A recent question from a client was valid "Why do some properties just sit there and others sell quickly?" This question was brought to light when my neighbors listed their house (disclaimer: they did not list with me but someone they already had a relationship with - fair enough). A For Sale Sign was in the yard and it was on MLS on Monday. It had a "sale pending" sign by Wednesday! Another home in our neighborhood - equally as nice - has been on the market four months. Why?
Here are some common explanations for the disparity in sales....
1 Pricing! You may feel you know what your home is worth, or what you want to net from a sale, but if the comparatives in the neighborhood don't support it your home will sit. If your home is overpriced, even if you receive an offer, it may not close if it cannot appraise for that value (unless you are lucky enough to get a cash sale!). If a home for sale hasn't had activity (ie listing appointments) in a couple of weeks - it is possibly overpriced
2. Condition. Today's buyers want something they can move into right now. They don't necessarily want a "carpet allowance", have to buy appliances right away or make repairs. I have told clients that it is a beauty pageant when it comes to selling a home - the homes that look great, are painted contemporary neutral colors, are well maintained and have some updates sell quicker - if pricing is right. (exception: I had a client who could not afford to update, paint and fix their home. It was priced accordingly and sold within a week)
3. Location. Homes may be in the same neighborhood but one may have less traffic, or no power lines behind it, or be too close to a busy road. Again pricing it right can make adjustments for this.
4. Extraneous Factors. I showed a home last week that the clients liked, until they walked into the backyard and the neighborhood dogs began going berserk. All of the sudden the nice backyard became less nice. Other things that can affect the length a home is on the market is flexibility in showing the home. If an agent calls for a listing appointment and is turned down, they will continue to show OTHER properties to their clients. While they will probably come back to that listing - it is possible their clients will have found another home. This happened as I was helping a client find a rental.
5. Internet exposure. I have seen some HORRENDOUS photos of homes on the internet. While it isn't your Realtor's job to clean your house, I see no point of putting photos of a sink full of dishes or a bedroom with clothes on the bed and an ironing board up! (although I was impressed that people still iron). Almost 90% of homebuyers go to the internet FIRST. If the home seller, didn't take enough time to clean their house for it to be shown on the internet, the assumption is they probably don't take care of their house. It doesn't stop there - a home needs to be shown on as many social networking, technological ways as possible. Today's home buyers are saavy and want more.
So that is the long answer to a short question. I'd love share with you how I market homes and take all of these points into consideration. Not ready to sell? See my previous blog and hey refer me to a friend who is!
Let's say you're thinking of selling your home this spring, there's no rush to do anything now, right? WRONG! Now is the perfect time to begin to prepare your home for sale - even if it's this spring, summer or you're not sure when you might sale. Here are a few tips of what you can do while you wait....
1. CONTACT a Realtor to walk through your property (preferably me! karen@karensherrill-homes.com) During these visits I discuss current market trends, but also point out some simple and cost effective ways to make your home more marketable like....
2. DECLUTTER. It's too cold to go outside anyways, so tackle a closet, drawers or a room that has gotten a little out of hand. Toss, giveaway, or begin a stack for a garage sale when it warms up.
3. PACK. If you know you are definitely moving, begin to pack items you won't use. Not only will it make your home show better, it gives you a jump start and you won't feel so rushed when the time comes. Have oversized items? Place them in storage facility so your home will feel more open.
4. PAINT - next to decluttering, this is the least expensive way to improve your home. Pick neutral, decorator colors (not sure? I'd love to help you pick some out). Don't forget to paint doors and door frames that love to collect finger prints
5. SIMPLE updates - new knobs on cabinets are a great facelift. If you aren't pressurized to sell now, you have time to check out sales. If you find fixtures that are on clearance and look nice (don't buy something UGLY and cheap) buy it to give a simple update to kitchen or bath
6. LOOK DOWN - how are your carpets looking? Do they need a good shampoo or need to be ripped out? Once again, time is your friend and you can shop for good prices here.
7. LOOK AT YOUR FRONT DOOR. In the recent release of cost to value improvements to a home (another blog coming), the number 1 return on investment was a new front door! It is the first thing a buyer will see. So go stand at your front door and be realistic at what you see. Does it need refinishing? A new coat of paint and fixtures? Do you need a new door all together?
Once again, even if you’re not sure now is the time to sell I would welcome the opportunity to meet with you and discuss the options. Call me!
When we originally moved to Houston from San Diego, one of our first questions to the previous owner was "when is your recycling picked up?" His response was "we don't really do that here". I am happy to report that our once lone blue bag on our street is now joined by many throughout the neighborhood. In California you were required to recycle half your trash. At first, this was an inconvenience; then it became a way of life. While the site of Styrofoam still shocks me sometimes, we have adapted our recycling ways to Texas and hope to share a few tips occasionally in my blog.
According to an article I read today "75% of the waste we generate in American homes is recyclable but less that 35% actually making it to a recycling center."
Tip #1 - Make it easy to recycle
If all your recycling bins are in the garage you most likely will not use them. Why? It's easier and more convenient to just throw it away. Our solution was to buy two large baskets to put under the "this is WAY to small to use as a desk" that is in many homes. One is for plastics, bottles, cans, and glass - the second is outfitted with a paper bag for newspapers and the remaining space collects cardboard. When these fill up, we then march them out to the recyling collection in the garage. You may even want to add a separate basket near a desk area for recyclables.
If you are looking for something a little more decorative there are many other solutions offered online like this Hands Free, Stainless Triple Bin Recycler
According to an article I read today "75% of the waste we generate in American homes is recyclable but less that 35% actually making it to a recycling center."
Tip #1 - Make it easy to recycle
If all your recycling bins are in the garage you most likely will not use them. Why? It's easier and more convenient to just throw it away. Our solution was to buy two large baskets to put under the "this is WAY to small to use as a desk" that is in many homes. One is for plastics, bottles, cans, and glass - the second is outfitted with a paper bag for newspapers and the remaining space collects cardboard. When these fill up, we then march them out to the recyling collection in the garage. You may even want to add a separate basket near a desk area for recyclables.
If you are looking for something a little more decorative there are many other solutions offered online like this Hands Free, Stainless Triple Bin Recycler
The important thing is to try something....every bit helps!
Sometimes I read an article that I would rather just print than summarize. In today's economy, we want every dollar to count. When you are buying a home, you want to know if you will have any large expenditures in the near future. When you are selling, you want to be able to assure your buyer that they are receiving a good value. And if you're staying, you want to anticipate what the next year may hold. This article answers the question "How Long Should it Last?" quite well
Appliance Longevity: How Long Should It Last?
Find out how long those kitchen appliances, flooring, fixtures, and more should really last.
by Melissa Dittmann Tracey Feb 1, 2009
Replacing a home’s windows, appliances, or roofing can be pricey. So knowing approximately how long before the refrigerator is likely to stop working or the roof might spring a leak can have value to buyers and home owners.
Buyers may want to factor in replacement costs for aging components when they make an offer. Owners can use the information to decide whether to replace a component before a move. Now, a new study by the National Association of Home Builders provides some insight that can help your clients estimate the average useful life of more than 100 household appliances and building materials.
The true longevity of any household material depends on maintenance, use, quality of installation, and climate conditions, so use these averages as a general guide. The NAHB report still beats asking handy Uncle Fred.
100 Years or More
Brick siding: Lifetime of the home
All wooden floors: Lifetime of the home
Cellulose insulation material: 100-plus years
50-100 Years
Slate, copper, and clay and concrete roofs: 50+ years
Copper gutters: 50+ years
Kitchen cabinets: Up to 50 years
Modified acrylic kitchen sinks: 50 years
Vinyl floors: 50 years
30-50 Years
Thermostats: 35 years
Wooden windows: 30 years
Wood shake roofs: 30 years
French interior doors: 30–50 years
10-20 Years
Built-in audio system: 20 years
Aluminum windows: 15–20 years
Asphalt shingle roofs: 20 years
Faucets, kitchen sinks: 15 years
Gas ranges: 15 years
Cultured marble countertops: 20 years
Dryers and refrigerators: 13 years
Air conditioning units: 10–15 years
Lighting controls: 10+ years
Interior and exterior paints: 15+ years
Electric or gas water heaters: 10 years
Air conditioners: 10–15 years
Furnaces: 15–20 years
5-10 Years
Security systems: 5–10 years
Heat and smoke detectors: 5–10 years
Dishwashers: 9 years
Microwave ovens: 9 years
Carpet: 8–10 years
Find out how long those kitchen appliances, flooring, fixtures, and more should really last.
by Melissa Dittmann Tracey Feb 1, 2009
Replacing a home’s windows, appliances, or roofing can be pricey. So knowing approximately how long before the refrigerator is likely to stop working or the roof might spring a leak can have value to buyers and home owners.
Buyers may want to factor in replacement costs for aging components when they make an offer. Owners can use the information to decide whether to replace a component before a move. Now, a new study by the National Association of Home Builders provides some insight that can help your clients estimate the average useful life of more than 100 household appliances and building materials.
The true longevity of any household material depends on maintenance, use, quality of installation, and climate conditions, so use these averages as a general guide. The NAHB report still beats asking handy Uncle Fred.
100 Years or More
Brick siding: Lifetime of the home
All wooden floors: Lifetime of the home
Cellulose insulation material: 100-plus years
50-100 Years
Slate, copper, and clay and concrete roofs: 50+ years
Copper gutters: 50+ years
Kitchen cabinets: Up to 50 years
Modified acrylic kitchen sinks: 50 years
Vinyl floors: 50 years
30-50 Years
Thermostats: 35 years
Wooden windows: 30 years
Wood shake roofs: 30 years
French interior doors: 30–50 years
10-20 Years
Built-in audio system: 20 years
Aluminum windows: 15–20 years
Asphalt shingle roofs: 20 years
Faucets, kitchen sinks: 15 years
Gas ranges: 15 years
Cultured marble countertops: 20 years
Dryers and refrigerators: 13 years
Air conditioning units: 10–15 years
Lighting controls: 10+ years
Interior and exterior paints: 15+ years
Electric or gas water heaters: 10 years
Air conditioners: 10–15 years
Furnaces: 15–20 years
5-10 Years
Security systems: 5–10 years
Heat and smoke detectors: 5–10 years
Dishwashers: 9 years
Microwave ovens: 9 years
Carpet: 8–10 years
"Why the Newest and Fanciest isn't Aways Best: OR Why I Love my Palm Phone"
I know, I know if I was trendy I should have an iPhone, Droid or the very least a Blackberry. While I try to stay current on newer technology - especially in a competitive Real Estate Market - there are some things that just work. And if it works why change? If it then works better than what is out there that's shiny new - even better!
For instance I drive a very "unflashy" Dodge minivan, not your typical Realtor mode of transportation - but it works for me. It accommodated our large family, it accommodates clients and their families and it still works and looks pretty good for a minivan. Another added perk with teenage drivers in the home is that you will rarely hear "hey, mom can I borrow your minivan". But I digress from the topic.
I have used the separate Palm Pilot for years before "Smartphones" existed. When I made the leap to a Smartphone a few years back it came as a no-brainer to get a Palm. There are now two more reasons why I love my Palm...
1. If you have followed my blog, you know that I discovered the Palm phone can survive being submerged in a pool. While I don't recommend you trying this at home, my now dry phone works great!
2. The Palm phone also is the ONLY phone that can be used as a Supra key. No additional gadgets needed. Just use the downloaded ekey, point and voila Supra access. I LOVE THIS! I know this probably won't make any of you give up your iPhone or Blackberry - but it makes me smile.
The only downside is that Verizon no longer carries the Palm - it belongs to Sprint now. But no worries, if it survived my pool it can most likely survive what I dish out.
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