With pending home sales rising by 5% in March (as reported by the National Association of Realtors) you might be asking why your property isn’t getting as many showings as you would like. Here are some tips to help you boost your showing rate.
- First and foremost take a good hard look at the price. Most properties that lack showings are priced to high when compared to their competition – lower the price.
- Second, consider offering a time sensitive commission increase to the buyer’s agent to increase the traffic to the property.
- Third, offer to pay closing costs.
- Fourth, if the property is need of some cosmetic work, offer and allowance to enhance it’s appeal.
What do you think when you see a listing which advertizes and allowance for carpet or appliances. I don’t know about you, but I normally think – what else is wrong with the property?
I recently came across an article which offers words of wisdom regarding providing a Buyer Allowance in the listing description. To read the article follow this link:
Read more: Don’t Offer Buyer Allowance in Home Listing | REALTOR.com® Blogs
As of February, the top ten sites in terms of most visited real estate websites are as follows - according to the latest rankings from Web metrics firm Experian Hitwise:
1. Yahoo Real Estate
4. FrontDoor Real Estate
7. MSN Real Estate
10. Apartment Guide
Make sure your property is visible on at least the top five.
In an article written by Melissa Dittmann Tracey who is a contributing editor for REALTOR® magazine, she outlines 5 Real Estate Scams everyone should know about. They are:
1. The Foreclosure Rescue Scheme
2. Loan Documentation Fraud
3. Appraisal Fraud
4. Illegal Property Flipping
5. Short Sales Schemes
To read the entire article, follow the link below:
Here are some basic things to follow which should provide you with tool to help you to obtain a listing, and have a very good chance to sell the property.
• Use a listing presentation
• Tweak your presentation every year, or more often if needed
• Determine what the competition is doing and add to your listing presentation
• Make sure you have the basics covered -communication with sellers, Internet advertising, etc
• Don’t forget that an inexpensive for-sale sign is still one of the most powerful ways to market real estate,
• So is putting the home in the multiple listing service with as many amazing photographs allowed.
• Network with agents who do business in your area
• Don’t expect an open house to sell the home
• Remember -correctly priced, clean homes in good repair, that are accessible to buyers, and that have been staged, sell the fastest if they have amazing photographs and are on the MLS.
Most importantly – do what you say you will do in your listing presentation. And remember it is all about customer service. Good Luck!!!
I recently attended a meeting of our Luxury Property Division in LA. Among many of the interesting tidbits which were shared with us was the following insight on the real estate market – where it is currently, where it will be and how long it will take to get back to “normal”.
- 2011 will be slow to start but will end the year on an up trend
- Foreclosures will be strong in 2011 – there will be more than we have seen in the past due to financial institutions previously holding back on foreclosures.
- It will take two to three years before we will truly emerge from the troubled market
- California has an over abundance of agents and there needs to be a reduction
Each area is a bit different and it appears we are fortunate here in our valley. We seem to be ahead of the curve and are doing a bit better than other areas around the state.
As reported by USA Today, Fannie Mae and Freddie Mac are raising risk fees charged to lenders on loans they buy for resale to investors. Although lenders could absorb the cost, most are expected to add the fee to loan costs.
Points to keep in mind:
- To avoid a fee or to receive a discount, most borrowers will need a FICO score of 740 or better and they will need a down payment of at least 25 percent.
- The fee will in all likelihood affect most loans with terms longer than 15 years – beginning March 1 for Freddie and April 1 for Fannie.
- Take note: the fee increases are being added to loans of borrows with higher credit scores. Previously, fees hadn’t been applied to borrowers with FICO scores of 740 or higher.
Reprinted from Realtor Magazine
The U.S. housing market could rebound this year even as foreclosures continue to dog the industry.
Fannie Mae expects home prices to start to rise in the third quarter, the Chicago Fed projects real residential investment to jump 9.6 percent, and the Mortgage Bankers Association and the National Association of REARLTORS® anticipate higher home sales and construction in every quarter.
Even so, analysts agree that any housing comeback will not be strong enough to have much of an impact on U.S. economic expansion this year.
Source: “Housing’s Anemic End to Five-Year Slump Means Little Boost to U.S. Economy,” Bloomberg,(Jan. 12, 2011)
More and more experts are indicating they expect a positive turn in real estate in 2011. Michele Lerner, author of Homebuying: Tough Times, First Time, Any Time, offers the following reasons why she believes real estate is likely to improve in 2011.
1. Mortgage rates will stay low.
Even with rates climbing they are still well below where they have been historically.
2. Tax cuts could help.
Extending the tax cuts could encourage a more rapid recovery for the economy.
3. Americans want to be home owners.
A recent Fannie Mae survey showed that Americans still believe a home is a safe and desirable investment.
4. Builders are about to begin building.
Home builders have been sitting on the sidelines. This year, they think pent-up demand will create an appetite for new homes.
5, Homes are shrinking.
Homes are getting smaller, which has made them more affordable.
Source: Daily Real Estate News – December 27, 2010
The entire Louise Hampton Team would like to wish the best in 2011. Happy New Year!!!!