Lansing Realtors: 6 Questions to Ask Before You List Your Home
Since there have been almost 5000 real estate transactions in the Lansing area in the last year I know I can’t be EVERYONE’S real estate agent. There are lots of good agents in the area so I wanted to help you out with some advise on questions I would ask if I were interviewing Realtors to list my house.
1) Photos sell! Statistics show that properties with multiple photos are anywhere from 300-500% more likely to sell than those with no photos or just an exterior photo. Make sure to ask you agent how many photos they will post on top real estate sites like realtor.com, trulia.com, and of course in the MLS system (the Realtor database)
2) The next trend in real estate marketing is towards virtual tours. If I were listing my house it would be with someone who was going to post a virtual tour link on as many sites as possible
3) Communication. The number one complaint from clients is that their agents do not keep in touch with what is going on. Does your agent have a system in place to keep you updated on activity on the house?
4) Full time agents. To really know the business and be able to anticipate possible stumbling blocks make sure you are hiring someone who is working full-time in the business. They are working all day, every day with issues with inspections, appraisals, title, perks, etc. and will be better equiped handle possible problems. This is an easy question to ask on the phone before you even set up the in person meeting.
5) The internet. We know that upwards of 90% of home buyers start their search online. Make sure to ask your agent what websites you will be on. This is a good chance to see how knowledgeable they are about what sites are out there as well.
6) Open Houses. Lots of agents are getting away from open houses and statistics show they sell less than 1% of homes. If this is something that is important to you make sure you ask up front.
Good luck and Happy Selling!
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How to Respond to a Low Offer
I just checked the stats and in Greater Lansing since the first of the year, the average list price/sales price ratio has been 95%. (This figure does not account for seller concessions…that is money the seller pays for buyers closing costs and other things) That seems pretty good, however, we continue to hear about “low ball” offers every single day. So, as a seller how do you respond to a low offer? First step…breath and take a step back. Buyers are savvy enough to know that it is a buyers market (Katie Couric has been assuring them of this ever night for over a year) and most of them are going to “try something” to feel you out with their first offer. It is hard to remove yourself emotionally from the house and not to get offended but that is what I will ask you to do. Many sellers first inclination is to reject right away when they receive what they consider to be an offensively low offer. In a market like this NEVER reject an offer outright…even countering full price will let the buyer know “I want to work with you but we are not even in the same galaxy right now” and it leaves the door open for them to come back.
If you did not pull recent sales before you listed your house now is the time to see what other similar properties have sold for recently. Review this information with your agent and pair that with your motivation to get the deal done before you decide on your counteroffer. Each situation is different and there may be other factors in the offer that would make you consider a slightly lower offer (cash deal anyone?) Try to swallow your pride and remember that, for now, it is a buyer’s market, and low ball offers are sometimes a reality.
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Why energy efficient light bulbs may hurt your chances to sell your house
Compact Flourescent Lights or CFLs are wonderful for the environment. They save on energy costs and are a green product. That being said, before you put your house on the market I would change every single one back to the good ‘ol incandescent energy hogs. When a buyer comes through your house you have about 10 minutes to make a good impression. CFLs take too long to get bright and are not as warm a light. They may leave the buyer with the impression that your home is darker than it really may be. The exception to this rule is if you are planning on turning all the lights on before the showing so that they have already had a chance to get bright. Thanks, I will step off my soapbox now.
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10 Things you must do to sell your house
It is a tough real estate market for sellers right now and anything you can do to give yourself the edge is important. We have all heard the obvious things: declutter, fresh paint, nice landscaping, etc. Here are a few other items to consider to help sway potential buyers toward your property.
1) Leave when buyers come through your house. There is no easier way to make a buyer feel uncomfortable than to be home when they walk through the property. You want to create an atmosphere where a buyer feels comfortable speaking their mind and envisioning themselves in the space.
2) Take out security systems. Buyers may not know the neighborhood as well as you do and the best way to make them think it is a terrible area is to have a security system. Many buyers will assume that this means the area is unsafe.
3) Remove bars from doors and windows. I see bars on basement windows all the time. For the same reason that security systems should be removed, so should bars.
4) Make sure locks are easy to operate, and replace if necessary. The front door is the first impression that the buyer will have of your home. If it is a struggle to open the door it will leave a bad first impression.
5) Recaulk your tub. This is something that is simple and easy to do and will give the tub a fresh, clean apperance (assuming the tub is also clean of course!)
6) Remove photos of your family. Again, you want the buyer to envision themselves in your space, so remove personal photos that will distract the buyer.
7) Take advanced degrees off the wall. You are proud of your PhD in physics..and you should be. However, if a buyer sees this degree on the wall they may assume things about your income and your ability to take a lower price.
8) Leave the lights on. You may know where all the switches are in your house, but a buyer does not. They may skip over basement storage rooms or others altogether if they are dark and the buyer can not find the switch.
9) Make sure your house does not smell. It is important to remove any odors from the house, especially those from smoking or pets. However, don’t just use an air freshener or the buyer will assume you are trying to cover something up.
10) Take animals with you. Never leave animals in the house. You may love your friendly cat or dog, but not all buyers are animal people and this is a sure-fire way to make them feel uncomfortable. The exception is a cat who will run and hide under the bed when people are walking through the house.
Lansing Real Estate: Selling Your Upsidedown House
Do you owe more on your Lansing real estate than your house is worth? If so, you join the ranks of 50% or more of homeowners in Michigan (not to mention 3 of this bloggers rental houses) So what is one to do when you owe more than your house is worth and it comes time to sell? Here are a few ideas.
1) Take out a personal line of credit to cover the deficit. A first step would be the check with your mortgage company to see if they could offer you an unsecured line of credit. If not, you may have more luck with smaller local banks so check with your local credit union to see what they can offer.
2) Savings – Of course you could always cover the deficit with money from your savings. This might be a hard pill to swallow, but if you are buying something is a higher price range just think about how much more you would have had to pay for that house a few years ago.
3) Rent your current house – You could become a landlord. If you aren’t into tenants and toilets you can always hire a local management company to cover the day to day issues.
4) Friends and Family – perhaps you could convince your friends or family for a personal loan.
5) Short Sale – A short sale is when the price you sell your house for is less than what you owe to your lender and your lender agrees to eat the defecit. A couple of quick notes on this. First, you MUST have a hardship in order to do a short sale. So if you have money in the bank, can continue to pay your mortgage, or any other options you are not a good candidate for a short sale. Second, a short sale is anything but short. Expect the process to take many many months. Finally, your credit will suffer if you pursue this option.
6) Trade – Perhaps you could find someone to trade with. Some builders are even considering trades to get their model homes occupied, so if you are moving from a smaller home into a much more expensive home you may check with local builders and Realtors to see if anyone would consider a trade.
7) Stay Put – Yes that’s right, a real estate agent telling you to stay put. If you can swing the payment and are not bursting at the seams, it may make sense to stay where you are for the time being.
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