Archive for the 'Information for Sellers' Category
The house you fell in love with today…
You hear it from your friends… “Oh- we made an offer on a great house, but we didn’t get it.” The reasons can run the gamut:
- We were overbid.
- Our price was too low/theirs was too high, and in the end we couldn’t make it work.
- The inspection came up with too many “items”.
- We thought about it for too long and it was gone before we were even able to present the offer…
This last one is the saddest of all. We real estate agents have a saying: “The house you fell in love with today, thought about tonight, and decided to write an offer on tomorrow….someone else saw yesterday.”
Looking for a house can be a challenge. Really! Especially when you are just starting out. You’re trying to get a grasp on Read the rest of this entry »
I’m not a lawyer…
Some of my buyers and sellers have asked if they should show their paperwork to a lawyer before submitting or accepting an offer? And my consistent answer is: “Do whatever makes you feel most comfortable. I am not a lawyer.” Sometimes circumstances demand that offers (or responses) be made quickly, which doesn’t allow for outside legal advice. Still, if this is an important step, I encourage you to take it.
Pros: You get a second, and legal opinion. Could be very helpful if you’ve been burned in the past, or fear the worst.
Cons: The paperwork we Realtors use is Read the rest of this entry »
Getting inside the head of a buyer
I love to sell real estate. I’ve been doing it for over 10 years now. One of the more challenging aspects of the job is taking the pulse of the first open house. Honestly, sometimes I feel like I’m reading tea leaves. Open House Attendee #1 actually came with a tape measure (hooray!), but Attendee #4 was very critical of the tiny kitchen (boo). Clearly, OHA#1 is about to make an offer, right?! Not so fast. Inevitably you learn that the tape-toter has absolutely no interest in the place, while the kitchen criticizer is considering an offer. Go figure.
Sometimes I’m spot on when it comes to identifying interested parties. Other times, not so good. Some of that has to do with the buyers. Many have learned to hold their cards tight. Agents, too.
I just held a “first open” for a listing of mine this weekend. I’m trying to sort through my first impressions of those who lingered, those who asked good questions about the roof, central air, schools, etc… Hard to say with any certainty if any of them will be “the one”, but it’s fun playing the game.
And while reading buyers might be a challenge, in truth, price has a lot more to do with the initial reception of a house than anything else. Price it too high Read the rest of this entry »
New Lead Paint regulations in effect 4/22/10
Play it safe…
The EPA has just announced new compliance guidelines for real estate agents and their customers regarding lead paint. While no new forms are required for sellers, the guide describes the new lead-based paint safety practices established by the rule, and what steps real estate agents, brokers, and property managers need to take to comply with the new procedures.
Top 10 Reasons to Fire your Real Estate Agent
Kenny Rogers had it right when he sang “You got to know when to hold ‘em, know when to fold ‘em, know when to walk away, and know when to run”. Same holds true in real estate. Not all agents are equal. And not all relationships are happy. Sometimes you just have to end things, and here are 10 reasons why:
1. Believe it or not, years in the business doesn’t always translate to competency. I’ve known some green agents who are absolutely wonderful, and some very ripe ones who are most certainly not. Experience counts. But sometimes you just need an agent who is able to focus in on the task at hand (you!) and one in possession of some simple common sense. This isn’t a “bash the new agent” rant. We were all new once. Make sure that you are first and foremost in your agent’s mind.
2. Market Updates. Are you getting them? Anyone can set you up on an automatic search. Heck, you can do it yourself. What you need is an agent looking out for you! That means culling through the listings on a daily, if not hourly Read the rest of this entry »
Moving? Important Telephone Numbers, etc…
DC and Maryland Telephone Numbers, etc:
Pepco (MD/DC) 202-833-7500
Allegheny Power 800-255-3443
Washington Gas 800-752-7520
Frederick Gas 301-662-2151
WSSC (MD water) 301-206-4001
WASA (DC water) 202-787-2000
Poolesville Water 301-428-8927
Rockville Water 240-314-8420
Verizon- MD 301-954-6260
Verizon- DC 202-954-6263
The Washington Post 202-334-6100
The New York Times 800-631-2500
The Wall Street Journal 301-680-2990
US Post Office: Change of Address on-line
U-Haul: click here
Boxes, etc… Used Boxes on-line
Once you are in your new house, give me a call for any other recommendations you might need: carpenters, painters, gardeners, handyman, decorators, architects, etc… I’ve got a long list of tried and true vendors that have been put to the test by Evers & Co. agents. Happy to share.
The fine art of pricing your Chevy Chase home… It’s not what you think!
The fine art of pricing your Chevy Chase home… It’s not what you think!
At Evers & Company, we have a favorite saying. Perhaps I should say, we have a favorite speech. And that is…
The value of your property is not determined by…
- What you paid for it
- What your neighbor thinks
- The amount of cash you need
- How much money you’ve invested in it
- What the appraiser says
- What Zillow, Eppraisal or even your recent tax assessment says
- What any agent says
The value of your property is determined by…
- What a ready, willing and able buyer will pay for it
How can I help you with pricing?
I can arrive at the correct price by a review of…
- “Sold” comparables
- Competing “for sale” properties
- The current market conditions
- Buyer statistics for specific price range
- Evaluation of fellow agents’ input
Asking price is the most important factor when selling your home. And what are the perils of overpricing? There are many. “If we set the price high, won’t it allow room for negotiation down to the proper price?” Sadly, this theory has proven again and again not to work. Educated buyers will overlook your house in favor of one which is properly priced to begin with.
High prices signal demanding and certainly unrealistic sellers. Furthermore, you really only get one chance to be new on the market. This is when showings are at their peak and your house has the most sex appeal. Price it too high for the market, especially when there are other houses in the neighborhood that are priced correctly, and your listing will suffer. Overprice your house, and you need to wait another 90 days before the Days-on-Market clock is re-set (at which point it will appear to be a new listing again with “0″ DOM). And there is no telling what kind of shape the market will be in at that time.
I can cite dozens of examples of homes that sold for less than their fair market price because they started off too high. It’s a little bit like clothing you find on a clearance rack. It doesn’t matter how good the quality of the fabric might be, or how nicely it looks on you. As a consumer you are going to wonder what’s wrong with it and why hasn’t it sold. Chances are you won’t buy it anyway unless you have a coupon. Trust me, you don’t want to be that overpriced house on the clearance rack.
If you’re ready to sell your house, I’m here to help.
How to deal with a bad inspection?
Inspections that reveal a lot of issues aren’t fun, particularly when you are on the receiving end of a troublesome report.
One important thing to remember is that most inspectors are independent contractors. No two inspections will reveal exactly the same issues (though you hope for some consistency!), and the weight given to each of the specific issues will depend upon the individual inspector. Some of them are focused on water issues, while others are electronics fanatics. It varies.
What to do if you are a seller?
If you’ve got the time and the money, hire your own inspector prior to listing your house and address the items that are problematic. Not only will it improve your bragging rights (new water heater installed in 2010, bathroom tile re-grouted in 2010, etc…), but it will give you a hint of what might come when the buyer brings their own inspector to your house. Insist on a written report. That way, should there be a difference of opinion, Read the rest of this entry »
BCCDCReal Estate Update: March 2010
At long last, the frozen market is thawing!
A lot of people know that I sell real estate. And I am frequently asked “how is the market doing?” Some of my fellow real estate agents say you should never say anything bad about the market. I find that rather ludicrous.
We are just coming out of a 2-year cycle where selling real estate was really tough. Tough because there was nothing to sell. Tough because money was tight. And tough because a lot of money socked away for the purpose of buying a house magically disappeared (or was greatly reduced, thank you stock market). In 2009 the average volume of sales was down 50% when compared to the height of the market (2005-2007). Fifty percent!
That’s not to say that people have given up. But sometimes finding the perfect house is like looking for a needle in a haystack. And, not only can you not find a house, but the folks that might think your house is rather dandy can’t buy until you get out of it. See the vicious cycle?
Fast track to Spring 2010. I’m happy to say that the thaw has begun. Things are hopping. I don’t know if there was some pent up demand for housing after a record-breaking 56″ of snow, but houses are moving very quickly. Finally, there are houses to buy! We’re seeing a few competitive situations and the return of the multiple bid. Interest rates remain around 5% for a 30-year-fixed rate. A lot of first-time buyers are taking advantage of the $8,000 tax break (which expires at the end of April). Combine all of this with housing prices that are lower (some say at 2003 levels), and it all makes for an active market.
If you are in the market for a new home, or are gearing up to sell, give me a call. I specialize in the Bethesda, Chevy Chase and DC marketplace.
Nosy Neighbors Rejoice! There’s an Open House coming your way!
There are a lot of agents around who don’t like to do open houses. Some sellers aren’t too crazy about them either. I’m a huge fan, and here are 4 sure-fire reasons why:
- If someone really wants to see my house their agent can get bring them.
Guess what? A lot of agents are already working on Sundays, holding their own listings open. They can’t be in two places at once. Furthermore, a lot of buyers like to go it alone… without their agents. An open house provides easy access for these buyers. Would you rather have 20 people look at your house during an open house, or have 20 separate agents call you to schedule a viewing at 20 different times. Many sellers are uncomfortable sticking around when people look at their house. Do you want to have to scram 20 times? Ergh. Furthermore, a lot of house hunters haven’t yet selected an agent. They might not call the agent on the yard sign. An open house is often the only way to get these potential buyers into the property.
- I don’t like having all of my personal stuff on display. What if something gets taken?
I can’t promise that it won’t happen. However, not one agent in my office of 70+ agents has ever reported a theft at an open house. And I’ve been selling houses for over 10 years with the same firm. That’s no excuse for tempting fate. Hide away your jewelery and valuables. Put away your family photos (or severely cut back on the number you display).
- Open houses are really just for the agents- it’s a good way for them to meet buyers.
Yup. Holding an open house is a great way to meet buyers who aren’t working with an agent. It’s also a wonderful way to get specific buyer feedback about your home. I can also answer questions about the house that might not be covered in the brochure (Where’s the local park? How far is Metro? Where’s the nearest Starbucks?). Most importantly… I get a feel for how things are going. Is the price right? Is the extra couch in the family room crowding things? Is the lighting in the bedroom too dim? Does my Spidey sense tell me that we’ll be getting an offer on Monday? Let’s hope so!
- They’re just for nosy neighbors, and I really don’t want them looking at my house…
Hey, even nosy neighbors have friends. And nosy neighbors want their friends to live in their neighborhood. Letting them take a peek at your fabulous house might be the best bit of free advertising you can imagine. I can’t tell you how many people show up at my open houses announcing that they are friends with Such-n-such Neighbor who suggested that they check out your home.
As a listing agent my job is to attract and expose the property to ready, willing and able buyers. Open Houses are a vital and very deliberate part of my marketing strategy.
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