St. Simons Island, Georgia
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May. 19, 2008
Failing Sellers Bring “0”
Perhaps there was a time that hopeful home sellers could buy a For Sale sign and put it out in their front yard and start fielding the inquiries and offers on their home. However; this is not the market for sellers to go it alone no matter how savvy or experienced they may be! With the abundance of inventory of very nice properties currently on the market, the competition is FIERCE! The notion that in this market Sellers need to save paying commission to a REALTOR® is in my opinion ill-advised to say the least.
Today’s market demands that each property be shown at its optimum. A REALTOR® can give you ideas on potential improvements or minor alterations to your home that can use your dollar in the most effective manner and make your home stand out from the pack.
Pricing competitively from “Day One” is integral. Now is not the time to go on a fishing expedition! If you are a serious seller, get serious about your asking price. A REALTOR® can provide you an up-to-date market analysis to get you out there with a viable asking price.
Advertising and Marketing. Local Multiple Listing Services get agents in your area aware of your home. Exposure on websites and in trade publications and other marketing tools would be very expensive for an individual to tackle alone. Remember that your listing agent doesn’t get paid until they get your home SOLD.
Negotiation Process. Selling your home is stressful enough without having to attempt to haggle with prospects. It is wise to have an outside party to be your arbitrator and defender for your best interest. Remember a REALTOR® works for you and only gets paid if your home closes.
Aug. 20, 2007
The caption Location, Location, Location, should be changed to Price, Price, Price!
I maintain as my mantra that to sell a home in a reasonable amount of time, you must price it comparably to others in the area. Real estate agents that promise Sellers a prompt sale of an overpriced property do those clients a dreadful disservice as well as muddy the waters for others with a more realistic view. I’ve heard statements like “I know it’s seriously overpriced, but it is a listing & maybe I’ll get calls . . .” However, another consideration is if your track record for selling your listings is poor that’s not very good for soliciting other business, is it? What is the chance of that disappointed seller recommending you to market their friend’s home? Certainly a reputation for overpricing listings puts a big dent in your credibility with others in the real estate community, as well.
The client hires us to do a job and speak from experience & knowledge and that sometimes means relaying what they may not wish to hear. I realize the customer is always right, however; as in all things, honesty is the best policy.
Aug. 1, 2007
What’s in a name? Lease-Purchase . . . maybe it does smell sweet?
As Shakespeare wrote in Romeo & Juliet of the proverbial sweet-smelling rose, perhaps I need to reconsider my thoughts on Lease Purchase. I’ve previously turned up my nose at the idea of such a contract; however, I’ve changed my view. Markets change and my perception needs to be evolving as well. At our weekly office sales meeting one of our agents mentioned she was working with 2 different clients, and both were interested in a lease purchase. With the inventory of homes for sale perhaps exceeding the number of buyers, there is definitely a place for consideration of a lease purchase transaction. I believe there are some integral factors for the listing agent to consider and relay to the seller:
- A lease purchase contract is one that the seller can recoup at least a portion of the mortgage payment if not all and still enjoy tax advantage of ownership.
- If the buyers are unable to arrange their financing by the end of the lease period, you can retain any deposit & rent monies.
- This tenant/buyer should be very interested in taking care of the home, as they want it to be their own within 1-2 years.
My negativity on the lease purchase contract stemmed from the fact it seemed that few buyers with credit issues were able to repair those problems in the timeframe of the contract. However, if your seller has voiced to you these hateful words “If you can’t sell it, I’m going to have to rent it out,” then perhaps if you advertise the home as one that a lease-purchase would be entertained from the get-go, you can attract just that right potential buyer.
Jul. 17, 2007
Combining Two Households
(Without coming between love & romance!)
How many of us have been in the scenario of trying to combine 2 separate households when getting married? Do you sell one of the homes & both live in the one left? Do you sell both & buy a new home together? Or 3rd alternative, rent one out & live in the other? Some practical, albeit not very romantic, factors you need to give consideration to are:
- The strength of the market where each of the properties are located
- The desirability of the individual neighborhoods and the likelihood for one to appreciate more & more quickly than the other
- Your financial situation as a couple, i.e., be fully cognizant of your other half’s financial strength or weakness
Remember, that if you sell a home as a single person, you can claim up to $250K in profit, tax-free, if you lived in it at least 2 years. The deduction is $500K for married couples, but only if you lived together for 2 years in the home. A consult with your tax professional would definitely be in order!
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