Preparing To Sell in the Spring Surge
March 31, 2007
The Washington Post published a good article this morning in the Saturday Real Estate section that every seller should read. Here's an excerpt:
The Science Behind the SaleThe article continues with examples of four sellers in the Metro region and their stories.
Patience and Compromise Prove the Winning Formula
By Sandra FleishmanNationally, there's more than a six-month supply of existing homes for sale. In some parts of Northern Virginia, the inventory is more like 8 or 10 months.
Special to The Washington Post
Saturday, March 31, 2007; Page F01
So how are successful sellers doing it? The basics triumph in a buyer's market, real estate agents say. Price, location and condition are uppermost.
And sometimes it just takes time.
Read the full article ...
Yes! Location, condition and price are key. And, being patient and willing to compromise are absolutely essential. In these times of market uncertainty (hmmm... not really uncertain, it IS a buyer's market), sellers need to be a market leader, not a follower. Another way to put it: there are sellers all around you that will be lowering their price to sell similar homes. Like it or not, they are the leaders and what they do has a significant impact on your selling position.
The post article reminded me of one I posted way back in November of 2005 when the signs of a cooling market were predominate. A note to my clients about the market is just as relevant today as it was 18 months ago...
Friends and clients,I summarize this with the 5 Bs for selling your home:
This is the first of periodic market updates that we will provide you in this time of market uncertainty.
Attached are (current) market statistics for Fairfax (fx), Loudoun (lo) and Prince William (pw) Counties. You probably heard us talk about the sluggishness as well as reading about it in the local news. It's real. There are more listings available to buyers than any time in recent history. If you don't follow the frequent articles in our blog, you should. We probably do more market research than anyone else and give our opinions in a straightforward, unbiased manner.
What this means:
- Be realistic. Buyers are now buying the best for their money. Either show better for the price or reduce the price. Investing in paint, new carpet and staging when necessary yields a big return on investment. Also, Location, Location, Location are always the top 3 real estate priorities.
- Be flexible. Buyers are being more selective and expect more from sellers in price negotiations and perhaps subsidies for closing costs.
- Be logical: This is market dynamics. What your neighbor sold for last spring or last year has nothing to do with market value today.
- Be professional: Generally, work on your home done by a professional will be worth more in the long run. Buyers will be picky.
- Be patient. We can't know what the future may bring but we do know this:
- The Washington Metro area economy is among the strongest in the nation. Jobs are being created at a rapid pace.
- People moving to the area for jobs will need housing.
- The market was over heated the last few years and it is now moderating to "normal", whatever normal is.
- First time and "move up" buyers are looking further away from the Beltway because prices tend to be lower and quality of life better.
- 25% of the homes sold in the last two years were by "investors" buying and flipping. Those that didn't flip soon enough are now stuck. That inventory needs to dissipate.
- And, all the "real estate bubble" talk is feeding on itself.
Read the full article ...
- Be realistic
- Be flexible
- Be logical
- Be professional
- Be patient
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Another great post, Merv. As REALTORs we need to prepare our clients for what we see ahead, so maybe we need to B knowledgeable and prepared, as well. All the best, I hope this husband and wife relocating to the area know there are some great folks like you all out there!
As a husband, wife and four kids making the move this summer to North Virginia, we can tell you that the availability of housing is tremendous and looking better every time we get a new listing.
Realtors: Our top three key points of interest are school zones, distance to nearest metro and price. If you've got all three... we will be looking at your clients home with keen interest.
Sellers: The number one thing that turns us off from the get-go is pushy realtors. We've made two changes already without stepping foot on Virginia soil and it's making us actively seek out FSBO homes first. My advice is choose carefully who you select to represent you and your home.
Wives, you are sooooooo right about the "pink tile" (and other buyer distractions). We have to remind clients that when you are trying to sell your home, take a buyers view.
Thanks for stopping by. I visited your Blog. Maybe it should be "realtors wives in basic black." Stunning but a bit hard to read. But, there are no rules. Content is king (or queen as the case may be). Keep on Blogging!
Thanks for the Five Bs... what a great way to get sellers on track, especially with #5!
I would add a sixth- BE IMPARTIAL. Often, sellers take suggestions for improvements personally. For example try suggesting to an artist that they take down their 12' nude Mona Lisa for an open house or suggesting that the hot pink tiles in the bathroom be replaced with a neutral pallette. Sellers take personal stock in what THEY think is attractive and forget that despite the efforts they went to to put pink tiles in, they need to take an unbiased look at their home (which is the function of a Realtor) to remember the bottom line- $$$.
I bet this summary list is really helpful on listing appointments! Great job reaching out to sellers on your blog!
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