Home Not Selling? What you should keep in mind...

When a home's not selling, there's a reason, and often there's more than one reason why a home continues to sit on the market.  We all know it can be very frustrating to put that For Sale sign in the front yard, expecting a fast sale, only to find that after months you’re still waiting for an offer. I’ve said it before and I’ll say it again… if you want to sell your home in this market, you have to be competitively priced and your home has to show well.  

Pricing, by far, is the most important thing to consider!  Inaccurate pricing can kill a potential deal.  On the other hand, a home priced at market value peaks the interest of agents and buyers. Overpricing simply chases everyone away. In today’s market, the most serious sellers are pricing their properties slightly below market value to generate excitement and activity.  That in turn can lead to a faster sale, especially with all of the competition out there.

You want to be in the top 2 in your area when it comes to pricing.  And if your home doesn't show as well, then you need to be the best deal out there in your price range.

Another reason why your home could be sitting on the market is insufficient exposure.  For Sale By Owners, I'm talking mostly to you. If you’re attempting to sell your home on your own, or with minimal marketing, you need to reconsider. You may have the best home out there, but if no one knows about it, it won’t help you get your home sold. Hiring a Realtor that develops comprehensive marketing strategies is absolutely key.  Realtors like myself will create a compelling MLS listing, effectively market your home on the  internet and showcase your home to top agents in the Greater Albuquerque Area.

Last, but definitely not least, we need to talk about the condition and appearance of the home.  Buyers may see seven or more homes in a single day. The most memorable home will be the one that seemed the brightest, the most spacious, and the most cheerful.   Remember, clutter can distract a buyer from the beauty of your home.  Remove the clutter and a buyer will be able to better envision themselves living there.  A real estate professional can offer guidance in that department.

It pays to have a Realtor working for you on both sides of the deal! 

Call my team today for more information on how we can help you! 505-923-4730 

Real Estate Search Engines

How does someone typically start the process for buying a home?

With the do-it-yourself trend, Bob, so many people start by looking online. They use real estate search engines like Zillow and Trulia.com. This gets people excited about the process, looking at the available pictures and general information. However, I caution my buyers and sellers that oftentimes the information is not accurate. I have seen prices too high or too low, houses that were sold months ago and still show up as available to buy or rent. It can be very confusing.

 

Why is that? Where do these websites get their information?

Licensed Brokers upload accurate information into the Multiple Listing Service, or MLS, as required by law. Search engines like Trulia and Hotpads.com have limited access to this data, and they offer it for free to people searching for houses. Yet, these sites are really just another way to sell advertisements as they are not monitored for accuracy and are often unreliable. As Brokers, we can’t control what they choose to promote. The MLS is the gold standard, with information updated daily and only accessible by a Realtor. 

So you’re saying that a buyer really needs to look at the MLS?

Absolutely! As a Broker, I make sure that my buyers and sellers are obtaining current and accurate information and offer them expert advice on what is often, for many of us, the biggest financial decision we will ever make.

I gather that searching online can be only an initial step?

I love the online process when it comes to the buyer. I can set up a portal to the MLS for a buyer with a search to their specific preferences, such as the desired area and price range, sent right to your inbox; as new homes come on the market, it will continue to send them listings of homes that fit their criteria. Only an agent can access the real, live information about homes for sale in our area. So call me today and start your home search!

Buyer & Seller Mentality

How is the spring market?

With the spring market in full swing and the strong activity we’ve been seeing lately, I wanted to discuss motivation and mindsets of buyers and sellers as it’s very important for all parties to understand what their goals are and the best way to achieve them. As a seller, if you can get into the buyer’s mindset, the sale of your home can happen faster and for more money.

What, in your opinion, are the most important steps in selling a home these days?

The first step starts with a decision. I often talk to my clients in terms of motivation. So ask yourself: on a scale of 1-10, what level of motivation are you at to sell your home? A three would be maybe next year; 6-7 would be to get the kids in school before August; 9-10, we are relocating to Chicago for a job. Often selling is a hard decision, so this process helps people focus on the decision with more clarity.

What are other factors in selling a home?

Success in selling a home is primarily driven by three factors – the condition of your home, appropriate pricing, and an aggressive marketing plan to generate traffic through the door! My proven aggressive marketing plan can make the difference between a for sale and a sold sign. I just sold a home in 8 days that had been on the market with another company unsold for several months, a clear indicator that the marketing plan is critical to a successful home sale. As the seller, remember that the old cliché of “you only get to make one first impression” definitely applies to selling real estate. With many serious buyers looking right now, you want your home to stand out amidst all of the competition! It’s important to remember that your home is for sale and on open display. Buyers like to see things that are streamlined, clean, and fresh looking. Deep clean and declutter to showcase how beautiful your home can be!

How can sellers achieve their real estate goals by thinking from a buyer’s point of view?

Today’s buyers benefit from historically low interest rates and they still want the absolute best deal on a home! They are focused more on the best value and less on emotional purchasing. They will buy their second choice before paying top dollar for their first choice! By working with an experienced Realtor, like myself, you can ensure that your home makes the best overall presentation. This will give you an upper hand when negotiating on price and other important terms of your home sale. My job is to protect the interests of my clients, from the price war, to the beauty contest, until your home is closed and the cash is in your hand!

Contact Cheryl today at 505-238-3272 or email her at cheryl@cherylmarlow.com!

As always, who do you know that needs to buy or sell real estate today? Thanks!!

Preservation of Homeownership Tax Policies

Next week I'll be doing my monthly Albuquerque market report, but I wanted to speak about a broader, national topic today. Owning a home is still the American dream, and we're definitely seeing a renewed sense of optimism. Offering more evidence of a swing toward homeownership as the housing market continues to recover, a recent survey states that there has been a dramatic increase in the number who now say that they intend to buy in the near future. 49% simply want the chance to call themselves homeowners, 44% view owning a home as good financial investment, and 36% need more space for their family and/or children.

What can you tell us about the comprehensive tax reform?

Currently, you are able to take an income tax deduction for the amount of interest you have paid on your mortgage. The mortgage interest deduction helps many families become homeowners, and it is vital to the health and stability of housing markets. 65% of families who claim the deduction earn less than $100,000 per year, and as a percentage of income, the biggest beneficiaries are younger middle-class families.

What is the stance of the National Association of Realtors and yourself?

The National Association of Realtors' President Gary Thomas recently testified before the U.S. House Ways and Means Committee concerning federal tax provisions that affect residential real estate. Thomas said that homeownership has had long-standing support in the country because of its many benefits to individuals and families, communities and to the nation's economy. Realtors know that homeownership is an investment in your future and for many people, owning a home helps them gain a financial foothold and a feeling of security, especially once you own your home free and clear.

And this tax deduction helps improve the overall real estate market, correct?

Since we're in the midst of a fragile recovery, additional housing taxes would crush the real estate market just as it is poised to help lift us out of the economic doldrums. Our goal is to see that the tax code will continue to reflect the fundamental American value that homeownership helps build financial stability. Not only is this the right policy for housing, it's also the best for homeowners, for communities, and for the economy.