As the spring transforms into summer, the number of homes on the market still does not meet the demand of those buyers able and willing.
The clients expect their Realtor to deliver results in common with other sales of homes in their neighborhood. What does this remind you of? Yes, it is the agent doing his job; nothing has changed in the scenario except the market is low on inventory.
My job has always included getting the best price for my seller or buyer! Market conditions have always changed either up or down before. I remember the year 2008, if you were to sell a home it would only last on the market a couple of days. The buyers had to compete for the properties very much like today.
So what seems different in 2018 from 2008? There are little subtle about the way homes are listed and the way buyers are preconditioning the sellers with their qualifications.
Some homes being listed are destined to have price reductions. You can tell by the prices stair-stepping up from the previously sold homes. Why? Because the sellers probably told their Realtor; “I want to start off high and come down if we need”! You will see these by the number of days on market and then a big price reduction. Staying true to your clients is job #1. The may not listen but it, at any rate, must be said.
Today’s buyers have a group of potential home buyers having to compete with investors, buyers are now in some instances giving a sort of resume to the sellers to paint a picture why they would love to buy your home. This may help, you never know!
Enjoy the Canyon County Parade of homes June 8-24 2018. Presented by the Snake River Valley Building Contractors Association.
Here is the 2018 Parade magazine in PDF format.
Before you can worry about where to place furniture and which wall hanging should go where each room in your home must be spotless. Do a thorough cleaning right down to the nitpicky details like wiping down light switch covers. Deep clean and deodorize carpets and window coverings.
It’s harder for buyers to picture themselves in your home when they’re looking at your family photos, collectibles, and knickknacks. Pack up all your personal decorations. However, don’t make spaces like mantles and coffee and end tables barren. Leave three items of varying heights on each surface, suggests Barb Schwarz of Staged Homes in Concord, Pa. For example, place a lamp, a small plant, and a book on an end table.
When a room is packed with furniture, it looks smaller, which will make buyers think your home is less valuable than it is. Make sure buyers appreciate the size of each room by removing one or two pieces of furniture. If you have an eat-in dining area, using a small table and chair set makes the area seem bigger.
Highlight the flow of your rooms by arranging the furniture to guide buyers from one room to another. In each room, create a focal point on the farthest wall from the doorway and arrange the other pieces of furniture in a triangle around the focal point, advises Schwarz. In the bedroom, the bed should be the focal point. In the living room, it may be the fireplace, and your couch and sofa can form the triangle in front of it.
Brush on a fresh coat of warm, neutral-color paint in each room. Ask your real estate agent for help choosing the right shade. Then accessorize. Adding a vibrant afghan, throw, or accent pillows for the couch will jazz up a muted living room, as will a healthy plant or a bright vase on your mantle. High-wattage bulbs in your light fixtures will also brighten up rooms and basements.
Lay logs in the fireplace, and set your dining room table with dishes and a centerpiece of fresh fruit or flowers. Create other vignettes throughout the home — such as a chess game in progress — to help buyers envision living there. Replace heavy curtains with sheer ones that let in more light.
Make your bathrooms feel luxurious by adding a new shower curtain, towels, and fancy guest soaps (after you put all your personal toiletry items are out of sight). Judiciously add subtle potpourri, scented candles, or boil water with a bit of vanilla mixed in. If you have pets, clean bedding frequently and spray an odor remover before each showing.
Mow your lawn and trim your hedges, and turn on the sprinklers for 30 minutes before showings to make your lawn sparkle. If flowers or plants don’t surround your home’s entrance, add a pot of bright flowers. Top it all off by buying a new doormat and adding a seasonal wreath to your front door.
As we go into the time of year when the weather changes and thoughts turn to other things other than the cold and snow, we face new opportunities and endeavors. For the last three or four years, the nation has been enjoying the joys of low-interest rates and a relatively healthy real estate market. The market allowed for home buyers and owners the ability to buy and sell with great mortgage rates and excellent home prices.
From the start of 2017, the market began to take a path that those in the know didn’t really see coming. Suddenly the selling of resale homes started to decline. What caused the turnaround and why did it progress especially since the buying population of clients did not seem to dissipate.
Suddenly many of the buyer clients finally had the money and the ability to take on a mortgage, but then there were less and fewer homes being placed on the market. This market trend has continued and even deepened in the first quarter of 2018!
When trying to locate properties for clients most Realtors are coming to the same outcome over and over. The problem of low inventory of listed homes presents a problem for some home buyers and especially first time home buyers that interest rates are also creeping up.
Being in the real estate business for some time, I know that the market has its swings up and down and back and forth. This time there is no clear reason for the changes and ebbs and tides. What we do know is that some of those first-time buyers and even some of those that have bought long before could have problems with the rise of home prices and increase in interest rates.
What can a client do? Contact your real estate professional and make a buying plan. Knowing what you can purchase is the first step. Those thinking of selling need to speed up their program to market homes. Don’t sit on the sidelines now if you are seriously thinking of making a move.