Seven Seller Slip-Ups That Send Buyers Packing

BY JULIE WYSS · DEADLINENEWS.COM © MARCH 20, 2013 

Sure it’s a sellers’ market, but that doesn’t mean it’s a fool proof market.

Sellers who approach the market like a cocky kid who thinks he or she knows it all will soon learn the real estate world isn’t his or her oyster.

If you want to sell your home quickly for the maximum sales price, consider these pearls of wisdom to avoid common seller mistakes.

Mistake No. 1: Pricing your property too high – Every seller wants to get the most money for his or her product. Listing with an excessively high price is a mistake.

A high listing price will simply alienate some buyers before they even see your property. Other buyers could expect more than your home really has to offer.

Over-priced properties tend to take an unusually long time and sell for a lower price than a similar home that’s priced right.

Mistake No. 2: Mistaking refinance appraisals for market value – In a refinance, lenders often estimate the value of your property at a higher level than the home is worth to encourage refinancing.

It’s a good idea to ask your real estate agent for the latest comparable market analysis, based on similar, recently sold properties in the same community.

Mistake No. 3: Forgetting to “showcase” your home – No matter how many times sellers hear this advice, no matter how simple it is to achieve, there’s widespread neglect when it comes to getting a property ready for sale.

A poorly maintained home with neglected decor and an unorganized appearance will turn away buyers and slash thousands of dollars off the selling price.

Mistake No. 4: Trying to “hard sell” while showing – Buying a house is an emotional and difficult decision.

Give prospective buyers time and space to examine your property. A home tour or open house event is not the time for pressuring prospective buyers.

Point out subtle issues, but be friendly, be hospitable, be available and be receptive to questions, but only if the potential buyer asks.

Mistake No. 5: Trying to sell to lookers – A prospective buyer who shows interest because of a “for sale” sign likely isn’t really interested in your property.

These buyers are more likely six to nine months from really taking the plunge. They are more interested in learning what’s available, rather than looking for a home to buy.

Your real estate agent can distinguish between the looky-loos and real buyersby determining a prospective buyer’s savings, credit rating, and purchasing power.

If your real estate agent can’t make this distinction, and you have to investigate on your own, consider finding a new real estate agent.

Mistake No. 6: Not knowing your rights and responsibilities – It’s crucial you are aware of all the details in your real estate contract.

Real estate contracts are legally binding documents and can be complex and confusing, but failing to sweat the details could cost you thousands of dollars in repairs and inspections.

Mistake No. 7: Signing a contract with no escape – You have a right to a contract that allows you to fire your real estate agent – and hire another – if the original agent fails to do the job as promised.

Beware of real estate companies that simply replace an agent with another one, without consulting you. Be in control of your sale before you sign a real estate contract. 

Click here for link to original article on Deadline News.

Top Producing Agent at Keller Williams Bay Estates, Los Gatos

www.juliewyss.com  |  julie@juliewyss.com |  408-687-2026

Is it a buyer's market, seller's market, or neutral?

BY JULIE WYSS · DEADLINENEWS.COM © AUGUST 1, 2012 

If you are considering buying or selling a home in Silicon Valley, you are likely trying to take the pulse of the housing market to determine if this is the right time to make a move.

Even the most savvy investor can find the timing aspect of buying or selling daunting and timing can be a stressful ordeal after watching so many friends and family members stuck with mortgages that are larger than their homes are worth.

Here’s a quick formula to help you zero on the right time to buy, sell or stay put.

The calculations can be used in any sized market, by ZIP Code, by city or by county.

Calculating market conditions

• Buyer’s Market – There is more than a six-month supply of homes for sale. The market is loose. This puts the buyer in a better negotiating position, making it a great time to buy.

• Seller’s Market – There is less than a three-month supply of homes for sale. The market is tight. This puts the seller in a better negotiating position, making it a great time to sell.

• Neutral Market – There is a three- to six-month supply of homes for sale. This puts the buyer and seller on a relatively equal negotiating footing. The seller has an edge as supplies move nearer to three-month supply. The buyer calls more of the shots when supplies tip toward the six-month supply level.

In your area, calculate the supply of homes for sale by dividing the number of homes for sale by the number of homes sold in a given month.

Additional factors also can tip the scales one way or the other, including economic distress or growth, levels of appreciation, falling or rising prices and an imbalance between buyers and sellers.

Sellers rule

• It’s a solid seller’s market. Absolutely. All-cash buyers have snatched up a large chunk of lower priced properties. Distressed properties are down. And many equity-poor homeowners are waiting, hoping that prices will come up more so they can squeeze another $50,000 or so out before they list.

• It’s not a buyer’s market. Record low interest rates along isn’t enough to give them an edge in terms of a stronger negotiating edge. Inventories are also near record lows so buyers face stiff competition from multiple offers as they struggle to find the right property.

• Affordability is being offset by low inventories and that’s keeping the market out of neutral territory.

Still a good time to buy

As is often the case, Silicon Valley’s market experienced a swift transition from the buyer’s market of last year to the current seller’s market. That’s because home buyers and sellers typically move in unison – on or off the market – as soon as they see the market moving in and against their favor. That makes the neutral market the most fleeting of the three.

In a seller’s market as tough as this one, even well-trained professionals are left scratching their heads trying to get an offer accepted.

Prices are rising, record-low interest rates are sending buyers to market. It’s a great time to sell compared to a year ago.

With prices still affordable, it’s also an amazing time for existing homeowners to buy up and move to a bigger and better home.

ABOUT THE AUTHOR

A DeadlineNews.Com Silicon Valley Contributing Writer, Julie Wyss is a short sale and luxury home specialist serving Silicon Valley, CA. Wyss is a broker associate with Intero Real Estate Services-Los Gatos, CA and mortgage broker at North Star Mortgage Associates. Wyss, who has represented buyers and sellers the the San Francisco Bay Area for a decade that spans the housing bust, has also served as an expert media source for DeadlineNews.Com. Network with Julie Wyss on LinkedIn.