1. You Don’t Get a Second Chance to Make a First Impression
Photos will be the first thing potential buyers see. Since home buyers are shopping for homes online, and getting alerts of new listings that match their criteria, the first time any buyer or agent will get a glimpse of your home will be the listing photos. Most people are perusing listings while they’re doing other things like standing in line at the store, riding the train to work, or watching TV. People will typically make a decision about whether or not they like a house within just a few seconds, often after seeing only 3-5 photos. If the photos don’t catch their attention they’ll simply swipe the screen and move on to the next listing. A professional photographer who understands lighting, angles, and composition will ensure that your home looks it’s best in the photos.
In January 2019, 38 homes sold in Roxborough and Manayunk. The same number of homes sold in January of 2018. We should expect to see a similar number of homes sold in February. In March, we can expect to see the number of homes sold double which makes February a very good month to put a home on the market since sold homes are an indication of buyer activity within the month or two before those sales are completed.
Home Values Are Up
The median sales price of re-sale homes sold in January 2019 is $238,250 compared to a median sales price of $225,000 in January of 2018, a 6% increase over the same time last year. The number of active listings decreased significantly from 251 active listings in January 2018 to 143 active listings in January 2019. These are indications that we can expect to be in a seller’s market over the next several months if things continue on the same path. Last Spring we saw a moderate seller’s market and the indications are that this coming Spring will be a strong seller’s market.
Sid and Joe were getting ready to sell their home near Gorgas Park in Roxborough and were looking for a Realtor® to help them through the process. In our first conversation Sid had told me that she had seen my video on the Upper Roxborough Reservoir Preserve and reached out to me because they wanted to work with someone who knows and cares about the neighborhood and who does things like using video to help promote the neighborhood to the people who are most likely to love living in the area. Continue reading “Sid and Joe | Roxborough Home Sold”→
If you’re thinking about selling your home or holding onto it and becoming a landlord, you’re not alone. Whether to keep a home as a rental investment or to sell it is a common question. Oftentimes, the decision to sell or rent the home comes down to finances. If you’re planning on buying a new home your lender may require that you sell your home. Here’s what homeowners who are thinking about selling or renting need to know and what they need to consider.
Having your home prepared for home your home inspections will make the process go more smoothly and prevent some easily avoidable delays. When an inspector is unable to inspect certain items due to lack of access the inspector may need to come back for another visit, for example. Here’s a list of common items that will help you to have your home ready . . .
After months of searching, you’ve found the perfect house and you’re ready to make an offer. You’ve decided on your offer price and your getting ready to write the offer and have it sent over to the seller.
This is one of the most exciting times in the home buying process. You’ve seen hundreds of homes online. You’ve seen a dozen, or more, in person. This is the one that has everything that you’re looking for. All you have to do is get your offer in, maybe negotiate a bit, and get ready to move into your new home. Then, your agent calls.
“So, I just got off the phone with the seller’s agent and they have another offer in hand. They’re also expecting another to come in later tonight.”
After a brief silence you say, “What do we do?”
Unfortunately, this is a situation that happens a lot as real estate markets have shifted into seller’s markets. There’s a shortage of supply and a lot of demand. Recently, I had a client who made an offer on a house that had 10 other offers (it sold for more than the asking price). I tell buying clients that if they fall in love with a house that just hit the market there’s a good chance someone else has, too.
Seller’s Markets are tough for buyers. There are few homes to choose from and home buyers often find themselves competing for homes. Knowing what to expect when competing with other buyers will help you put together your best possible offer and give you the best opportunity to have the winning bid.
Before getting into the strategies, it’s helpful to put yourself into the seller’s shoes to understand their position. Most sellers want to sell for the highest possible price and the smoothest possible transaction. Sellers typically don’t want to negotiate repairs or reduce the price after inspections. They also don’t want their sale to fall through due to financing or inspection issues leaving them to start over and re-list their home. Sellers may also want a quick sale so they don’t have to keep paying the mortgage or they may want a flexible timeline because they may still have to find their next home. Understanding the seller’s position, wants, and needs can go a long way when crafting your offer.
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Jon Miller is a real estate licensee affiliated with Compass RE. Compass RE is a licensed real estate broker and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.