5 Ways to Sell a Home Faster, For More Money

5 Ways to Sell a Home Faster, For More Money

DAILY REAL ESTATE NEWS | WEDNESDAY, APRIL 25, 2012

24/7 Wall St. recently asked real estate experts and several real estate organizations to weigh in on how sellers can get their house sold at the best price and in the shortest amount of time.

Here’s what they had to say as some of the best ways to get the “sold” sign out this spring:

1. Pay attention to “curb appeal”: First impressions are critical, and homes with inviting landscapes and exteriors tend to sell better, agents say. Pay attention that the driveway is in good condition, lawn well-kept, and the house looks freshly painted.
2. Set the right price: Real estate professionals know how to set the price and prepare a home for sale. Agents use comparable sales of homes sold in the last 60 days to help set the most realistic price for the sales price of a home. By setting a realistic price from the beginning, sellers should be reminded that this will prevent having to drop the price of the home several times before getting it sold and having it linger on the market. If no recent comps are available, some experts recommended sellers get an appraisal, which will also offer a realistic price that the bank may be willing to take when a buyer tries to qualify for financing the home.
3. Talk about energy efficiency: Many buyers don’t fully understand “green” homes but they understand savings. Sellers should point out any features in their homes — such as energy-efficient windows or appliances — that could save buyers money with utility costs.
4. Give the home Web appeal: Good photographs make a home stand-out online and help lure more potential buyers to the front door. Realtor.com says that more than 6,300 photos are viewed per minute on listings posted at its site.
5. Make it move-in ready: Fix any needed repairs, such as water stains, creaky doors, and windows that don’t shut. Flaws in the home — even if relatively minor — can distract buyers, and should be fixed before the home is even listed. Some agents recommend that sellers get a home inspection prior to putting the home up for sale, which can help sellers be proactive in identifying any potential problems that could potentially derail a sale later on. Once a problem is uncovered, sellers are obligated to disclose it or fix it.

Read more ideas at 24/7 Wall St.

Source: “13 Ways to Sell Your Home in 2012,” 24/7  Wall St. (April 24, 2012)

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Be More Persuasive on Pricing

4 Reasons Your Listing Might Not Be Selling

4 Reasons Your Listing Might Not Be Selling

DAILY REAL ESTATE NEWS | WEDNESDAY, MARCH 13, 2013

Do you have a home lingering on the market? MSN Real Estate recently polled real estate professionals to find some of the most common reasons why some properties won’t sell, besides trying to overcome a poor location.

Here are four common reasons listings don’t sell in a timely manner, according to the MSN survey:

1. Unreasonable price: “It’s always price for condition or price for location,” says Kathy Opperman, a broker-owner with Century 21 Alliance in Philadelphia. “That’s one of the main reasons [homes] sit.” Some sellers are just unrealistic about what their house can truly fetch, or they may be underwater and just unable to lower their price tag. “In my market, the only reason a property would stay on the market for longer than three months would be that the price is too high,” Ron Redfern, a real estate professional from Greeley, Colo., told MSN Real Estate. “Price will overcome any objection.”
2. Bad decor: Loud patterns, bold colors, and dated decor styles can distract home buyers. For example, agents say that mirrored walls, cheap wood paneling, and 1970s kitchens can be turn-offs. To try to appeal to the widest buying pool, agents advise clients to stay neutral with their design, give buyers a “minimalist canvas” for them to project their own tastes on.
3. Awkward floor plan or missing necessities: Strange or dated floorplans may also make a home linger, such as older homes where you have to walk through a bedroom to get to a second bedroom, MSN Real Estate notes. One home in Catskill, N.Y., has lingered on the market for more than four years because it’s missing a driveway.
4. Awful photos: If your listing has yet to sell, you may want to revisit the photos you’re using to present it on the MLS. For example, one Chicago listing showed dirty clothes and clutter in the photo, which may prompt buyers to question the hygiene of the rest of the home, as well as assume it has a lack of storage. Be choosy about the photos you upload to the MLS, and remember that less can be more, Opperman says. Have photos showcase the best rooms and features of the home. “If a buyer isn’t excited about a home after seeing it online, they won’t want to see it in person,” Opperman says.

Source: “Listing Losers: 8 Reasons Your Home Isn’t Selling and What to do About It,” MSN Real Estate (March 13, 2013)

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5 Ways to Sell a Home Faster, For More Money

The 10 Priciest Real Estate Markets in the World (ONLY ONE U.S. CITY MADE THIS LIST, IS IT YOUR CITY?)

The 10 Priciest Real Estate Markets in the World (ONLY ONE U.S. CITY MADE THIS LIST, IS IT YOUR CITY?)

DAILY REAL ESTATE NEWS | MONDAY, MARCH 11, 2013

New York is the lone U.S. city to land in the top 10 most expensive residential real estate markets in the world, according to a new report from Knight Frank.

But with luxury homes in New York costing anywhere from $2,030 to $2,240 per square foot, it’s only about half  as expensive as the most expensive housing market in the world: Monaco. There, luxury homes can cost $5,350 to $5,920 per square foot.

The following are the top 10 priciest housing markets in the world and the average cost per square foot in U.S. dollars, according to the report:

1. Monaco: $5,350 to $5,920
2. Hong Kong: $4,570 to $5,050
3. London: $3,890 to $4,300
4. Geneva: $2,720 to $3,010
5. Paris: $2,350 to $2,600
6. Singapore: $2,340 to $2,580
7. Moscow: $2,040 to $2,260
8. New York: $2,030 to $2,240
9. Sydney: $2,020 to $2,230
10. Shanghai: $1,820 to 2,020

Other U.S. cities rounding out the top 20 list were Miami at number 13 (priced between $1,300 to $1,440 per square foot) and Los Angeles at number 15 (priced between$1,210 to $1,340 per square foot).

Source: “Here Are the World’s Most Expensive Real Estate Markets,” The Business Insider (March 7, 2013)

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What’s the Most Expensive City for Home Buyers?

Seller’s Market Emerges This Spring: Are You Ready?

Seller’s Market Emerges This Spring: Are You Ready?

DAILY REAL ESTATE NEWS | TUESDAY, MARCH 12, 2013

The inventory of homes for sale has reached its lowest level since 1999, which is helping home prices to rise in many markets, says Lawrence Yun, the National Association of REALTORS®’ chief economist.

“Buyer traffic is continuing to pick up, while seller traffic is holding steady,” Yun says. “In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country.”

The National Association of REALTORS® is projecting a seasonal rise of inventory this spring, “but it may be insufficient to avoid more frequent incidences of multiple bidding and faster-than-normal price growth,” Yun says.

While the housing recovery is taking hold, more buyers and sellers are realizing they are in a better place this year than last year. Super low mortgage rates are keeping home prices affordable, despite recent price gains.

However, some housing experts are concerned that several factors could still threaten housing’s recovery this spring–mainly the economy and threats over a new recession that may be looming. Also, unemployment remains high, which can cause home owners to fall into foreclosure and could increase foreclosure rates, which can bring overall home prices down.

Source: “Will housing market’s revival last?” Sarasota Herald-Tribune (March 9, 2013)

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Are Foreclosures a Better Buy Than Short Sales?

Are Foreclosures a Better Buy Than Short Sales?

DAILY REAL ESTATE NEWS | FRIDAY, MARCH 08, 2013

Consumers may find buying a bank-owned home better than buying a short sale. Increasing REO inventory, deeper discounts, and shorter times to close can make foreclosures a more attractive option to home buyers, according to new data from RealtyTrac.

The average sales price of a bank-owned home is at least 30 percent below the average sales price of a non-distressed home, according to RealtyTrac’s analysis.

RealtyTrac identified some of the following best markets to buy bank-owned homes:

Cleveland

Average REO sales price: $57,782

Percent below average non-distressed sales price: 56 percent

Dayton, Ohio

Average REO sales price: $50,579

Percent below average non-distressed sales price: 57

Charlotte, N.C.

Average REO sales price: $111,260

Percent below average non-distressed sales price: 43

Columbus, Ohio

Average REO sales price: $87,994

Percent below average non-distressed sales price: 48

Palm Bay, Fla.

Average REO sales price: $87,018

Percent below average non-distressed sales price: 39

Winston-Salem, N.C.

Average REO sales price: $72,356

Percent below average non-distressed sales price: 49

Daytona Beach, Fla.

Average REO sales price: $88,012

Percent below average non-distressed sales price: 33

Source: RealtyTrac

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Short Sales Help Underwater Households

Short Sales Help Underwater Households

DAILY REAL ESTATE NEWS | THURSDAY, MARCH 07, 2013

Data indicates that the pace of U.S. foreclosures is waning — in part because the housing market is rebounding but also because more home owners are engaging in short sales.

The approach has become more popular as home owners and real estate practitioners have learned the ropes of marketing and pricing these listings and as lenders have ironed out the kinks in order to process them more quickly.

Moreover, because they eliminate distressed mortgages, reduce the amount of time that vacant houses sit unoccupied, and command higher prices than foreclosures, short sales are seen as the more efficient way to unload underwater homes.

“Short sales change hands much more quickly,” says CoreLogic senior economist Sam Khater. “That’s a good thing for the economy and society.”

According to CoreLogic, foreclosures as a share of total homes sales slid to 11.5 percent in October 2012 from 17.3 percent a year earlier, while short sales increased to 10.4 percent from 8.1 percent over the same time frame.

Source: “Help for Underwater Homes,” The Wall Street Journal (March 6, 2013)

© Copyright 2013 Information Inc.

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Are Banks Easing Up on Mortgage Standards?

Are Banks Easing Up on Mortgage Standards?

DAILY REAL ESTATE NEWS | TUESDAY, MARCH 05, 2013

A very tight mortgage lending environment “promises improvements this year as the drivers of tough credit standards reverse,” according to Moody’s Analytics ResiLandscape Report. Still, lending will remain tight by historical standards, the report notes.

Tight underwriting conditions have been one of the main obstacles for the housing market recovery. But the credit agency says that those conditions began to ease somewhat this year and likely will continue to.

“Rising house prices give lenders more breathing room to extend credit,” the analysts at Moody’s noted.

Over the past year and a half, large lenders have loosened up or held standards stable on prime loans for mortgage originations, according to the Survey of Senior Lending Officers.

Aiding lenders’ confidence is that mortgage delinquencies have fallen to pre-recession rates.

“Being right-side up on the mortgage improves a borrower’s credit profile. It also lowers the risk of default and increases the likelihood of trade-up buying,” according to the Moody’s report.

Mortgage supply will remain constrained, but “improved consumer credit quality combined with steady growth in jobs, low mortgage interest rates and modestly rising house prices makes it clear that more households will be able to qualify for a mortgage,” Moody’s said. “Greater credit availability will in turn help drive stronger home sales and stronger price appreciation and help keep the housing market and the larger economy on an upward path.”

Source: “Slight opening of credit spigot aids housing outlook,” HousingWire (March 4, 2013)

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How Will a New Facebook Tool Impact Real Estate?

How Will a New Facebook Tool Impact Real Estate?

DAILY REAL ESTATE NEWS | TUESDAY, MARCH 05, 2013

Real estate professionals using social media for marketing stand to benefit from Facebook Graph Search, which will allow them to find buyers and sellers through shared friends and interests and make it easier for consumers to find them.

This means users can perform such searches as “Friends of my friends who live in San Diego, Calif., are female real estate agents, and like spirituality.”

“You literally can drill down into granular data, which has only previously been available through advertising,” says Mari Smith, a Facebook marketing expert.

Right now, Graph Search does not search key phrases that appear in users’ timelines, and it respects their privacy settings. To improve the odds of being found by consumers, experts encourage agents to switch their privacy settings to public and beef up their “Work and Education” profile field with a link to their firm’s Facebook page and the inclusion of multiple titles used to search for real estate professionals, such as “real estate agent” and “broker.”

Given that Graph Search likely will scan other profile sections in the future, practitioners should insert industry phrases in the “About You,” “Favorite Quotations,” and “Basic Info” sections as well. Moreover, they should “like” pages that complement their interests.

Source: “How Facebook Graph Search Will Change Real Estate,” Inman News (March 4, 2013)

© Copyright 2013 Information Inc.

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Don’t Worry About Keeping Up, With One Big Exception

How Will a New Facebook Tool Impact Real Estate?

How Will a New Facebook Tool Impact Real Estate?

DAILY REAL ESTATE NEWS | TUESDAY, MARCH 05, 2013

Real estate professionals using social media for marketing stand to benefit from Facebook Graph Search, which will allow them to find buyers and sellers through shared friends and interests and make it easier for consumers to find them.

This means users can perform such searches as “Friends of my friends who live in San Diego, Calif., are female real estate agents, and like spirituality.”

“You literally can drill down into granular data, which has only previously been available through advertising,” says Mari Smith, a Facebook marketing expert.

Right now, Graph Search does not search key phrases that appear in users’ timelines, and it respects their privacy settings. To improve the odds of being found by consumers, experts encourage agents to switch their privacy settings to public and beef up their “Work and Education” profile field with a link to their firm’s Facebook page and the inclusion of multiple titles used to search for real estate professionals, such as “real estate agent” and “broker.”

Given that Graph Search likely will scan other profile sections in the future, practitioners should insert industry phrases in the “About You,” “Favorite Quotations,” and “Basic Info” sections as well. Moreover, they should “like” pages that complement their interests.

Source: “How Facebook Graph Search Will Change Real Estate,” Inman News (March 4, 2013)

© Copyright 2013 Information Inc.

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Don’t Worry About Keeping Up, With One Big Exception