CMA Archives - Jeffrey Halpern

20 Steps to Selling Your Home on Your Own

by Jeffrey Halpern

The real estate commission earned by a real estate professional on the sale of your property can be a considerable amount of money. And we know that you’ll agree it’s tempting to try to save that commission by selling your property yourself.

Many people are very comfortable in the role of “For Sale By Owner” (FSBO). You may find that you are one of those people. Whether you choose to take the task of selling your own property alone or prefer to work with a real estate sales professional, these 20 steps are necessary for a successful transaction to work.

Conduct your own mini-walk-thru inspection. Make notes of all the items that need repair or improvement. You may even want to bring in a second person to come in and do the same. Your checklist should include, but not limited to, the following: Fresh, clean paint trough-out; clean windows and window coverings; well-manicured lawn and yard; plumbing and all appliances in working order; new or cleaned flooring; all sealants (windows, tub, shower, sink, etc.) in good condition; roof and gutters in good condition; etc. Tip: You may want to have a home inspector to perform a pre-inspection. This will prepare you for anything that may come up when the buyer has their inspection.
Stage/detail your home. (Or hire a stager) Make all the necessary repairs and improvements prior to marketing your property to make it saleable. Understand that once your home is on the market, every day is “Showtime”.
Carefully research information regarding the prices (more than just an internet estimate) and terms of sales in today’s real estate market. Investigate recent sales prices, under contract prices and unsold property (the competition) prices of properties similar to yours and in your neighborhood. You may want to visit those properties as well to get a better perspective for comparison reasons. Once done, establish a realistic asking price for your home based on that information. Remember, buyers, will be looking at that same information when determining an offer price.
Meet with local lenders and determine financing alternatives for your prospective buyers, while determining what financial qualifications your target buyers need to qualify for the same.
Determine which internet sites, social media and print media will best attract your property’s target market.
Determine a marketing budget and placement calendar. Prepare a contingency for both if your home does not sell as quickly as anticipated.
Prepare professional, attention-getting advertisements to attract the right buyers (not lookers) to your property. A direct mail campaign should also be part of that plan. Include professional photos, videos, drone shots, and well-written description which tells the story of your home. Be sure to keep all advertising to adhere to Fair Housing guidelines to avoid any violations.
Prepare a plan to reach out-of-town and upsizing or downsizing (based on your target market) buyers, who account for a major portion of today’s homebuyers.
Purchase an eye-catching and weatherproof yard sign; install it in a conspicuous location in your front yard. If on a corner lot, install two signs.
Purchase multiple directional open house signs to be positioned from major thoroughfares and neighborhoods to the property. They should be installed for every open house and taken down afterward. You may need to ask the property owners of the located signs for permission and be sure you also talk to your town’s officials to sign what their sign permits process is.
Prepare a “feature/benefit/disclosure” and photo fact sheet, outlining specific features and disclosed workings of your home and the corresponding benefits to prospective purchasers.
Schedule and conduct an event-style open house (public and private) on weekends and weekdays. Be sure it is advertised in all mediums and begin its marketing at the beginning of the week of the open house. Be sure it is “open house ready”. Require every visitor to sign in. (You want to know who’s been through your home and it helps for follow-up calls.) Be sure all valuables and medications are stowed in a safe and secure location. Don’t forget to put out those open house directional signs first thing that morning..
Always be available to meet prospective purchasers at your home and to answer questions regarding your home, the area, schools, shopping, transportation, etc. Just be aware that there are questions that are illegal to answer). Hopefully, you can get that time off at work. Buyers and sellers are like two ships passing in the dark and therefore, if you are not available for that buyer at that time, they will move on to another home.
Respond to telephone (whether calls or texts) and email requests in a timely manner. Learn what it takes to “qualify a buyer” both financially and emotionally. Understand the difference between a real buyer and a “looker”. Again, ask for names and numbers.
Be prepared to negotiate with a buyer. BUYERS BUY FSBOs FOR A BARGAIN. Take your emotions out of the negotiations, as if you are a third party. Remain calm and in control or you will be taken advantage of.
Have an attorney on retainer (or at least on the ready), to prepare contracts and for representation. If you prefer not to use an attorney, then have all the necessary legal forms necessary, including, but limited to: Deposit receipts; Offer & Acceptance or contract; Buyer’s cost sheet; the aforementioned Seller’s Disclosure and Lead Paint Form; etc.
Determine the type of financing you are willing to consider, such as: FHA; VA; Conventional; Seller Financing; Conventional; Straight Loan; ARM; as just cash.
Negotiate with the buyers all the final terms of the sale including: price; financing; inspection issues; contingency dates; title issues; Home Owner Association requirements; closing date; and other pertinent considerations.
Plan a final walk-through with the buyers before the settlement process to complete any unresolved disputes. Have a witness present.
While doing the above 19 steps, you will also need to go through many of the same steps when locating, purchasing, and so forth, your next home.

By hiring a Realtor who does this on a daily basis and more than likely, statistics have shown, will sell your home for 8-10% more than a for sale by owner, which puts more money in your pocket, to a qualified buyer, in a much quicker, stress-free environment, successfully.

For any questions about any of your real estate needs reach out to Jeffrey Halpern, Broker-Associate, and the Halpern Real Estate Group of Howard Hanna | Rand Realty at 201.317.7527 or jeffrey.halpern@randrealty.com. For 3 FREE valuations of you home plus a buyer heat map click here.

11 Reasons Why You Home Isn’t Selling

by Jeffrey Halpern

Posted on Jun 1 2017 – 12:06pm by Housecall

Editor’s Note: This post was originally published on June 1, 2017. Housecall continues to share this piece due to ongoing requests and reader interest.

By Charles Muotoh

When you first put your house on the market, you might be hopeful for a quick sale—especially if you’ve put a lot of money into improving the house over the years and if the neighborhood is one that has historically attracted a lot of buyers. While you shouldn’t panic if the house doesn’t sell the moment you list it, you should begin to worry if the months start flying by without any real offers. If this is the case, here are 11 reasons why your house may not be selling.

You overvalued your property. If your house is overpriced, it’s simply not going to sell. Compare your property to similar properties that recently sold within your area to get a better idea of its true value. An experienced real estate agent can give you an accurate value of your home. Additionally, don’t make the mistake of tacking on the cost of any renovations you made. You can’t just assume that the cost of a renovation translates to added value.

Your listing is poor. If the listing of your home includes a poorly written description without any images, a lot of buyers are going to skip over it. Make sure you and your REALTOR® put an effort into creating a listing that attracts the attention of buyers. Make sure to add high quality photographs of both the interior and exterior of your home. Don’t forget to highlight unique features as well.

You’re always present at showings. Let your agent handle your showings. Buyers don’t want to have the seller lurking over their shoulder during showings, especially during an open house. This puts unwanted pressure on the buyer, which will make them uncomfortable and likely chase them away.

You’re too attached. If you refuse to negotiate even a penny off your price, then there’s a good chance that you’ve become too attached to your home. If a part of you doesn’t want to sell it, or you think your house is the best house in the world, odds are you’re going to have a lot of difficulties coming to an agreement with a potential buyer.

You haven’t had your home professionally cleaned. A dirty house is going to leave a bad impression on buyers. Make sure you have a professional clean your carpeting and windows before you begin showing your house.

You haven’t staged your home. If you’ve already moved out, then don’t show an empty house. This makes it difficult for buyers to imagine living in it. Stage your house with furniture and decor to give buyers a better idea of how big every room is and how it can be used. You want the buyer to feel at home when they are taking the tour.

You kept up all of your personal décor. Buyers are going to feel uncomfortable touring your house if you keep all of your family portraits up. Take down your personal décor so that buyers can have an easier time imagining themselves living there.

Your home improvements are too personalized. You might think that the comic book mural you painted for your child’s room is absolutely incredible, but that doesn’t mean potential buyers will agree. If your home improvements are too personalized, it can scare off buyers who don’t want to pay for features they don’t want.

Your home is too cluttered. Even if your home is clean, clutter can still be an issue. For example, maybe you simply have too much furniture in one of your rooms. This can make the house feel smaller than it is.

Your home is in need of too many repairs. The more repairs that are needed, the less likely a buyer will want your house. Many buyers simply don’t want to deal with the cost or effort of doing repair work, even if it’s just a bunch of small repairs, such as tightening a handrail or replacing a broken tile.

You chose the wrong real estate agent. In my opinion, choosing the right real estate is simply the most important decision you make in selling your home. A good REALTOR® makes all the difference in selling your home within a reasonable time.

All these things can be fixed once you realize your mistake; however, the longer your property stays on the market, the less likely it will sell at listing price. One of the best ways to avoid making these common mistakes is by working with a professional real estate agent.

Charles Muotoh is the owner of dcrealestateguru.com, a full service real estate firm focused on leveraging digital marketing strategies to serve buyers and sellers of real estate in the Washington D.C. area.

The best month to sell your home is……..

by Jeffrey Halpern

I have been wracking my brain as to what to write this week in my blog and the other day, Mitch, a friend of mine, asked me which month is the best month to sell. Although he asked it with a little sarcastic grin as there really is no good or bad month to sell, it inspired me to give you the Realtor’s reasoning as to why to list “that” month of the year.

January. Many relocations happen in January as companies budgets begin January 1 and therefore they know whether they will be bringing employees in or shipping them out. Also, if your new year’s resolution includes moving on, why not in January. Just remember as opposed to the losing wait and joining a gym resolution, once your house sells you cannot go back on that resolution.

February. Because most sellers wait for the “spring market” to list their home, by listing in this month a seller gets a jump on the competition and possibly sell their home for slightly more than in the nexst few months, as Economics 101 tells us that a smaller supply increases demand. It also gives the seller a wide choice of home to purchase in March after their home sells.

March. The “spring market” is upon us. The weather is certainly better and more buyers are looking and therefore a better chance to sell your home and a bigger selection of homes the seller can choose from.

April. The “spring market” is in full bloom and buyers are buying and sellers are selling. Usually this month has the most activity.

May. If all holds true, the April showers brought May flowers and the home is full of color. The weather is perfect and buyers are motivated because they want to be in during the summer.

June. High school and college graduations and parents now contemplating their move to a smaller residence and buyers want to buy before summer vacations begin and to close before the upcoming school year based on an average 60-day contract to close timeline.
July. Home sellers have sold their homes during the spring market and now are desperate to buy a home. Also the school year is even closer and you certainly want the kids to be in their classrooms on time.

August. If a home is not sold, they will be re-positioning their prices to be put in line with what buyers are willing to pay and buyers, using an astute Realtor, recognize it and jump on it. And being in contract, most school systems will allow a student begin their school year in their new location.

September. The weather is still nice and buyers have the chance to really explore homes without dragging their kids to look with them. More than likely, the local buyers (ones that already live in area) will be staying around. And it also gives the empty nesters the ability to buy without worrying about schools.

October. Buyers who want to get in before the winter always look and buy at this time. With the leaves changing their colors, the beauty of fall gives the buyer a whole different perspective on the look of the home.

November & December. I combine these two months for they include the same reasons. Although less in numbers, buyers looking in these two months are the most motivated. They need to buy or they would not bother looking during the holidays and they want to be in by the beginning of the next year. It is also the time when the house looks its best between the holiday decorations of the home, the neighborhood and the community.

So the question I answered for Mitch was not as elaborate as above, but much simpler. The best month to list a home for sale is when the seller lists their home for sale – upon need or desire. There are buyers all year round. The secret to selling any home is marketing, merchandising and pricing, to a market that is ready, willing and able to buy at that time. And interviewing and choosing a Realtor who can best assist you in achieving your goals just makes it that much easier.

What’s your home worth? Get you FREE jeffstimate here.

SAY NO TO 9’s!!!

by Jeffrey Halpern

Why do my fellow Realtors insist on continuing to use the 9’s in their pricing in today’s market? $499,999, $599,000, $649,900, $254,900 – you get the picture. It may have worked in the days prior to the internet, search engines, etc., because the price of the home was less than it’s rounded up number. But today it may be the biggest mistake a seller and Realtor can make in marketing a home to a buyer, today’s buyer. But then again, most Realtors and sellers forget to realize that they are marketing a home to the buyer and not for themselves.

Today’s buyers go to the internet first for their real estate search. We get that, but what also must be gotten is that when marketing a home to that buyer you must consider their search habits. Searches by buyers although limitless in scope are limited to search engines parameters. Search engine parameters for properties are set in 0’s, 25’s, 50’s and 75’s. (ex. 300-350k, 450-475k, etc.) Because of that, home marketing today must fit to those guidelines. When a home is priced at a “9”, their market is limited to those who search within only that price range. Whereas, if a home is priced at a 0, 50, 25, or 75, the home now encompasses two markets, those looking up to that price and those looking above that price.

It is common marketing sense. A home priced at $399,999 will only be seen by those looking up to $400,000. Whereas, a home priced at $400,000, will come up for buyers searching up to and above that price point. Exposure is the name of the game in any marketing and opening the house to two markets doubles the number of hits on the internet, which in turn brings in more offers and higher prices. It’s Economics 101! It allows a buyer in the above 400k price range to compare that home to the others and just may find it to be the perfect home for themselves. If that home was priced at $399,000, that perfect buyer (and it only takes one buyer) would of never had the opportunity to find their home and for the seller never to sell their home.

Conversely, and using the same price point, if the home was priced at $401.000 – 414,900, the buyer searching up to $400k would have never seen the home either. And although the buyer was not looking over $400k, they just may of come up with the funds to buy it for a little over that mark. Especially because a home purchase is 90% emotional anyway, buyers will figure out a way to get it. Plus, in many cases a home priced just above 400k, may really be worth under that mark leaving the true buyer of the home out of the loop.

All told, and in today’s real estate marketing searches, $414,900 and 394.900 is the same price as $400,000. Yes, the same price. (And, don’t get me started on those homes priced at the “..55” mark.) Real estate is not a gallon of milk or gas where the number nine is still a marketing tool to give the impression that the price is “less than”. The odd numbers in real estate marketing do not apply. It may sound cute, it may give the seller the thought that it gives some negotiating wiggle room, etc., but the buyers are not fooled anymore – they have too much information at their fingertips. Buyers look at one thing, value for their real estate dollar. They are not looking to steal a home, they are looking for value. Unless a home shows value for the dollar as compared to others, there is no sale. Plain and simple. And for those sellers, that do not want to underprice their homes or do not want to give their homes away, remember, a seller may set an asking price but the buyer sets the value. A home that is overpriced will not sell and by trying a price and then reducing it to find a buyer, results in chasing the market and selling the home for less than what it would of sold for if priced right in the first place. And as far thinking you have underpriced a home, the public will answer that question by creating a bidding war, which would drive the price to is market value anyway Personally, I’ll take a bidding war over no bids any day, wouldn’t you?

But all of this begins with a pricing strategy that encompasses hitting two price target markets as part of the overal marketing plan. Which will you choose?

What’s your home worth? Get a FREE jeffstimate NOW.

20 Steps to Selling Your Home on Your Own

11 Reasons Why You Home Isn’t Selling

The best month to sell your home is……..

SAY NO TO 9’s!!!

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