seller: We've Seen the Bottom and It Looks Like We Are Leaving
- 09/18/10 04:14 AM
All real estate markets are local. I know there are plenty of places that are still trying to dig out from underneath the burden of foreclosures and shortsales, but in the Reston area of Northern Virginia, and many other parts of NoVa, we seem to have come through the worst of it.Prices appear to have stabilized in Northern Virginia with the Spring Market. The NVAR Monthly Report for June 2010 shows that from June 2009 to June 2010, prices were up 11%. This, of course, was likely to be impacted by the Home Buyer Tax Credit and increased demand. Inventory is … (4 comments)
seller: Educating the Savvy Seller
- 08/27/10 04:19 AM
Most of my clients have bought and sold several homes. They have obviously done this successfully as it has brought them to the point where they have yet another home to sell.They often tell me that they are very comfortable preparing their homes for sale and that they have always done very well selling their homes. I let them know that I am glad to hear this. It will make the process easier for everyone as we identify those things that will need to be done. Because there WILL be things that need to be done.Decorating your house and being on … (2 comments)
seller: Financing Contingencies are a Joke!
- 08/08/10 03:30 AM
The point of a financing contingency is to protect the seller from accepting a contract and finding out right before closing that the buyer can't get financing. It also allows a buyer to get out of a contract if they are not going to be able to secure financing (although in this day and age they should know this before applying!). My experience is that they no longer operate to provide any protection for the seller; almost all approvals are being made just days before closing in today's market.Four or five months ago, I started putting a 28 day Financing and Appraisal contingency into … (8 comments)
seller: How Much of A Deal is a Discount Listing if You Are a Seller?
- 07/07/10 10:54 AM
When you opt to list your home with a discount real estate broker, keep in mind that one of the ways that a discount Lister can keep down their commission is by spending less time and effort with you preparing your home for sale. Their business model is to make their money on the volume of homes that they sell. I had the opportunity to see 3 homes yesterday, all in the same neighborhood. One was listed by a full-service broker, one was listed by a broker who offered a discounted listing price right on his sign and one was listed … (2 comments)
seller: Am I a Sales Rep?
- 05/07/10 05:01 AM
As a Real Estate Broker, there is no doubt that my activity is counted in number of Sales and the way of keeping score is my Volume. These rubrics are the same as for any other Sales Person. But would you consider me a Sales Representative? I have been communicating with a potential client who tells me that one of the issues with their prior listing is that there was no one to 'close the deal.' I have spent plenty of time in corporate marketing and understand that sort of 'sales rep' speak. It really got me thinking about the role … (3 comments)
seller: Selling Your House Series: Money Doesn't ALWAYS Talk
- 02/02/10 06:42 AM
Nearly every listing I have ever marketed has initially had at least one item that does not operate correctly or is not in desirable condition. Examples include, but are not limited to, broken ice makers, stained or damaged carpeting, broken Jacuzzis, wall paper (a big problem for most buyers), and unattractive light fixtures. In virtually every situation, the seller has asked me if we can just offer a credit at closing. In virtually every situation, I recommend against this for a couple of reasons: Lenders don't like credits for repairs. They like to know that the house they are taking … (2 comments)
seller: Sell Your Home: A Series of Posts, Part 3
- 11/15/09 01:09 AM
If you are planning to sell your house, the time to put in the work is BEFORE the property is listed. In my previous post, Sell Your Home: A Series of Posts, Part 2, I discuss how important it is to look at every aspect of your home with a critical eye. The posts below deal with very specific areas and may help you to get started with this process. Getting Your House Ready to Sell Series:What the Mailbox Might Be Saying About Your Home Getting Your House Ready to Sell Series: Plants & Shrubs by Front Door Getting Your House … (3 comments)
seller: Would You Rather Pay More For That House?
- 05/08/09 12:56 AM
This morning I was watching the local news when ANOTHER of the constant sale commercials for a local department store was aired. I think I have become immune to these commercials. I find that when I need something from a store, I go and buy it. I don't always have the luxury of planning ahead for these purchases; when my son comes home and says he needs a white shirt for tomorrow's orchestra concert, I don't plan for it, I go out and buy it. One of these local stores offers (very) frequent coupon sales; if you have the coupon with … (0 comments)
seller: What Type of Buyer Are You?
- 04/18/09 03:15 AM
Over the years, I have determined that there are two types of buyers: those who can see the possibilities in a home and those who cannot. I am, and always have been, the possibility type. I can walk in to a house and immediately picture how it would look with different flooring, wider doorways, maybe a wall or two removed. I like to think that I can be the 'eyes' for my buyers who see only what has been presented to them. When I prepare a listing for sale, I prepare for the buyer who will 'buy what they see.' This … (1 comments)
seller: Would You Pay More To Sell Your House?
- 04/08/09 12:40 PM
I just read an article on MSN Money, Pay More to Sell a Home Faster, that says that sellers have begun paying larger commissions to incent their Brokers to work harder and to bring in more buyer's agents. I am sorry, did I miss something? When I create a contract with a buyer or with a seller, I create a relationship where I work for their best interest. If I choose to show a house because I would get a higher commission, whose interests am I representing--theirs or mine? It might be theirs, but the water is definitely muddy... If I … (139 comments)
seller: Short Sale Information...Want to Share?
- 03/11/09 10:57 AM
One of my greatest frustrations in working on short sales is the lack of process, and information, available about the transaction. It makes it very difficult to set the expectations for my clients. It occurred to me today, that we have a huge community here that could share information. It won't make the process faster, or more efficient, but it might help us all to set accurate expectations about how long it will take to get short sale approval. Since it seems to vary from bank to bank, the more specific you can be the better. Here is what I have … (11 comments)
seller: Getting Your House Ready To Sell Series: Why Spend Extra Money to Sell Your House?
- 11/18/08 01:32 AM
One of the hardest parts of being a listing agent is trying to get sellers to see their house in a new way. Many people have a great deal of pride in their homes. Others are very stoic, adopting the philosophy, 'It was good enough for me.' When selling your home, nothing is more important than understanding the expectation of the buyer. For several years, buyers understood the stance, 'It was good enough for me.' Now, they no longer have to accept that as the final word. Buyers now expect a house to be in pristine condition and priced competitively. This … (5 comments)
seller: Getting Your House Ready to Sell Series: A Letter to My Seller after our Pre-Listing Walk Through
- 08/15/08 07:31 AM
This is a generic letter to a client after a pre-listing walk through. It is a combination of many situations I have come across in these walk throughs over the years. I would, obviously, never address my clients this way. But for fun, I put this letter together to showcase some of the situations that I run in to again and again. If you are an agent, I am sure you will recognize these scenarios. If you are a seller, keep in mind that I am satirizing the situation, but that there is a grain of truth in each of my comments. Dear Seller, … (3 comments)
seller: Getting Your House Ready to Sell Series: Handicapping Your Home Sale
- 05/19/08 11:56 PM
You've cleaned out the hall closet, painted the front door and selected your Real Estate Broker. Tomorrow the sign goes up and then your listing will be activated on the Multiple Listing Service. The Buyers will arrive soon after. Or will they? Getting the buyers in to your house has become a contest. Not only does the price have to be right, the marketing material attractive, but the house has to be accessible. Of course, if you've listed your home with a brokerage firm, that becomes their problem, right? Maybe or maybe not. If you have opted for a 'By Appointment … (0 comments)
seller: Getting Your House Ready to Sell Series: Setting Your Sales Price
- 05/15/08 09:23 AM
How much to ask for my house? This has always been the most important question in selling your house, but never more than today. A bad guess as to what the market will bear can cost you months--and even as much as a year--to sell your home today. There is a lot of misinformation out there. I read a quote today, not from a Realtor, that in summary said that it was okay to set the price high--that a seller would probably not see backlash from that decision. I am not sure why that information was published (and on a reputable on-line resource!) … (0 comments)
seller: Getting Your House Ready to Sell Series: The Surprising thing I tell My Sellers
- 05/14/08 06:24 AM
If you have read any of my blogs, you are aware of how much I emphasize home preparation to my sellers. This runs the gamut from the usual: landscaping, painting, clutter control, to the upgrades: counter top replacements, floor updates and new carpet. For some reason, of all the things I ask of my sellers, the one that they have the most trouble understanding is my request that they upgrade from their builder light fixtures. Now, before you object, let me clarify what I mean by upgrade. Let's face it, we are a Pottery Barn/Restoration Hardware society!I find that if you … (2 comments)
seller: Sleep-Over Inspection?
- 02/03/08 03:05 AM
There was a little article in Parade Magazine's column, Intelligence Report, this morning (Feb. 3, 2008) that discusses the fact that home purchasers in California are occasionally asking to spend the night in a home before writing a contract. I have often advised my purchasers to go to a neighborhood at several different times (early am, rush hour, school dismissal) to get a REAL feel for the area. I am a strong believer in the fact that you can't see how a neighborhood lives if you see it at 11:00 am on a weekday. I doubt any of my current clients would go … (0 comments)
seller: Make an Offer!
- 11/20/07 03:07 AM
Somewhere along the way (probably when houses were selling before going in the MLS), the mentality about real estate prices shifted. It used to be that an agent would show a client homes around their price range that fit their needs and if they liked a home they would make an offer. Then came the craziness. Suddenly, buyers/agents would only look at homes that they thought were accurately priced or below their maximum price. (of course, if you are paying full price that maximum is really important). Then the market shifted and we came to where we are today. The price at which … (0 comments)
All real estate markets are local. I know there are plenty of places that are still trying to dig out from underneath the burden of foreclosures and shortsales, but in the Reston area of Northern Virginia, and many other parts of NoVa, we seem to have come through the worst of it.Prices appear to have stabilized in Northern Virginia with the Spring Market. The NVAR Monthly Report for June 2010 shows that from June 2009 to June 2010, prices were up 11%. This, of course, was likely to be impacted by the Home Buyer Tax Credit and increased demand. Inventory is … (4 comments)
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