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Piedmont Real Estate Blog

Blog by Julie Emery
Amissville, Virginia

An ongoing dialog on real estate news, opinion and trends in Northern Virginia and the greater Piedmont area.

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Piedmont Real Estate Blog

Market Impressions

Sep. 3, 2008
Categorized in: Local Market Conditions

I promised a sneak peak at the August numbers. And, overall, they're looking good. The number of closed sales looks like it stayed pretty close to July numbers. But those were good numbers overall. Inventory seems to have dropped significantly in most markets. Final numbers will be out next week and I'll have a more detailed analysis then.

And, while I'm giving you impressions, here are a few things that hit me after showing dozens of homes over the weekend.

  • The showing instructions provided for many of the real estate agents were often wrong. There were a lot of people in homes where the listing agent had said they were vacant or out of town. Surprises are never a good thing!
  • Overall, foreclosures are priced significantly below the rest of the market. There are a few banks who still aren't getting it. But most have priced these homes to move! However, most foreclosures will require, at a minimum new paint and carpet throughout the house.
  • Short sale pricing is all over the map. And, many of the properties where the bank has already approved the short sale price are going to actually sell for much less. Or, the banks will not accept the offers and it will end up in foreclosure (at a much lower price).
  • There were a substantial number of short sales where it was clear an offer had disappeared after buyers gave in to frustration when the bank took too long to make a decision. I suspect the real surprise is that there weren't more of those!
  • For the first time in a very long time, we ran into other agents with clients showing the same homes at about the same time. That's got to be a good sign!

Making Your Home Easy to Show

Apr. 11, 2007
Categorized in: Sellers

If you're a seller right now you probably don't need me to tell you it's a tough market right now. But are you doing everything you can to help yourself get your home sold?

One place where owners can unwittingly slow the sale of their home is by how they handle showings. First of all, you need to make it as easy as possible to show your home. That means a lockbox on the door and minimal notice required. Minimal notice is a quick phone call to say they'll be there in an hour. "Appointment only - 24 hour notice" is a good way to have your home for sale for a very, very long time.

Let me paint you a picture. I've got out of town buyers coming in for the day. They want to see as many homes as possible but have to make a decision and write an offer on one that day. Because the market is the way it is right now there are many more homes that meet their criteria than I could possibly show them in one day. So I need to look for ways to narrow the number down to something manageable in one day, say a dozen homes.

One of the ways I'm going to do that is showing instructions. When I'm showing that many homes in one day, with the exception of the first home we see, it's almost impossible to guarantee when we'll be there. And, so it's just easier to discard anything that requires a set appointment and/or 24 hour notice.

And since relocating buyers are one of the few categories of buyers who really do have to buy right now, you don't want us skipping your house! So make it easy for me and all the other agents who really do want to help you sell your home!

And, please leave when your home is being shown. I know there are occasions when it's absolutely impossible to do that. But it really is not helpful, in most instances, to have you there. People need time with a house in order to fall in love with it. No one will fall in love with it while you're looking over their shoulder! It's hard to imagine it as theirs when you're constantly there to remind them it's yours! And, no couple decides to buy a house without a frank discussion of pluses and minuses. They won't have that discussion with you standing there. And if they don't have it then, they may never have it. You need to get out! It's really that simple!

It may be appropriate for you to eventually meet the prospective buyer and share with them some of what you've learned about the house over the years you've lived there. The first time they see the house is not the time!

OK, there may be an exception if you're a celebrity. Harrison Ford, if you're out there with a house to sell, I'd probably let you stay while buyers came through. Except that then they're going to be too busy looking at you to pay attention to your house! So...maybe even the celebrities should get out!

That's it! Those small things really will make a difference in helping to get your home sold! And, trust me, right now you need every single advantage you can get!

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