Real Estate

It’s because of the price

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Are you getting frustrated that your home hasn’t already sold? Has it been sitting on the market with little to no showings, while houses nearby are going under contract almost immediately? We’re here to tell you, the solution is simple: lower the price! I know, I know, you probably already heard this from your agent and thought that it was worth the price you wanted. But the truth of the matter is, the market is hot. It’s at the hottest point it has been in a long time, and if your home isn’t selling in today’s market, and your agent is working their butt off to market it, then the price is too high.

Who doesn’t want to sell what they own, and cherish, for the most they can get? And your agent wants to sell your home for top dollar as well! But if you still haven’t received an offer in such a strong seller’s market, it’s time to sit down with your agent, reevaluate your motivation to sell, and talk about a new price. Do you have goals when it comes to moving? A new house, a new state? That’s awesome! So if you want to move forward with your life, cut out the stress of slowing down your sale, and make the best decision to ensure your home can get under contract. And keep in mind, there is a highly likely chance, that by pricing lower than market value, you can anticipate a bidding frenzy that can get you even more than you anticipated. Supply and demand, it works wonders when you let your agent play the numbers to get buyers in a frenzy for your home. Drop it down to what your trusted agent recommends, and you’ll be putting your best foot forward in your market.

Jennifer Cote
REALTOR®
512-967-5748
Jennifer.Cote@5elementsrealtyteam.com
5elementsrealtyteam.com
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Real Estate

Spark A Bidding War

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Ready to make a move? Have a certain figure in mind that you need to sell for? Depending on your market, you might be able to get a little more than what you may be needing. Go over with your agent if setting a bidding war is smart for the sale of your home, and if they give the green light, here are a few things to consider to help get your sales price over asking after starting a bidding competition.

 

1. ATTRACT MORE BUYERS

When there isn’t much interest in a property, buyer’s get nervous and suspicious that there may be something wrong with the home that they may be missing, and that could sometimes be further from the truth. You want to price your home competitively to entice more showings. When you price your home right under the market standard, it leads to more showings, more appointments, and more excitement around your home.

 

2. PRICE IT TO MOVE IT

You want to make sure your price gets buyers interested in your property. Even if they end up paying more than asking, the excitement from feeling like they are getting a deal and landing your home sets the right mood for buyers to WANT your property. Always price the home in a way that is going to appeal to a large audience. Pricing a home at $399,900 can generally generate more foot traffic than one listed at $400,000. Advertising a home for sale that is listed for slightly under the market value can garner a lot of interest, which can lead to the home selling for more than what the seller originally wanted.

 

3. START UP THE BUZZ

Make sure you work with an agent that has the ability to start up a coming soon buzz around your home. You want to let the market know that your home is going to be coming soon, and start up conversation and interest. This gives time for word about your home to spread to get more foot traffic and competition on your house.

 

4. STAGING IS KEY

It’s without question that to get over market value for your home, it has to be in tip-top condition. Discuss with your agent the importance of having your home professionally cleaned and stage to attract more buyers. Starting up a buzz won’t lead to much if buyers walk into your home and turned off by orders, unappealing lighting, or rooms that are not properly staged. You want to allow buyers and opportunity to see your home in the best light the first time they walk through your door.

 

5. CREATE A DEADLINE

Have your agent set a deadline for offers, say a Monday or Tuesday, right after a weekend of doing open houses. This can generate a sense of urgency around your home, letting buyers think there is a large amount of interest and to get offers in quickly. Setting them up with this state of urgency generally makes them want to put their best foot forward with their first offer.

6. SWEETEN THE DEAL

To generate a little more excitement and foot traffic, you can offer an incentive for whomever purchases the home, or set a fun giveaway during an open house. Some people have given away cars, tickets to a major event – like the Super Bowl, given away vacation tickets, etc. Doing an out-of-the-box giveaway helps to generate organic buzz around your home. Some giveaways have even landed seller’s homes in the local news. More buzz means more potential buyers, which means a potential opportunity for a bidding war to get you a better sales price.

Jennifer Cote
REALTOR®
512-967-5748
Jennifer.Cote@5elementsrealtyteam.com
5elementsrealtyteam.com
Real Estate

Mistakes To Avoid On Your First Buy/Sell

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If this the first time you’re considering buying a home, or selling your first purchase, there are a lot of possible challenges you can end up facing. Having the right agent can ensure you’re able to get through these challenges, but since some of the issues are universal, let’s review some mistakes you want to avoid making.

1. THE RIGHT PRICE

Pricing a property is a science of it’s own. There are a lot of components and factors, so many small details, that ultimately lead to the value of a home. Although there are a lot of sites with estimates, namely Zillow, the technology uses on online sites to determine property values are simply not accurate. Zillow even states that their numbers can be inaccurate up to a whopping 20%. Without a background as a real estate professional, it’s virtually impossible for a consumer to be able to know the proper components needed to price a home. When you’re purchasing a home, you’re want to find a deal, can lead to stubbornness about what you’re willing to pay and what you think a home is worth. But what you WANT it to be worth is the complete opposite of what it should sell for. If you’re a first time seller, you may want to sell your home for as much as you can squeeze out of it, but this can lead to unrealistic expectations, and ultimately lead to an overpriced home that never sells. Don’t make the mistake of assuming you know what a home’s value should be. Instead, partner with a real estate agent that truly is working for your best interest, and let them provide you the tools to support home values, so you can place an offer, or price your home, at a number that makes sense.

2. REFUSING TO NEGOTIATE

If you go into a sale, or purchase, refusing to make negotiations, hard-set on what you want without exception, you’re more than likely going to cause a lot of grief and stress for yourself during the sales process. When you’re looking to buy or sell a home, you have to have an open mind about negotiations. They are a common practice within the industry, with buyers wanting to spend less and sellers wanting to net more. If neither party is willing to make negotiations, you’ll find yourself in a contract time and time again, only to fall apart before you can finally close on the home. Having a great agent will help you ensure you make negotiations that are reasonable to lead both parties to the closing table, without compromising you.

3. REALISTIC EXPECTATIONS

Although we all have an idea in our mind what our dream home should be, sometimes the market, and your budget, don’t fit realistically into check marking everything off of your list. Find an agent that helps you look for the most important needs in your dream house, but keep an open mind to a home that fits most of your needs, but not necessarily all of them. Having too many expectations within a home can become stressful and result in never finding a home that really matches your needs. If a home has the major components you are seeking, get creative and see if the other things you want can be added down the road. Have a certain number of non-negotiable items, like bedroom/bathroom count, but then have a list of “wants.”

4. YOU’RE NOT ALONE, DON’T GO IT ALONE

Don’t make the mistake of trying to handle the sales process all on your own. There is a reason that the real estate profession, and the laws around it, are as strong as ever. Real estate agents are a necessity during the sales process to ensure the right steps are taken to get a home sold. Buying and selling is a difficult process that requires knowledge and expertise that comes from a professional within the industry. From legal terms, to finding homes that aren’t even listed on the market, there are a lot of ins and outs un-experienced buyers and sellers may not think about, which can lead to losing value on your home or never finding the right one. Avoid the stress of “learning the hard way” and find a professional that can give you the guidance you need to get the task at hand completed and ensure you’re happy with the outcome.

Jennifer Cote
REALTOR®
512-967-5748
Jennifer.Cote@5elementsrealtyteam.com
5elementsrealtyteam.com