10 Tips for Getting the Most When You Sell

While it is a seller’s market, there is still a lot that you can do to make sure that you walk away with the most money you can at the closing. If you are thinking of putting your house on the market, these 10 things can help ensure you get the highest price possible from potential buyers.

Boost Your Curb Appeal

Make that first impression a good one! Make sure the lawn is trimmed & mowed. In warmer months, plant flowers for a splash of color and mulch planting beds. Clean your front door and remove spider webs from around the entry area. If your porch, walkway, or driveway are stained, pressure wash the areas to make them look new again. Ensure that all your exterior lights are in good repair & have working lightbulbs.

De-clutter

Prior to listing, take some time & clean out anything that you no longer need & do not want to take with you to your next home. Clean out closets, remove small appliances from counters and purge items from your garage or basement that haven’t been touched since you moved in. You want your spaces to look as large and welcoming as possible. If you have a lot of furniture or if you have things you can’t part with permanently, consider renting a storage unit during the listing period.

Finish that list of repairs that has been on your to-do list since last year

We all have that list of repairs that we plan to complete at some point in the future. Perhaps your kitchen sink has a leak or you never got around to putting the second coat of paint on your bedroom walls. Go through your home and fix those items. Properties that have been well maintained will fetch a higher price than those that still have repairs that need to be done. Almost every home buyer will conduct home inspections once the home is under contract. Fixing these items ahead of time should reduce the number of repairs you will have to do prior to closing.

Consider an update or two

There is no question that homes with updates sell for much higher prices than those without. That doesn’t mean that you have to renovate everything before you move. Tackle a couple of things that could have the most impact for your time and money. Kitchens & bathrooms sell homes. A new countertop, lighting, or updated fixtures can give these rooms a new look. Is your flooring in really bad shape? Consider replacing carpeting in the rooms that have the most wear and tear. Even investing as little as $1000-$5000 can bring big returns to your bottom line when you sell.

Find a Realtor you trust

Ask family and friends who have recently moved to see who they recommend (& perhaps just as importantly who they do not recommend). Interview two or three Realtors and see who you feel comfortable with. Talk to them about their business and experience with similar homes. Ask them for recommendations on things you need to do to get your home ready to sell. A good agent should be able to walk with you through your house & help focus your efforts on the things that will bring the biggest return on your time and money.

Make those surfaces shine

A clean house will bring in a higher price than a dirty one. Clean the inside & outside of all your appliances. Make your windows, mirrors, counters, and hard flooring surfaces sparkle. A dirty home tells the buyer that you have been neglecting your home and that there could be lingering maintenance issues. A clean house puts buyers at ease and encourages them to spend more time looking around.

Be Realistic on Price

Trust your Realtor. They will do a competitive market analysis prior to the listing date to come up with a price range for your home. Agents are in homes every day with buyer clients & know very well how to price a property. While you should feel comfortable to express your opinion, it is not advisable to ask for a listing price that is substantially above what your Realtor recommends. Buyers are savvy and will avoid looking at homes with inflated prices and your listing will linger on the market. (Click here for articles with more information on pricing.)

Light it up

Open curtains & blinds and remove screens to let in as much natural light as possible. When you leave your home for a showing turn on all the lights.

Clean as you go

Showing requests can come at any time, so it’s important that you keep your house and landscape as clean as possible. You don’t want to have to decline a showing because you need a couple of hours to get the house ready. That potential buyer may end up putting an offer in on a different property since you were not ready. The good news is that homes that are priced right and in good condition are selling quickly, so hopefully your home won’t be on the market long. If you are really busy or have kids & pets to manage, consider hiring cleaning person who can help maintain the house’s cleanliness while you are on the market and under contract.

Say yes to showings

As I stated above, declining a showing could divert a buyer from your property and into a contract with a competing home. Whenever possible, say yes to showings. This is true even after you are under contract. Make it easy for the buyer to schedule inspections. Difficulty getting into a home to complete inspections can sour a deal quickly.

While listing your home is stressful, these 10 things can help it sell more quickly and increase your net proceeds at the closing. Want more information on getting your home ready to sell? Check out other articles on my blog under the categories of “Home Staging” or “Selling a home”. And always, I am happy to put my almost 42 years of experience to work and answer any questions you may have.

5 Things You Need to Do to Start Your New Home Search

Our local housing inventories continue to shrink. While home sales have been strong for 2020 (with the exception of April & May), there are less homes on the market this year than a year ago. While buying a home may be a bit trickier than in past years, it’s still possible to find your next dream home. The list below will help you get ready to jump into the market.

Contact a mortgage broker to find out how much you qualify for and get a pre-approval letter.

Most buyers need to finance the purchase of a new home. Mortgage brokers have a wide variety of loans that you may qualify for depending on your situation. If you are a first time home buyer & do not have a mortgage professional that you have worked with in the past, talk to friends and family to see if they can recommend one. Realtors are a good source of information since they work with mortgage lenders every day. Agents can typically give you a list of lenders that will do a good job for you.

Why is this the first step? First of all you need to know how much home you can afford before you get started. There is no sense falling in love with a home that is priced well above your budget. Secondly, you will need to supply a pre-approval letter with the contract to purchase when you find the home you want to buy.

Make a list of what is most important to you in a new home

Sit down and really think about your needs. You should consider things like the number of bedrooms, bathrooms, size of yard, location, style and construction. I find it easier to break things down into 2 lists. The first is your “must have” list. It should reflect things that are absolutely critical to you in a new home – things that you don’t want to compromise on. It could be location (based on a school district or proximity to work), the number of bedrooms or a lifestyle need – like having everything on one level. These are the criteria, along with price point, that will narrow down the list of available homes. That being said, you don’t want to make your list of “must haves” too long or you won’t have many homes to view. It’s a balancing act, especially in a market with low inventory levels.

Your second list should be your “would like” list. These items are preferences, but aren’t deal breakers. For example, you might want an updated master bath, but if you found a home that met all of your other needs, you may decide that having to renovate the bathroom yourself isn’t worth walking away from the house entirely.

You may find that things you thought were “must haves” move to the “would like” list. This happens to most buyers. Conversely, after looking at homes, the opposite might be true. Something that you thought wasn’t important, may move up in priority.

Enlist the help of a Realtor

Talk to friends and family and see if anyone has a real estate agent they recommend. A lot of buyers wonder why they need a Realtor at all. Why not just call the agent on the for sale sign or on the internet ad & have that person show the property? The answer is simple – that agent represents and works for the seller. They are legally obligated to work in the seller’s best interests. They are not your agent. Even if that agent agrees to take you on as a client, they will become a dual agent for the transaction. This means they will represent both you and the seller. In this type of transaction, they can offer little guidance since they have a duty of confidentiality to you both.

It is really important to seek out your own agent. When you work with a Realtor who is representing you, they become your fiduciary. They are legally bound to represent your best interests at every point in the search and purchase process. They will work on your behalf to negotiate the terms of the contract and guide you through the home inspection, appraisal and closing. They are on your team and bring their expertise with them.

(For those of you new to real estate, it is helpful to know that as a buyer, you do not pay the agent who represents you. The commission a buyer’s agent earns comes from the seller’s fees at closing. When a seller hires a Realtor to represent them, they agree to pay a commission to that selling agent. That agent then agrees to split that commission with the Realtor who brings the buyer.)

Get new listings delivered to your inbox & mobile device

Once you pick a buyer’s agent, she will set up a “portal” for you in the multiple listing service. All of your “must have” criteria, including price range, will be entered into the system and you will be notified as soon as new listings that meet that criteria hit the market. Why is this so critical? We are in a seller’s market & properties that are priced well and are in good condition sell very quickly. Real time notifications of listings ensure that you have time to see a property before it goes under contract.

Need to sell your current home before you buy? Get it on the market.

For the time being, the days of contingent offers are behind us.. Because housing inventories are so low, sellers will not typically accept an offer from a buyer who has not yet put their house on the market. That is especially true if you are competing for a property with other buyers. If you need to sell your current home before purchasing a new one, work with your Realtor to come up with a plan to get it ready for the market. Take the time to get your home prepped to get the highest sale price possible. This will help you put more money toward your next house. While you should definitely keep an eye on the market, your chances of a seller accepting your offer to purchase will dramatically improve once your current home is under contract and headed toward the closing table.

With the possible exception of #5, this list is the same no matter what the market conditions are. Your best bet at finding the right home and getting it under contract is to get prepared. You put yourself in the best competitive position if you are able to write a good, clean offer with as few contingencies as possible.

If you are thinking that it’s time to move, let me know! I am happy to put my 42 years of experience to work for you.

FAQ: “Why do some homes sell in a day & others just sit on the market?”

While a lot of things have changed in 2020, the low inventory trend in housing stock that we have been experiencing for the past couple of years has continued. In fact, inventory levels for the first half of this year are down more than 13% to 2019. At all price points, there simply are not enough homes available for buyers. You can see that in the rising average price of homes. For the first 6 months of the year the average price increased $13,000 more than last year. The current average sale price for a home in the Dayton area is $185,740 this year vs $172,582 in 2019 (I should note here that for the same time frame, the average price of a home in 2018 as $154,901.)

Any Realtor or buyer in the market will tell you that many properties go under contract quickly, sometimes in 1 day with multiple offers. So, if that’s the case, why does the average listing spend almost 3 months on the market? The average time that a house is active on the market here in the Dayton area is 85 days. While many homes are selling within a day or two of listing, others sit on the market for months. The reason for the disparity is simple – PRICE. To put it plainly, the homes that are spending more time than average as an active listing are priced higher than their market value. Buyers and agents are in homes every day and know all the homes that are competing at their price point. They have a very good idea of a property’s value.

Finding the “right” price can be tricky. Homes are not commodities. Similar homes within a community can have widely varied values based on the lot, quality of upgrades (or lack there of), floor plan, and design. Even more basic things like cleanliness, interior design choices, landscaping, home maintenance and how cluttered a home feels can have an impact on value. So, while a homeowner may use a neighbor’s home sale as a guide, a buyer’s opinion of the “right” price may be higher or lower in value based on the difference in features.

Shrinking housing inventories make it easy to see that we are in a “seller’s market”. Because of this, some homeowners may make the mistake of hitting the market at a really high price to see if they get any takers. This is a risky move for a few reasons:

Buyers are savvy

As I stated above, buyers & agents have a really good idea of value & if a home is priced too high, many won’t even take the time to view it in person.

Appraisal issues are likely

Let’s say a homeowner get lucky & manages to snag a desperate buyer who will pay anything for their home. If that buyer is going to borrow any part of the funds to purchase the property, the home’s value will be determined by an appraiser hired by the lender. That appraiser researches all comparable homes in the area to come up with a value for the house. They must be able to use recent home sales to ensure that the contract price reflects the market value. From personal experience, I can tell you that short appraisals are common in this type of market. What does it mean if the house does not appraise at the contract price? The bank will not let the loan go through since the home’s value cannot be supported (I wrote an article on that subject: Click here to read it). The parties must try to renegotiate the price to see if they can close the deal

Large or continued price reductions can devalue a property

In many cases when a home is priced too high, the seller will stick to their guns for 4-8 weeks to see if they can attract a buyer. With few or no showings, the homeowner eventually decides to reduce the price to get more in line with comparable homes. Unfortunately in a market like this, many buyers will see a red flag attached to this house. It’s been on the market for a long time compared to most other properties they have been viewing & they assume that there is something wrong with it. If other homes are selling quickly, why has this one been on the market so long? When a seller sets a price that is too high, they will likely have to take continued price reductions to attract attention from buyers. Because buyers fear there are issues with the house, it ends up selling for less than it would have if the homeowner had come out of the box with a price that reflected the market value.

The important take-away is that homes in good condition that are priced well will not only sell quickly, they often draw multiple offers which can get a full price offer or even one above the listing price. All of us are emotionally invested in our homes. Not only are memories built there, but most people have spent time and money on maintenance and updates. Selling a home is a stressful experience and it is often hard to separate memories and emotions from the process – especially when it comes time to put a price on your home. If you are a seller, work with your Realtor to make sure you put your home’s best foot forward & listen to their advice on pricing. While it may be tempting to really go for it, you may only hurt your bottom line if you price yourself too high for the market.

For buyers, talk to your agents about homes that have taken recent price reductions. Hopefully those homeowners have gotten smart & are now pricing their home more realistically. You may be able to find exactly what you are looking for and may not have as much competition as you would for new listings.

If you are thinking or buying or selling, contact me. I’d love use my 41 years of experience to be of service to you!

2020 Real Estate Update: Jan-Jun

While April & May sales took a 17-22% hit from the pandemic (both in unit and $ sales), June sales came roaring back. In the month of June 1,585 homes were sold this year vs 1,576 in 2019. Sales volume this year was actually up 6.4% due to the increase in average sale price. For the month of June the average sale price for residential real estate in the Dayton area was $205,958. This is an increase of more than $11,000 to last year and almost $18,000 to May. I have included some of our local housing stats below & you can clearly see Covid-19’s impact on our local market in April & May.

The continued rise of housing prices in June is really being driven by a lack of inventory. While inventory levels improved slightly compared to May, June still saw 13.4% less homes on the market than a year ago. Those of you who follow the real estate market know that low inventory levels have been an issue for a couple of years. Buyer demand and lower inventory levels are certainly driving an increase in our average housing prices.

I think it’s also helpful for us to look at our local statistics by quarter. We get the added advantage this year since 1st quarter was relatively unaffected by COVID-19. While mid-March brought the pandemic’s effects to all of us during the stay-at-home order, many of the homes that sold in late March were already under contract. For 2020, first quarter sales were up 9.2% in units with an average of 10% fewer listings. The marked sales volume increase of 22.9% was driven by the lower inventory levels which pushed the average price up $20,000 above the same period in 2019.

You can clearly see the impact of the pandemic in the second quarter numbers. Although the average price was still higher than a year ago, that was due to a further decline in the number of listings. The sales numbers, in both units & dollars, for the second quarter were down compared to last year by double digits.

While I cannot predict what the next three months will bring, June’s sales numbers give me hope that the real estate market will rebound. While the nation’s jobless rate remains high, mortgage rates have been quite low which has fueled demand. It’s still too early to know if we will be seeing an increase in foreclosures due to the pandemic. I sincerely hope not.

Unfortunately, I don’t see any relief in inventory levels as we go forward in the near term. I have been working with a lot of buyers over the past few months & I can tell you that homes in good condition that are priced well go under contract very quickly at ALL price points, often with multiple offers. The good news is that with a good strategy and a quick response time, it is still possible to find a new home.

If you are thinking of buying or selling, please contact me! Since real estate was considered an “essential” business, I have been working with buyers & sellers throughout the pandemic. I am in homes every day (with my mask!), so I have a really good handle on how to navigate this new normal.

Dayton: Resources for Newcomers & Natives

I was recently compiling some information for a family considering a move to the Miami Valley. To jump start the process, I searched the web for links and resources that may be helpful to them. As I started to read through some of the information on the web pages, I realized that there were quite a few things that I did not know about our wonderful city & I have lived here most of my life. I thought it would be fun to share some of the links that I found. If you have recently moved here or have lived here your whole life, I am sure there are things that you can still learn about this great place we call home. Enjoy!

About Dayton

Fun facts about Dayton & its history 

Bucket List of Things To Do In Dayton This Summer (2020)

Fun Adventures Around the Miami Valley

Some Dayton area highlights from my blog

Arts & Culture links

A lot of our local suburban communities offer local theater companies that offer roles for both adults and children. While most of the performing arts locations have closed their doors during the this pandemic, here are some resources on just some of the things Dayton has to offer (once life can return to something close to normal again).

Arts & Culture Links: https://www.daytoncvb.com/things-to-do/arts-and-culture/

The city also offers 3 outdoor music pavilions that attract national tours. While most concerts have been canceled this year, here are links to these facilities:                     

 Levitt Pavillion: https://levittdayton.org/

Rose Music Center: https://www.rosemusiccenter.com/

The Fraze: http://fraze.com/

Parks & Recreation

I know I am biased, but I think the Miami Valley offers some of the best parks around. Here are some resources on local parks to review.

MetroParks: https://www.metroparks.org/

Centerville/Washington Twp Park System: https://www.cwpd.org/

Greene County Parks: https://www.gcparkstrails.com/

Shopping

While the retail situation is in flux due to COVID-19, the Dayton area offers a lot of shopping. With most suburbs offering local, small business “mom & pop” retailers that were thriving pre-pandemic, there are also an abundance of larger shopping centers. Dayton is also just 30-45 minutes away from lots of places to shop in Cincinnati. And don’t forget that Columbus is only about 90 minutes away & also offers an abundance of fun shopping trips.

Check the links below for just a sampling of what the area has to offer:

Dayton shopping: https://www.daytondailynews.com/news/dayton-area-shopping-experiences-you-need-try/iKg6e1KlC0lkesomjvFziO/

More shopping: https://www.daytoncvb.com/things-to-do/shopping/

Cincinnati shopping: https://www.10best.com/destinations/ohio/cincinnati/shopping/best-shopping/

Community information

I have listed below the community webpages for the areas where most of my clients call home.

Beavercreek :https://www.beavercreekohio.gov/

Bellbrook: http://www.cityofbellbrook.org/

Centerville/Washington Twp: https://www.centervilleohio.gov/

Dayton: https://www.daytonohio.gov/

Kettering: https://www.ketteringoh.org/

Miamisburg: http://www.ci.miamisburg.oh.us/

Oakwood: https://oakwoodohio.gov/

Springboro: https://www.cityofspringboro.com/

Waynesville: https://www.waynesvilleohio.com/

There is so much to love about the Dayton area! I hope you were able to