Is your home EVER going to sell? How long does it take?

If sellers only knew  what their agent WASN'T doing to sell their home, they would be appalled. Trust me, other agents can spot a lack of professionalism a mile away, and it translates right down to YOUR property, YOUR sales price, and YOUR Bottom line.

In  reviewing some listings in the three million dollar plus range for a client of mine, I ran across some rather elementary attempts at marketing, especially given the styling and features of the homes being presented.  That is certainly not to say that if your home's listing price is $50,000  that you shouldn't get good service, or great marketing. Of course you should!  The feeble attempts at marketing from so-called professionals are positively abominable, in my opinion. No wonder why so many homeowners get discouraged.

You as a homeowner, have the ability to change that.  Look at your marketing materials and your home's presentation as if you were a buyer. Does the short listing description make you want to know more about the house? Does it make you want to see that property? If  you don't see important marketable features of your home highlighted, or just see some fluffy description that really doesn't catch your eye, have your agent change it. OR CHANGE AGENTS. You lose money every day that your home is available for sale and mis-marketed, and the loss compounds over time, even if the market doesn't change.

You would think that maybe, just maybe... the listing agents would put as much information in the listing as they could. Everyone knows that we don't get paid unless the house gets sold.

Well,  think again. Misquoted square footage. misquoted taxes, impressive home features left completely out of the listing, not enough pictures, poorly presented photos, no room measurements, no room descriptions, Poorly worded and grammatically incorrect remarks. It goes on and on.

I can go on here, too. ( I know I am passionate about this- I really was taken aback after looking at these listings earlier.) Have you checked out your home on Realtor.com? Your agent can amend the description here, too. It doesn't take long, and it can make a world of difference. What about your agent's personal website? Is your home featured there? You would think this is Standard Operating Procedure, but guess what?  It may not be for that agent!  Do you happen to know what percentage of  agents haven't updated their personal site in the last six months?  That number is close to 60 percent!

If the agent is NOT taking care of their professional presence on the internet, how can they take care of you?

If you want your home to get the best marketing possible, by an experienced agent, it's time to contact me. It's time to get your home sold by an agent who cares how they market your property.

I am in the business of selling homes, and I'd like to be in business with you. Contact me today to get your home IN the Market, and I WILL get your home sold.

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Sellers - The Importance of Staging the Outside of your Home.

First impressions do count.  I am sure that you have heard that over 95% of  people form an impression of you within seven seconds of your initial meeting, and form a judgement of you within the first minute. This is predominantly true in day to day life, very much so in business, and especially on target in real estate.

As for real estate- When you drive down a street, and see a majority of homes that appear to be very well kept, it is a good indication that the area is thriving, a good investment, and considered a nice neighborhood. If you pass through another neighborhood where there isn't that same amount of care given to the home and its property, you may not get the same  "warm and fuzzies", and your reaction is probably right on target. As a matter of fact, that also translates to each house on the street within that neighborhood

Remember when you first looked at homes, and drove up to that house that you wanted to see so badly, only to pull up to the home and see an overgrown lawn?  The feeling already started, didn't it?- and the inside wasn't any better, was it?  Or remember that house that was just about perfect  on the outside? The inside was very clean, too.Maybe that's the one you bought!

It is IMPERATIVE that you make sure that your home's exterior matches OR BEATS what the interior has to offer. It's a first impression, and will make or break a sale.

An interesting point:  Sometimes banks request BPO's (Broker Price Opinions) of real estate agents. The seller, or mortgagee, has no inkling that the bank requests this, nor is the agent at liberty to ever discuss this with the owner. That means that we have to formulate an opinion of value without even going inside , and  base our estimate of value upon the exterior appearance of the home. We call these "Drive By BPO's". The reason I mention this is that the outside appearance almost always resembles the inside condition. It's not a stretch to think that if someone does not tend to the home's exterior, that the interior may not be well cared for, either. Likewise, when you see a home that is absolutely impeccable in every way outside, the inside is probably well maintained, too. Of course, there are exceptions to every rule, and this is a general statement, but it holds true the vast majority of the time.

OUTSIDE- the lawn is nice, neat, and well manicured = INSIDE - clean, well cared for and maintained, and neat.
OUTSIDE- Older landscaping, not necessarily overgrown = INSIDE- may NOT be updated.
OUTSIDE- Needs a new roof, new windows, or siding = INSIDE- Mechanicals and Interior are probably NOT updated.
OUTSIDE- Garbage strewn about, even if it's only a small bit = INSIDE - House is not clean.
OUTSIDE- Lawn and shrubbery are overgrown =INSIDE-  In need or cosmetics and/or structural repairs.

I know these assessments may sound somewhat harsh, especially if I have described your home's exterior, and the inside is an exception to what the general rule is. If you are planning on putting your home on the market, it's important! Pay attention to the outside. This is also a part of staging your home, and a very big part, I might add. No one may ever want to go inside if the outside is not inviting enough. See other articles on staging.

I am happy to guide you through the process, and give you staging tips and strategies. When you are ready to sell your home, call me or contact me by email and I will  come out to your home, give you specifics on what needs to be done, if anything, to get your house ready for sale. My goal is to help you make your home appeal to the most buyers, and get a sale in the shortest amount of time with the least amount of hassle to you. That's my job, I do it well. Call me  when the time is right for you, and you need the best!

Forbes.com Says That the Worst City to Rent in the Country is in CT!

If the worst city to rent a home in the entire country is right in your backyard, does that mean that you should make every effort to buy instead? ...What about if the worst TWO cities in the country  to rent a home are geographically connected to where you live?

When you get right down to it, the decision to rent vs. buy is a financial one, that comes with weighing in the pro's and con's of  both for your own financial situation and  the  economy. 

Just a few weeks ago, Forbes.com  published an article about the best and worst cities in the country for renters.  Marcus & Millichap, a real estate investment firm based in Encino, California, collaborated with Forbes on this piece, and rated the 44 biggest cities in the U.S. They based their  article on four criteria: First quarter average rent, and how much it changed year-over-year;  vacancy rates,  (higher vacancy rates mean lower rent prices), and the  cost of renting versus buying.

In short, New Haven, CT was the WORST city in the country for renters, with New York City coming in second. The fact that Fairfield County, Connecticut connects those regions should tell you something.  If you look at their findings, you would probably agree that our area, although not in their survey, is limited  for rental opportunities. Add the high inventory of homes for sale coupled with low interest rates, and at this point, it is very reasonable to surmise that it is cheaper to buy rather than rent in our area of  Southwestern Connecticut.

That being said, general geographical statements as to the real estate market may not be true in all cases- it is going to be somewhat different for everyone based upon their particular needs. I have found  an outstanding rent vs. buy  calculator,  courtesy of The New York Times which I would like to share with you.

Whether it's better for you to buy or rent, contact me, and  I would be honored to work with you. I work with Landlords and Tenants, as well as Sellers and Buyers.  You can be assured of the best representation and service- and that's my personal guarantee.

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Seller or Owner financing, and the term "taking back paper" - Do's and Don'ts

Seller financing is defined as a  loan provided by the seller of a home to the purchaser. It could be for a portion of the sale amount, or for the entire purchase less a downpayment. The buyer would then make monthly installment payments over a specified time until the loan is fully repaid at an agreed-upon interest rate.

A seller take-back is just like a loan from any lender. It must be repaid according to the terms and conditions outlined in the note. If not repaid, the property can be foreclosed upon, just like with a bank.

Have an attorney prepare and review the take-back/seller financing  loan papers before signing anything. If you are a seller, insist on seeing a buyer’s credit report and past tax information — just like any lender. And be sure that any loan arrangement is written according to terms which are satisfactory to your attorney.

There are benefits and drawbacks to both parties.

BUYER BENEFITS:
It may be the only way that you can purchase a home at this time.
Both the buyer and the seller can quite possibly save a lot of money in closing costs. The seller conveyance tax on property is going up as of July 1, 2011. It might help your case!
You  can negotiate an interest rate, repayment schedule, and other conditions of the loan, not like with a bank
 You , as the borrower would not have to pay PMI insurance unless required by the seller, and as a bonus, you do not have to go through a bank's loan underwriting department, who usually places conditions of the loan with your approval, if you can get one. .
 
BUYER DRAWBACKS:
You could pay the loan  back in full but still not receive clear title due  to encumbrances, items not divulged by or unknown to the seller, or the seller disappears. He would have to file a release of lien for you to be able to sell the home when you want to.
You may not have had the privilege or right to obtain the protection of a home inspection, mortgage insurance, or an bank appraisal to ensure that you are  not paying too much for the property. Make sure this is part of your agreement.
Make sure that you hold title to the property with a seller note. If you don't and he defaults on his current loan, or has encumbrances on the property that you are not aware of, YOU will be kicked out, and your money lost  if he goes into foreclosure.

SELLER BENEFITS:
The seller can receive a higher yield on his/her investment by receiving equity with interest, if negotiated that way.
The seller could negotiate a higher selling price  as well as higher interest rate.
The property could be sold "as is" so there will be no need for repairs.
The seller could choose which security documents (mortgage, deed of trust, land sales document, etc.) to best secure his/her interest until the loan is paid.

SELLER DRAWBACKS:
The seller might not get the buyer’s full credit or employment picture, which could make foreclosure more likely.
Depending upon whatever security instrument that was used, foreclosure could take up to a year or longer, if unfortunately needed.
The seller could agree to a small down payment from the buyer to try and help out the buyer and to make the sale, only to have the buyer abandon the property because of the small investment that was at stake.

Seller-financed sales can be good, as long as it is a win-win situation for all parties- good for both seller and buyer.  NEVER attempt to enter into a transaction like this without the assistance and guidance of your attorney.

GREAT COMMENT BELOW BY JENNIFER BUCHANAN- PLEASE READ

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Why doesn't the listing agent show your home more often?

If your listing agent is not showing your home as often as you would like, it does not mean that your agent is not working hard for you. A lot of homeowners think it's only natural that their listing agent should be showing their home. And it is, to an extent- but it doesn't always happen, and try not to get too upset about it.

When you hire your agent, you expect your agent to market your home to the best of their ability, and to get as many buyers through the door as possible, so that one of those buyers ends up purchasing your home.

If we look at things realistically and statistically, most agents have a group of buyers that they are working with at the present time. Let's say, on average, that number is 25. Out of those 25 potentials, how many would be in the market for your home? Most agents work in a variety of price ranges, and towns, so the possibility of an existing buyer being interested in your home is somewhat slim.

Which brings me to the next point- If the agent is marketing your home, and marketing it well, wouldn't they get new buyers just from your listing, that would already have some interest? The answer to that is yes, but the amount all depends on how marketable your home is as well as the agent's marketing efforts. For example, if your agent made sure that your home had all the exposure it could possibly have, your home may not be as marketable  as you think it would be. The other point to make here, is that you must make sure that your agent presents your home in the best possible light to buyers. Even when all the conditions on marketability and presentation are met, the market may be very slow. It does not mean that your agent is not doing their job.

The last piece of the puzzle, and the most important one, is that your agent also markets your property to other Realtors. It is a well known statistic that the vast majority of agents RARELY sell their own listings. In addition, historically, less than 3% of all homes sell at public open houses.  

In our area of Fairfield County Connecticut, there are over 7,000 agents who are members of the Multiple Listing Service. If they all had 25 prospective buyers, wouldn't THAT be a great place for your agent to concentrate some of their efforts to secure a sale for you? What do you think the possibility is that just one of those 7,000 members has a buyer for your property. That would be,..... well 7,000 times greater than just your agent having a buyer, wouldn't it?

So try not to get too upset if your agent doesn't show your home as often as you would like. Some agents, myself included, show their own listings more frequently- and secure sales on their own listings, but that also is rare, and even for those of us who do manage to  find our own buyers for our listings, it's the exception, rather than the rule. Just remember, that your agent is  working on selling your property nonetheless.