Grand Rapids Michigan Real Estate Blog

Another Amazing Real Estate Tale from Grand Rapids Michigan

I have a story to tell you, about a house that wouldn't sell.

This is a true story but the names and places will be omitted

so that no home sellers are injured.  This won't be a new story

for anyone in the real estate business for the last 4-5 years.

But apparently, people in the consumer selling arena  still

aren't familiar with the facts of home selling these days.

 

 

There was a VERY NICE home in a VERY NICE neighborhood

ina VERY NICE community near you.  The community has ex-

cellent schools, low home inventory, and lots of people who

would like to live there.  The home owners listed their VERY

NICE home with a local company and waited.

 

 BUT, the home didn't sell.

 

 And it didn't sell.

 

I am sure the original listing agent suggested a price decrease.

Well, wouldn't you?  But they got a different agent, a friend in their

church group had just enterd the real estate business.  They were 

sure that the new agent would be able to sell the home at 

their price. She was so nice. 

 

And it didn't sell.  

 

So they got a different real estate agent again.

The sellers knew that a really big company with lots of agents

to sell their home would make all the difference and they could

get the price they wanted.  The new agent was recommended by

a neighbor. But they had their price in mind, they were firm.

 

And it didn't sell.  

So they interviewed 3 agents and hired the one with the best

marketing program.  Their home was exposed to every venue

on the internet and to some they never had heard of.  This was

going to work this time, even with their original price.  They had 

a marketing genius!

 

And it didn't sell.

They had lots of showings.  In fact, when the phone rang, the 

lady of the house cringed because she was tired of preparing

their home for showings with no offer.  It was so discouraging.

But their agent said, "You just never know, this might be "the one"."

 

They got an offer.  It was below what they were asking by about 

12%.  Should they be insulted?  Should they consider this offer?

Their agent had been asking for a price decrease.  Was this a 

reasonable offer?  Their home had been on the market for 

almost 3 1/2 years at the same price.  But they had put so much

money into it.

 

To protect the innocent, and move the story along, the Listing Agent

was finally able to negotiate the offer acceptance.

 

And the home sold.

 

Moral of the Story: Home prices will flucuate on what buyers 

feel the home is worth.  Buy a home to live in and enjoy but 

when it is time to sell, the current market will dictate the price.

Sometimes you win, and sometimes you lose.

 

Top 5 Things to Do Before You List Your Home

You have decided to move. Now, your focus turns to selling

your existing home.  Not easy in this economic climate and

with fussy buyers rejecting your home by online browsing,

before they even step a foot into it.

 

Your top priority should be to make your home look spotlessly

clean. Cleaning your home top to bottom will make the biggest return

in home selling price, a whopping 592% of the cost of cleaning,

according to HomeGain.  This means de-cluttering closets and storage

areas, carpeting, cleaning light fixtures, fans, and appliances until

they sparkle.  Animal odors, smoking, and food odors will turn off

potential buyers as soon as they walk in the door.  Those plug-in

fragrances won’t fool buyers, either.

 

Lightening and brightening your home is second on the list.

This means painting over dreary or stained walls with a fresh coat

of paint and replacing burnt out light bulbs.  If you have dark rooms

in your home, purchase some floor lamps to light up the area.

 

Home Staging is the third most important item you can do.

If you have too much furniture, or overly large furniture, it makes

your home look crowded.  If you have collections and

accumulations of stuff, it doesn’t look like there will room for the

new buyers furnishings.  Remember: Less is More, more room for

the new buyers home furnishings.

 

Landscaping in the yard is the fourth largest payback for sellers

compared to cost.  Take time to refresh bark in beds, trim overgrown

branches and foundation plantings; new buyers don’t want to move

in with a project list.  A pot of fresh flowers by the front door is also

a sign that you are proud of your home and take good care of it.

 

Electrical and plumbing repair is crucial to the new buyer. 

Take care of any issues because they will probably show up

on the inspection and that just gives buyers a chance to

bargain your home price down.  Most common is tub and shower

caulking that looks moldy.  Get it replaced with new caulk.  If

you have been considering upgrading your electrical system,

buyers will appreciate this as one more thing they don’t have

to do.

 

If you do these things, buyers will be more comfortable in

purchasing your home.  And why not enjoy the improvements

while you wait for the right buyer to come along?

 

SEARCH FOR GRAND RAPIDS HOMES

syndicated from  www.GrandRapids-RealEstate.com

 

Real Estate Myth #7: Waiting for Spring to Sell Your Home Will Get You More Money

The old adage that told sellers to wait until the improved spring market

to put their home up for sale is just that – an old saw.  And not true today.

Buyers tend to favor the spring and early summer market to move but this time

around, it could be costly for both buyers and sellers.

 

 

If you haven’t been following real estate news, yes, I know, it starts

to become blah, blah, blah, after awhile; then you might be unaware of the

shadow inventory.  All the experts agree, this 4 million+ housing inventory

of foreclosed and about-to-be foreclosed homes is weighing the market down

right now—and we have 45 more months of inventory to work through.

 Continue reading......

 

Grand Rapids Michigan Home Seller – Asking More Doesn’t Mean You Will Get More

About one third of homes listed on the Multiple Listing Service will not sell.

They might be over priced, in very poor condition, in a bad location, a weird

floor plan or some other oddness about them.  They will sell at the right price,

which is what we are trying to convey to you here.

 

 

The correct price is so crucial to the sale of your home, that if you miss

the mark the first time, you are chasing a downward trend that is very

difficult, if not impossible, to catch.

 

This can be tricky, as you don’t want to under price the market.

But the market doesn’t hold still, what was a great price a few months

ago is not a great price today.  You can’t rely on any market information

over 3-6 months old.  You need to know what is happening today.

 

Example : 440/981 = Days On Market/Total Days On Market

The stats above are for a house in the Grand Rapids market that we saw

on the MLS today.  You would think that in almost 33 months on the

market, this homeowner would have realized that their price is not in

line with homes that are selling.  Sure, there have been reductions on

this home’s price, but not enough and not soon enough.

 

Be smart about selling your home.  Use a Realtor who can give you

the straight facts, not someone who tells you what you want to hear.

Unless you want to be like the seller above, chasing a downward market

and watching your competition use you as a price comparison.

 

 Should You Listen to Your Realtor or Your Instincts?

 Free White Paper for Sellers:Avoid 11 Mistakes that Could Cost

 

Syndicated from Grand Rapids Real Estate Blog

Most of us sell only a small number of homes in our lifetimes. With limited experience

in real estate how are we capable of maximizing the profits from our home sale? Many

home sellers make the critical mistake of thinking all Realtors are the same. They list

with the first agent who comes along. Does it make good business sense to put the

responsibility of selling your home with someone who has no plan or qualifications?

 This report will educate you with valuable information that will help you

make the best decision concerning: With which real estate agent should you list? 

 

                                       

 

Start by doing a few hours of research. Ask around ... talk with someone who has had a

positive experience with a Realtor in your neighborhood. Find out which agents are highly

visible in your market area. Get to know who has the most web presence, ads and

 marketing material in your neighborhood. Who's the most active agent? Compile a list

of agent names and use these questions to help you determine which agent is right for

you. Now you have the list ----Google each one to see how they compare. Make an

appointment and ask the prospective agents the following questions: 

 

 

What does the listing agreement entail, what are the beginning and expiration dates,

and what are the fee amounts I will be paying?

Have your agent go over every detail in the listing agreement with you until you

 understand it completely. Make sure the beginning and ending dates are on the

agreement; a good standard for length is four to six months. Know exactly what fees

you will be paying and remember that less is not always better. If the agent stands to

 make very little commission you can bet it will be reflected in the amount of time and

 effort that is spent marketing your home. If the agent reduces the commission to get

 the listing it may mean they intend to spend very little money promoting the property.

What disclosure laws apply to me and what do I need to be aware of ? 

 Expect your agent to thoroughly explain the state required Seller's Disclosure Statement

and Lead Base Paint Disclosure. When completing these forms be sure to answer truthfully.

If the basement leaks, say so! We do not operate in a "Buyer Beware" real estate

environment and agents expect sellers to answer property condition statements

straightforwardly. The best method of dealing with any property defect or maintenance

requirement is to have it repaired or replaced prior to marketing the home. This prevents

 a repair from becoming a negotiating issue.

What separates you from your competition and what kind of feedback will I receive

from you?   How effectively will you advertise?  Do you have 24-hour advertising

capability? Will all the leads be followed up on by your agent's team or will they go

to other agents who may have other listings they would prefer to show?

Agents who are innovative and offer new methods of attracting home buyers will

measurably outperform agents who rely on methods of the past. Marketing effectively

in today's market and beyond requires progressive strategies that add value and

service for both buyers and sellers!

10 Questions to Ask a Realtor Before You List Your Home ~ Part 1

10 Questions to Ask a Realtor Before You List Your Home ~ Part 2

10 Questions to Ask a Realtor Before You List Your Home ~ Part 3 

All 10 Questions Can Be Viewed Here

Most of us sell only a small number of homes in our lifetimes. With limited experience

in real estate how are we capable of maximizing the profits from our home sale? Many

home sellers make the critical mistake of thinking all Realtors are the same. They list

with the first agent who comes along. Does it make good business sense to put the

responsibility of selling your home with someone who has no plan or qualifications?

 This report will educate you with valuable information that will help you

make the best decision concerning: With which real estate agent should you list?

                                    

Start by doing a few hours of research. Ask around ... talk with someone who has had a

positive experience with a Realtor in your neighborhood. Find out which agents are highly

visible in your market area. Get to know who has the most web presence, ads and marketing

 material in your neighborhood. Who's the most active agent? Compile a list of agent names

 and use these questions to help you determine which agent is right for you. Now you have

 the list Google each one to see how they compare. Make an appointment and ask the

prospective agents the following questions:

Do you have an assistant or support staff?

By employing someone to handle the details of their business the agent can spend

more time servicing your needs. However, make sure you know how much time an

agent will spend and how much time their assistant will spend on the sale of your

home. It may be fine if the assistant does most of the legwork as long as the agent

 is there at the most critical times of the transaction period.

How often will you hold open houses? Will they be public open houses or by

appointment only ads?

Simply putting a sign on your lawn and holding open houses every Sunday will not

 sell your home. Over exposure may present an unfavorable picture also. Ask if the

agent's has a policy limiting the frequency that open houses are held.

It's in your best interest!

What listing price do you recommend and what is that price based on?

Pricing is the most critical step to selling your home. Take great care in choosing an

agent with the knowledge to price your home effectively. Keep in mind the selling price

should attract prospective buyers to your home, get you top dollar in the current market

and reflect the condition of your home. Be realistic and avoid "yes agents", who will say

"yes" to any request or price while your home languishes on the market. Some agents

may also encourage a lower list price simply to sell your home quickly.

 

10 Questions to Ask a Realtor Before You List Your Home ~ Part 1

10 Questions to Ask a Realtor Before You List Your Home ~ Part 2

 

All 10 Questions Can Be Viewed Here

 

Most of us sell only a small number of homes in our lifetimes.

With limited experience in real estate how are we capable of

maximizing the profits from our home sale? Many home sellers make

the critical mistake of thinking all Realtors are the same. They list

with the first agent who comes along. Does it make good business

 sense to put the responsibility of selling your home with someone

 who has no plan or qualifications?

 This report will educate you with valuable information that will

help you make the best decision concerning:

With which real estate agent should you list?

                       

 

Start by doing a few hours of research. Ask around ... talk with

someone who has had a positive experience with a Realtor

in your neighborhood. Find out which agents are highly visible

in your market area. Get to know who has the most web presence,

 ads and marketing material in your neighborhood. Who's the

most active agent? Compile a list of agent names and use these

 questions to help you determine which agent is right for you.

 Now you have the list ---Google each one to see how they compare.

Make an appointment and ask the prospective agents the

 following questions:

 

3.  What is your average length of time from listing to sold?

Don't automatically assume the shorter the time on the market

the better. That could reflect selling homes quickly at lowball

prices. Look at what the asking price was compared to the

selling price. An agent who sells close to the asking price and

quickly is generally effective at helping clients determine the

right price and helping them get it.

 

4. How long have you been in business and with to what

professional organizations do you belong?

What additional training and professional designations have you

acquired? The length of time a real estate agent has been licensed

is not a sure fire sign that they've been an active seller. They may

have been in business for 10 years but only part time, whereas an

 agent who's been in business for 2 years may be a real top producer.

 So take into account what professional organizations they belong to.

 The minimum should be a licensed professional who is a member

of the local real estate board and multiple listing service as well as

 the State and National Association of Realtors.

 

Watch for the Continuation of this Series. Part 3 & 4 coming soon.....

10 Questions to Ask a Realtor Before You List Your Home ~ Part 1

All 10 Questions Can Be Viewed Here

Most of us sell only a small number of homes in our lifetimes.

With limited experience in real estate how are we capable of

maximizing the profits from our home sale? Many home sellers

make the critical mistake of thinking all Realtors are the same.

They list with the first agent who comes along. Does it make

good business sense to put the responsibility of selling your

home with someone who has no plan or qualifications?

 

                                                        

 

This report will educate you with valuable information that will

help you make the best decision concerning:

With which real estate agent should you list?

Start by doing a few hours of research. Ask around ... talk with

someone who has had a positive experience with a Realtor in your

neighborhood. Find out which agents are highly visible in your

 market area. Get to know who has the most web presence, ads

and marketing material in your neighborhood. Who's the most

active agent? Compile a list of agent names and use these

questions to help you determine which agent is right for you.

 Now you have the list --Google each one to see how they compare.

 Make an appointment and ask the prospective agents the

 following questions:

1. Could you send me some information about yourself! You can

often get a good idea of which agents are the most professional by

looking at their promotional materials. If their own materials aren't

professional, how well are they going to market your home? Track

 how long each agent takes to respond to your request and how

quickly they follow up. If they don't respond efficiently to your

 Listing requests imagine how they'll handle potential home buyers.

     2. How many homes have you listed and how many homes have

you sold in the last six months? Look for an agent who has experience

with homes similar to yours and is active in your area. If your home

has special features look for an agent with experience in those

areas. Your agent should have a good record of selling homes, not

 just listing them. After all, this is your ultimate goal.

Watch for the continuing series: 10 Questions You Should Ask a Realtor

All 10 Questions Can Be Viewed Here

Don't Put Your Home on the Market Until You've Read This Report - Part Two

Selling your home can be an exhausting experience. Last minute walk throughs, inconvenient calls, price adjust­ment and the possibility of being stuck with two mortgages are real concerns. If you are not completely prepared you could end up losing hundreds, even thousands, of dollars in profit.

The difference between a profitable, seamless transaction and a break even, miserable experience is often a fine line. In the majority of cases it comes down to the subtle know-how of your professional. By utilizing the knowl­edge of a qualified real estate professional, you'll insure the quick, profitable sale of your home. This report is designed to arm you with the knowledge to avoid 11common mistakes that cost sellers serious money.

This Article is  Part 2 -  read the first 5 mistakes of Seller Beware! Avoid 11 Mistakes That Could

Cost You Hundreds....Thousands of Dollars  Part 1 here  

•6.   Market Timing/Seasonal Selling. Just as a broker who continually follows the trends of a stock, your professional agent continually follows trends of your  home market. They will know if the market cycle is poised to net you the mostmoney. Avoid believing that property sales are seasonal ... property is always selling!

•7.   Refusing to Make Cosmetic Changes the prospective home buyer's firstimpression is the most important. An unbelievable amount of home sales have been lost to unkempt lawns, cluttered rooms, bad stains, unpleasant odors ...all the seemingly little things. Imag­ine you were the home buyer and clean your place from top to bottom -military style.

•8.   Wasting Time With An Unqualified Prospect Your agent's responsibility is to  screen a prospect's qualifications before valuable time is lost. Be sure to align yourself with the right professional and eliminate negotiating with unqualified prospects.

•9.   Don't Test The Market Never put your property on line to sell unless you are serious. The right professional will find you buyers and if you are harboring indecision ... you will blow the sale.

•10.   Believing you are Powerless to Make a Difference Be a part of the team! Take an active role with your agent to see what you can do to facilitate your sale.  Network­ing with professional peers and personal friends often results in the sale of a home. It's surprising how many homes are sold this way.

•11.   Believing All Realtors are the Same With all the intricate details and critical decisions to be made concerning your home sale, should you rely on any­one but a top producing professional? Many friends and family members have been estranged  as a result of fail­ing to meet expectations. Your home sale is a time consuming, effort related, difficult task. Maximize your profit by utilizing a professional.

Don't Put Your Home on the Market Until You've Read This Report - Part One

Selling your home can be an exhausting experience. Last minute walk throughs, inconvenient calls, price adjust­ment and the possibility of being stuck with two mortgages are real concerns. If you are not completely prepared you could end up losing hundreds, even thousands, of dollars in profit.

The difference between a profitable, seamless transaction and a break even, miserable experience is often a fine line. In the majority of cases it comes down to the subtle know-how of your professional. By utilizing the knowl­edge of a qualified real estate professional, you'll insure the quick, profitable sale of your home. This report is designed to arm you with the knowledge to avoid 11common mistakes that cost sellers serious money.

                                     

 

•1.   Refusing to Make Profit Inducing Repairs. It always costs you more money to sell 'as is' than to make repairs that will increase the value of your home. Even minor improvements will often yield as much as three to five times the repair cost at the time of sale. Your agent will be able to point out what repairs will significantly increase the value of your home. Seemingly small fix up jobs can have quite an impact.

•2.   Not Considering Other Financing Terms Cash is not always the most advantageous transaction. Income level, tax benefits and current legislation are all critical factors when considering purchase terms. Professional real estate agents are experts at home transactions and can show you the way to the highest yield.

•3.   Provide Easy Access for Showings Accessibility is a major key to profitability. Appointment-only showings are the most restrictive, while a lock box is the least. However there are certain considerations to take into account: your lifestyle, time frame for the de­sired sale and the relationship with your agent. The more accessible your home is, the better the odds of finding a person willing to pay your asking price. You never know if the one that couldn't get a viewing was the one that got away. By developing a trusting relationship with your agent, he or she will show the home with your best in­terests in mind.

•4.   Priced Too Low/Priced Too High. One critical reason to find the right professional is to make sure the property is priced appropriately for a timely and profitable sale. If the property is priced too high it will sit and develop the identity of a problem property. If it's priced too low it could cost you considerable profits. The real estate market has subtle nuances and market changes that should be re-evaluated by your agent every 30 days to help you maximize your return.

 

•5.   Relying Solely on Traditional Methods To Sell Your Home The agent who is innovative and willing to offer new strategies of attracting home buyers will always outperform agents who rely on traditional methods. Demand around the clock advertising exposure, innovative lead genera­tion methods and lead accountability. These services exist and should be offered on your home sale. 

 Read Sellers Beware Avoid 11 Mistakes That Could Cost You Thousands of Dollars Part 2 here.