Yes, it’s true, it’s a seller’s market out there, but you can still ruin your chance at finding a willing buyer while mortgage rates remain low or landing the price you want if you mess up your open house.
Here are 10 open-house mistakes to avoid:
No. 1: Hovering
As a seller, your job is to get out of the way. Let your agent and their team interact with the buyers. Nothing scares off buyers faster than getting cornered by a desperate seller, says Elizabeth Weintraub, a Realtor with Lyon Real Estate in Sacramento, California. “Buyers don’t like it when they are hovered over. Give the buyer some information and let them look through the home on their own.” Read More.
A federal district court in Kansas has found a real estate salesperson (“Buyers’ Representative”) liable for failing to disclose to his clients (“Buyers”) the existence of a dam on the purchased property and a related agreement with the local government that required Buyers to maintain the dam.
In 1981, Dan Rich and his family (“Sellers”) purchased land on which an earthen dam, built by the Soil Conservation Service in 1951, is located. At the time of purchase, Sellers entered into an agreement (“Agreement”) with the City of Hutchinson (“City”) that required Sellers to maintain the dam, including, at their own expense, removing tree growth from the dam. Under the Agreement, the duty to maintain the dam would be passed on to any future buyers of the property. The Agreement was recorded with the County Register of Deeds. Read More.
If you’re like many sellers, you think your house is perfect and you can’t imagine why it wouldn’t sell exactly like it is right now. This is a common problem. It’s called “You can’t see what’s right in front of your face because you’re enamored with your house-itis.”
This is often the cause of homes that go unsold while others fly off the market. Symptoms include too much clutter and personalization, outdated décor and fixtures, and a general unwillingness to see the things that other people – people like buyers and agents – are seeing.
There is a common cure. It starts with taking a good, honest look at your home and then making some small changes to turn what could be an unsellable house into a sold house. Try our 17 hacks and you’ll be eyeing that sold sign in no time. Read More.
So, you’ve got it bad for “the one” — you know, the one that keeps you awake at night fantasizing about the day when you can be together.
Wait a second. We aren’t talking about that one — we’re referring to a different kind of love affair: a “home crush.” If you’ve found yourself swooning over a house you just can’t get out of your head, you’re not alone.
In a new realtor.com® survey, 69 percent of the 1,000 people who responded said they have had a “home crush” – a home they liked so much that they were drawn back to looking at it more than once online or in person. Read More.
Here are a few important questions you, as a seller’s agent, may get from clients. It would be wise to have answers prepared for the all important listing appointment. Some of these would also apply to agents working with buyers.
Real estate professionals are used to being asked questions by buyers and sellers, but not all questions are created equal. In this column, we take a look at five of the most important questions to ask before you decide to work with a particular agent. Read More.
Relisting a home isn’t an enviable position for any seller. Something went wrong the first time, and for many sellers, trying again to sell the home raises more questions than answers.
While it’s common for real estate agents to handle relistings, data on just how common the situation is can be hard to come by because some agents pull listings for a week or two and then relist. It’s a tactic designed to make a home listing look fresh. But increasingly, a true relisting is defined as having a 90-day gap between the time the property goes off the market and when it comes back. In that scenario, many real estate agents say it isn’t always price that kept the property from moving. Read More.
With shrinking inventories, many home buyers are finding only competitive offers will win them the house they want. A recent article by Kiplinger’s Personal Finance highlighted several ways that home buyers can make more competitive “irresistible” offers.
1. Be preapproved: About three or four months before home buyers even shop for a home, they should review their credit reports to make sure they’re accurate and take short-term steps to improve their credit score, says Michael Corbett, author of Before You Buy! Corbett says buyers then should get a bank’s preapproval. While that won’t guarantee they’ll get the loan, it shows sellers that a lender has verified the buyer’s income and credit score to determine that she can afford payments on a mortgage for a certain amount. Read More.
Open houses are a great source of information about the property, neighborhood and local markets. Nearly half of real-estate buyers go to one.
1. Look past window-dressing
A full 94% of sellers do some “staging,” such as repainting or bringing in new furniture, says Coldwell Banker.
“You can be so wowed by staging that you overlook important things,” says San Jose realtor Carl San Miguel. To focus on what matters, lift rugs to look at floors, ask the agent to turn off music so you can listen for nearby noise, and beware of any smells masked by candles. Also request a disclosure sheet, which lists known structural issues. Read More.
Whether representing buyers or sellers, Realtors® have a duty under Article 1 of the Code of Ethics to treat all parties honestly. That much is clear. What is not quite so clear is how wide the net of all parties is to be cast.
Does all parties refer only to signatories to a contract? Or might it also include their family members; and, if so, which ones? Are prospective or intended beneficiaries of a contract also parties to whom a real estate agent may owe a duty? And are such duties owed even if no contract has yet been formed? Read More.
These days, there’s so much technology around that it’s easy to get caught up in it, thinking it’s the secret to real estate success. But sometimes it’s the absolute basics that can be the most powerful business tools, but they’ve become neglected or overlooked entirely.
How would you like to win the listing before you even get to the presentation?
What a great situation that would be, and it’s so simple: A prelisting kit and four to eight photo testimonials with a contact phone number (and that’s really important) can do the job for you.
In my training seminars for real estate professionals worldwide, the responses amaze me time after time when I ask these questions. Read More.