Exposure is the key to selling your home fast and getting top dollar.
With good exposure your home will be viewed by more people, thereby increasing the chances of an offer on your home. If you are looking to sell your home quickly then it is definitely in your interest to contact a REALTOR®, as it is unlikely that you will be able to generate as much exposure as an experienced professional.
Why is it that a REALTOR® is able to generate so much more exposure than the average homeowner? Part of the explanation can be found in the fact that most REALTORS® have marketing plans that consist of print ads, an online presence, and a network of clients interested in real estate. A second reason is that for many REALTORS® this is a full time job and they are willing to put all their experience and time to the sale of your home. The final reason is that the REALTOR® has access to the Multiple Listing Service (MLS) and through this is able to network with every agent in your market area. As soon as you list your home with a REALTOR® this information is disseminated to all agents in the market, who are then able to match it to buyers that they are working with; maximizing your exposure and minimizing the time it takes to sell your home.
A San Diego Real Estate Lawsuit has been settled
This very interesting case is a mixed bag of “he said, she said” accusations and statements. All in all, when selling your home it always pays to DISCLOSE EVERYTHING of past and present conditions, whether “latent” or “evident” and when buying a home, have thorough inspections while reviewing all paperwork from seller carefully.
In this specific case, the buyer sues the seller and agents for negligence and failure to disclose, withdraws suit to seller and buyer agent and keeps statutory failure to tell seller of defects in home since agent was selling same home for 2nd time after current seller bought home. Agent is awarded sanctions or damages for attorney fees in counter suit against buyer for incorrect lawsuit since the disclosures were provided to buyer by agent.
The following article was provided by California Association of Realtors, Real Legal Department. Continue reading
Up from the previous year, sellers in 2013 are feeling pretty good about the current level of home prices.
43% of sellers think that real estate prices will move up in a year (while in 2012 only 9% thought that way). With time, home sellers tend to think that home prices are even more likely to rise; 58% of sellers in 2013 Continue reading
Water year 2013 (Oct. 1, 2012 – Sept. 30, 2013) was recorded as the driest year in California history, and 2014 is projected to be worse.
Currently, 99 percent of California is abnormally dry. As a result of dry weather conditions and this year’s snowpack at 24% of the normal average, major river systems have had significant loss in surface water and ground water levels throughout the state have dropped dramatically. With two-thirds of the rainy season behind us, there is little chance for the water supply to recover. Continue reading
What to ask when buying a home
Thinking of making that exciting dream home purchase? I’d love to help in your search for a home to buy — give me a call!
However, there’s a few questions that should be asked of the seller/seller’s agent — as a homebuyer, you always want to be informed! Some of the main things to consider Continue reading
One in 3 buyers are willing to bid higher than a home’s asking price, according to a survey conducted by Trulia in partnership with Harris Interactive.
That was just one of several other findings of the survey that appear to show that homebuyers are feeling the squeeze of market conditions that are significantly altered from those of a year ago. At the same time, they capture improved sentiment towards the housing market.
Today’s tight home inventory appears to be pushing some buyers to use aggressive tactics to beat out competing buyers, the survey found. In addition to a third of buyers being willing to make above-market offers, 1 in 4 said that they would offer to pay a seller’s closing costs.
“Tight inventory means slim pickings for buyers. Even though inventory is starting to expand, and rising home prices should bring more for-sale homes onto the market, people who actually want to buy within the next year are feeling the pressure of competing buyers and limited inventory,” wrote Trulia Chief Economist Jed Kolko in blog post about the survey.
Also seemingly a symptom of today’s limited housing stock, homebuyers who plan to buy within the next year said that finding a home that they like is their biggest worry.
And highlighting two other defining characteristics of today’s market, consumers who said they might buy someday indicated that their two greatest fears were that mortgage rates and home prices would rise further.
But in a sign that people’s attitudes towards homeownership have recovered significantly since the downturn, 60 percent of respondents said that they thought homeownership is one of the best long-term investments they could make, up from 47 percent two years ago.
Q: What happens when you start out listing your home at a low price to entice buyers and the first offer is full price but no other offers come in? Are you stuck selling at the lower price (at which you never actually intended to sell)?
A: With multiple offers on the comeback, many savvy sellers are pricing their homes on the low end with the intention to drive buyer interest and — fingers crossed — generate multiple offers. In markets where rising buyer activity and home values have already begun to decrease the inventory of available homes for sale, this strategy has been very effective. However, there is always the risk of precisely the problem you pose: What happens if you get only a single offer at the asking price?
Here are several pieces of advice for sellers who are worried about what happens when listing low doesn’t result in multiple offers:
1. Consider what the offer you get does and does not mean. You are never obligated to sell your home at a price you don’t want to, no matter how close the offer is to what you are asking for the property. I’ve actually seen a couple of situations in which sellers get a single full-price offer and reject it or issue a counteroffer, sometimes because they are in the situation you describe, and other times because it has come to their attention that they owe more on the home than they expected. (Don’t plan on doing this, though; it is a strategy with a high likelihood for disgusting a buyer and turning them all the way off.)
The reality is that, if you get only one offer at a given price, that may truly be the fair market value of your home even if you think you might have gotten a higher offer for the property had you asked for more. To live in that world of “what might have happened if” is to torture yourself with the impossibility of guessing at what a hypothetical situation would have turned out like. The real deal is that if you had asked for more, it’s possible you would have gotten more. It’s equally possible that the one buyer who did make an offer would never even have come to see the property.
2. Understand your listing agreement before you list it low. Under some listing agreements (your contract with the agent who lists your home for sale), a full-price, cash offer with no contingencies may obligate you to pay a commission even if “full price” is the discount price you set in an effort to get multiple offers. You can negotiate to change the default terms of your listing agreement, though, so that you are obligated to only pay a commission on a transaction that actually closes. You would need to do this before signing the agreement, and before the home goes on the market.
Get some legal advice from a local attorney if you don’t feel you completely understand the terms and implications of your listing agreement before you sign it and before you set the list price of your home.
3. Don’t list your home at a price you’d be upset to receive for it. The savvy sellers who list their homes on the low end to generate multiple offers are not listing their properties hundreds of thousands of dollars below their fair market value, or even making them the lowest-priced home in the neighborhood. Smart, aggressive pricing is listing a home at what seems like the low end of the range of comparable-supported prices or a slight discount from that — about a 2-5 percent discount, not 40 or 50, or 70 percent.
Many sellers are OK with taking the risk that their home might sell at 2 percent below the comparables as a trade-off for the opportunity to generate multiple offers and the possibility of receiving a premium sale price. And if you are a seller considering listing low, you should be aware of the potential trade-offs, and should make that decision only if you have market data to support the fact that this strategy makes sense in your local market.
To be crystal clear, as a seller, you should not list your home at a price you would be upset about receiving or unwilling to accept.
And remember that “listing it low” is a strategy that has proven to be successful for people specifically aiming to generate multiple offers in the many markets that currently support multiple offers. If your objective is simply to sell your home — period — in a down market, for example, then this may not be the route for you to take.
Every market is different, and every home and seller is different. If your market is still very soft or you don’t see any multiple offers happening in your town, you may not be able to generate loads of offers no matter what you price your home at. As always, work with your agent and take a long hard look at your local market dynamics before deciding on a pricing strategy.
Tara-Nicholle Nelson is an author and the Consumer Ambassador and Educator for real estate listings search site Trulia.com.