Central New Jersey Real Estate and Community News » Advice for Home Sellers

Top 5 Things to Know Before Putting Your Home Back on the Market

John Bendall — Fri, 29 May 2009 17:54:26 +0000

If the listing or marketing agreement you had with your real estate agent and his or her company has, as the real estate industry says, “expired,” and you are looking to relist your property, make sure you educate yourself on the many vital factors that will influence the sale of your home.

Remember, there is only one reason why your home didn’t sell…and it isn’t price. While price is certainly one of these marketing factors, it is not the only reason why your home did not sell. As you re-evaluate the proper pricing strategy for your home, request an updated market analysis from your real estate agent, and make sure it details the current pricing trends for your overall marketplace, including:

1. Days on the market for properties in your specific price range

2. The list-to-sales price ratios for homes that have sold (the more recent the better)

3. Square footage cost (ask agents how and if cost per square foot may be relevant to price)

4. The number of price reductions or, where applicable, the number of price increases

5. The number of homes currently active in your price point

When re-evaluating price, keep in mind that in specific circumstances, a lower listing price can actually lead to a higher selling price. Because the laws of supply and demand essentially govern all pricing, a lower asking price can generate more offers on your home, ultimately resulting in a higher sales price. Discuss the current supply-and-demand metrics that may be influencing home values in our neighborhood with any agent you’re considering working with.

As a member of the Top 5 in Real Estate Network®, I make it a point to keep clients, friends and their families informed regarding vital and relevant real estate information through our Real Estate Social Networking System. If you know anyone considering putting their home back on the market, please feel free to have them contact me for a copy of There’s Only One Reason Why Your Home Didn’t Sell…and It Isn’t Price or simply forward this email to them. This information is vital and I will provide it free of charge and with absolutely no obligation.

Note: Please disregard this information if your home is presently listed with a licensed real estate agent.

John Bendall- john@bendallgroup.com

Selling in a Difficult Market

John Bendall — Wed, 11 Jun 2008 16:40:03 +0000

You can’t always choose when you want to sell a home, as many people trying to sell in the current market will tell you. Job transfers, growing families, or older children leaving home are just a few of the reasons that people may decide to sell in any market. The following tips can help if you find yourself selling your home in a difficult market.

PICK THE RIGHT BROKER

Look for local agents who are listing, marketing and selling in your community even if the market is slow. Ask several of them to make a "listing presentation" to discuss your home’s value, justify their numbers and explain how they would market your property

UNDERSTAND THE REAL MARKETPLACE

To negotiate effectively, you need to know up-to-the-minute sale prices – not just what your neighbor’s house sold for last year – and the deal-making behind them. For example, two homes may each have sold for $400,000, but if one owner gave a 3 percent credit for deck repair and a new furnace, that’s a $12,000 reduction. Your agent should be knowledgeable about the details of sales in your area and be nimble enough to revise the marketing plan for your home to reflect changing conditions.

SWEETEN THE DEAL

Sellers are reportedly offering some unusual sales incentives – plasma TVs, cars, boat slips, vacations and golf carts – but cash may still be king. For example, some sellers have agreed to pay condo maintenance fees for the buyer. Other ideas include covering moving expenses or a month’s mortgage payment.

BE FLEXIBLE ON THE DEPOSIT

To "bind" a deal, the buyer should put down a deposit (separate from the down payment), which varies widely depending on the local market. You’d like the biggest deposit you can get, but in a slow market you may have to settle for less.

MONITOR AND UPDATE YOUR LISTING

If it’s April, you don’t want the photo of your house on the Multiple Listing Service displaying a snowman on the lawn. An out-of-season picture is a dead giveaway that your home has been on the market for awhile. And with many buyers doing their first "look-see" on the Internet, the quality of the photos is paramount, too.

Any of these tips are helpful in any market, but crucial if you are selling in a difficult market. If you would like more information on buying or selling a home in today’s market e-mail me at john@bendallgroup.com.