Lots of Showings, and No Offers. Solve it and Sell it.

PROBLEM:

Your home is (or was) on the market ,  there is  (or there was)  no shortage of showings, but there were no offers either.

I hear  this from many disappointed home sellers after their home failed to sell within the listing period.  Surprisingly enough, I have had listing agents also ask me why this is happening to their own listing.

Three Very Important factors must all be present in order for your home to obtain an offer. If one of these three key elements of salability is missing, your chances of obaining an offer decrease exponentially.

 
It could be one of the three issues that need to be addressed, or a combination of any two. Sometimes it's all three.  But truly, these three are THE ONLY REASONS YOU DON'T HAVE AN OFFER, no matter what  any broker or anyone else tries to tell you.

Marketing: Is your home's marketing geared towards attracting  the most probable buyers? Is  your listing complete and truthful? Does it have current photos that accurately represent it condition and appearance?

Price: Is your home priced correctly? Do you have any negotiating room built in to the asking price?

Condition: Does your home have any deferred maintenance?Does the  exterior or interior  need any  staging?

When we talk about the three key factors in obtaining an offer, remember that if any ONE is not properly positioned, your chances of getting an offer are minimized.

Let's look at a few scenarios:

You could have the BEST house for the BEST price but if the most probable buyers never find it because of improper marketing, you won't get an offer.

If your agent has marketed your home on the most visible websites, and painted an accurate picture of your home, then it's not the marketing. It's something else- either price or condition

Price: The best marketing in the world will not help you to obtain offers on a home that is overpriced for the market.  A slightly overpriced home may indeed get showings,  but NO offers.

Condition:If your agent does a phenominal job of marketing your home,  and the price seems reasonable, it is the condition or the price. This is why feedback is so important on the showings that get. If an objection continues to arise, address it.

By the way, you may have noticed that I did not include location in this list. Location is already addressed by price. So if you keep hearing that buyers don't like the location, it is the price that must be addressed.

Contrary to what many agents will tell you, it is NOT ALWAYS the price. Try to have a neutral mindset and look at the condition of your home, look at the marketing, and make sure BOTH are in line with the market before you  consider adjusting the price.

And a note From Judy: If you would like to sell your home in Fairfield County, have not had any offers, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

The Difference Between a Basement and a Cellar

You have heard some people refer to the area of a home that is below grade as a cellar, and yet others call it a basement. Is there a proper term for this area of your house?

Your parents or grandparents may refer to the area of their home that is below grade differently than you do.  The way that your family has referred to the lower level of their home may also have a big influence as to how you refer to it as well.

Sometimes different areas of the United States have different regional terms that describe houses- for example you might find many ramblers for sale in California, and in Connecticut you might only think of a Rambler as an old model AMC automobile. A rambler, for those of you in Connecticut and on the East Coast  is what we call a ranch.

What about condos and townhouses? Around here, they are not really interchangeable terms, although a condo is referred to as a townhouse in many parts of the U.S.  In Fairfield County, a townhouse IS A CONDOMINIUM, however, specifically it is only a two-story condominium, and that would be the only way that description that would be accurate in this neck of the woods.

... and in Manhattan, as another example, you OWN your apartment, and that would generally be a co-op. In  Connecticut, we refer to apartments as homes, condos or multi-family dwellings that we reside in, but pay rent to a landlord, and do not own.

Back to the cellar vs. basement-

A cellar is generally referred to  as a below grade area of the home that is NOT finished. It may or may not have a dirt floor, stone foundation,  or an 8' ceiling height.

The term basement is used more frequently and refers to the below grade, or partially below grade area of the home which may or may not be finished, may or may not have an 8' ceiling height- the difference being that it is "finishable".

All that being said, I wouldn't change your personal  terminology if you prefer one descriptive term  or the other - everyone will know what you are talking about.

And if you are ready for your next home, whether you require a cellar or a basement, please don't hesitate to contact me. I'd love to be of assistance :)

And a note From Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

Would You Rather Have an Agent Lie to You or Tell You the Truth?

The truth, right?

I hope your first reaction to this question is  for your agent to tell you the truth.  Do not let your emotions about getting the highest price for your property get in the way of listening to reason, especially when there is evidence to support it.

Telling the truth to homeowners who are interviewing a few agents to list their home for sale sometimes costs me business- because it's not exactly what these homeowners want to hear.

There are, however,  plenty of agents who would rather lie to you,  give you false hope on a suggested list price that is over and above what the market will bear. It's an awful sales tactic- so be on the  lookout.

And why do real estate agents  lie to you about how much your home is worth?

Certainly one reason is lack of market knowledge, or the inability to price homes correctly, and that may not even be an overt lie on their part.

The second reason is that this is a sales tactic that is purely intentional. The agent gives you a price above what they know is appropriate, so that you think that they really love your home and can sell it at that high price.

These agents intentionally give you an inflated price  just to get you to  sign the listing contract- and once you are signed up, they will get you to reduce the price- sometimes even within the first week to ten days. This type of agent induced  "analysis paralysis" causes the homeowner to  dismiss an appropriate price and choose the highest price an agent gives them, even though the analysis says differently.

You should never start any type of relationship on a lie, let alone a business transaction. What will happen  next? What will the next lie be about? This is just a nasty,  shamelessly unprofessional and selfish business tactic, and unlawful in my opinion as well.  

Insist on a detailed Market Analysis- that's called a True Market Analysis.

A  market analysis is just that. Take the time to review it. Are the comparables on the other side of town or are they close by? Are the comparables of similar square footage? How many comparable properties are included in your analysis? Is the price obvious to you by looking at what's in front of you? It should be.

Without any exceptions, the analysis should be detailed enough that it should suggest a price to you, and sometimes you may not like that price. It is important to control your emotions enough to look at what's in front of you, and  as much as you may not like it, understand that analyses don't lie. Agents do.

Trust your gut when you meet an agent. Ask for testimonials. Hopefully, you should be able to spot  the less than truthful agent and remember that when you  get to the pricing part of the presentation.

Consistently telling my clients the truth allows me to sleep peacefully  at night, and I wouldn't have it any other way. If you need a price opinion on your home, and are ready to sell, call me, or email me. I'd love to hear from you- and that's the truth, too :)

And a note From Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

Don't Fall into the Trap of Listing Your Home For the Highest Price

It's time! You have decided to put your home on the market, and of course you want to get the highest price possible. Agents want to get you the highest price possible, too.

BUT....

You must look at the comparables, and past sales history for your town and your style of home, along with a square footage analysis.  A detailed analysis will most certainly point to the correct number for the market, but  you may not like what the numbers point to,  and there are many agents who will tell you what you want to hear, rather than tell you the truth.

They do that to ensure that they will get the listing, and control the sale. The only problem is that if you list with the "highest bidder", your home will not sell, because it will be overpriced for the market.  This is a trap that way too many home sellers fall into.  That is, listening to the agent and hiring the agent who cannot back up their claim to be able to get you the highest price for your home.

The appraiser that comes out on behalf of the buyer's chosen bank will only look at comparable sales within the last six months. If you or your agent are comparing your home with a sale that happened outside of that six month window, remember, the appraisers will not even consider that. So on the off chance that you do get a buyer for your home at a price that is higher than the market would generally bear,  a low appraisal would negate that sale. You have heard of appraisals that come in low?  Either the transaction falls apart, or you will have to reduce your price. It becomes a big mess.

When you interview  an agent to price your home, remember  these facts. the highest price that am agent tells you  is not always the correct figure,  or most honest one.

If you would like an honest market evaluation, contact me. You  can most certainly make future plans with confidence with me.

And a note From Judy: If you have a question about buying or selling a home in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

Have You Chosen Your Realtor, But Not Signed the Agreement Yet?

Get a jump on the market- it's called pre-marketing. If you have decided to sell your home, and met with a Realtor that you intend to have represent you, don't wait to tell them until after you have completed minor touch ups or repairs, or come back from vacation.

There is a lot of leg work that goes into getting the marketing materials ready for your home. For instance, photo-staging and photography, write ups and brochures take time to do them right.

Sure, it's quick to put an MLS listing sheet at your home that can easily be printed once your home is on the market, but what about the details,and the positioning of your home before it hits the market? At the very minimum. having a brochure at your home on DAY ONE when it hits the market is very important.

Pre-marketing  boils down to meeting with your agent and signing the representation agreement  that states the home will go on the MLS as of a certain date, therefore allowing your agent some time to jump start the marketing process.

When buyers come to look at your home, they usually are making a day out of searching for their next house. That means that your home is not the only one they are looking at. By the end of the day, many buyers forget which house had what feature, and that's not even mentioning all the information that your brochure has that the MLS listing has no room to include. One of these additional features that may not have been obvious from the listing may just be the reason why a buyer chooses to come back to your home for a second look, or makes an offer.

You have one great opportunity to do it right, and initial pre-marketing, whether it's for one week or two weeks helps the agent to help you tremendously. Pre-marketing can build up demand for when your home actually hits the market, and you can make the most of your new listing status.

If you have chosen a Realtor but are not absolutely gung-ho excited about your choice, then we haven't met. You owe it to yourself  to just give me a call, and see how my marketing strategies and campaigns can benefit you.

If you would like to set up an appointment, click here.

 A note From Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

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