There may be nothing so sacrosanct in Buckhead real estate as the open house. But, upon closer inspection, do open houses fall within the boundaries of productive marketing or seller appeasement?
Many agents, especially those with more listings than they can effectively manage, often allow inexperienced agents to hold their listings open. This is usually done to make the seller think they are working hard to sell their home. These newly-licensed agents know little about your home or neighborhood, but often know less about qualifying potential buyers. If a couple of directional signs, some balloons and a plate of cookies was all it took to sell a home, sellers wouldn't need real estate brokers in the first place. The fact is, less than 1% of homes ever sell as a result of an open house.
The truth is that open houses have an extremely limited window where they are actually beneficial to the seller. Here's why; when your home is new to the market, potential buyers - and agents - want to see it. If it is priced correctly, all repairs made and staged appropriately, an open house can be a great opportunity. But that opportunity only lasts for a few weeks. After that, most agents and buyers are familiar with the house.
After the first few weeks, if an agent agrees to hold an open house, it's for one thing; to meet potential buyers. The agent is using your home as a lure in hopes of catching buyers who, oddly enough, most likely will not purchase your home.
Conrad Lyles Realtors specialize in Buckhead real estate
Showing posts with label Housing. Show all posts
Showing posts with label Housing. Show all posts
Tuesday, November 16, 2010
Friday, October 15, 2010
Be Market-Smart: Dos and Don’ts for Home Sellers and Buyers
RISMEDIA, October 13, 2010—It would be unrealistic to say that the real estate market is utterly rosy right now, but neither is it thorn-filled by any means. In fact, things are decidedly looking up: July got some good news, when the National Association of Realtors reported that pending home sales rose 5.2% from downwardly revised June levels, beating economists’ expectations. This is good news for both buyers and sellers.
While challenges still exist—for instance, getting the best price when selling, or securing financing when buying—there are some once-in-a-lifetime opportunities out there, and plenty of happy results can be had for both buyers and sellers. The key for both groups is to remain flexible, adaptable and diligent. To that end, here are some dos and don’ts for today’s buyers and sellers:
For Sellers:
DO’SBe flexible. Often it’s the little things that push a buyer into the “yes” zone. If the buyer goes on and on about how much they love your icemaker, throw it in. If the closing has to be pushed ahead more than you expected, try to be as flexible as possible and pack the moving van a little quicker.
Clean up. One person’s prize doll collection is another person’s cluttered nightmare. Similarly, a living room filled with Beanie Babies could elicit a reaction of fear, rather than “Aw, how cute!” from a buyer. Put away any personal collections that not only cause clutter, but also make it hard for a buyer to see the home as his or hers, rather than yours.
DON’TSDon’t be greedy. The market—not your emotions—dictates your home’s price. If comparables in the area, and several trusted real estate agents tell you your home is worth $400,000, you’re not fooling anyone by pricing it at $500,000—and you’re only doing yourself a disservice. Pricing it at market, even a little below, could generate a bidding war, and ultimately get you more money.
Don’t get personal. If you’re selling your house for a certain amount, and someone offers something much lower, don’t take this as a personal affront and refuse to counteroffer. Letting your emotions get in the way can potentially ruin the deal. What’s the harm in making a counteroffer?
Don’t procrastinate. In the current climate, you might be scared to try to sell your home, as you may have to face a lower selling price than you may have gotten before the recession. But remember, the house you buy might be even lower, commensurately. It’s all relative. So if you’re serious about selling, consider doing it now. Also, acting before the cold months come is a good idea, as the winter months are historically harder for home sales.
For Buyers:
DO’SGet a home inspection. It’s important to hire a trusted home inspector to check out the house’s potential issues and problems. Don’t skip a home inspection because you’re afraid of what you might hear—many issues sound more serious than they actually are, and can be fixed easily. And if something deal-breakingly serious is turned up, as disappointing as that is, it can save years of heartache and financial outlay. Better to walk away from a clunker.
List your place before you look for another. If you’re truly serious about looking for a home, list your place first. In the current economy, banks want to make sales as uncomplicated as possible—and contingency sales, which can be very complicated, are often rejected.
Talk before you act. Don’t ever start a home search without a firm budget not only in mind, but literally written down. Mutually agree with yourself—or with your partner, if you’re buying with someone else—long before you start seriously searching. Going out of that zone because of a place you just “gotta have,” or are emotional about, could put you in dire financial straits later. You don’t want to buy a house that isn’t affordable for you, and then be worried about paying for dinner and a movie on Saturday night.
DON’TSDon’t be a design snob. If someone’s enormous bathroom has wallpaper border containing frolicking kittens and pastel flowers, or a wall that’s a nuclear shade of green, we understand this can send you into style shock. But stand fast and ignore bad décor. Instead, try to envision the space raw. Besides, you can always redecorate once the home is yours.
Don’t make a silly offer. There’s nothing wrong with making an offer below asking price—it’s no secret that today, many homes are selling for under the asking price. But going 40% below the asking price may anger the seller. Some sellers, especially more emotional ones, won’t even bother counter offering an outrageously low offer. Feel free to make a deal—just don’t make an offer so low that you’ll be kicked off the table.
While challenges still exist—for instance, getting the best price when selling, or securing financing when buying—there are some once-in-a-lifetime opportunities out there, and plenty of happy results can be had for both buyers and sellers. The key for both groups is to remain flexible, adaptable and diligent. To that end, here are some dos and don’ts for today’s buyers and sellers:
For Sellers:
DO’SBe flexible. Often it’s the little things that push a buyer into the “yes” zone. If the buyer goes on and on about how much they love your icemaker, throw it in. If the closing has to be pushed ahead more than you expected, try to be as flexible as possible and pack the moving van a little quicker.
Clean up. One person’s prize doll collection is another person’s cluttered nightmare. Similarly, a living room filled with Beanie Babies could elicit a reaction of fear, rather than “Aw, how cute!” from a buyer. Put away any personal collections that not only cause clutter, but also make it hard for a buyer to see the home as his or hers, rather than yours.
DON’TSDon’t be greedy. The market—not your emotions—dictates your home’s price. If comparables in the area, and several trusted real estate agents tell you your home is worth $400,000, you’re not fooling anyone by pricing it at $500,000—and you’re only doing yourself a disservice. Pricing it at market, even a little below, could generate a bidding war, and ultimately get you more money.
Don’t get personal. If you’re selling your house for a certain amount, and someone offers something much lower, don’t take this as a personal affront and refuse to counteroffer. Letting your emotions get in the way can potentially ruin the deal. What’s the harm in making a counteroffer?
Don’t procrastinate. In the current climate, you might be scared to try to sell your home, as you may have to face a lower selling price than you may have gotten before the recession. But remember, the house you buy might be even lower, commensurately. It’s all relative. So if you’re serious about selling, consider doing it now. Also, acting before the cold months come is a good idea, as the winter months are historically harder for home sales.
For Buyers:
DO’SGet a home inspection. It’s important to hire a trusted home inspector to check out the house’s potential issues and problems. Don’t skip a home inspection because you’re afraid of what you might hear—many issues sound more serious than they actually are, and can be fixed easily. And if something deal-breakingly serious is turned up, as disappointing as that is, it can save years of heartache and financial outlay. Better to walk away from a clunker.
List your place before you look for another. If you’re truly serious about looking for a home, list your place first. In the current economy, banks want to make sales as uncomplicated as possible—and contingency sales, which can be very complicated, are often rejected.
Talk before you act. Don’t ever start a home search without a firm budget not only in mind, but literally written down. Mutually agree with yourself—or with your partner, if you’re buying with someone else—long before you start seriously searching. Going out of that zone because of a place you just “gotta have,” or are emotional about, could put you in dire financial straits later. You don’t want to buy a house that isn’t affordable for you, and then be worried about paying for dinner and a movie on Saturday night.
DON’TSDon’t be a design snob. If someone’s enormous bathroom has wallpaper border containing frolicking kittens and pastel flowers, or a wall that’s a nuclear shade of green, we understand this can send you into style shock. But stand fast and ignore bad décor. Instead, try to envision the space raw. Besides, you can always redecorate once the home is yours.
Don’t make a silly offer. There’s nothing wrong with making an offer below asking price—it’s no secret that today, many homes are selling for under the asking price. But going 40% below the asking price may anger the seller. Some sellers, especially more emotional ones, won’t even bother counter offering an outrageously low offer. Feel free to make a deal—just don’t make an offer so low that you’ll be kicked off the table.
Wednesday, January 27, 2010
Mature-Market Home Buyers Look beyond Buildings, Desire Services
RISMEDIA, January 27, 2010—A survey of consumers and builders, conducted in 2009 by the National Association of Home Builders (NAHB) and the MetLife Mature Market Institute, has yielded a new round of data revealing the housing preferences of the 55+ consumer. This analysis of data–the third in a series–compared the preferences of the 55-to-64 year old age group to those of the 65+ group.
The rest of the Story; http://rismedia.com/2010-01-26/mature-market-home-buyers-look-beyond-buildings-desire-services/
The rest of the Story; http://rismedia.com/2010-01-26/mature-market-home-buyers-look-beyond-buildings-desire-services/
Tuesday, December 9, 2008
Chicken Little Doesn’t Sell Houses
RISMEDIA, Dec. 9, 2008-”One day, Chicken Little was walking in the woods when-KERPLUNK-an acorn fell on her head. ‘Oh my goodness!’ said Chicken Little. ‘The sky is falling!” Thus begins a timeless tale that seems more relevant each time I read another “authoritative” article positing that the recovery in real estate is years away.
I want to scream: “Your 2009 will be what YOU make it. The sky is not falling and you can be sure that many people will succeed in 2009, just as many continue to succeed, even now.”
We should refuse to buy in to “informed opinion” that predicts three more years of economic morass. It’s time we take responsibility for our own success and make things happen for ourselves.
Once we get through January, I believe we will see the beginnings of recovery. Credit will loosen, people will begin to regain some confidence that Washington has an idea of what they are doing, and opportunities to succeed will abound. Oh, it never will be 2005 again, but who really wants that, anyway? Agents who fail to take strong action to succeed despite conditions will be dropping like acorns in a stiff wind. for more...http://rismedia.com/wp/2008-12-08/chicken-little-doesnt-sell-houses/ I'm a Real Estate Professional that refuses to bear the burden of Doom and Gloom and forge ahead to make it better than before.
I want to scream: “Your 2009 will be what YOU make it. The sky is not falling and you can be sure that many people will succeed in 2009, just as many continue to succeed, even now.”
We should refuse to buy in to “informed opinion” that predicts three more years of economic morass. It’s time we take responsibility for our own success and make things happen for ourselves.
Once we get through January, I believe we will see the beginnings of recovery. Credit will loosen, people will begin to regain some confidence that Washington has an idea of what they are doing, and opportunities to succeed will abound. Oh, it never will be 2005 again, but who really wants that, anyway? Agents who fail to take strong action to succeed despite conditions will be dropping like acorns in a stiff wind. for more...http://rismedia.com/wp/2008-12-08/chicken-little-doesnt-sell-houses/ I'm a Real Estate Professional that refuses to bear the burden of Doom and Gloom and forge ahead to make it better than before.
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