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Archive for the 'Seller Information' Category
Grand Rapids Real Estate Stats – Things are lookin’ UP
March 7th, 2012
There are two trends that we are tracking here – which should be of interest to any buyers or sellers in the marketplace today. Both trends can be predictors of the marketplace
Trend # 1 Fewer Listings
The first trend is the light green graph, which shows the number of listings on the Grand Rapids Association of REALTORS site. We have fewer listings on the market today than in the past 12 months. What does that mean right now? For Buyers: Fewer choices. Since it is trending this way you can pretty much plan that the choices will even diminish more – so make your move when you find the right house or condo – don’t wait!! For Sellers: Better chances of selling since you have less competition on the marketplace.
What does it mean for the future if this trend continues throughout the summer? Simply that prices will begin to go up – it’s a simple supply and demand equation
Trend #2 Pending Sales are up
This trend is shown with the solid line and triangles - It’s the Pending Sale Numbers. This trend mirrors the consumer confidence that is showing up in the marketplace. A combination of historically low interest rates and unemployment numbers improving has given consumers a better feeling in the marketplace than we’ve seen in years. Our foreclosure numbers are decreasing and job growth is picking up – so it’s not just a Spring Market driving the Upward Trend of Pending Sales.
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It’s a HOT! HOT! HOT! Real Estate Market
June 23rd, 2011
Despite all the negative publicity and crummy stats getting thrown at us – the real world real estate market in Grand Rapids is HOT!
Last week we put three sales together (condo in the 150’s; home in the 200’s; executive home in the plus 1,000,000’s) and are working non-stop this week with buyers. We wonder what is causing this resurgence in buyer activity and attribute it to one of five reasons:
1. WARMTH
It’s summer and we’re finally feeling warm and fuzzy – which brings out the positive attitudes needed to step up and make the move to buy a home.
2. LIGHT
Once again – It’s summer – and in Michigan we’re on the far Western side of the Eastern Time Zone – so it stays light until 10pm – which gives us much more daylight to look at homes in the evenings.
3. CONSUMER CONFIDENCE
Here in Michigan our housing market took a dive earlier than any other area of the USA and we are digging back out earlier than other areas too – the folks we are working with looking at homes have a very positive attitude, can qualify for loans (and are getting phenomenal rates beside) and are making the move.
4. GREAT PRICES
It’s taken the sellers a few years to realize the market isn’t like it was in 2007 – so sellers are actually pricing their homes TO SELL! Buyers are having to adjust a bit because their idea of “screaming deals” are the relationship between list price and sale price – now that the list prices are becoming more reasonable, sellers are often getting “their price” – even though it happens to be at 2000 levels.
5. HOMES PRICED RIGHT AND SHOWING GREAT ARE SELLING FAST - SOME URGENCY!
As more buyers enter the marketplace – the inventory is going down. Two of the offers we wrote last week were multiple offers (our buyers got the houses!!). Many sellers are listening to their agents and staging their homes so they are showing well, that coupled with a price to sell has some homes selling in a matter of days or weeks. Hopefully gone are the days when it takes years to sell a home!
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Bankrate’s Article on Tips from First Time Sellers
May 26th, 2011
Bankrate had a fun article this week that I had the opportunity to participate in as a Quoted Expert.
I’ve been doing these blogs for a few years now and thought some of you might want to take the opportunity to read something from a professional writer that I’ve had the opportunity to be interviewed by – and check out some of my opinions on First Time Sellers.
The article is written by Dana Dracht who I’ve had the opportunity to work with a few times over the years – I appreciate her insights and her in-depth reporting so I though it would be fun to share her piece for you to read. Enjoy!
QR Codes + Clients = Love
April 20th, 2011
The era of the brochure box in front of a home has gone the way of the bag phone – it’s obsolete – and our clients love our new technology. It’s drawing the cutting edge crowd! Here are the top three reasons our clients love our new signs with QR Codes:
1. It draws attention to their home. Not only do our signs glow in the dark – but they also contain QR Codes (Quick Response) for each property. When a buyer pulls into the driveway, they can use their Smartphone to scan the Code and instantly have the price, floor plan and interior photos. Our contact information is available so we can set up a showing immediately.
2. It appeals to Gen X and Gen Y Buyers. Cutting Edge Technology is the mantra of the Gen X and Gen Y Folks – but also the Baby Boomers who are forward thinking. Many of the Gen X and Gen Y are first time home buyers – so any opportunity to get them interested is well worth the effort.
3. Our Sellers Love The Look! Direct quote today from a seller when we put the sign in front of her home “Cool Technology – We love it – Keep up the good work.” Here’s a photo of a seller in front of the sign put up this weekend – it’s a big thumbs up for her too!
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Sqiggles and Squares – What on Earth is a QR Code??
March 16th, 2011
The future of home shopping has arrived! Imagine driving up to a home for sale, pulling in the driveway and being able to determine the price and check out photos of the inside without leaving the comfort of your car!
The funny looking symbol to the right and those attached to our listing signs are QR Codes or Quick Response Codes. And they do just that – provide a quick response to your inquiry about the home in one quick QR scan. Try scanning the QR Code with your smart phone and check out our listing. Coincidently, it’s for sale and is a great horse farm!
Just as bar codes replaced key punching in the grocery store check out, QR Codes will speed the process of looking at real estate. All you have to do is download a QR Code scanner to your smart phone and you are ready to do some serious house hunting!
Naturally, REALTORS play a big part in this. We provide the photos, prices and home details the QR Code interprets. And our phone numbers and email addresses are listed so we will be able to provide professional advice on your home hunting decision.
Three “Hotspots” that sell Homes
February 21st, 2011
I have been getting a lot of questions recently from sellers or possible home sellers about how to get their home ready to sell. My advice is to concentrate on the Three “Hotspots” that most buyers concentrate on:
#1 Entry and the walk in
You’ve all heard that you have 30 seconds to make a first impression – well, so does your home. The walk to the front door – the first steps into the home set the tone for the rest of the tour. That means even though you don’t use your front door – get out the broom (or shovel if it’s winter) clean and de-clutter your walk up and entry way, paint or clean your front door and make sure your entryway is light and airy and puts a good foot forward for what the buyer is going to see next.
#2 Kitchen
This is the room the buyers will be spending the most time in – and even if they are not gourmet cooks – they will want an updated kitchen. For some this means replacing countertops and cupboards – but for most it can be as simple as painting the cupboards, putting on new hardware and giving it a good cleaning.
#3 Master Bathroom (or Main Bath if only one)
Clean! Clean! Clean! – This room needs to have all clutter put away and be spic and span – Paint if needed and update with some inexpensive hardware and lighting. Pop for some new towels and new shower curtain to make everything look “put together.”
Many of my clients ask me to stop by their homes as much as a year before they put them on the market to walk through and give them advise on what they should do to get it ready for sale. This is a great idea – then you can be ready to sell when the market is ready! Also, if you are thinking ahead and know you need to do some upgrading before you sell – do it sooner rather than later – then you can enjoy the upgrades before you sell.
Let me know some of the things you did to get your home ready to sell – I’ll share them in my blog.
What is a “Spring Market?” …Do you need to hear the birdies singing?
February 7th, 2011
Here is the question I receive from a lot of sellers before they put their home on the market – “Should I wait until the SPRING MARKET to put my home up for sale…and if so, “when is the SPRING MARKET”?
In the “good ole days” a Spring Market was just what you would expect. People put their homes up for sale in April, May and June – expecting them to sell during that time so everyone could move during the summertime – mainly so the kids would be ready to go to their new schools by September.
Those “good ole days” are gone. As Realtors – we see houses selling every month of the year – depending more on the job market, the economy and the interest rates than if Johnny or Julie is going to be going to a new school in the fall. Here are a few reasons why that is so….
#1 Relocation has a new philosophy
Years ago the companies relocating their employees paid close attention to the” kids moving in the summer” rule. What many of these companies found out (along with a number of studies) is that kids did much better in a school move if they moved during the year when they were the new kid in school. Schools changed many of their policies and assigned a new student to a “mentor” or “buddy” to help them through the transition. If they moved during the summer they were just another student when they started in the fall.
#2 Price, Interest Rates & Market Conditions Rule - Not always the time of the year
In the past few years the market has been more sensitive to prices, where interest rates are and how people are feeling about the economy than if it’s a Spring Market or not. Interestingly, Oct. of 2009 had the same number of sales as April of 2010 (1050+) in the Grand Rapids market.
#3 – So when IS a Spring Market, if there is one?
I will say our phones do start ringing here in Grand Rapids, Michigan when the sun comes out after a long few weeks or months of clouds, cold and snow. The first really good thaw that happens probably heightens everyone’s awareness that winter might be over and for folks that have cabin fever – the thought of moving crosses their mind.
I’ve always said a Spring Market was in the mind of the public and was determined by the weather – not the calendar!. What do you think?
Selling your home in the Winter – Three Easy Tips
January 21st, 2011
Ah, the crisp gorgeous snow is falling and you need or want to sell your home. Don’t be discouraged because of the cold, the snow covering your beautiful garden, or a driveway full of snow. Here are three easy tips to help you get ready:
1. Summer Photos.
Find some summer photos of your yard to leave on the dining room table or countertops. Hopefully you have photos of your gardens, trees with leaves, green grass and pool open with water in it (if this applies to you). These photos can even include your family members enjoying the summer weather showing off that great yard.
2. Keep your snow maintenance up.
Make sure you have a plow service hired to keep your driveway, sidewalks and front entry completely clear of snow and ice. If you can’t find a plow service that will take care of your front porch and steps – buy a shovel and some salt to keep it clear yourself. You want any buyer to drive up and not have any concerns about getting into the driveway and a pleasant walk up the sidewalk and into your home. This first look must be positive to encourage an offer.
3. Keep it warm inside.
Have a fire burning in the fireplace (if you have one) – keep the heat turned up (there’s nothing more chilling to a sale than an home that “feels” cold to the buyer.) This is a great time of the year to make a house a “home” – something cozy and warm that makes the buyer feel like buying it. Light some candles, microwave some cinnamon sticks and water for the smell of Mom’s Cinnamon Rolls baking – so that even if the snow if flying your home calls out to the buyers in a warm way.
Many homes today are vacant and winterized – it’s tough to warm these up to a buyer. If you do own a home that is vacant – you need to make a conscious decision to keep the heat on and keep it warm for a buyer or to winterize it to minimize any possible pipes freezing. This is a whole other discussion! Let me know what you think makes the most sense for a seller to do.
Three Reasons for Staying on the Market over the Holidays
November 29th, 2010
1. Less Competition
Many people will be taking their homes OFF the market over the holidays (for various reasons, but mostly because they don’t want to be inconvenienced) – so if you are selling – you will have fewer competitors. That’s a good thing! The fewer competitors the more likely people will choose your home.
2. Your Home Shows Better
The goal in the marketplace is to have a buyer fall in love with your home and buy it. The holidays are when homes look the best – the tree is lit, the decorations and stocking hung, and generally speaking homes sparkle with holiday cheer.
3. Interest Rates Are Still Historically Low
Even though they have ticked up about a ½% lately (4.5% last week) – our marketplace has not seen such low interest rates in decades. This means buyers can buy more house today than they could years ago and affordability is at an all time high. Most economists predict interest rates rising through the year next year – so buyers are very active today and through the end of the year in the marketplace.
I’d love to hear some of your stories about selling over the holidays or some suggestions for sellers as they hit this Holiday Season with their homes for sale.
Merry Christmas – Happy New Year – Happy home selling!
Viewing Homes – The New Normal – On-Line or In Person???
October 27th, 2010
The Internet has revolutionized a lot of things: think – talking to your friends – communicating with your relatives – setting up appointments with your doctor – shopping…. it goes on and on!
Real Estate sales are not exempt from the Internet revolution – and the way folks select homes to see and buy is changing along with everything else. I will tell you I am a bit biased because I still believe a buyer of a home needs to walk up to the door – walk in – and feel a WOW!!! The actual buying process is more than an Internet look. It’s the sight, the smell and the feel that makes a house a home.
That being said – the way most people arrive at the buying decision today is vastly different than even five years ago. Today, most folks start their searches on the Internet – not the newspaper or driving around looking for signs or working with a Realtor like they did in the past.
With the advent of high resolution photography – inexpensive digital and video cameras – a buyer can cruise the Internet and see floor plans, room decoration from many angles, photos of the neighborhood and just about anything else about a property. This is good news and bad news all rolled into one. Good news everything is so transparent – bad news that buyers often rely on just photographs or videos to make the decision whether or not to go see the home in person.
I often find out of town buyers who are only in town for a weekend have already made up their minds on what homes they want to see and those they don’t want to see. Most of these decisions are being made on the basis of what they saw on the Internet. Time and again, I see folks reject some perfectly good homes because the photos were either unavailable (shame on you agents who don’t take photos or hire a photographer – what an injustice to your sellers!) or were bad photos.
In the past, a buyer had to go into a home to rule it out – today they don’t need to go that far. Buyers are taking their first tour of a house on-line. By the time an actual showing is set up on a house – it could be considered a second showing since it has already been viewed on-line.
Sellers: Make sure your agent has great photos of your home.
Buyers: Don’t rule out a house just because the photos are unavailable – or you don’t like the decor – work with your agent to make sure you’re seeing the cream of the crop – not dumping something because it isn’t photogenic.
