Setting The Price Of Your Home To Sell

I think it is that time again to write about the topic of what you should be using to determine the price of  your home, and what kind of pricing options you have !! This is extremely important because the more homes that go onto the market, the more competition you will have, you want to make sure your listing stands out and gets sold before we have another sudden rush of new inventory ! 

How Real Estate Agents Determine The Value Of Your Home 

All real estate agents should be bringing a Comparative Market Analysis of your home when they come to meet with you to list your home.  Real Estate Agents use a similar system to what the banks will be using to determine your value these are the main characteristics in importance order that you will want to be using.  

• Homes within 1-2 miles of your home that recently sold within the past 90-120 days.
• Homes of the same style (EX: Ranch, Hi Ranch, Cape, Expanded Cape) or similar square footage if there is a lack of comparable style homes.  You can not compare your home to one of an opposite style just because you think your home is just as good, the bank won't allow it.  
• Rarely will you see homes with the exact same amount of bedrooms, baths, or even property size this is where you need to adjust the comps accordingly.
• Take a look at what homes are currently on the market, and compare how your home stacks up to theirs, these homes are your competition.  

In my opinion, if you meet with an agent and they do not bring with them a Comparative Market Analysis than they are not putting in very much effort to help you sell your home since determining the price of your home is really the very first step before listing it.  I always say my job is not to list your home, but to get your home sold ! 

The 3 Styles Of Pricing Your Home 

• Overpriced Home - This type of pricing is not only a waste of your agents time but yours as well.  You are putting yourself behind and unnecessary roadblock, and guaranteeing you will be having the dreaded price adjustment talk sooner than later.  Many homeowners will say "But I am flexible, just bring me an offer!" - There is only one problem with that, and it is that we can not relay that to all of those buyers who aren't a- looking at homes $20,000 above their budget or b- tell those buyers who are in that range that you are flexible.  Remember most buyers find their home online, so presentation including price is a very important factor and we can not write on your listings that you are willing to hear all offers ! 

• Market Priced Home - This is an educated homeowner who has taken the time, and hopefully the advice of their real estate agent and is priced in the same area of those comparable of the recently sold homes.  This kind of pricing will get you showings, and hopefully an offer within 6 months of being listed.  As other homes sell their might be a need to adjust the price of your home to stay in line with what homes went from contract to sold once you were listed.

• Action Priced Home -  Before I explain, let me say this action price does NOT mean pricing the home as if you were giving it away.  When you use this style of pricing you first base it on the comparable homes in the area that sold, but your focus is shifted to those homes that are currently on the market (those that are priced at market value, not of those that are overpriced).  You look at your direct competition and price it anywhere from $8000 - $10,000 below that of your best competition.   Normally on a market priced home once you have received an offer that $8000 - $10,000 is the wiggle room of where you would accept an offer.  What you do by pricing it that bit lower is your drive much more traffic and increase your chance of multiple offers, almost every home that is "action priced" will sell for either the listed price of the home, or possibly more because you have increased the buyers perception of value !   

There are a few things you will also want to keep in mind when you are thinking about where you want to price your home.  The most important questions you should be thinking of when determining the list price of your home are 

1. How much will you need to be able to walk away from your home after the mortgage payoff, brokerage fees, attorneys fees, title transfer fees. If after you total these things up if what you would need to list it for is significantly higher than what your home is worth it is always better to leave it off the market until your in a position to sell rather than have it listed and sit on the market making buyers wonder once wrong with it.  The exception to this is when you are avoiding foreclosure by doing a short sale.  
2. How quickly do you need or want to move ? If you want to move quickly than your best option is to really have your home priced at the "action priced" point so that you can move things along without any delay and a guaranteed end in sight ! 
3. How many times has your home been listed, if your home did not sell chances are it was overpriced which means at the very least you must get in-line with the current market value of your home.  Re-listing it at the inflated price again is working against yourself and buyers will begin to disregard your home because "there must be something wrong with it", and not even the best agent can overcome that ! 

If you are interested in having a Comparative Market Analysis done on your home, please contact me directly.  I will be writing another blog that goes into the specifics between things that will add value to your home verse things that are more features of your home, which can affect the overall listing price of your home in an upcoming blog ! 

                                                                                      

What You Must Know When Selling Your Home !

Many homeowners listed their homes back when our spring market started, which was early this year around February when we started seeing alot of buyer activity.  With the summer market quickly approaching those same homeowners are starting to wonder why their home may not have sold yet.  Now some of you may be thinking that is has only been 4 months since buyer activity picked up, but with a home correctly priced we will normally see them go under contract within 60 days.  There are only 3 things you & your Realtor have control over, and if your home is not selling than you should look at those 3 things first and foremost !!

Price

• When a person is searching for a home with the same characteristics as yours (bedrooms, baths), where does your home fall in the list? Look at the homes as if you are a buyer, if you are finding all the homes are priced below yours offer more you may want to consider adjusting your price. 
• Ask your Realtor to pull recent comps, meet with them and discuss market conditions.  This is also important because your Realtor will need to have these to support the price of your home once you have accepted an offer.  

Myth: Not all homes are created equal, sometimes your home may not be selling as quickly as you would like not because of price but because it is for a particular kind of buyer.  An example of this is if the home your selling is a cottage, or a high-end home because there is a smaller buyer pool for that kind of home.  The most important part of selling a home with a small buyer pool is making sure that you have the best exposure, and easy availability to make sure your don't lost out on any buyers.  

Tip: If your home is priced above market value, it will be impossible for your Realtor to get potential buyers to come and view your home.  Many homeowners will agree to taking a much lower offer than the listing price, but there is no way to convey that to buyers who are viewing your house online, they will rule it out simply because of the price.

Availability

• If your home has very strict restrictions on when potential buyers can come and see it, you may want to reconsider how/when you are showing it.  If you are unavailable to show your home during the week because of your work schedule, you should speak with your Realtor about allowing them to accompany showings during the week to take the burden off of you, and allowing more buyers to be able to get in.  
• This next one is something that not all Realtors agree with, but I am a big believer in open houses.  I schedule all of my open houses for the month in advance because I want to give buyers an open invitation to come in and see your home the moment that they see it online.  
• Taking it a step farther you will want to make sure your Realtor is getting back to those that are inquiring about your home in a timely manner. Sometimes it is not always about how quickly buyers can see your home, bu how long it takes for your Realtor to get back to them! 

Myth: Some sellers believe that by requiring 48 hours for their home to be shown gives them a better chance of preparing their home to make sure it shows well.  Unfortunately, not all buyers give their Realtors 48 hours notice that they want to see your home, it is better to ask for a reasonable amount of time to prepare than possibly lose that buyer. 


Tip: When potential buyers are viewing your home whether it is a private viewing, or an open house do not follow them around.  Often times buyers will feel as if they are intruding on the homeowners by being there, you want to give them space to take it all in! 

Condition

• First thing you should do is look at  your pictures, if you took pictures before the spring flowers and grass became green you should ask your Realtor to update your pictures.  Remember you need to sell the house first via the pictures to get the buyers to want to come and see it in person.  
• Spruce up your curb appeal, give the front door a fresh coat of paint or add some solar lights and plants.  Buyers spend their weekends driving around looking for open houses, even if your home is not having one you still want to catch their attention!  
• If you have broken screens/doors/cabinets/tiles take the time the time and replace them if it is not a huge expense those are the things that make buyers look at your home and think of "projects" although they have quick fixes.  

Myth: Many homeowners think fixing up your home is a waste of time and money when you are attempting to sell it. Now this is only somewhat of a myth, doing major renovations may not be the best idea, but doing small projects to fix or update your home is normally recommended to help your homes chance.  

Tip: Take the time to look at your home objectively, remember although you can not make every buyer happy you can help the chances of your home selling quickly by doing some small projects.  The best place to start is by doing all those things that were on your "honey do list" that you hadn't had time to get to! 

There are so many different factors that come into play when getting your home sold, but these are the top 3 that are the most important ! Over the next few weeks I will be blogging more about some tips for sellers, but as always if you have a question I did not cover please feel free to comment or email me directly! 

Why Do Real Estate Agents Ask For Price Reductions?

So you have listed your home, and now a few weeks later your Realtor has called and suggested a price reduction on your home.  I find that most homeowners do not take to this well, but unfortunately the time or the need for price reductions can not be predicted by anyone.

Although I know many homeowners cringe, and feel as if their Realtor may have agreed to a listing price just to get the listing, this is not the case.  Realtors that do not care about their homeowners, and just wanted another listing will NOT ask for a price reduction they will simply sit by and do nothing.  If your Realtor calls you for a price reduction, listen to their reasons why, remember we do not control the market but it is our responsibility to keep you informed  about it.

In some cases when I take a listing, I will tell the homeowner that we will be discussing a possible price reduction in 30 days.  I do this mainly for homes that I know have a large amount of competition surrounding them. Buyers will know how long your home has been on the market and we don't want them thinking your home is lacking in value.  I prefer to be up-front wiht my homeowners this way they know we will be having frequent discussions about the market, and what it means for their home.

Sometime price reductions are necessary for these homes because,

• The homes that were previously UC, sold at a lower price point than predicted by the closed sales of previous months.  
• Large amount of other homes have come onto the market at a substantially lower price.   
• Your home is getting views online but no one is calling to see it in person, this means you need to change the buyer pool.
• Your home is getting alot of potential buyers in but no offers, it means you have the right buyers but you need to adjust your homes perception of value.  

This is usually tricky, homeowners don't always see the difference between changing your price to adjust the buyer pool, and changing your price you change your homes perception of value.

Changing Your Buyers Pool

Your buyer pool is determined by the overall price of your home, in the price range where you are what do the buyers expect to be seeing? 

If your home is priced at the higher end of a range than you should really take a look at your competition and see where does your house come in? 

You may not want to lose the money by dropping your price, but unfortunately if the market has changed you have already lost it and you have the chance to do "damage control" and adjust to market conditions.  

Changing Your Perception Of Value

This is the tricky part sometimes adding value to your home is something your Realtor can actually do for you.  Perhaps your pictures didn't show everything your home had to offer, or they may have additional services to offer buyers than they had not utilized.  I personally have home warranties on my listings, it is very important for those that have a lot of competition because it gives my listings added value.   Sometimes their might be something specific that buyers have an issue with, an example is a homes whose taxes are higher than the competition offering negotiate a "price adjustment" for qualified buyers.  

The Exception

Some homes after the 30 days, even if I haven't received an offer I will suggest that we DO NOT reduce the price.  Certain homes, are sometimes just in need of a particular kind of buyer.  This is usually the case in larger homes, extremely small homes like cottages, waterfront or beach-front homes, or new construction.  These homes are not "cookie cutter" homes, and it will be a very specific buyer so the value of these homes are quite different.

The one thing you have to keep in mind when you get "that call" is that your Realtor is working for you our job is not to just sell your home, it is to help you make good decisions about the sale of your home!  There are some cases where a person absolutely can not budge on their price for financial reasons, if that is the case be honest with your Realtor they may be able to provide you with other alternatives aside from just selling your home.

The TRUTH About What Your Home Is Worth!

Now almost every homeowner that has seen one the "Online Home Values" that are now being offered by Trulia, or Zillow call and express to me that their home is not only worth more than what it is/was listed for but it is even higher than that!

Let me just say this in the most simplest terms, they are WRONG! Yes I said it, and I am sure in some parts of the country perhaps their pricing is correct, but not here on the South Shore of Long Island.  Experts have done research and their values are actually off by around 20% and in some cases up to 50%! Now most people will than ask how can they do that, it is simple they put a disclaimer on their page and that's it. 

If you really want to know what your home is worth you need to make sure the information that the value it is being based on is accurate, and up to date! On many of these sites the value of your home is based upon the closed sales, under contract sales but they don't often reflect current sales.  Now here are the biggest problem with these sites.   Problem #1 if your neighbor or someone across town from you decides to over price their home that doesn't raise your value obviously, but according to these sites it does.  Problem #2, just because a house has the same number of bedrooms or baths it does not mean they are worth the same. This is where style of home does come into play, a Colonial style home is going to have much more square footage, than a Cape style home even if it does have the same amount of bedrooms.  Problem #3, we have no idea which of these formulas they are using when they calculated the value of YOUR home! Problem #4, they could never receive information as quickly as a Realtor can, computers are a wonderful tool in today's market but that will never replace hard work, and research by an actual person!

So how do you figure out what the value of your home actually is, well that is simple.  Call a Realtor!

They should be able to provide you with at least 3 comps for homes that sold within the last 180 days - with similar characteristics to your home (ex-square footage, rooms, bedrooms, baths, taxes).   This will be crucial information, prior sales are what the bank will be looking for.  When you are looking at these comps your should be sure to see how many days this home was on the market as well. 

They will also show your homes that went under contract with all the same characteristics that I previously mentioned.  This will show you about what price bracket you should be in when you price your home to get an offer.  This will be a great way to see how long homes in your area are for sale before they get an accepted offer!I personally believeit it is better to be at the top of a buyers price range, than at the lower end. 

Lastly they will show you homes that are on the market, again all the same characteristics and this is where you have the chance to judge your home from a buyers prospective.  From their prospective you want to make sure that your home shows value for that price range.  I do not mean price it below market value, just simply look from a buyers prospective and if your home is all original, and other homes on the market are updated you should make sure you adjust your price accordingly. 

This is the ONLY information that will give you the real value of your home, so take the time and speak with your Realtor regularly about your neighborhoods current market!

What A Buyers Market Really Means

The spring selling season is coming upon us and it is coming sooner than most homeowners may think, we have already had a rush of new buyers begin their search!  There are some very important things you should know as a homeowner to sell your home in this market, and buyers should be aware of the realities of what it means to purchase a home in today's market! 

Let's start of by explaining exactly what causes a buyers market. 

• Large Inventory Of Homes On The Market
• Homes Taking Longer To Sell 
• Smaller Pool Of Buyers  

Important Information For Buyers 

You can get a “steal” on every home on the market

Let’s me just take a minute and clarify what I mean by “steal”.

If a home is listed for $250,000, is in move in condition with no liens, offering the homeowner $180,000 will do nothing but insult them.   Always be realistic when you put in your offer, pick your Realtors brain find out what the value of the home actually is, and put in an offer based on that information.   

Now if the home is a short sale, than a low offer may still get you the home, but remember the current homeowner has the “right of first refusal”, they will be trusting their agent to guide them that the offer reasonable.    

There are times where you can get a home for a “steal”, and that is with a foreclosure. Many of these homes have been sitting, and require work before they can even be moved into, in some cases they might be missing heating and plumbing. The banks have to recognize they can’t expect full market value.

A foreclosure sale is not for everyone, I usually find that it is easier to get my buyers into the ones that were already bought, renovated, and re-listed by investors. 

The buyer looking at the home decides what the value of the home is. 

A homes value is actually decided by the home buyers that have purchased in the previous 6 months.  You as the prospective buyer will actually be deciding the value of the neighboring homes for the next 6 months worth of buyers that buy a home AFTER you!

Another common misconception is that the house is worth the same as the neighbors!  This again is about the value of your home.  If your neighbors house is comparable to your home, than it might, but even than it will only be usable if it is sold in the time table that works to your advantage. 


I can find a better home, and it will be cheaper prices are still dropping! 


I always tell my buyers, if you find a house and you fall in love with it don't miss out on it! I will tell you if the home is overpriced or not, but if the home is really a great value it will not last! Don't lose a home that you love, for a house that you aren't sure it exists!

Important Information For Buyers 

You can sell your house quicker without a Realtor or I can use a discount brokerage to sell my home.  

The most common answer I hear when I ask someone why they chose to sell their home without the assistance of a Realtor, is they think the buyers will see it as a "value" that they don't have to pay "extra" for a home.  Now I am not saying that it is never happened, but it is not very often that a home sells without the help of Realtors, especially here in Suffolk County.  

The very first thing a homeowner should take into consideration is that most buyers have a "Buyer Broker" which means they have a Realtor that they will need to pay, because they will still be doing their job if they buy your home.  Now what you thought would make your home seem like a value will now mean extra money they will need to pay to buy your home.  

Now I have written countless blogs on staging, photography, virtual tours, home warranty, and really using technology to get your home sold. The reason I constantly reiterate this information is because it really is what will get your home sold.  

With the cost of not only doing these things, but spending the time to do them properly is usually a much harder undertaking than most homeowners expect it to be.  When you hire a Realtor, it is important to remember you are the boss! The other common reason I hear is they had a bad experience during a previous time they listed their house.  I reference this in another blog, about what you should be asking the potential Realtors who want to list your home.  

Always remember you want to list your home aggressively the first time it is on the market, that is what will set your house apart.  You need to be sure your home is priced right, it is advertised everywhere, it is easy to show, and you have a reputable company representing you! That is the way to sell your house in a buyers market! 

I am only going to list my home for 3 months, this way my Realtor works harder! 

Unfortunately this is the one misconception that is completely off base, the market does not allow for a home to be sold within 3 months when the average time to sell a home is 6 months to a year! The best analogy I can use is this: If I told you to go to Florida on 1 tank of gas, and you knew it would take 2 tanks, would you go? Market conditions is what you should be basing your decision on, again I wrote a blog specifically on how long you should list your home for.

I understand that as a homeowner you don't want to be "stuck" with a Realtor or a company that is not doing what you may want them to, but again remember YOUR ARE THE BOSS! My company has a sellers services guarantee that if we are not doing our job 110% you have the right to withdraw your listing from our company.

My home isn't getting offers, because banks just aren't lending! 


Banks are absolutely lending money! They didn't lower their interest rates because they wanted to prevent buyers from getting a mortgage! Coldwell Banker Mortgage Company can work with a credit score as low as 615, and I work with other mortgage companies that only require a 625 credit score! Down payment requirements are as low as 3.5%, compared to what many people may think is still 20%.  The key to knowing if someone is a qualified buyer is to make sure their pre-approval are thru a mortgage company who puts their pre-approvals thru underwriting!

If you are interested in seeing exactly how many homes were sold be sure to take a look at some wonderful charts provided by my managing broker on his website The Real Estate Guru.


I hope this helps clears up some of the myths & questions that go along with a "Buyers Market", if you have any questions feel free to email me! 

Make Sure Your Agent Is Working For You!

I have written quite a few blogs for my sellers outlining and explaining the difference between discount brokerages, and full service brokerages but I would like to take a moment to talk about something that is important no matter what kind of brokerage you choose to hire to sell your home. 


I frequently speak with homeowners whose listings expired without selling, I do not call these homewoners because I want their listing I call them to get feedback from them.  In today's market there is nothing worse than an unhappy homeowner that needs or wants to sell their home, and I like to make sure that I don't do anything to make the process harder or more stressful on my homeowners. 


The most common complaint I have heard is that the homeowner believes that their realtor did not do enough for them.  Now in some cases this is true, and in other cases it is not but in an effort to make sure this does not happen to any of my readers these are a list of key questions you should be asking potential Realtors who are interested in listing your home!

1. What Is Their Price
Now I do not mean the price of their commission I mean their suggested price of your home. Take the time and look at the comps that they should have brought with them their price and their time on the market.  This is something most people overlook but because the house next door sold for the price you want keep in mind it may have taken them 2 years to get that price, and are you ok with having to wait that long?

2. What Is Their Opinion On Open Houses, And What Will They Be Doing For Yours! 
I hear countless times from homeowners that they wanted to do open houses, but the Realtor "did not beleive in them".  When you meet with these potential Realtors you should be asking them! If they say they don't do them, you know not to list with them, but if you don't ask the question chances are they will not volunteer this information that they don't plan on doing any.  If you don't agree with their plan, move onto the next!

On the other hand, I have had homeowners who absolutely hate having open houses, and being a homeowner I can understand their opinion, but for your home to sell your home needs to be seen! I schedule my first open house the same day I take the listing back to my office, Why? Because you want buyers to immediately be able to have a date and time to see your home! 

Now their is such a thing as too many open houses, remember the saying, "Quality not Quantity", my general rule is that each of my listings have an advertised open house monthly.

3. How Is Your Home Shown?
You should discuss how the agent shows their listings, and who will be scheduling the appointments.  Is it a call center who handles scheduling their appointments, or is their an in office staff ? Do they attend all appointments when your home is shown, do you need to be home for the appointments? Would they be willing to have specific day and times when you are available to show, or are they open to requiring a minimum amount of notice? If you are not okay with how they do things move onto the next agent, just make sure your requests are reasonable.

When I say be reasonable I mean that there are of course circumstances where your realtor will be unavailable to make it to an appointment for another broker to show your home.   You also should not make it difficult to show your home, this means if you can only show it once a week, and that day isn't on the weekend your home will be difficult to show.  I recommend asking for  a certain amount of notice usually 24 hours for scheduling a showing if the homeowner prefers sometime to prepare for their showing.
 
4. Where Did All The Buyers Go?
When I ask these homeowners what happened with the potential buyers that did view their home I am shocked to hear that they don't know.  You should have a clear line of communication planned with your Realtor for everytime your house is shown, and you should know how they go about getting feedback about your home from other Realtors.

The feedback that agents, and buyers give will help you get your home sold faster!  Our company has a automatic feedback form sent to all agents who show our listings, it is a quick simple application that they are able to use on their phones, laptops, and PDA's.  If I don't recieve feedback from an agent, I am provided with all of their information to contact them from the appointment confirmation.   I call my homeowner after each time the home is shown.

5. Pictures & Video & Staging
Talk to the realtor about what kind of pictures they take, do they take professional photo's or do they have the applications to help enhance your pictures? Do they have Virtual Tours on their listings? Most importantly once you have those pictures and videos, where are they all advertised?

I am very particular about my pictures, because not only do I represent your home, but the effort I put into selling your home represents me!  I put your homes pictures in my newsletter, on my website, and on my YouTube Channel, I want to make sure that your home stands out!

Another aspect of the pictures of your home is the fact that not all homes are picture ready, your home only needs to be picture ready once.  Ask these Realtor what they plan on doing to help you get it "picture ready".  Do they require you to do staging? Do they have other options rather than full staging? Or if your home is going to be vacant, what kind of affordable staging options are there?

All homes can benefit from some staging, even if it is as simple as de-cluttering or removing some larger pieces of furniture for the pictures.  Keep an open mind when a Realtor approaches this subject, do not take it as an insult, take it as they know their business!

6. Technology
How are they using technology to help their business, and your home?  Now this is a personal opinion of mine and something that I find buyers are usually more in tune with than sellers.  This is because the buyers are the ones who are using technology to help them find their new home.

Social networking is a great tool for your home, why? Because you don't know who is looking for a house until they tell you! The use of  social networking for Realtors has changed with the times. Many of us now choose to network and promote our business with other realtors & potential buyers thru sites like Facebook, & Twitter.  Highlighting our new listings and open houses on these sites are quickly becoming the way the new generation of Realtors are advertising their businesses.

If your realtor is not utilizing the internet, the technology, and the tremendous exposure that it offers your home, you are missing out.  I once had a client call me on a home not from MLS, not from an open house, but from a On Location Video Tour that was posted on my YouTube channel that one of my friends had shared.  

Technology isn't just about what your listing looks like, or where it is listed, it is also about what the buyers options are for connecting with your agent?   Today's technology allows potential buyers to immediately inquire about your listing, so what is your agents plan of action for those buyers who may not be inquiring during "normal" business hours.

I allow my buyers to schedule appointments online anytime of the day or night, I also have a chat feature that is linked on my page that goes directly to my phone as well as my laptop.  All inquiries made on my listings come thru within 5 minutes of being sent, this allows no delay in my response, and many times they are still looking at your home when they get the first call from me.

These are just a few of the key questions that homeowners should be asking the agents that they are interviewing! 


The best way to get your home sold the first time it is listed is to be an educated homeowner, and pick an agent that is right for you! 

Winter Safety Tips

The holidays are in full swing, and I am sure we are all enjoying the holiday season since Long Island has gotten quite lucky and we have had some unusually warm days, considering this time last year we had already had 3 or 4 snow storms by this time!

Buyers are also taking advantage of this warmer winter weather, I have personally had some amazing turn outs to my open houses, and many clients who are still very active in the search for their new home, so I wanted to take a moment and talk about some safety pre-cautions that both home sellers and buyers should be doing during since this season has been quite busy!

1.  Christmas Decorations Are NOT Meant To Be An Obstactle Course To Your Front Door!
Let me start by saying I always tell my homeowners that they should put out their decorations, it will make your house feel like a home, and it does wonders to sell your neighborhood.  I put out a ton of Christmas decorations out, which also means a ton of extension cords, timers, and outlets but  if you have cords running across your walkway, you need to be sure that they are placed where potential buyers will not trip or fall!

2. Let There Be Light
Make sure that buyers can see where they are walking, this is a simple fix many people have lights in the driveway that are triggered when someone walks up and it will usually illuminate the walkway as well.  This is not the only area that you need to be able to see, home buyers need to be able to see your HOUSE NUMBER, I can not tell you how many calls I get from a buyer who happened passed a home with a for sale sign, but have no idea what house number it was! This also is necessary so people who are coming to view your home can easily spot your home, not all streets have only 1 house for sale, and some seller choose not to have signs, so make sure that numbers stands out!

3. Be Prepared For The Snow Trail
This has got to be the biggest pet peeve for home sellers in the winter, and that is buyers will often track snow and salt into their home.  I say this for both buyers and sellers, put a winter mat in the front hall of your home, and agents wipe your feet normally the buyer will be sure to clean off their shoes if they see the agent do so, and sellers and if you choose not to have a mat, be prepared for the trail, and a good chance someone will slip and fall.  I often carry one in my car, this is for when I have open houses to make sure my homeowners come home to a semi-clean floor!

4. Let It Snow
Of course if it begins snowing right before your homes showing or open house, there is not much you can do except shovel and home not too much accumulates between the time you leave, and the buyer arrives.  A simple suggestion is leave a smaller shovel, and container of salt next to your front steps.  This gives the buyers agent the ability to throw a tiny bit of salt down to make your walkway or steps easier for the buyer, and in the case of an open house allows them to keep the walk clear.  Not all agent will do this, but personally I do, I want the buyers to feel comfortable coming in even if it is flurrying out. 

5. Don't Open Your Door To Just Anyone
It is oddly alarming that I have had numerous homeowners if they should just let "people" not agents just come thru their home if they knock on the door! The answer is NO, NO, and NO! This is not just a rule for the winter time, but all year round.  This is also why I always have a open house advertised thru-out the time a home is listed with me, obviously you do not want to be rude, simply say that it is not a good time, and be sure to tell them when your next open house is scheduled, or give them your listings agents direct number to schedule the appointment! You do not want to turn off these potential buyers, but our company believes in safety anyone that enters your home we want to have some sort of information before they go walking thru. 

Now some homeowners have chosen to sell their home after they have moved into their new home, and if your home has not gone under contract by the fall, I always suggest taking some steps to winterize your home to protect it for the winter time.  So here are a few tips for those whose home are vacant!

1) Furnace Inspection

• Call an HVAC professional to inspect your furnace and clean ducts.
• Consider switching out your thermostat for a programmable thermostat.
• If your home is heated by a hot-water radiator, bleed the valves by opening them slightly and when water appears, close them.
• Remove all flammable material from the area surrounding your furnace.

2) Get the Fireplace Ready

• Cap or screen the top of the chimney to keep out rodents and birds.
• If the chimney hasn't been cleaned for a while, call a chimney sweep to remove soot and creosote.
• Buy firewood or chop wood. Store it in a dry place away from the exterior of your home.
• Inspect the fireplace damper for proper opening and closing.
• Check the mortar between bricks and tuckpoint, if necessary.

3) Check the Exterior, Doors and Windows

• Inspect exterior for crevice cracks and exposed entry points around pipes; seal them.
• Use weatherstripping around doors to prevent cold air from entering the home and caulk windows.
• Replace cracked glass in windows and, if you end up replacing the entire window, prime and paint exposed wood.
• If your home has a basement, consider protecting its window wells by covering them with plastic shields.
• Switch out summer screens with glass replacements from storage. If you have storm windows, install them.

4) Inspect Roof, Gutters & Downspouts

• Check flashing to ensure water cannot enter the home.
• Replace worn roof shingles or tiles.
• Clean out the gutters and use a hose to spray water down the downspouts to clear away debris.
• Consider installing leaf guards on the gutters or extensions on the downspouts to direct water away from the home.

5) Service Weather-Specific Equipment

• Service or tune-up snow blowers.
• Replace worn rakes and snow shovels.
• Clean, dry and store summer gardening equipment.
• Sharpen ice choppers and buy bags of ice-melt / sand.

6) Check Foundations

• Rake away all debris and edible vegetation from the foundation.
• Seal up entry points to keep small animals from crawling under the house.
• Inspect sill plates for dry rot or pest infestation.
• Secure crawlspace entrances.

7) Prevent Plumbing Freezes

• Locate your water main in the event you need to shut it off in an emergency.
• Drain all garden hoses.
• Insulate exposed plumbing pipes.
• Drain air conditioner pipes and, if your AC has a water shut-off valve, turn it off.
• Leave the heat on, set to at least 55 degrees.

 

Coldwell Banker Home Protection Plan

When you are trying to sell your home, you need to make it stand out from the rest, and in today's market that can be extremely difficult, many homes have their competition only a few doors away from them. 

It is a buyers market, so the best thing you can do is help the buyers! The Coldwell Banker Protection Plan, is one of the best tools you could possibly have.  It is not often that someone turns down a warranty, and why would they when it is at no cost to them!

The best part of this is it gives you options, and my sellers are able to use the warranty for themselves as well.   Once you have signed up for the plan, you as the homeowner are able to start using this as well immediately, but you do not pay for the warranty until your home goes to closing! If you use it but your home does not sell, the plan still costs you nothing!

This plan is provided thru American Home Shield, and they do not work with any other real estate companies, Coldwell Banker Residential Homes is the ONLY one!

So here are some quick facts from a study recently done on homes that have sold. 

• 76% of Realtors recommend a home warranty to their clients.
• Homes with warranties sell up to 15% faster.
• Homes with warranties sell for a price 2.2% higher.

This is a great way to get your home noticed, I have them on many of my listings because it really is a wonderful tool, and it will only cost you once you have someone who is buying your home.  It also has some great options for the buyers, they can add on coverage if they choose to, since AHS has offered different levels of warranty this is something that at no cost to the seller the buyer can purchase additional coverage. 

I have been asked how exactly it works when the seller/buyer needs to file that they need service and even that has been made extrememly simple.  So here are a few facts about what makes AHS different from your average warranty company. 

• A Customer service representatives are available 24 hours a day, seven days a week; allowing you to request service either by phone or online
• Contractor network of pre-screened, licensed1 and insured service providers is the largest in the industry.
• Sellers have the option to use this warranty, even before a buyer is found, if the home does not sell they do not have to pay!
• Buyers can add on coverage at closing, above what the seller is offering.

Please feel free to download the complete package of information, as well as the frequently asked questions.  It will promt you to an additional site for this download, it does NOT send you spam after you have downloaded. 

The Important Questions To Ask The Realtor BEFORE You List Your Home!

I would like to take a minute to talk about some of the key things homeowners who are selling their home should be asking the Realtors that they are interviewing.  If you have had the opportunity to meet with me, you will know I prefer homeowners that ask questions, and expect results.  It is a part of my job that I truly enjoy, because of that I do frequently looks at homes that have expired and see if there is anything more that could have been done.  After meeting with quite a few of these homeowners I have come up with a list of questions that may have gotten overlooked, and unfortunately caused someone's home to be mis-managed during its first time on the market. 

Pictures
Ask about the pictures, how many and what quality? If your home doesn't have any pictures, or you can't actually see the size of the room than chances are it is not going to be giving that great first impression that you want it to.  Over 90% of homebuyers find their home online. 

Internet Presence
What kind of advertising accounts do they have with those internet sites such as zillow, trulia, realtor.com.  By having those listings branded with your realtors information, he/she will directly be getting those leads to follow up with them.  I personally have this for all of my listings I want all of my potential buyers coming directly to me with no middle man!

We also have a system call LeadRouter, which allows leads to come directly to us within seconds of the information being requested.  It is something I frequently show my sellers, and they are able to see it immediately.


Viewings and Open Houses
This is one of the most important things to ask, is who and how are they going to be showing your home.  Is your Realtor going to be there when it is shown? Who will be holding your open houses, how often, and in the event another agent from the office will be what do you do to prepare them for the open house?

I can't tell you how many times I have heard these kinds of complaints from expired listings, these are the important questions you should be asking because these are the things that will get your home to sell!  Having buyers agents hold your open house is not a bad thing, I personally have done this myself but I am sure to go over the home with the agent who is covering it first.  If I am unable to attend a showing of your home, rather than not allow another agent in, I prefer to be sure to call them right after the appointment to answer questions and get the feedback.

You should be asking how often they plan on having open houses, many times a will find upset homeowners because during a period of 6 months they only had 1 open house, this should be part of the market plan you saw before you signed a contract listing the home.

Agent Promotion
What information is available on their personal websites, many times Realtors family members will be our best advertising, but they will almost never remember what our website url is, so they give the friend our name, and the friend than googles us.  What comes up when you google your Realtor, and what does their website offer to the consumers?

You always want an agent who is promoting him/herself, if they are promoting themself than they are also promoting their listings, and your home!

What If You Don't Want To Sell It ?
Life happens and sometimes circumstances forces us to change our path or direction fairly quickly.  Someone who may have been selling their house might have a change in heart, or life could have happened and it needs to be put on the back burner.  Their are also circumstances where a homeowner has an horrible experience with a Realtor but was forced by the contract to continue the listing, even if the Realtor was not doing their job. 

Our company has the "Sellers Services Gurantee" this allows a homeowner to retract their listing they have with our company if we are not living up to our end of the deal. 

If it is a case of life happens, we are not the kind of company that wants the listing to just say we have it, we understand and will withdrawn your listing if something comes up where you no longer want to sell your home. 

What Kind Of Company Is It?
Most brokerages that are owned have a managing broker, this is the one who really oversee's and takes responsibility for all of the agents that work with his company. 

In some agencies there are competing brokers, which means this person takes his own listings and clients, and than on top of it helps everyone else.  This is alot for any one person to handle, and I chose to work for a company who has a non-competing broker.  Our brokers only job is to be their for us, and for our buyers and sellers.  He will meet with our sellers to go over market trends, and makes a point of going and looking at every home our company lists. 

Commission
Many companies now are keeping with the National Average, as far as commission is concerned with the 5%, but their are many discount brokerages "pretending" to be full service brokerages but are not offering the Full Service Guarantee, but still charging the full service fee.  Please refer to my blog outlining exactly what a Full Service Agency offers.


These are just some of the many things I come across while I am conversing with homeowners that have listed their home only to have the listing expire a few months later.   There are of course some cases where the home that expires is because it was either over-priced for the market, or impossible to show which is not always the fault of the Realtor.  The purpose of this blog is again to educate homeowners on the importance of asking the right questions!

Going Green In Your Home

Interest in the environment and green building has moved beyond installing energy efficient appliances and swapping out incandescent light bulbs for compact fluorescents. With luxury condos touting eco-friendly features like rain water recycling and construction companies incorporating energy saving features into new homes, it's no wonder real estate professionals say more and more potential home buyers are asking about "green homes."

With demand for environmentally friendly homes blossoming across the country, one way to make a home stand out in a stalled real estate market is to retro-fit it to green standards. Below are some tips from the professionals at Coldwell Banker Real Estate Corporation on how to make your home sustainable, energy- and cost-efficient now, to appeal to eco-conscious homebuyers later.

Replace hardwood floors with renewable materials. While hardwood has been the flooring of choice for the past several years, bamboo floors are 

much more eco-friendly because bamboo grows quickly and can be easily replaced. In the kitchen, linoleum floors, made from solidified linseed oil, wood flour or cork dust over a burlap or canvas backing, is very eco-friendly compared to modern floor coverings made from polyvinyl chloride.

Don't flush away your money. Consider replacing existing commodes with low-flow toilets which use approximately 20 percent less water per flush, or dual-flush toilets with two buttons to give home owners the choice of flushing with a half- or full tank.

A ray of light.  In many neighborhoods, owning a home on the north side of the street has always been more desirable than ones on the south side. South-facing windows provide more natural daylight, making a home more bright and cheery. More importantly, natural daylight helps keep indoor climate comfortable during the 

winter months, allowing a homeowner to lower the thermostat. Alternatively, drawing shades during key daylight hours during the summer can help cut down on air conditioning needs.

Green gardening. Sustainable landscaping is becoming all the rage to eco-conscious home owners. Planting native plants, vegetation and shade trees strategically around a home will keep it cool during the summer and block cold winds during the winter. Native vegetation thrives in its preferred environment and won’t require excess water. In addition, concrete driveways and patios can be replaced with permeable paving materials, allowing water to pass through to the ground, in turn reducing runoff that erodes soil and causes flooding of sewer systems.

Safety Tips For Sellers

We are lucky to live on Long Island where crime is not a big issue. However, I still stress to all of my sellers to play it safe while their home is listed for sale. Here are some very important tips to remember:

1. All Buyers Must Be Accompanied By An Agent.

Sure, some people may see your sign and take it upon themselves to knock at your front door. Do not let them walk through on their own or give them information about the home. Most agents have their cell numbers on the sale sign.  Tell them for more information or to schedule an appointment, to call your agent.

2. Put All Valuables Away.

When you list your home for sale, please put away or better yet, lock up all valuables. Most real estate agents have a comfort level with their buyer but it is impossible to screen every person that wants to look at your home. Most Realtors never leave their clients alone but it can still be easy to slip a piece of jewelry into a pocket. Also, make sure ALL valuables are safely put away during a public open house. If we get a good turnout, it is nearly impossible to keep an eye on everyone that walks through.

3. When Returning Home After A Showing Check Every  Doorway. 

Agents are responsible for securing a property when leaving however, they may be so intent on showing the property that they forget to lock a door.

4. Stay By The Door

If you are going to be home during a showing we always recommend you stay out of the way of the agent and their buyer so they do not feel pressured.  There is another reason and that is because you are opening your doors to strangers, always make sure there is nothing between yourself and your front door.  It is always better to be safe than sorry, and it will allow you to keep an eye on who else could be coming in (ex. Family/Friends). 

How To Make Sure Your Home Sells At The Right Price !

COLDWELL BANKER® SHOWS YOU HOW TO MAKE SURE THE YOUR HOME SELLS AT THE RIGHT PRICE

Establishing a reasonable and profitable listing price for a home is perhaps the biggest challenge for every home seller. Before coming to a final figure, many sellers ask themselves: "That home down the block went for a lot; can I just price my home in the same ballpark?" "Can I jack the price up in a hot market?" These and many other factors must be considered before settling on a listing price. The professionals at Coldwell Banker Residential Homes recommend taking the following steps before setting an asking figure.

         

Choose the Right Sales Associate
While many people use a friend or relative's referral to select a sales associate, it is smart to interview many prospective agents. Invite several sales associates to show their listings presentations. Pay attention to how they plan to market the home, and find out the reach of their company's Web site. Also, make certain they plan to list the home on the multiple listing service (MLS) and inquire about how broad their real estate contact network is.

 

Do The Homework.
Ask a real estate sales associate for a written comparative market analysis (CMA). This will provide a list of recent sales prices of similar homes in the area (with comparable numbers of bedrooms, baths, square footage and lot size), the asking prices of homes currently for sale nearby and other important information. Then a sales associate will provide a professional estimation of a legitimate selling price.

Take the Emotion Out of It
While the seller likely has great affection for the home, the sales associate will not set the price based on the seller's emotion. Instead, he or she will evaluate the location, condition and size of the home. A house in a secluded, exclusive area may appeal to some, while others will want to be closer to schools, shopping and health care facilities. What is the physical condition of the home? Is it a fixer-upper? Does it make a good first impression (the ever important curb appeal)? Will it appeal to a growing family, or is it better suited to empty nesters?

Determine If It Is a Buyers/Sellers Market
Home inventory, mortgage interest rates and the economy play a role in determining whether the buyer or seller has a negotiating advantage. Interest rates remain at historically low levels even as the economy shows signs of improving, putting buyers in a good position to shoulder "good" debt of homeownership.

     

Do the Math
Do not forget to figure in closing costs, legal fees and other selling expenses when determining the selling price. The sales associate should be able to provide cost estimates, and negotiate with a potential buyer to ensure a good sale price.

                                                           
Give It the Once Over
There is one more step to ensure that the house sells for your price, or more. Do as much as possible to improve the home's appearance: touch up the paint, fix leaks, seal any cracks, clean up the clutter, and eliminate pet odors. The house has only one chance to make a first impression.

What To Do When Your Homes Not Selling

So your homes been on the market, you haven't received many showings and you haven't had any great offers come in.  

Well make sure you take a look at some key points, and take sometime and set up a meeting with your Realtor to discuss what more can be done for your home! 

Pictures 

Your very first impression can never be changed so make sure your home stands out!

Are your pictures updated for the season?

Play up your selling season ! 

Out of season pictures, can make a home look less appealing.

Do you have pictures of each room, and are they quality photos? 

You should be able to see from the floor to the ceiling corner to be sure potential buyers get the best view of the room. 

Internet Presence & Price 

Sometimes you need to take an objective look at your home, and how it stacks up against the other homes in your neighborhood.  

How many homes in your neighborhood will come up in your search criteria, and are you priced aggressively enough to compete?

This is a very simple thing to check, and correct! Search for your home if you come up and your close to the last home in a search with more than 10 homes it is time to do what you have to, to get your home on the top! 

I also utilize a great website that allows you to track your home, and your competition.  You are able to access it at anytime that you would like, and it will also keep you up to date on others price changes, new listings, and what has come off the market.

How many websites and hits is your home receiving?

This unfortunately is not an easy thing to correct, many times the company you listed with, does not have the ability to add you to any extra websites, and so you are limited, this should be a deciding factor when you are listing your home with a company.   

                

In order to be sure this is never an issue for our clients Coldwell Banker Residential advertises your home on over 30+ websites, and I personally have your home as a branded listing so it also gets top spots on these websites. 

                                                   

We also have taken full advantage of technology many of our websites we are able to track how many times you have shown up in a general search, and we can track how many detailed views your home has had.    

                   

How does your agent respond to buyer information requests? 

Prospective buyers for your home can come at anytime day or night, this again is where technology is key.  Your agent should be responding to these buyers immediately, even if it is to schedule a tentative appointment for them to see your home.    

Coldwell Banker also has the lead-router system which immediately calls your agent within minutes of the inquiry being made with all the details of the prospective buyer.                                                                                                                                            

Taking it a step farther, I personally have set up a chat feature that allows, buyers and sellers to IM me directly, and I have online scheduling so that the buyer can just go ahead and set up their appointment online anytime of the day or night.  

Availability

How easy is it to get into your house?

How easy is it for a buyers agent to show your home to their buyers?

I always try and put myself in others shoes, when I take a listing I like to discuss what times are good for my homeowners to show their home, and requesting 24 hours notice is a reasonable time frame.  By setting up times that other agents will know it is “easy” to show, you are setting yourself apart from the other listings. 

I always suggest putting a lock-box on any home I list, no one is given access to the lockbox without calling our office, and we verify each Realtors license is current, before they are given the code.  If the homeowner is not available the lock-box allows me to be their with the buyers broker, for again an easy showing. 

How important are open houses?        

 In my own opinion, I believe it is always good to have an open house scheduled and available for clients to see.  This gives them an open invitation and a no pressure to see the home.  In today’s market many buyers will do the research on their own, and will spend most of their weekends out without their Realtor, and many websites are becoming much more sophisticated allowing buyers to create an itinerary for their weekend, you want to make sure you become part of that!