Six Biggest Home Seller Mistakes

SIX BIGGEST HOME SELLER MISTAKES

Are you thinking of selling your home?  Ready to upsize, downsize, rightsize?  According to a recent survey of practicing Realtors, here are the SIX BIGGEST HOME SELLER MISTAKES.  

 

1.  Overpricing.  Here’s what sellers tell me:  we want to price it higher than recent comparables to leave room for negotiation.  In today’s low inventory environment, there is not much negotiating going on. 

               FACT:  In 2013, homes in our local Triangle market that were priced right sold at 98 percent to over 100 percent of asking.  And, they sold in only 61 days.  Homes priced incorrectly (higher than comps) sold for an average of only 90 percent of original asking price and languished on the market for 161 days or more. 

               Question to ask yourself:  how much did those 161 plus days cost me in terms of inconvenience (keeping the home immaculate every day for showings) and cost (mortgage, utility, and other payments)?

2.  Showing Availability.  Yes, it is truly painful to have to keep your home neat and then leave for every showing.  We agents understand and do our best to give as much advance notice as possible.  However, keep in mind that no showing = no selling.  If you deny a buyer an opportunity to view your home while we are out viewing other homes or make tight restrictions around times your home is available, we are moving on without even looking at or considering your home.               
          FACT:  Annual showings here in our local Triangle market increased 15 percent in 2013.  And sales increased 22 percent – see the correlation?  

            Question to ask yourself:  Am I ready to put in all the effort that it will take to make it as easy as possible for buyers?  Show that house anyway, even if it is not perfect that particular day.

3.  Cluttered Space.  This is one of my biggest challenges when working with sellers.  You watch the TV shows – how many homes do you see for sale that are full of you’re the sellers’ tchokes, family photos, religious or other collections?  That’s right – none!  When you list with me, I will take you around so you can see first-hand what your competition is and then put in touch with staging and other experts who will help you show all the things you loved about your home when you bought it to other buyers and get you a quick sale. 

               FACT:  32 percent of Realtors state that this is the biggest hindrance to the sale of your home.

               Question to ask yourself:  Are you ready to do what you need to do to get to your goal quicker and with more money?  Bring in those experts and then do what they say.  They are well worth the very nominal fee they charge.

4.  Unpleasant odors.  We become immune to our home’s smells, but I guarantee you that buyers are not.  Has Fluffy been using a corner of the dining room as a loo?  Does the Marlboro man/woman live there?  Take care of it – buyers notice!

               FACT:  100 percent of my buyers will not even consider a home that has pet, cigarette, or other lingering odors.  And, don’t believe those commercials where one or two spritzes of an air freshener will rid your home of these odors.

               Question to ask yourself?  Am I ready to hear the whole truth about the condition of my home and do what’s needed to get it sold?

5.  Unwilling to negotiate.  Many factors go into finding the right buyer for your home – not just someone saying they are willing to pay full asking price.  Buyer mortgage qualification and contingencies  factor in the first round.  Then come the lender appraisal and items that may be required from the inspection.  Negotiations are ongoing all the way up to the end of due diligence period, so be prepared.

               FACT:  The deal isn’t over until it’s over, so don’t pop that cork yet!  The lender may not agree with your price and come in with a lower price.  Repairs may be needed.

               Question to Ask Yourself:  Am I willing to be reasonable throughout the entire due diligence period to accomplish my goal of getting my home sold?

6.  Won’t make repairs.  So, you’ve agreed upon a near-asking price and items are uncovered about your home during the inspection that need to be done.  These items are reasonable requests based upon an expert finding that the items do not function as intended. 

               FACT:  Saying you are selling the home “as is” doesn’t cut it anymore.  You have an agreement to deliver a home that works as a home should work.  Make the repairs.  Better yet, pre-inspect your home so you won’t have any last-minute surprises.

               Question to ask yourself:  Am I ready to handle any and all reasonable repair requests?

Selling your home is a big decision.  You need the knowledge, expertise and attention to detail that a great Realtor provides.  It’s not just about putting up a sign and putting it on the internet – you need your own adviser to help you through the process

Would you like to know more about what’s happening in your neighborhood?  Visit my website The Smart Real Estate Agent for my FREE Market Insider Report with all the info on price, sales, demographics, schools and lots of other helpful info.

 

Elizabeth Scott, Realtor®, Broker

Be Savvy...Call the Smart Realtor!

2013 Diamond Award – High Sales Volume
e-PRO, Strategic Pricing Specialist

Fathom Realty NC, LLC      
Phone: 919.306.9699
Email

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Fortify Project Means More Lane Closures Coming Up

Here's what you need to know to navigate these roads:
 

Raleigh 1/10/14 – Roadway work on the Fortify project on I-440 in southwest Raleigh will gear up over the next several days, after being delayed by the bitter cold weather of the past few days.

I-440 West
Tonight around 11 p.m., crews are expected to continue placing concrete barriers on I-440 West where lane closures are already in place, going from the I-40/440 split toward the Poole Road exit. That leaves extending the lane closures the final mile of the project on the westbound side to the U.S. 64/264 exit, which is planned for Sunday and Monday nights. As soon as that traffic shift is in place, that section of highway will also have concrete barriers put in place, which could be finalized as early as Thursday night.

 I-440 East
Traffic shifts and lane closures for the eastbound side are scheduled to start the middle of next week, weather permitting, and take about five days. As soon as the lane striping is done and orange traffic control barrels are in place, those barrels will be switched out for concrete barriers. That process is expected to take about six days, and be wrapped up by the last week of January.

 Once concrete barriers are in place on both sides of the interstate, that will be the traffic pattern in the work zone until late spring. Crews will spend that time removing the asphalt and substructure for the two inside lanes and the median in both directions, and then rebuild the highway.

 Motorists are urged to use extra caution when approaching and driving in the work zone to protect themselves, their passengers, other motorists and construction crews. Drivers need to observe the reduced speed limit, and pay attention to traffic and construction warning signs. A conviction for speeding in a work zone could cost a motorist an additional $250 above the original speeding fine and court costs.

 PROJECT BACKGROUND
The Fortify Project is the removal and replacement of an 11.5-mile stretch of I-40 and I-440. The initial phase focuses on replacing the section of I-440 between the I-40/440/U.S. 64 split and just north of the U.S. 64/264 Knightdale Bypass. Work will then switch to rebuilding I-40 between the split and the I-40/U.S. 1/64 interchange near Cary. That is expected to start in late 2014 or early 2015, with the entire project expected to wrap up Fall 2016.

Drivers going from I-40 West onto I-440 West merge from two lanes at the start of the ramp to a single lane on the right side of the ramp, and then merge again into the two travel lanes coming from the I-40 East ramp onto I-440 West.
Because of the expected traffic impact of the project, NCDOT has a Fortify Website that provides comprehensive information, including alternate transit options, project maps and links to live traffic cameras. Employers can also access online resources to help them develop and implement a flexible work program. The site includes links toTwitter, Facebook and other social media to stay engaged with NCDOT and other commuters.

This information is provided by the NCDOT

Thinking of relocation, selling or buying a home?  Get in touch!  I'll give you all the info you need.




Elizabeth Scott, Realtor®, Broker

BE SAVVY...CALL THE SMART REALTOR

2013 Diamond Award – High Sales Volume
e-PRO, Strategic Pricing Specialist
Fathom Realty NC, LLC              
Phone: 919.306.9699

5 Reasons Why You Should be House Hunting During the Holidays

5 Unexpected Upsides to Off-Season House Hunting... And one will be a surprise! 

1.   Lower competition for your dream home.

In most places, the summer months are the hottest months of the year in real estate, because families with children prefer to move into their new homes before September.  House shopping during the off-season can mean 

• fewer competitors,
• fewer multiple offers scenarios, and
• lower likelihood of being outbid.

2.   Very motivated sellers

Though there are fewer sellers during the off season, those who are active tend to be highly, highly motivated.  Sellers who are willing to clear the whole family out of the house when everyone else is having warm fuzzy holiday gatherings are motivated to get their homes sold - and ready to entertain your offer to make that happen.  Even some banks and asset managers handling short sales and foreclosures may have above-average motivation to move properties off their books and get transactions closed before the year end. Don’t expect to score a mansion for pennies, but you might get you slightly more consideration, responsiveness and speed than in a distressed transaction at any other time of year

3. Can’t miss properties that won’t wait

Off-seasons are when fewer new listings come on the market. That said, this is a great time to spot hidden gems that offer unique mixes of property fundamentals, amenities and location. There are sellers who have stellar homes, but have been holding off on listing all year for some reason or other. They end up listing at just the time that works for their lives. If you’re a picky buyer, putting your house hunt on hiatus when most other shoppers take a break puts you at the serious risk of missing “the one.”  

                              Search for distressed properties HERE

4. Keeping a handle on your cash.

You’d be amazed at how many buyers and sellers find their financial plans - and cash cushions - derailed by taking themselves out of the house hunting mindset.  Overspending is easy to do. If you pass your holiday season focused on Open Houses and showings, versus how to find the bow big enough to stick atop your wife’s new car, you’ll minimize the likelihood of having to press pause on your real estate plans while you recoup from your hemorrhage of holiday funds.

5. Money pits become crystal clear.

Buyers rely on inspections and disclosures to surface the hidden defects and property issues. But if you’ve ever read a property inspection report, you know they come with a laundry list of caveats and exceptions, line items where the inspector simply can’t make a call or vouch for a feature, because they could not see the feature in action during the time they were on site.  Off-season house hunters have the unique advantage of being able to see the roof, drainage systems, slopes and basements of a property performing under the precise weather conditions - rain, snow, wind and sleet - that often cause unpleasant surprises to spring and summer home buyers.  If ‘your’ target property has a roof leak, you’ll know it, if you view it at this time of year - and that allows you and the seller to negotiate a fix or a credit before you lock in your price and terms.

Remember: The normal rules apply

The off-season is a great time to buy, but don’t expect to score a mansion for pennies. And, our real estate “seasion” here in the Triangle, NC is year round.  Have questions, let’s talk! You may find you’ll get you more consideration, responsiveness, speed, and maybe a better deal than shopping any other time of year

SOLD!  Be Savvy...
Call the Smart Realtor

Elizabeth Scott, Realtor®, Broker
e-PRO, Strategic Pricing Specialist

Fathom Realty NC, LLC      
Phone: 919.306.9699
Email

Search for Homes Now

Great Info on our Local Real Estate Market

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Triangle Expressway Toll Rate Increase

Triangle Expressway Toll Rate Increase Begins January 1, 2014

An increase in the toll rate for the Triangle Expressway will take effect January 1, 2014 as required by bond covenant. The NC Turnpike Authority Board adopted a schedule of annual toll rate increases based on the bond covenant in the financing requirements of the Triangle Expressway project.

The average increase will be $0.13 one-way for NC Quick Pass Customers and $0.18 for bill-by-mail customers traveling from N.C. 147 at I-40 to the N.C. 55 Bypass.  For details on actual rates, click  HERE,  

In June 2013, the Board passed a resolution to delay beginning the tolling in July 2013 and advance scheduled increases in order to synchronize toll rate adjustments across all phases of the Expressway.

Traffic and revenue on the Triangle Expressway continues to surpass the numbers that were projected in the 2009 Traffic and Revenue Study. In addition, there are steady gains in toll transactions per month, with more than 2 million in September.

New partnerships now make it easier for NC Quick Pass customers to travel throughout the eastern United States. Quick Pass transponders are now compatible with 16 E-ZPass and 5 SunPass agencies, allowing drivers with a NC Quick Pass to use it in 15 states. It is the largest interoperability footprint in the nation.

For more information on NC Quick Pass, please visit the website at www.ncquickpass.com.

Share your thoughts in the comments section:

- How do you feel about the toll increases?

- Tolls are only required on the southern extension of 540.  The northern portion has enjoyed toll free status for years.  Fair?

SOLD!  BE SAVVY...
CALL THE SMART REALTOR

Elizabeth Scott, Realtor®, Broker
e-PRO, Strategic Pricing Specialist

Fathom Realty NC, LLC      
Phone: 919.306.9699
Email

Search for Homes Now

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10 Fun Facts About Thanksgiving - Enjoy!

1.  The First TV Dinner was Thanksgiving Leftovers 

In 1953, someone at Swanson severely overestimated the amount of turkey Americans would consume that Thanksgiving. With 260 tons of frozen birds to get rid of, a company salesman named Gerry Thomas ordered 5,000 aluminum trays, recruited an assembly line of women armed with spatulas and ice-cream scoops and began creating mini-feasts of turkey, corn-bread dressing, peas and sweet potatoes — creating the first-ever TV dinner. Thomas later said he got the idea from neatly packaged airplane food.

2.  FDR Tried to Change the Date

FDR learned the hard way not to mess with some traditions. In 1939, the President declared that Americans should celebrate the annual feast one week early, hoping the decision would spur retail sales during the Great Depression. But Americans did not react kindly to the New Deal meal. Some took to the streets while others took to name-calling; the mayor of Atlantic City solved the controversy by declaring his residents would simply enjoy two meals — Thanksgiving and "Franksgiving." After two years of squabbling (or gobbling, as it were), Congress adopted a resolution in 1941 setting the fourth Thursday of November as the legal holiday.

3.  Mary Had a Little Thanksgiving Obsession

The woman who wrote the classic nursery rhyme "Mary Had a Little Lamb" also played an integral role in making Thanksgiving a national holiday. After a 17-year letter-writing campaign, magazine editor Sarah Josepha Hale finally convinced President Abraham Lincoln to issue an 1863 decree recognizing the historic tradition.

4.  We Eat a Lot of Turduckens

Thanks to the culinary genius of Louisiana (or Wyoming or South Carolina — each region has staked its claim), more and more Americans are forsaking Butterballs for Turduckens. A what? Picture this: a turkey stuffed with a duck stuffed with a chicken. It's like a Russian nesting doll only with poultry. One store in Louisiana claims to ship more than 5,000 turduckens the week before the feast. Though this may seem like sacrilege to some, the original Thanksgiving meal featured fish, oysters, eel and lobster as well as wild turkey. Other modern pilgrims settle for a tofu version ("tofurkey") or the wildly dangerous "deep-fried turkey."

5.  There's Debate Over Which President First Pardoned a Turkey

The annual White House tradition of pardoning a turkey before Thanksgiving began in 1947, when President Harry Truman took pity on one lucky fowl. Other historians say the practice began during the 1860s, when Abraham Lincoln granted a pardon to a pet turkey belonging to his son, Tad. The tradition may alleviate some of America's guilt, but it doesn't stop us from slaughtering more than 46 million turkeys for the holiday. Even so, as former Alaska Governor Sarah Palin once proved during a interview in her hometown, Americans prefer public acts of mercy to massacres.

6.  Thanksgiving Was Meant to Be a Fast

Thanksgiving was initially meant to be a fast, not a feast. The devout settlers at Plymouth Rock mostly recognized "giving of thanks" in the form of prayer and abstaining from food. But the Wampanoag Indians, who joined the pilgrims for their 3-day celebration, contributed their own harvest traditions — dancing, games and feasting — from their ancient estival, Nickommoh, meaning "to give away" or "exchange."

7.  Thanksgiving Was Once Celebrated in London

In 1942, London's Westminster Abbey held Thanksgiving services for U.S. troops stationed in England. More than 3,500 soldiers filled the church's pews to sing America, the Beautiful and The Star-Spangled Banner — the first time in the church's 900-year history that a foreign army was invited to take over the grounds. It was an ironic gesture given the holiday's origins as a festival for pilgrims fleeing religious tyranny in Britain.

8.  Thanksgiving Was a Slow-Roasting Holiday

While the first Thanksgiving was held in 1621, it would take more than 150 years before all 13 colonies celebrated Thanksgiving at once, in October 1777. In 1789, George Washington hailed the holiday, while President Thomas Jefferson scoffed at the notion, calling Thanksgiving "the most ridiculous idea" ever conceived. For his part, Benjamin Franklin had such an affinity for turkey that he lobbied to make it the national bird (to no avail).

9.  There Are Three Towns Named Turkey

Three towns have been named after the holiday's starring player — Turkey, Texas, Turkey Creek, La. and Turkey, N.C. — each with less than 500 residents. Legend has it that the pheasant's name came from the wayward traveler Christopher Columbus, who thought he was in India when he arrived in "The New World" and, hence, dubbed the pheasant a "tuka," an Indian term for peacock. The name stuck.

10. The Detroit Lions Always Play on Thanksgiving

Thanksgiving is ruled by two very powerful f-words: "food" and "football." Nearly as old as the sport itself, the tradition of watching football on Thanksgiving began in 1876, when the newly formed American Intercollegiate Football Association held its first championship game. Less than a decade later, more than 5,000 club, college and high school football teams held games on Thanksgiving, with match-ups between Princeton and Yale drawing more than 40,000 fans out from their dining rooms. 1934 marked the first NFL game held on Thanksgiving when the Detroit Lions took on the Chicago Bears. The Lions have played on Thanksgiving ever since — except, of course, when the team was called away to serve during World War II.

Happy Thanksgiving!  Remember... Thanksgiving is an action word!

Be Savvy...Call the Smart Realtor

Elizabeth Scott, Realtor®, Broker
e-PRO, Strategic Pricing Specialist

Fathom Realty NC, LLC      
Phone: 919.306.9699
Email

Search for Homes Now

Great Info on our Local Real Estate Market

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Triangle NC Home Sales up 16.7 Percent in October, 2013

Triangle Home Sales up 16.7 Percent in October, 2013

This year has been great for residential real estate.  Finally! 

Solid gains in sales and prices were seen in most of the Triangle NC area.  More homes sold in less time and for closer to asking price.  While buyers have felt empowered by low prices and interest rates, sellers have also been more optimistic.  Seller confidence is crucial to increase our inventory of available homes, which is still relatively sparse.

Do you want to know your home's value?  Click HERE for a free report!

Here’s the recap:

New Listings in the Triangle region increased 9.3 percent to 3,296.

Closed Sales were up 16.7 percent to 2,380.

Inventory levels shrank 7.6 percent to 13,281 units.

Prices got a lift. The Average Sales Price increased 7 percent to $239,766.

Days on Market was down 20.3 percent to 93 days.  Things are moving quickly!

The economy continues to slow-crawl forward. The government shutdown had a modest impact on borrowing – mostly centered on USDA and VA borrowers.  In October, changes were made to the USDA geographic area causing a flurry of buyer activity to beat the deadline.   

Consumer confidence is central to ongoing recovery, and confidence was hindered by the shutdown.   It will be interesting to see how this holiday shopping season goes. 

Want to know what homes are selling for in your neighborhood?  Click HERE

Elizabeth Scott, Realtor®, Broker
e-PRO, Strategic Pricing Specialist

Fathom Realty NC, LLC      
Phone: 919.306.9699
Email

Search for Homes Now

Great Info on our Local Real Estate Market

My LinkedIn Profile