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Rookie Home Seller Mistakes

6/12/2017

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​Rookie mistake No. 1: Overpricing your home
All sellers want to get top dollar for their house. Unfortunately, says Julie McDonough, a real estate agent in Southern California, “many people overestimate the value of their home.” For example, she says, “if a neighbor sells their house for $400,000, you might automatically assume that your house is worth at least that much money, but that’s not necessarily the case.” “Price is typically the reason why a house doesn’t sell,” says Irvine, CA, real estate agent Benny Kang. And the last thing you want to do is list too high right from the start, because it could cause your house to sit on the market—which might require you to make a serious price reduction in order to sell it.
“If a home is on the market for more than four weeks, prospective buyers are going to assume that there is something wrong with it,” says Kang.
Your best approach: Listen to your agent’s listing price recommendation, and try not to get too emotional if your agent's suggestion isn't as high as you'd hoped.
Rookie mistake No. 2: Not budging on price
Even if the price is right, you might need to be flexible—especially if you’re in a buyer’s market. So, if you receive an offer that’s below list price, you should at least consider making a counteroffer. After all, receiving $5,000 or $10,000 less for your house than what you wanted is a small concession in the long term.
Rookie mistake No. 3: Doing a lousy job of cleaning
Let's make this clear: Your home needs to be spotless. That might mean hiring a professional cleaner to do a deep and thorough cleaning of the entire place. You might want to consider renting a storage locker to make the process of cleaning out the garage, closets, and attic less onerous. But it will likely be worth it, because clutter distract buyers in a big way.
Bonus: A clean house will also enable you to take great photographs for your listing (see our next point).
Rookie mistake No. 4: Using crummy photographs
Unless you’re an artist with the camera, you’ll want to hire a professional photographer to take pictures of the house, because nearly half of home buyers start their search online, a recent survey by the National Association of Realtors® found.
“You can write a beautiful description, but people aren’t initially focusing on the description," says Philadelphia real estate agent Patrick Conway. “They’re looking at the pictures.”
A photographer will cost between $150 and $400—a good investment.
Rookie mistake No. 5: Leaving religious or political belongings in plain sight
“You never know what type of buyer is going to look at your house,” says McDonough, so put away all personal belongings—specifically, religious or political items, which can be awfully polarizing. “You don’t want anything that’s going to distract buyers.”
 Rookie mistake No. 6: Lurking around at your own open house
This is a huge mistake for several reasons.
“If the buyer knows that the seller is there, they might feel uncomfortable asking the listing agent honest questions about the home,” says Kang. Buyers might also feel like they’re intruding if you're present, which is kind of crazy.
“People like to open closet doors and look closely at the home without someone hovering over their shoulder,” says Conway.
Rookie mistake No. 7: Making it difficult for agents to show your home
When selling your house, “be prepared for little privacy,” says Kang. Translation: You'll need to be flexible when buyers ask to see your home on short notice. To make it easy for buyer’s agents to show the property while you're away (see No. 6), let your agent install a lockbox with keys to the house, advises Conway.
Rookie mistake No. 8: Leaving pets at home during showings
Some people are simply scared of pets, (yes, even your cute little pug), or they might have allergies that will make them want to steer clear. So don’t just crate your dog or cat during showings; instead, take them with you or drop them off with a neighbor while buyers are viewing the house. And because pets, like humans, tend to accumulate lots of stuff—leashes, collars, toys, water bowls, and the like—make sure you stow their paraphernalia in a cupboard or closet. And do a quick vacuum of pet hair before you go!
Source: Realtor.com
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Tallahassee Home Values and Prices Rise 6% Annually

11/1/2016

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Freddie Mac's Home Price Index shows that Tallahassee home prices rose 6% annually from September 2015 to September 2017.  This is about the best appreciation rate in Tallahassee since the housing market bottomed here in January 2012.  Florida home values and home prices have risen at a slightly higher rate overall than Tallahassee.   
As we enter the slower season in our housing market, sales still seem to be holding at significant levels.  This is good news for Tallahassee home values moving forward into 2017.
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Tallahassee Home Values Rise, BUT....

6/25/2016

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Tallahassee home values rise in 2016
Tallahassee home values rose during the first part of 2016, but the growth was weak and uneven.  Looking at Freddie Mac's Home Price Index, growth in Tallahassee home values were weaker than in 2015, and actually experienced a decline from July 2015 through the spring of 2016.  Is this a trend or just a short-term decline?

Tallahassee home values compared to national values
More concerning is the overall weak trend of growth in Tallahassee prices.  While national values have almost reached pre-crisis levels, Tallahassee home values are still far below peak values.  Based on the rate of increase, it may be 8 more years before Tallahassee reached these top values.
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National Statistics Indicate Home Values Doing Well

3/21/2016

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National statistics indicate that home sales and home values continue to do well in 2016.  There is some uncertainty as to whether home values can continue to keep pace as global growth slows.  Here is a snapshot of factors that will affect your Tallahassee home value. 

1. Home prices: The median existing-home price for all housing types in February was $210,800 -- up 4.4 percent from a year ago ($201,900).

2. Inventories: Unsold inventory in February was at a 4.4-month supply. Total housing inventory by the end of the month increased 3.3 percent to 1.88 million existing homes available for sale. Inventories are still 1.1 percent lower than a year ago (1.90 million).
3. Days on the market: Thirty-five percent of homes sold in February were on the market for less than a month. Properties, on average, remained on the market for 59 days in February, below the 62 days from a year ago. Short sales were on the market the longest amount of time at 126 days. Foreclosures and non-distressed homes were on the market a median of 57 days.
Source: National Association of Realtors



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Four Bedroom Homes are Hot

3/4/2016

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While most of the market has leveled off, and continues to slowing grow, the demand for nice four bedroom homes has greatly increased, helping their home values to increase faster than the rest of the market.  For January and February of this year, the median sale price of four bedroom homes increased by 10% over the same period last year.  
     Four bedroom homes do not stay on the market long either.  Of the 88 four bedroom homes for sale under $300,000 in the northeast section of Tallahassee, over 40% of them are already under contract.  That is a remarkable rate!  As with all homes in today's market, the most move-in ready homes are the most sought-after by homebuyers.
  
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Click image to view 4 bedroom homes currently for sale in Tallahassee. Great home values!
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3 Great Tips for Maximizing Your Tallahassee Home Value

6/26/2015

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Check out this great video for maximizing your Tallahassee home value!  Even in an improving market, it is important to position your home to stand out above the rest of the homes for sale in the mind of a buyer. Home sellers who follow these tips earn a higher selling price than the average home! 
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Bull Run Home Value Update

5/16/2015

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Tallahassee's Bull Run neighborhood continues to do well in home sales.  During the January through April period of 2015, there was $6.2 million in home sales volume, up significantly over the $5.1 million in 2014.  The median sales price in 2015 stands at $302,950. The median price in 2014 for the same period was $284,900. Supporting the scenario for higher home values is the fact that the median price-per-square-foot in 2015 is up to $155, much higher than the $144 price in 2014.  With the improving economy, we should continue to see a rise in Tallahassee home values, especially in desired neighborhoods such as Bull Run.   
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Tallahassee Home Values Prove Strong

4/25/2015

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April 2015 looks like a great month for Tallahassee home vales. Many indicators point to strongly improving values.  So far in April, the median sale price for a home in Leon County was $205,000, up substantially from the $165,000 level in April 2014.  The average sale price is up to $238,437 which is also a big jump from 2014.  While the number of sales is about the same as last year, the total dollar volume has already topped $34 million for April; last April came in about $29 million. 

Freddie Mac continues to report strong home price growth in the Tallahassee area.  The Freddie Mac Home Price Index shows a 3.3% gain over the past year.  If you're interested in maximizing your home value, check out our piece on Raising Your Tallahassee Home Value.

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New Construction Home Values Increase

3/27/2015

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As overall Tallahassee home values continue to improve, one segment of the market is really soaring: new construction home values and home prices.  The average price per square foot of a new construction home has risen from about $144 in 2014 to $155 in the first part of 2015, driven by increased demand for larger homes with more high-end features.  It appears today's buyers are looking for homes in premier condition, and are willing to pay a premium for that.  This has implications for all home sellers: if you prepare for home for sale by making it as close to a new home as possible, you will boost your home value and the home sale price that today's buyer is willing to pay. 
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New construction - Tallahassee home values continue to increase
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What is the Best Way to Increase Home Value?

9/20/2014

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Increase home valueThis owner increased home value by creating private space in the back.
What is the best way to increase home value?

Want to know the best way to increase home value?  It’s simple.  Just like any other product – make it exactly what buyers want.  And while every buyer is slightly different, there are broad lifestyle trends that they all follow.  Here are 6 trends compiled by the National Association of Realtors that are on the cutting edge of what today’s buyer wants.

Private space
Baby boomers, empty nesters, and Gen Yers are showing a preference for homes that have more private outdoor spaces, straying from the traditional "public" backyard, according to surveys. One way some builders are fulfilling this desire is by positioning the home's architecture strategically around the outdoor space to enclose it more and allow it to be more open to the interior living spaces. They also are creating more covered outdoor spaces.

The "Super Kitchen"
Besides being a place for cooking, the kitchen is also the entertainment/conversation area in a home. Open-kitchen layouts have continued to grow in popularity, putting kitchens more front-and-center and visibly exposed to other areas of the house. Kitchen islands are offering extra seating and prep space while larger pantries are offering greater storage. "As the hub, it becomes a consumer's dream to design these elements together with function, practicality, and flair," the designers say.

Bigger Media Hubs
More home owners are looking for a place for their large flat-screen television. Larger television sizes are prompting more builders to realize the need for greater wall space to hang the televisions and larger entertainment rooms to accommodate more seating.

Larger Garage Spaces
If home owners had their way, garages wouldn't be just for parking the cars. More home owners want spaces for hobbies and storage, and builders are taking notice by creating larger garages for multi-use purposes.

Home Offices
An office and den space is becoming a bigger desire among home buyers, and the location of it in the home is becoming increasingly important. Placing the home office off the entry is no longer considered the most practical location for it, but builders are experimenting with moving it closer to the "living" area, such as off the kitchen or the family room.

Two Homes in One
As multigenerational living gains popularity, builders are responding by carving out more separate spaces for several generations to live together. For example, some builders are offering semi-independent suites with separate entries, bathrooms, and kitchenettes.

If you incorporate these trends into your home projects or major home remodel, you are sure to get more value when it’s time to sell.  Remember, the best way to increase home value is to give buyers exactly what they want.

Source: Realtor Magazine, September 2014




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