Parker CO Homes For Sale, Homes in Castle Rock, and Elizabeth CO Homes Blog: selling

Showing posts with label selling. Show all posts

Sunday, August 10, 2008

Staging: Set the Mood to Music

I show a lot of homes at times (recently I was doing 16 per day) and I am constantly amazed at how homes differ when they are showed. Almost universally, the homeowners that are prepped on how to show their homes in the best light have the best showings, and are usually the ones my buyers end up buying. So here are the items that make my best and worst list for showing a home:

Worst

1. Blinds closed everywhere, to the point where I feel like I have to open them up to give the home a chance

2. Any kind of smell when you walk in the front door or go down into the basement; cats or any pets, any evidence of meals just ate or being prepared, musty damp smells etc.

3. No staging whatsoever; clutter, clutter, clutter, old futniture from the 1920's, empty rooms, furniture that is too large for the space, and more clutter!

4. Condition issues; not being able to open the front door because the key doesn't work well in the door or deadbolt, cobwebs anywhere around the front door, homes not updated, dirty bathrooms, dirty windows etc.

Best: (yes the homeowner would have to know there is a showing for some of these)

1. The lights are on everywhere

2. The key works well opening the door (preferrably in a new lock which is sweet to open)

3. In the Winter, the fire going

4. Some kind of pleasant smell like vanilla or chocolate or cinnamon

5. MUSIC like smooth jazz playing in the background

6. The home is spotless and shows some kind of pride of ownership and not neglect

So there you go. TAKE THIS TO HEART SELLERS! These things make a difference trust me!

This Blog is dedicated to Parker Colorado Real Estate, Parker Colorado Homes, Elizabeth Colorado real estate, Elizabeth Colorado homes, Franktown Colorado homes, Franktown Colorado real estate, Lone Tree Colorado real estate, Lone Tree Colorado homes, Highlands Ranch real estate, Highlands Ranch homes, Castle Rock real estate, Castle Rock homes, and metro Denver Colorado real estate property listings. Search the Denver MLS directly for properties and homes at http://www.coloradodreamhomes.info/ and access a huge real estate resource at http://www.coloradodreamhomes.net/

Sunday, August 03, 2008

Has Housing Hit a Floor?

Has housing hit a floor?

An analysis of the time it takes to sell a home indicates that prices could soon begin to appreciate.

By Margaret Jackson
The Denver Post
Article Last Updated: 06/12/2008 01:41:44 AM MDT

Lon Welsh, managing broker of Your Castle Real Estate, recently analyzed home-price trends in the metro area as they compare with the average number of days a home spends on the market. Between January and May, the average days on the market was 89; a year earlier, it was 100. (Hyoung Chang, The Denver Post)
If historic trends hold true, Denver's housing market could be poised for a turnaround.

Real-estate broker Lon Welsh recently conducted an analysis comparing the number of days homes spend on the market to price appreciation. The data, going back to the 1970s, indicated that a change in days on the market often precedes a change in price appreciation.

Welsh, managing broker of Your Castle Real Estate, says a recent drop in the number of days homes are spending on the market offers a glimmer of hope that prices could be headed for improvement.

Between January and May, metro-area homes spent an average of 89 days on the market, down from 100 last year.

"It's too early to call this a trend yet, but I'm optimistic that this is a leading indicator that our market is going to improve its rate of appreciation in two years or so," he said.

He pointed to similar changes in previous housing cycles to back his conclusion.
For example, in the 1970s, when Denver's housing market was booming, the average price went up 12 percent a year and houses were on the market an average of 56 days.
That all changed in the 1980s, when appreciation slowed to 4 percent annually and the average number of days a house sat on the market jumped to 85.

"That's when oil walked out of Denver," independent real-estate analyst Gary Bauer explained. "At that point in time, Denver had a very limited economy."
The market bounced back in the 1990s, when Denver created a lot of high-tech and telecom jobs. Home values rose an average of 9 percent a year, while the number of days houses sat on the market dropped to 46.

The loss of nearly 30,000 jobs in 2001 had a big impact on the housing market, Welsh said. The average appreciation dropped to 3 percent annually, and the average days on the market leapt to 84.

Jeff Thredgold, economist for Vectra Bank Colorado, agreed that this could be a turning point. It's also an indication that Colorado's housing market didn't get as crazy as in Arizona, Nevada, California and Florida, where prices doubled over the past four years, he said.

"Now, they're dealing with huge delinquencies and foreclosures," Thredgold said.
But Bauer cautioned against comparing days on the market to appreciation rates.
"There are other factors that affect appreciation," he said, citing in-migration, overall pay rates, mortgage rates and consumer confidence.

While such factors are indeed drivers of price appreciation, Welsh said he's optimistic about the predictive power of days-on- market data: "A major change in the days on market seems to occur before a big change in home-price appreciation."

Run Comps Yourself!

YOu can now run select reports on solds in Parker and Elizabeth...courtesy of Colorado Dream Homes!

http://virtualmls.com/MI/MarketData.aspx?UserID=D8C3876BF3AD6E126AF14AF38306467AA8FA17BB172F3DD0

Thursday, May 01, 2008

Have to Sell Via Short Sale??

Looking to Put the Pieces Together?

Here is a quick synopsis of how to get your home sold via a short sale. Each and every bank is different, so this is by no means a comprehensive list. These are also not in order, because it all should happen simultaneously:

1. Call your lender that is going to be affected (this could be a first and also a second loan) and ask for the loss mitigation department. Get full contact information of someone that can help you. Tell them about your situation and ask for a "short sale package" or a "hardship package." Even if you are not behind on payments yet, this is an important first step, as it serves as a notice to the bank and sets up expectations.

2. Complete that package and include a hardship letter, describing your situation and why you need to sell your home and why they will need to agree to a short sale. Words like "I'm sorry," "Beyond our control," "we are out of options," "what do you want from me to help," "we will cooperate fully" have gone a long way with others in the same situation in getting things smoothed out with the bank. Include any documents they require with the package, like pay stubs, tax statements, financial documents, listing agreements etc. etc. This whole assortment of documents should be sent initially and also when you get an offer for the home, as they are frequently misplaced or lost by the bank.

3. Get the house listed in the MLS as soon as possible, at a price point that is attractive enough to get some serious interest and offers. This might be at the low point of the houses' value range, given today's housing market and downward pressure on prices. Ultimately the bank will need to get Broker Price Opinions and Appraisals at different stages (especially when there is a contract,) to help justify the short sale approval. So you can't just give it away or they won't approve the deal anyway if they think it could be sold for a much higher amount. They have to weigh out the costs of letting the home go to foreclosure, which may or may not be a more expensive option for them.

4. Work closely with a local Realtor. Provide all the vital information for the situation, like loan numbers, lender contact info, how many payments are you behind, etc. etc. This will save time and enable that Realtor to successfully communicate with others regarding the situation.

5. Your Realtor will order an O&E, TBD and HUD-1 statement from a Title Company for the bank, since they will want to see those documents and see the costs involved in selling the home to get to the bottom line. Your Realtor will also communicate with the bank and provide a CMA and listing history for the bank, to help paint the picture of the local market for them.

6. Check the tax rules on short sales. Your Realtor is not a tax advisor. There is pending legislation regarding this, and only a tax advisor will be completely on top of it. You may or may not be responsible for taxes on the loan deficiency.

Throughout this process it would be important to document all conversations with the bank.

The odds of success increase as long as the bank has all of the information they need to approve the sale. The goal is to shorten the response time that it takes for the bank to approve the short sale once an offer has been presented. Too many times the delay kills the deal entirely, and the buyers move on to something easier to buy. That is the worst thing that can happen and must be avoided.

Tuesday, May 01, 2007

Prepared to Sell?

Below are thoughts and ideas on what to do to stage a home and get it to sell faster. If you'd like someone to come to your home and give your some personal tips, please call Jeff at 303-717-1492. Selling a home is stressful, and if I were selling I'd want to do it right the first time! So call!

How To Prepare A Home To Sell In Today's Market

Architecture

Punch up your home's style by ensuring its attractive architectural features get noticed. Use a slightly contrasting paint color that coordinates with the color of the home to emphasize special features such as columns, trim, porches, shutters, doors, and so on. Unattractive features, such as gutter downspouts, can be painted the same color as the home so they blend in and disappear.

Landscaping

Plantings on the property should decorate rather than dominate the home. Remove old shrubs and trees that have over-grown their location, no longer look healthy or block a view of doors, windows or walkways. Substitute a self-maintaining ground cover or flowering shrubs and mulch in hard-to-mow locations. Simplify flowerbeds so they look neat and easy to maintain. Make sure trees, shrubs, flowerbeds and lawn are kept neatly trimmed and weed-free.

Hardware

Mailboxes, house numbers, screens, light fixtures, railings, door handles and kickplates can adorn a home or detract from it. Make sure your home's hardware reflects up-to-date styles. For example, old-English-style light fixtures were the rage in the ‘70s, but may look dated today on anything but Tudor-style homes. At the very least, make sure your home's hardware is properly installed, attractive and in good condition. Think about adding floodlights or pathway lighting to show off your home after dark.

Upkeep

The most important impression you want your home to convey is that it is clean and well-maintained. First, minimize or do away with yard clutter--lawn ornaments, grills, furniture, yard tools or toys. If you have an asphalt driveway, fill cracks and apply a fresh coat of sealer.If your home's exterior paint is faded or in a dated color, invest in a fresh paint job in a neutral color scheme--one that fits both the home and the neighborhood. Buy or rent a pressure washer and use it to give your home's siding, brick and deck a good wash. Power washers are also great for removing stains and mold from asphalt patios, driveways and walkways. A chemical compound can be used if your roof shows mold patches or streaks. Don't forget to clean the windows!

Call In A ProWe would be happy to take a look at your home when you plan to sell and provide more suggestions about how you can enhance its curb appeal. There's no obligation--just give us a call! Check out our website at http://www.coloradodreamhomes.net/

Friday, November 03, 2006

Are Sellers Freaking Out?

Contributed by: Mark Zarichny on 11/1/2006

When it comes to pricing your house when you're ready to sell it, keep in mind you must sell in the market you're in today. All that matters is this: Whatever the last sale price in your neighborhood for your model, that's probably your sale price now.

When you're looking at what you'll gain on the sale of your house, let's keep it in perspective. If house prices increased year after year at 4 percent per year and then suddenly people were selling their houses for 1 percent less than last year's asking price, would that be reasonable? If so, then when property is moving up at 20 percent per year for several years and then suddenly you have to sell it for 5 percent less than the prices last year, would that be reasonable? The challenge is when we move from percentages to dollar amounts. If 5 percent represented $5,000, most people wouldn't blink. It's when 5 percent represents $25,000 that sellers start to freak.

There are stories from the field on how sellers are defending their prices as if their lives depended on it. While sellers are sitting on hundreds of thousands of dollars of equity, they can't stand the idea of dropping their price by $25,000 or $50,000 to sell it today. The house that was $260,000 in 1999 is now selling for $569,000 today. But some sellers now want that same type of appreciation and can't imagine selling it for less than $589,000. Bringing it down the $20,000 or $40,000 to sell the property seems, well, just not fair.

The market is like playing Russian roulette. Sometimes you don't know what you have until you pull the trigger. Somebody needs to blink. Sellers seem to be saying to buyers, "I'll drop my price, just make an offer." While buyers are blankly replying, "I'll make an offer, just lower your price."

For sellers staying in the same area, keep in mind, if you have to drop your price by 5 percent, then the seller of the house you're buying (usually a lot more expensive) is probably going to drop the sales price by about the same percentage point. It means that while you may "lose" money on the sale of your home, you'll more than likely "gain" it on the purchase up. The vast majority of sellers are not realizing this very important point.

Keep in mind, the market is the market. When it's time to buy, buy. When it's time to move, then sell. Work with the market you're in, not in the market you wish it would be. Now is the time to take advantage of the current Denver market and find a home greatly undervalued. In doing so, you would be well advised to take a second look at your asking price to ensure you are positioning yourself to take advantage of undervalued homes.

Mark Zarichny is the founder of Colorado Mortgage Network. He welcomes visitors to his Web sites at verysmartloans.com, realtyhowto.com and udebtfree.com.

To search the Denver MLS directly, go to www.ColoradoDreamHomes.net