Selling Real Estate

5 Reasons to Sell This Summer

As the temperature rises, buyers are coming out ready to purchase their dream homes. The summer is a great time to list your home for sale. Here are five reasons why:

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demandremains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now!

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

According to NAR’s latest Existing Home Sales Report, the supply of homes for sale is still under the 6-month supply that is needed for a normal housing market at 4.7-months.

This means, in most areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market this summer.

Also, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase over the next two years, reaching historic levels by 2017.

The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker

Fannie Mae just announced that they anticipate an acceleration in home sales that will surpass 2007's pace by late summer. As the market heats up, banks will be inundated with loan inquiries causing closing-time lines to lengthen. Selling now will make the process quicker & simpler.

4. There Will Never Be a Better Time to Move Up

Homes Continue to Sell Quickly Nationwide

 

 

The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report, which revealed that homes were on the market for an average of 47 days in March. This is a decrease from the 59 days reported in February, as well as the 52 days reported back in March 2015.

42% of homes across the country were on the market for less than a month, which is the highest it’s been since July 2015 (43%)!

Bottom Line

Buyer demand is increasing as the inventory of homes available for sale remains low. If you are thinking about listing your home for sale this year, let's meet up so I can help you take advantage of current market conditions!

PRICING YOUR HOME RIGHT

 

In today's market, where demand is outpacing supply in many regions of the country, pricing a house is one of the biggest challenges real estate professionals face. Sellers often want to price their home higher than recommended, and many agents go along with the idea to keep their clients happy. However, the best agents realize that telling the homeowner the truth is more important than getting the seller to like them.

There is no "later."

Sellers sometimes think, "If the home doesn't sell for this price, I can always lower it later." However, research proves that homes that experience a listing price reduction sit on the market longer, ultimately selling for less than similar homes.

John Knight, recipient of the University Distinguished Faculty Award from the Eberhardt School of Business at the University of the Pacific, actually did research on the cost (in both time and money) to a seller who priced high at the beginning and then lowered the their price. In his article, Listing Price, Time on Market and Ultimate Selling Price published in Real Estate Economics revealed:

"Homes that underwent a price revision sold for less, and the greater the revision, the lower the selling price. Also, the longer the home remains on the market, the lower its ultimate selling price."

Additionally, the "I'll lower the price later" approach can paint a negative image in buyers' minds. Each time a price reduction occurs, buyers can naturally think, "Something must be wrong with that house." Then when a buyer does make an offer, they low-ball the price because they see the seller as "highly motivated." Pricing it right from the start eliminates these challenges.

Don't build "negotiation room" into the price.

Many sellers say that they want to price their home high in order to have "negotiation room." But, what this actually does is lower the number of potential buyers that see the house. And we know that limiting demand like this will negatively impact the sales price of the house.

Not sure about this? Think of it this way: when a buyer is looking for a home online (as they are doing more and more often), they put in their desired price range. If your seller is looking to sell their house for $400,000, but lists it at $425,000 to build in "negotiation room," any potential buyers that search in the $350k-$400k range won't even know your listing is available, let alone come see it!

One great way to see this is with the chart below. The higher you price your home over its market value, the less potential buyers will actually see your home when searching.

Holiday Season can be a ?Selling Your Home? Season, Too

 

Selling your home during the holiday season may sound like a less than ideal game plan, but there are some advantages now present only at this time of year. It's true that some extra effort may be called for, but it can be worth the endeavor: there are several factors that make showings at this time of year particularly promising.

The first advantage is the flip side of the greatest disadvantage: the slowdown in real estate activity we usually expect over the holidays. That relative paucity of active prospects means fewer showings, so the number of times you'll be called upon to put your property in peak condition will be smaller. The other side of that? The showings we do expect will be to very motivated buyers. If they are interrupting their own Christmas and New Year's activities to go house hunting, they probably mean business. And it's also likely that they are motivated by a timing deadline. This makes those showings especially promising.

Another positive aspect to selling a home at this time of year is how appealing the staging possibilities become--and with little extra effort. Your regular holiday decorations make the place festive and cheerful every year, anyway--usually little else will be needed to bring those enhancements into play for prospective buyers. Yuletide décor is automatically a kind of natural staging that brings out the cheeriest side of any home.   

Along with those automatic holiday positives, owners selling their home in do need to be careful to avoid some built-in potential downsides. Right now the sun stays lower--even at noon--than at other times of the year, so it's important to make the most of the light that is available. Keep rooms well-lit and window drapes pulled back to allow as much sunlight as possible. Even during daylight hours, most rooms show their best with all lamps and ceiling fixtures turned on.

If this December and January look like opportune times to be selling your own home it's not too late to give me a call. I will be active throughout the season, helping prospects find the home of their dreams--the home they will be making holiday memories in for many years to come! 

Selling a Tenant-Occupied Property can be a Balancing Act!

Selling a Tenant-Occupied Property can be a Balancing Act!

 

In a perfect world, before you set about selling your property you would have emptied it of all evidence of human habitation, called in the best staging pros on the planet, and set off to vacation in a Caribbean island spa-hotel so you could sift through the dozens of offers in comfort.

"Let's see," you would soon be musing to no one in particular, sipping your first mimosa of the afternoon as you thumbed through the sheaf of emails, texts or faxes from your Century 21 Advance Realty agent from Medford; "should I accept this all-cash offer for 150% of comparable value--or hold out for this one for 200% of comp that came in with only 50% earnest money...?"

It is here where we might best depart from this reverie to point out that in this less than perfect world--the one that we actually live in--the more probable situation is one where your Medford or Malden property is fully occupied, either by your own family or a tenant.

How do you make the most of that mimosa-less situation? If you and your family are the occupants, your property fits the most common profile, so the standard to-do's apply: you will want to clear the clutter and store any non-essential furnishings; de-personalize as much as practical; deep clean; and work with your agent to make showings as routine as possible.  Obviously you would want to make your property as available as possible for showings; but if there are certain days or times that do not work, let your agent know.

But what if you have a tenant? It's going to be a true balancing act that affects four parties: seller, listing agent, tenant, and buyer. Of these, the one with the least to gain is the tenant, who is paying for the privilege of tenancy while being asked to keep the property clean and showable on the others' schedules.

Let's face it: this could be a minefield. Almost any tenant's interests lie elsewhere. In fact, they may very well like your property so much they would just as soon discourage prospective buyers--and there are subtle (and less-subtle) ways to go about that!

Sometimes you and your Century 21 Advance Realty agent will have to be creative.   It always makes sense to cooperate with your tenants.     That is where the advice of your agent will come in handy.    Our agents have years of experience dealing with tenants, cooperative and non-cooperative alike.   

In any case, the best results for selling your property happen when there is rock-solid communication between the listing agent and owner--and when a tenant is involved, that's another party who should be included as well. It's the best way to insure that everyone can go about their business with a minimum of disruption and inconvenience.

If you are sizing up the coming fall market, whether your home is occupied by a tenant or your own tribe, I hope you will give us a call at (781) 395-2121 or email us at agent@c21advance.com to discuss how we can get the results you're after!

CENTURY 21 Advance Realty, located at 284 Salem St., Medford, MA has been in the business of Seller and Buyer representation since 1981.     We have represented thousands of homeowners in the marketing of their homes and tenant occupied properties in Medford, Malden, Everett, Somerville and surrounding communities.     

Fabbri Team - An Award Winning Team in Real Estate!

   CENTURY 21 ADVANCE REALTY proudly announces that the FABBRI TEAM, consisting of Dan Fabbri (TeamLeader), Rich Worob, Loreen Cinganelli and Connie Botticelli won the QUALITY SERVICE AWARD for 2014 in recognition of outstanding commitment to Quality Service and dedication to customer satisfaction as proven by a 95% client satisfaction response to surveys provided by an outside vendor.    The FABBRI Team also won a Double CENTURION TEAM AWARD because they collectively were responsible for 75 real estate transactions in 2014.      Congratulations Dan, Rich, Loreen and Connie for a job well done.     Congratulations also to Terry Pietrolungo and Tara Durrant who are the Fabbri Team Administrative Support Staff.  

Open House Tips

An open house is a crucial component of the home selling process. In fact, 45% of buyers have said that they purchased a home after going to the open house. When hosting an open house, it's important to avoid errors that can make the presentation of the home less effective. Don't make these common mistakes.

1. Don't stay: According to Bankrate.com, it's important, as the home seller, that you don't hang around the open house. This includes children and pets as well, which can cause a disruption. Buyers are less likely to say how they feel if the seller is present, and it may make them uncomfortable. Let your licensed real estate agent handle the open house, they know best.

2. Remove all personal items: Fox News suggests before the open house begins, remove pictures and other personal items so that potential buyers can envision themselves living in your home.

3. Cleanliness: Make sure your home is at its cleanest and neatest during your open house, says Fox Business. Buyers are likely to want to see areas that you may forget to make presentable like cabinets, your "junk drawer" and the closet where you stashed, well, everything.

4. Don't play music: Some home sellers choose to play music in the background to make buyers more comfortable and create a livelier atmosphere, but this can actually work against you, according to USA Today. Music is very subjective and people may not like the music you play. Music could also be distracting.

5. Manage temperature and smells: Take the Goldilocks approach, and try to find a temperature that is just right. Your home should not be too cold or too warm - you want your guests to be comfortable. Parade.com advises to not overpower your home with air fresheners or cleaning products. It makes sense to stick to smells that are simple and clean.

Open houses are an essential part of the home selling process. Make your potential buyers feel right at home.

9 Tips to Maximize the Value of Your Home

Are you about to sell your home? Here are our 9 top tips for getting the most value out of your home:

  • Clean, organize and neutralize your space.   Unclutter every room in your house to make it look bigger and cleaner.   Buyers need to be able to envision their own belongings in the home,  so remove excessive family photos, trinkets and personal effects.   Space is one of the top selling points for a home, so by removing clutter and extra furniture, etc., you maximize the spaciousness
  • Get your landscaping in order.    Your lawn should be groomed, power wash the driveway and paths.  Adding flower boxes and pots underneath windows and along the front; repair any cement damage and discard any old yard furniture.     A first impression is important.    Make sure the walkway leading to the front door is as attractive as can be; and of course, be sure the front door is freshly painted and decorated.
  • Clean the carpeting, polish the hardwood floors and allow sunshine to pour through the windows to avoid a dark looking house.   You might want to repaint rooms that have dark walls and freshen other rooms with neutral paint.
  • The kitchen is often the room that buyers gravitate towards first, and an updated kitchen can help sell your home.   You do not have to remodel your kitchen to give it a new look.   Updating appliances to current standards and replacing cabinet doors and hardware can make a big impact if you are able to.
  • Make your bathroom shine.    Be sure personal toiletries are put away, counters are clear and the sink(s) and tub and shower areas sparkle
  • Store and organize.  The appearance of ample storage space is a plus, especially when it comes to garages, the basement and closets.
  • Lighting.  Be sure the outdoor light fixtures throw ample light.   Be sure there are ample light fixtures and lamps indoors.   Buyers preview homes at night too, so increase the wattage of your light bulbs.
  • Homebuyers are swayed by their senses.   Be sure your home smells fresh.    Eliminate pet and harsh cleaning odors, musty smells in the basement and last nights cooking odors.
  • Be sure all valuables are stored in in a safe place.    Do not leave jewelry, money or prescription medications lying around for obvious reasons.   A few buyers may not be honest.    This is not the time to have medications in unlocked medicine cabinets either.   Buyers open closet and cabinet doors, so why make them privy to the types of medications or jewelry you have?
Need help selling your home? The experts at Century 21 Advance can help you today. Feel free to contact us!

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