I do not want the listing. I don't like getting feedback on a home regarding the nasty carpet, 20+ roof or anything else that could have been addressed prior to listing the home. It is frustrating for me to walk away from a listing but more frustrating to spend dollars on advertising a home that will not sell. It is up to us as professionals to have the difficult conversation with the sellers prior to listing the home. That way we are partnering to sell the property for the best possible price. If a seller refuses to note the inadequacies of their home, I give an honest and significantly lower price opinion of the property and make certain to note that the home very likely might not sell.  Thanks for the comments...I do understand your opinion.

Diane--An aggressivelyl priced home in poor condition still won't sell in our area unless it is a fraction of the value. Preparation on the part of the sellers is essential too. Understanding the market and educating the sellers is key.

10:36am • #39
320,611 Points 40 Featured Posts Outside Blog

Susie--Thank you! Thank you! Thank you!!

Jessica--Thanks!! I keep my magic wand in a draw at home for waving over the lottery numbers when it hits $200million...Doesn't work! Sellers have to realize it is hard work and proper pricing that sells a home. Working WITH your agent is the best strategy.

Yvette--Thank you!!

10:40am • #41
320,611 Points 40 Featured Posts Outside Blog

Michael--Carpet is a tough but important conversation. As soon as someone walks in the door, dingy carpet is a turnoff. Even on the internet a photo with weird colored carpeting can stop a potential buyer from requesting a showing. People are making split second decisions on homes...Sellers need to understand this...Thanks for your comments.

Cynthia--Thanks Cindy! It is necessary or I will end up spending too many marketing dollars trying to sell a home that won't sell. My clients are my partners and I will sell their homes if we can work together to prepare them...Price and condition.

Charles--It is pretty basic isn't it?

10:48am • #42
320,611 Points 40 Featured Posts Outside Blog

Ruth--Absolutely...It is the way we all should be doing business. Partnering with our clients and building an honest relationship.

Brian--Thanks...It is not just sellers that need to read...Some agents need to remember that it is not just about getting the listing but partnering with the sellers and giving them necessary advice on how to prepare their home to get it sold too.

10:53am • #43
256,547 Points 24 Featured Posts Localism Sponsor Outside Blog Hit Router
Great post! Even though we all have great hopes for a fast sale of a home now things have changed. Gone are the days of good track record of getting houses sold. Statistics of our past will not be worth squat right now. I don't even tell my sellers what I have done in the past. We are in a new world adrift on uncharted waters. I'm doing everything I can think of and more. 
11:07am • #44
479,779 Points 151 Featured Posts Outside Blog

Teri.... excellent post. You make some key points. The biggest thing to remember as you have stated, if it says one thing making it sound good or easy, then it's probably not good. That they need to investigate some more. Just the other night I saw an ad on TV proclaiming that they buy up any real estate for cash. If you want to sell now, we buy it. If you are in foreclosure, we will buy your home. CASH on the spot.  ppplllluuuassssee   Give ma a break.  As some have mentioned, stats from the past don't mean much considering the type of market that we are in now.  In any case, well done here.

jeff belonger

 

11:16am • #45
123,968 Points 3 Featured Posts Outside Blog

Good job! And excellent post Teri! These things DO make the difference!! 

11:35am • #46
226,895 Points 29 Featured Posts Localism Sponsor Outside Blog
Price is pretty much everything. Partner Up, as you mention, is teamwork; that's what it takes for a successful transaction. Even then it though these days. And that too shall pass.
12:19pm • #47
1 Featured Post
Wonderful post!  It's sincere, to-the-point and consumer-service oriented.  I really liked the tone, look and feel of it!   
1:27pm • #48
189,350 Points 11 Featured Posts Outside Blog
Teri, First of all congratulations on being featured second I really like the points you have stated in your post especially the one about teaming up with a realtor who specializes in an area.
5:16pm • #49
320,611 Points 40 Featured Posts Outside Blog

Lizette--Thank you Lizette!! The best thing we all can do is offer a realistic picture of the situation in your area. To paint an unrealistic picture of the market or pricing does nothing for our reputation as agents or getting the home sold. It is a new reality for certain!

Jeff--Thanks!! Anything sounding too good to be true, usually is. The market is what the market is and agents must offer their clients good advice and sellers need to listen even if they don't like the news.

Al--If sellers listen and prepare and agents give good pricing advice, good things happen. I takes working together.

6:34pm • #50
2 Featured Posts

Great information Teri, Bravo.  I can't add anything else someone else hasn't already said!

Lexa 

6:37pm • #51
320,611 Points 40 Featured Posts Outside Blog

Gary--Working together to get it right will help all of us get though the changing market.

Sarah--Thank you Sarah!! I appreciate your kind comments.

Mana--I really believe that when I take a listing contract, I am partnering with that seller to get the home sold. That means we both have to do our best to get the job done. Thanks for the congrats!! :)

6:37pm • #52
177,966 Points 2 Featured Posts Localism Sponsor Outside Blog
Great advise that every seller needs to know in todays market to get their homes sold fast.
7:53pm • #53
450,787 Points 28 Featured Posts Localism Sponsor Outside Blog
Wonderful post, Teri and a well deserved feature!  Fix EVERYTHING and all the other points are so important to make your home stand out from all the rest. 
7:58pm • #54
1 Featured Post
Awesome post, so clear and to the point.  Definitely a 5 and deserves being Featured.  I have bookmarked it to use with my sellers.
9:23pm • #55
AUG
20
2007
320,611 Points 40 Featured Posts Outside Blog

Lexa--Thanks for your comments!

Michael--Glad you found it helpful.

Carole--Fix EVERYTHING really says it all doesn't it...And the right price is important as well...Thank you!!

Diana--I am glad that you found it useful and appreciate the kudos...Thanks!!

6:55am • #56
342,120 Points Outside Blog
Great information. All sellers will be better off if they will follow.
11:18pm • #57
AUG
21
2007
320,611 Points 40 Featured Posts Outside Blog
Bob&Carolin--Thanks!! Some agents can also learn by partnering with sellers and not just taking a listing.
6:56am • #58
402,573 Points 72 Featured Posts Outside Blog

Teri...Ah! Ha!

I knew I zoomed past this the other day. Sorry. I was in a hurry. So much reciprocity so little time to get her done :)

Loved your post. It's like a real estate sales recipe. You can't have one ingredient with the other :)

TLW...ROAR!

11:49am • #59
320,611 Points 40 Featured Posts Outside Blog
Hey TLW--Whenever you get a change to "ROAR" through, is ok with me!! :) Glad you enjoyed.
1:00pm • #60

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Terismsq Rainmaker_large

Teri Eckholm, REALTOR® Anoka County Acreage & Lakeshore Homes

Ham Lake, MN

More about me…

REMAX Specialists

Address: 4910 Highway 61 N, White Bear Lake , MN, 55110

Cell Phone: (651) 336-7073

Email Me

Theresa "Teri" Eckholm/REMAX Specialists assists Minnesotans to find their way home with helpful tips and quality service. Dedication to customer service has made Teri the REALTOR® of choice for families in Blaine, Forest Lake, Ham Lake, Lino Lakes and Wyoming areas. Licensed in MN.



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