Have 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.
If 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:
- Top 10 Ideas to Get Your Home Ready to SELL!
- What is your Realtor's List-to-sales Ratio?
- Looking "HOT" From the Street-Tips for Curb Appeal
- Does "Minnesota Nice" Affect the Real Estate Market? Yeah! You Betcha!
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 or FREE Homebuyers Success Packet. 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..JPG)
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Copyright 2012 Teri Eckholm http://www.terieckholm.com/
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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.
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.
My dear Teri,
You are wise beyond your years. Good stuff on this one!
Hi Teri,
Good sound advice.
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!
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.
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!
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.
This TRULY deserves the FEATURE! Congrats!!!
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!
Hard work is truly the way to success...if it was easy everyone would do it!
Kudos and congrats on your star!
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.
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.
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!:)
Great post Teri; yes, we always have to back to the basic.
Charles Parrish
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.
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.
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.
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. :)
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.
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.
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!!
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?
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.
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.
Good job! And excellent post Teri! These things DO make the difference!!
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.
Great information Teri, Bravo. I can't add anything else someone else hasn't already said!
Lexa
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!! :)
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!!
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!