Buying Your Home In A Buyers Market (edit/delete)
THE ART OF THE DEAL:
TIPS FROM ANDY RAFFLE
Buying Your Home In A Buyers Market
Different markets require different strategies both for Sellers and Buyers of Real Estate. Shedding the ideas of the past and embracing current, proven strategies will allow you to stand out from the crowd and buy the best home for the least price.
Don't Try To Time The Market: When home prices are lower, ir can be very tempting for potential Buyer's to wait as long as possible, waiting for the perfect opportunity to buy the home of their choice. This strategy often proves to be fruitless as; by the time we recognize the bottom of the market, it has already passed. When we find a home that meets your criteria and it is priced well, it is time ot make an offer. The lesson is that, even in a Buyer's market, well priced homes will sell.
Take Your Time...To A Degree: Each market is unique but it is without question that less homes are selling in the Bucks County Market this year. Buyer's have the ability to be diligent and consider carefully before making an offer but, procrastination will cause the home you want to be bought by somebody else. Once again, keep in mind that, even in a Buyer's market, well priced homes will sell.
Don't Expect To Steal A Home: With the amount of information available to Buyer's and Seller's today, it is very unusual for homes to sell at significant discount or premium to the value of the property. Just as it is important for Sellers to price homes realistically, it is important for Buyer's to understand that their offers must have some relationship to the VALUE of the home.
Know The Value Of What You're Trying To Buy: Related to the above suggestion, know what a home is worth BEFORE making an offer. Too often I hear Buyer's who want to make an offer that is 10% below the asking price, even though the home is priced at either 20% above it's value or 5% above it's value. Asking price is no indication of anything other than a Selelr's desire for a certain amount. if a home is WORTH $300,000 and it is listed at $350,000, it does not help you to offer 10% below listed price ($315,000), because you're still paying too much. If the same home is listed for $290,000 and worth $300,000, making an even lower offer may preclude you from buying a well priced home. Negotiate hard but, be realistic.
Negotiate The Options: Sometimes it makes sense to pay the Seller what they're asking for and do your negotiations on some other items. such as new carpets, renovating a kitchen or bathroom or some other item that may not be indicated as part of the listed home but, that you'd like to have done. Remember, we're talking about a Buyer's market and you can certainly negotiate strongly.
I hope oyu found this and some of my other tips helpful. If you have any questions or if I can help in any way, please contact me. I'm available to help you Buy or Sell in Pennsylvania and New Jersey and my referral network allows me to help you move ANYWHERE IN THE WORLD. Please explore my fully interactive Real Estate website, where you can search thousands of properties, read my real estate articles, my Bucks County Blog, sign up for my email newsletter and find other useful information.
Andy Raffle
www.AskAndyRaffle.com
Coldwell Banker Hearthside. Realtors
Yardley, PA 215.493.9080
Tuesday
Hiring A Home Inspector
Hiring A Home Inspector (edit/delete)
THE ART OF THE DEAL:
TIPS FROM ANDY RAFFLE
DO YOUR DUE DILIGENCE: ANDY RAFFLE ADVISES USE
OF HOME INSPECTOR PRIOR TO TAKING OWNERSHIP OF A HOME
The purchase of a home is one of the most significant investments any person can make. With such a sizable purchase, due diligence is important to ensure the quality of the product and. When buying a home, having the property inspected prior closing is a final, critical step in the process. Home inspection ensures the soundness of the investment and can help avoid the possibility of purchasing a property with major structural or other serious problems that may lead to significant unforeseen costs for the new owner.
Andy Raffle of Coldwell Banker Hearthside, Realtors advises homebuyers to do their homework before finalizing the deal on their new home. The following tips are a good starting point:
Hire a Certified Home Inspector: Rely on the objective expertise and training of a qualified home inspector. A certified home inspector is knowledgeable about construction practices in the area, will spot problems not apparent to an untrained eye and will provide a report on the condition of the property. An inspection normally takes place after the parties have agreed on a selling price. Typically, real estate contracts contain a provision giving homebuyers a set number of days in which to have a home inspection completed. Homebuyers can get referrals from their real estate sales associate, family, friends or neighbors of a reputable inspector before they purchase a home. The American Society of Home Inspectors (www.ashi.org) is also a good source.
Areas That Need to be Reviewed: It is important to examine all areas of the home, including the exterior, interior, kitchen and bathrooms, attic, basement, electric, plumbing and HVAC. Faulty construction, improper electrical wiring, inefficient insulation, old heating, building permit violations and other unseen pitfalls can lead to very expensive home repairs.
Search for Hidden Defects: Examples of hidden defects include missing roof shingles, chimney deterioration or leaks. It is also important to check behind walls. Mold, growing fungus or faulty wiring are often discovered in older homes. Make certain the home inspector looks in crawl spaces. Even small plumbing leaks can cause major problems and costs if not identified and corrected.
Review Visible Defects: Homebuyers should be aware of possible water damage, such as noticeable water stains on the ceiling, damp basement walls or musty odors. They should look for cracks in the walls, particularly around fireplaces or in foundation walls. Uneven floors and tilted stairways could indicate there has been movement in the foundation. Also, notice doors that are not perfectly vertical. If there is more space between a door and its frame at one end than at the other, the door is likely installed incorrectly.
Look for Minor Problems: Items such as doors or windows that are difficult to open or bad paint jobs may not be serious defects but could be signs of bad maintenance. Kitchen appliances should also be in good working order. Minor problems make for good negotiating points and can lead to the possibility of some concessions or a slightly reduced price from the seller.
Steps to Take After a Negative Inspection: If the purchase contract is contingent on inspection of the home, negotiate a price adjustment or ask the sellers to make repairs. If the problems are so significant that the home is no longer a worthwhile investment, get out of the deal and have all deposits refunded. Always have a lawyer review any agreements to make sure that there is adequate legal protection prior to the inspection process.
Remember the reason you’re having the inspection performed: A home inspections is typically a tool used to assure that there are no major costly defects in the property and to make note of minor or maintenance issues. A home inspection is typically not a tool that is used to negotiate smaller items. Remember that walking away from a deal for minimal repairs will end up costing the price of the inspection on the next property you find.
Be wary of inspectors who are close friends or associates of your agent: Your inspector needs to be working for you and not have any divide in their allegiances. It is human nature that sometimes people will do something so as not to interfere with a friends ability to do business. Also, if an inspector is receiving a stream of referrals from that agent, they may be less likely to point out defects that you’d want to know about. A referral from an Agent is a good starting place but, sometimes it’s a good idea to ask for three names.
Get estimates: If a repair of the property is called for in the report, make sure to have an estimate of the cost to complete the repair. Some inspectors will give their estimated cost to repair, others will not. Don’t be afraid to have a contractor look at the work that needs to be done and give you a written estimate to deliver to the Seller with your request. Telling a Seller they need to fix “X” without a dollar amount attached to it, just delays the negotiation of the item. If you are clear about the dollars, the Seller can make an immediate, informed, decision and may be less likely to bring in a different contractor.
Consider accepting a credit: If you’re able to do so, consider accepting a credit for any repair that might need to be done. Keep in mind that a Seller has a different idea of how an item should be fixed than does a Buyer who is planning to live with that repair for the next 10+ years. For instance if the 12 year old roof has an issue in a limited area, a Seller thinks “I can easily have it patched”. A Buyer thinks “I want a new roof”. The “right” answer is likely neither so the Buyer might be better off negotiating a credit from the Seller which they can then apply to replacement of the roof.
I hope you find these tips helpful and I also hope that you have explored my fully interactive Real Estate website, where you can search thousands of properties, read my real estate articles, my Bucks County Blog and find other useful information.
Andy Raffle
www.AskAndyRaffle.com
Coldwell Banker Hearthside. Realtors
Yardley, PA 215.493.9080
THE ART OF THE DEAL:
TIPS FROM ANDY RAFFLE
DO YOUR DUE DILIGENCE: ANDY RAFFLE ADVISES USE
OF HOME INSPECTOR PRIOR TO TAKING OWNERSHIP OF A HOME
The purchase of a home is one of the most significant investments any person can make. With such a sizable purchase, due diligence is important to ensure the quality of the product and. When buying a home, having the property inspected prior closing is a final, critical step in the process. Home inspection ensures the soundness of the investment and can help avoid the possibility of purchasing a property with major structural or other serious problems that may lead to significant unforeseen costs for the new owner.
Andy Raffle of Coldwell Banker Hearthside, Realtors advises homebuyers to do their homework before finalizing the deal on their new home. The following tips are a good starting point:
Hire a Certified Home Inspector: Rely on the objective expertise and training of a qualified home inspector. A certified home inspector is knowledgeable about construction practices in the area, will spot problems not apparent to an untrained eye and will provide a report on the condition of the property. An inspection normally takes place after the parties have agreed on a selling price. Typically, real estate contracts contain a provision giving homebuyers a set number of days in which to have a home inspection completed. Homebuyers can get referrals from their real estate sales associate, family, friends or neighbors of a reputable inspector before they purchase a home. The American Society of Home Inspectors (www.ashi.org) is also a good source.
Areas That Need to be Reviewed: It is important to examine all areas of the home, including the exterior, interior, kitchen and bathrooms, attic, basement, electric, plumbing and HVAC. Faulty construction, improper electrical wiring, inefficient insulation, old heating, building permit violations and other unseen pitfalls can lead to very expensive home repairs.
Search for Hidden Defects: Examples of hidden defects include missing roof shingles, chimney deterioration or leaks. It is also important to check behind walls. Mold, growing fungus or faulty wiring are often discovered in older homes. Make certain the home inspector looks in crawl spaces. Even small plumbing leaks can cause major problems and costs if not identified and corrected.
Review Visible Defects: Homebuyers should be aware of possible water damage, such as noticeable water stains on the ceiling, damp basement walls or musty odors. They should look for cracks in the walls, particularly around fireplaces or in foundation walls. Uneven floors and tilted stairways could indicate there has been movement in the foundation. Also, notice doors that are not perfectly vertical. If there is more space between a door and its frame at one end than at the other, the door is likely installed incorrectly.
Look for Minor Problems: Items such as doors or windows that are difficult to open or bad paint jobs may not be serious defects but could be signs of bad maintenance. Kitchen appliances should also be in good working order. Minor problems make for good negotiating points and can lead to the possibility of some concessions or a slightly reduced price from the seller.
Steps to Take After a Negative Inspection: If the purchase contract is contingent on inspection of the home, negotiate a price adjustment or ask the sellers to make repairs. If the problems are so significant that the home is no longer a worthwhile investment, get out of the deal and have all deposits refunded. Always have a lawyer review any agreements to make sure that there is adequate legal protection prior to the inspection process.
Remember the reason you’re having the inspection performed: A home inspections is typically a tool used to assure that there are no major costly defects in the property and to make note of minor or maintenance issues. A home inspection is typically not a tool that is used to negotiate smaller items. Remember that walking away from a deal for minimal repairs will end up costing the price of the inspection on the next property you find.
Be wary of inspectors who are close friends or associates of your agent: Your inspector needs to be working for you and not have any divide in their allegiances. It is human nature that sometimes people will do something so as not to interfere with a friends ability to do business. Also, if an inspector is receiving a stream of referrals from that agent, they may be less likely to point out defects that you’d want to know about. A referral from an Agent is a good starting place but, sometimes it’s a good idea to ask for three names.
Get estimates: If a repair of the property is called for in the report, make sure to have an estimate of the cost to complete the repair. Some inspectors will give their estimated cost to repair, others will not. Don’t be afraid to have a contractor look at the work that needs to be done and give you a written estimate to deliver to the Seller with your request. Telling a Seller they need to fix “X” without a dollar amount attached to it, just delays the negotiation of the item. If you are clear about the dollars, the Seller can make an immediate, informed, decision and may be less likely to bring in a different contractor.
Consider accepting a credit: If you’re able to do so, consider accepting a credit for any repair that might need to be done. Keep in mind that a Seller has a different idea of how an item should be fixed than does a Buyer who is planning to live with that repair for the next 10+ years. For instance if the 12 year old roof has an issue in a limited area, a Seller thinks “I can easily have it patched”. A Buyer thinks “I want a new roof”. The “right” answer is likely neither so the Buyer might be better off negotiating a credit from the Seller which they can then apply to replacement of the roof.
I hope you find these tips helpful and I also hope that you have explored my fully interactive Real Estate website, where you can search thousands of properties, read my real estate articles, my Bucks County Blog and find other useful information.
Andy Raffle
www.AskAndyRaffle.com
Coldwell Banker Hearthside. Realtors
Yardley, PA 215.493.9080
Active versus Passive - how would you like YOUR home sold?
Active versus Passive - How would you like YOUR home marketed? (edit/delete)
It seems that many Realtors have gotten passive in recent years. After all, nothing more than a sign in the lawn, and sometimes not even that, was needed to sell a home in the early 00's. The idea of marketing or SELLING either went by the wayside or was never learned.
I remember when I first got my license, back in 1995, my broker gave me the phone book and said "here's your leads, a whole book of them". He gave me some scripts and off I was. I got a lot of phones slammed in my ear but, as time went on, I got better at finding something to tell people - a message they'd want to hear.
Today, I still use the telephone. I make 50-100 calls each and every day asking people if they'd like to buya aprticular home, if they know someone who would or if they'd like to sell their home. I find this ACTIVE marketing far more effective and less expensive than the passive tools of advertising in the newspaper, holding open houses and hoping that a buyer will happen to come along to buy the home.
In htis market, I feel that Active marketing is imperative for selling homes. If you'd like to sell your home and you agree that passive marketing cannot be as effective as some of the techniques that I use to sell homes, contact me and let's discuss the tools that I use to get your home sold.
In the meantime, be sure to check out my fully interactuve Real Estate website, where you can search thousands of properties, read my real estate articles, my Bucks County Blog and find other useful information.
Andy Raffle
www.AskAndyRaffle.com
Coldwell Banker Hearthside. Realtors
Yardley, PA 215.493.9080 x130
It seems that many Realtors have gotten passive in recent years. After all, nothing more than a sign in the lawn, and sometimes not even that, was needed to sell a home in the early 00's. The idea of marketing or SELLING either went by the wayside or was never learned.
I remember when I first got my license, back in 1995, my broker gave me the phone book and said "here's your leads, a whole book of them". He gave me some scripts and off I was. I got a lot of phones slammed in my ear but, as time went on, I got better at finding something to tell people - a message they'd want to hear.
Today, I still use the telephone. I make 50-100 calls each and every day asking people if they'd like to buya aprticular home, if they know someone who would or if they'd like to sell their home. I find this ACTIVE marketing far more effective and less expensive than the passive tools of advertising in the newspaper, holding open houses and hoping that a buyer will happen to come along to buy the home.
In htis market, I feel that Active marketing is imperative for selling homes. If you'd like to sell your home and you agree that passive marketing cannot be as effective as some of the techniques that I use to sell homes, contact me and let's discuss the tools that I use to get your home sold.
In the meantime, be sure to check out my fully interactuve Real Estate website, where you can search thousands of properties, read my real estate articles, my Bucks County Blog and find other useful information.
Andy Raffle
www.AskAndyRaffle.com
Coldwell Banker Hearthside. Realtors
Yardley, PA 215.493.9080 x130
Sell Your Home Quickly Or Not At all
Sell Your Home Quickly - Or Not At All (edit/delete)
Sell Your Home Quickly – Or Not At All
In most of the markets that I serve, we’ve seen “Sell Quickly or Not At All” become the rule rather than the exception. The chart below shows homes sold in days 1-30, homes sold in days 31-60 and homes sold overall this year. You’ll see that a disproportionally large percentage of homes selling in the first 30 day window and that a clear majority are selling in the first 60 days. This is true in all six markets shown on the chart in even for the entirety of Bucks County where over 56% of homes are selling within that 60 day window. Now that we know the goal, how do we get there?
My home selling philosophy is comprised of three basic principles to sell your home in the shortest period of time possible:
If it’s ugly make it pretty; if it’s dirty, make it clean; if it’s dull, make it shine. Your home must be ready to be bought from day one. No longer do we suggest that you can “offer a credit” for whatever repairs might be necessary. It is also not advisable to advertise that you will allow the buyers to pick the new color in that purple bedroom upstairs. Fix it, dress it up, make it perfect. I’ve said it before but when you are selling a home you need to prepare it as if for a first date. Buyers need to be drawn in and want to come back so save the tattered dress for a family occasion and bring out your best!
You can’t sell penny candy for two cents. My views on this subject may be very different from what you think or from what you’ve heard elsewhere but, pricing is critically important to getting a home sold. If you know what you want to sell your home for and that price is in line with the homes market value, PRICE IT THERE! I am not a proponent of pricing your home “with room for negotiation” or of setting a price with the idea that you can “always reduce the price later”. Remember, the homes that are selling and selling quickly and you want your home to be one of them – particularly as the alternative is “not at all”. Let’s think about a scenario; you price your home with a very sharp edge at the price at which it makes sense in the market and also to you financially. A buyer comes in and decides to offer you 10% below that price. You ALWAYS have the offer to say “no”. With a great agent like myself representing you and explaining our methods for reaching that price we are now in NEGOTIATIONS - and that’s a good thing. Now, let’s look at an alternative, you price the home 10% HIGHER than what we know (and everybody else knows) is the market value and we hope to get an offer. Agents look at homes to show their Buyers and they see your overpriced listing. The Agent has two hours with the Buyer and many homes to show, one of them being your overpriced house. What would you assume they will do? We then lower the price of your home to a more realistic level, Agents still assume that we’ve got an unrealistic Seller who may be difficult to work with – as opposed to one who priced their home accurately and seems motivated to sell. We can always send a Flier to all of the local Agents but, Agents receive hundreds of fliers a week. They go unread. There are two places you can list your home for sale; you can list it where it sits or you can list it where it SELLS!
Sell it like you really need to. Strike while the iron is hot, make hay while the sun shines and get your homes sold QUICKLY! Aggressive, active marketing gets homes sold in this market. Things like advertising in the newspaper, holding open houses and sending out fliers can all work to sell homes but, they are all very PASSIVE and unpredictable. Selling Real Estate is like selling any other product, it requires personal contact and a lot of it. That is why, as part of my marketing plan, I “touch” a minimum of 50-100 people EVERY DAY! I ask each of those people if they would like to BUY YOUR HOME, if they know someone who would like to or if they or someone they know would like to sell their home. I am always talking about Real Estate and, as an extension, talking about YOUR HOME. This is what gets homes sold today. I am also touching the active Agents in the area and letting them know about your property. After all, as I said above, Agents have a limited amount of time with their Buyer clients and they can’t sell your home unless they see it. I spend my time and effort getting those home sellers to show your home and to sell your home. I also actively follow up with them afterwards to get any feedback they or their clients may have and I communicate that back to you. This is what I call aggressive, active marketing and it has been an integral part of my home selling plans for many years.
I invite you to contact me to discuss how my active marketing plans can help you to sell your home quickly. I have similar resources that I use for Buyers in this market to ensure that they are able to buy the home they want at the best price possible.
Thanks for reading today. I look forward to hearing from you. Don;t forget to check out my fully interactive webpage where you can search thousands of available properties, read my informative articles, my blog posts and also local school reports. If there is something you don't see something, please ask for it.
Andy
Sell Your Home Quickly – Or Not At All
In most of the markets that I serve, we’ve seen “Sell Quickly or Not At All” become the rule rather than the exception. The chart below shows homes sold in days 1-30, homes sold in days 31-60 and homes sold overall this year. You’ll see that a disproportionally large percentage of homes selling in the first 30 day window and that a clear majority are selling in the first 60 days. This is true in all six markets shown on the chart in even for the entirety of Bucks County where over 56% of homes are selling within that 60 day window. Now that we know the goal, how do we get there?
My home selling philosophy is comprised of three basic principles to sell your home in the shortest period of time possible:
If it’s ugly make it pretty; if it’s dirty, make it clean; if it’s dull, make it shine. Your home must be ready to be bought from day one. No longer do we suggest that you can “offer a credit” for whatever repairs might be necessary. It is also not advisable to advertise that you will allow the buyers to pick the new color in that purple bedroom upstairs. Fix it, dress it up, make it perfect. I’ve said it before but when you are selling a home you need to prepare it as if for a first date. Buyers need to be drawn in and want to come back so save the tattered dress for a family occasion and bring out your best!
You can’t sell penny candy for two cents. My views on this subject may be very different from what you think or from what you’ve heard elsewhere but, pricing is critically important to getting a home sold. If you know what you want to sell your home for and that price is in line with the homes market value, PRICE IT THERE! I am not a proponent of pricing your home “with room for negotiation” or of setting a price with the idea that you can “always reduce the price later”. Remember, the homes that are selling and selling quickly and you want your home to be one of them – particularly as the alternative is “not at all”. Let’s think about a scenario; you price your home with a very sharp edge at the price at which it makes sense in the market and also to you financially. A buyer comes in and decides to offer you 10% below that price. You ALWAYS have the offer to say “no”. With a great agent like myself representing you and explaining our methods for reaching that price we are now in NEGOTIATIONS - and that’s a good thing. Now, let’s look at an alternative, you price the home 10% HIGHER than what we know (and everybody else knows) is the market value and we hope to get an offer. Agents look at homes to show their Buyers and they see your overpriced listing. The Agent has two hours with the Buyer and many homes to show, one of them being your overpriced house. What would you assume they will do? We then lower the price of your home to a more realistic level, Agents still assume that we’ve got an unrealistic Seller who may be difficult to work with – as opposed to one who priced their home accurately and seems motivated to sell. We can always send a Flier to all of the local Agents but, Agents receive hundreds of fliers a week. They go unread. There are two places you can list your home for sale; you can list it where it sits or you can list it where it SELLS!
Sell it like you really need to. Strike while the iron is hot, make hay while the sun shines and get your homes sold QUICKLY! Aggressive, active marketing gets homes sold in this market. Things like advertising in the newspaper, holding open houses and sending out fliers can all work to sell homes but, they are all very PASSIVE and unpredictable. Selling Real Estate is like selling any other product, it requires personal contact and a lot of it. That is why, as part of my marketing plan, I “touch” a minimum of 50-100 people EVERY DAY! I ask each of those people if they would like to BUY YOUR HOME, if they know someone who would like to or if they or someone they know would like to sell their home. I am always talking about Real Estate and, as an extension, talking about YOUR HOME. This is what gets homes sold today. I am also touching the active Agents in the area and letting them know about your property. After all, as I said above, Agents have a limited amount of time with their Buyer clients and they can’t sell your home unless they see it. I spend my time and effort getting those home sellers to show your home and to sell your home. I also actively follow up with them afterwards to get any feedback they or their clients may have and I communicate that back to you. This is what I call aggressive, active marketing and it has been an integral part of my home selling plans for many years.
I invite you to contact me to discuss how my active marketing plans can help you to sell your home quickly. I have similar resources that I use for Buyers in this market to ensure that they are able to buy the home they want at the best price possible.
Thanks for reading today. I look forward to hearing from you. Don;t forget to check out my fully interactive webpage where you can search thousands of available properties, read my informative articles, my blog posts and also local school reports. If there is something you don't see something, please ask for it.
Andy
Short Sales, Foreclosures, REO - Myth or Magic?
Short Sales, Foreclosures, REO – Myth or Magic? (edit/delete)
Short Sales, Foreclosures, REO - Myth or Magic?
It seems that everybody I speak with these days is looking for "distressed properties". Having been involved in the distressed market since 1988 and having bought and sold dozens of them over the years both for my own account and for those of clients, I consider myself fairly well versed in the market.
There have always been distressed properties available on the market but, in the past, nobody wanted to consider them. Now we find ourselves in a situation where there are truly more buyers than there are saleable properties. I say this because not every potential short sale will be a short sale and not every foreclosure will be available at a below market price.
For my interests, the best time to purchase one of these properties has always been BEFORE the sheriff's sale, when dealing directly with the owner. The increase in distressed properties today has mostly been from people who bought their homes in recent years, at inflated prices and have no equity left in the property. So the job today becomes convincing the bank to accept $200,000 on a property on which they loaned $275,000 just three years ago and now have $350,000 in debt. It's possible but, it's a long hard fight to get there.
There is another segment of the market today that is a much easier place to find good values; the properly priced market. There are motivated Seller's who want to move, for one reason or another, and understand the current market conditions and price accordingly. These properties can be purchased with little difficulty, at attractive pricing and are usually in a good state of repair.
As a Buyer searching for a home of their own, this seems like a far more attractive proposition - a good home, in good repair, clean and well priced, than the struggle that is involved in the myth of distressed properties.
Short Sales, Foreclosures, REO - Myth or Magic?
It seems that everybody I speak with these days is looking for "distressed properties". Having been involved in the distressed market since 1988 and having bought and sold dozens of them over the years both for my own account and for those of clients, I consider myself fairly well versed in the market.
There have always been distressed properties available on the market but, in the past, nobody wanted to consider them. Now we find ourselves in a situation where there are truly more buyers than there are saleable properties. I say this because not every potential short sale will be a short sale and not every foreclosure will be available at a below market price.
For my interests, the best time to purchase one of these properties has always been BEFORE the sheriff's sale, when dealing directly with the owner. The increase in distressed properties today has mostly been from people who bought their homes in recent years, at inflated prices and have no equity left in the property. So the job today becomes convincing the bank to accept $200,000 on a property on which they loaned $275,000 just three years ago and now have $350,000 in debt. It's possible but, it's a long hard fight to get there.
There is another segment of the market today that is a much easier place to find good values; the properly priced market. There are motivated Seller's who want to move, for one reason or another, and understand the current market conditions and price accordingly. These properties can be purchased with little difficulty, at attractive pricing and are usually in a good state of repair.
As a Buyer searching for a home of their own, this seems like a far more attractive proposition - a good home, in good repair, clean and well priced, than the struggle that is involved in the myth of distressed properties.
Sell Your Home Quickly - or not at all
Sell Your Home Quickly...(or not at all) (edit/delete)
Sell Your Home Quickly - Or Not At All
In most of the markets that I serve, we've seen "Sell Quickly or Not At All" become the rule rather than the exception. The chart below shows homes sold in days 1-30, homes sold in days 31-60 and homes sold overall this year. You'll see that a disproportionally large percentage of homes selling in the first 30 day window and that a clear majority are selling in the first 60 days. This is true in all six markets shown on the chart in even for the entirety of Bucks County where over 56% of homes are selling within that 60 day window. Now that we know the goal, how do we get there?
My home selling philosophy is comprised of three basic principles to sell your home in the shortest period of time possible:
If it's ugly make it pretty; if it's dirty, make it clean; if it's dull, make it shine. Your home must be ready to be bought from day one. No longer do we suggest that you can "offer a credit" for whatever repairs might be necessary. It is also not advisable to advertise that you will allow the buyers to pick the new color in that purple bedroom upstairs. Fix it, dress it up, make it perfect. I've said it before but when you are selling a home you need to prepare it as if for a first date. Buyers need to be drawn in and want to come back so save the tattered dress for a family occasion and bring out your best!
You can't sell penny candy for two cents. My views on this subject may be very different from what you think or from what you've heard elsewhere but, pricing is critically important to getting a home sold. If you know what you want to sell your home for and that price is in line with the homes market value, PRICE IT THERE! I am not a proponent of pricing your home "with room for negotiation" or of setting a price with the idea that you can "always reduce the price later". Remember, the homes that are selling and selling quickly and you want your home to be one of them - particularly as the alternative is "not at all". Let's think about a scenario; you price your home with a very sharp edge at the price at which it makes sense in the market and also to you financially. A buyer comes in and decides to offer you 10% below that price. You ALWAYS have the offer to say "no". With a great agent like myself representing you and explaining our methods for reaching that price we are now in NEGOTIATIONS - and that's a good thing. Now, let's look at an alternative, you price the home 10% HIGHER than what we know (and everybody else knows) is the market value and we hope to get an offer. Agents look at homes to show their Buyers and they see your overpriced listing. The Agent has two hours with the Buyer and many homes to show, one of them being your overpriced house. What would you assume they will do? We then lower the price of your home to a more realistic level, Agents still assume that we've got an unrealistic Seller who may be difficult to work with - as opposed to one who priced their home accurately and seems motivated to sell. We can always send a Flier to all of the local Agents but, Agents receive hundreds of fliers a week. They go unread. There are two places you can list your home for sale; you can list it where it sits or you can list it where it SELLS!
Sell it like you really need to. Strike while the iron is hot, make hay while the sun shines and get your homes sold QUICKLY! Aggressive, active marketing gets homes sold in this market. Things like advertising in the newspaper, holding open houses and sending out fliers can all work to sell homes but, they are all very PASSIVE and unpredictable. Selling Real Estate is like selling any other product, it requires personal contact and a lot of it. That is why, as part of my marketing plan, I "touch" a minimum of 50-100 people EVERY DAY! I ask each of those people if they would like to BUY YOUR HOME, if they know someone who would like to or if they or someone they know would like to sell their home. I am always talking about Real Estate and, as an extension, talking about YOUR HOME. This is what gets homes sold today. I am also touching the active Agents in the area and letting them know about your property. After all, as I said above, Agents have a limited amount of time with their Buyer clients and they can't sell your home unless they see it. I spend my time and effort getting those homesellers to show your home and to sell your home. I also actively follow up with them afterwards to get any feedback they or their clients may have and I communicate that back to you. This is what I call aggressive, active marketing and it has been an integral part of my home selling plans for many years.
I invite you to contact me to discuss how my active marketing plans can help you to sell your home quickly. I have similar resources that I use for Buyers in this market to ensure that they are able to buy the home they want at the best price possible.
Thanks for reading today. I look forward to hearing from you.
Andy
Andy Raffle
View my fully interactive Real Estate Website
www.askAndyRaffle.com
Coldwell Banker Hearthside, Realtors
Yardley, PA 19067
215.493.9080 x130
Sell Your Home Quickly - Or Not At All
In most of the markets that I serve, we've seen "Sell Quickly or Not At All" become the rule rather than the exception. The chart below shows homes sold in days 1-30, homes sold in days 31-60 and homes sold overall this year. You'll see that a disproportionally large percentage of homes selling in the first 30 day window and that a clear majority are selling in the first 60 days. This is true in all six markets shown on the chart in even for the entirety of Bucks County where over 56% of homes are selling within that 60 day window. Now that we know the goal, how do we get there?
My home selling philosophy is comprised of three basic principles to sell your home in the shortest period of time possible:
If it's ugly make it pretty; if it's dirty, make it clean; if it's dull, make it shine. Your home must be ready to be bought from day one. No longer do we suggest that you can "offer a credit" for whatever repairs might be necessary. It is also not advisable to advertise that you will allow the buyers to pick the new color in that purple bedroom upstairs. Fix it, dress it up, make it perfect. I've said it before but when you are selling a home you need to prepare it as if for a first date. Buyers need to be drawn in and want to come back so save the tattered dress for a family occasion and bring out your best!
You can't sell penny candy for two cents. My views on this subject may be very different from what you think or from what you've heard elsewhere but, pricing is critically important to getting a home sold. If you know what you want to sell your home for and that price is in line with the homes market value, PRICE IT THERE! I am not a proponent of pricing your home "with room for negotiation" or of setting a price with the idea that you can "always reduce the price later". Remember, the homes that are selling and selling quickly and you want your home to be one of them - particularly as the alternative is "not at all". Let's think about a scenario; you price your home with a very sharp edge at the price at which it makes sense in the market and also to you financially. A buyer comes in and decides to offer you 10% below that price. You ALWAYS have the offer to say "no". With a great agent like myself representing you and explaining our methods for reaching that price we are now in NEGOTIATIONS - and that's a good thing. Now, let's look at an alternative, you price the home 10% HIGHER than what we know (and everybody else knows) is the market value and we hope to get an offer. Agents look at homes to show their Buyers and they see your overpriced listing. The Agent has two hours with the Buyer and many homes to show, one of them being your overpriced house. What would you assume they will do? We then lower the price of your home to a more realistic level, Agents still assume that we've got an unrealistic Seller who may be difficult to work with - as opposed to one who priced their home accurately and seems motivated to sell. We can always send a Flier to all of the local Agents but, Agents receive hundreds of fliers a week. They go unread. There are two places you can list your home for sale; you can list it where it sits or you can list it where it SELLS!
Sell it like you really need to. Strike while the iron is hot, make hay while the sun shines and get your homes sold QUICKLY! Aggressive, active marketing gets homes sold in this market. Things like advertising in the newspaper, holding open houses and sending out fliers can all work to sell homes but, they are all very PASSIVE and unpredictable. Selling Real Estate is like selling any other product, it requires personal contact and a lot of it. That is why, as part of my marketing plan, I "touch" a minimum of 50-100 people EVERY DAY! I ask each of those people if they would like to BUY YOUR HOME, if they know someone who would like to or if they or someone they know would like to sell their home. I am always talking about Real Estate and, as an extension, talking about YOUR HOME. This is what gets homes sold today. I am also touching the active Agents in the area and letting them know about your property. After all, as I said above, Agents have a limited amount of time with their Buyer clients and they can't sell your home unless they see it. I spend my time and effort getting those homesellers to show your home and to sell your home. I also actively follow up with them afterwards to get any feedback they or their clients may have and I communicate that back to you. This is what I call aggressive, active marketing and it has been an integral part of my home selling plans for many years.
I invite you to contact me to discuss how my active marketing plans can help you to sell your home quickly. I have similar resources that I use for Buyers in this market to ensure that they are able to buy the home they want at the best price possible.
Thanks for reading today. I look forward to hearing from you.
Andy
Andy Raffle
View my fully interactive Real Estate Website
www.askAndyRaffle.com
Coldwell Banker Hearthside, Realtors
Yardley, PA 19067
215.493.9080 x130
August 2008 market Update - Bucks County, PA
August, 2008 Market Update - Bucks County, PA (edit/delete)
August 2008 - Market Data
August 2008 data for our primary markets served (Lower Makefield, Upper Makefield and Newtown Townships in Bucks County Pennsylvania) showed a somewhat mixed bag with our area still outperforming the national market as portrayed by reports in the national news.
Taken as a whole, average sale price for the six months in the three markets are down just under 6% versus 2007 with Lower Makefield (plus 3.3%) still performing above the midline. Lower Makefield has consistently shown increased pricing this year over last. Upper Makefield (down 18.8%) and Newtown Township (down 4.2%) are in negative territory, largely due to the number of homes in upper price levels that are affected by tightened availability of Jumbo financing.
Units sold YTD are down 20% in the three markets with all three markets showing slower year to date sales. In six of the eight markets that I track on a regular basis the gap in year over year unit sales narrowed this month. In other words, more homes were sold this August than the previous August. While this may not signal anything as a stand alone number, it does merit close attention in the coming months.
Inventories of homes available for sale are up a minimal 4% or 20 units in the three markets combined. Newtown and Lower Makefield both show a drastic decrease in the number of homes available for sale with an 18.5% (24 unit) decrease in homes available for sale in Newtown and a 10.3% (also 24 units) decrease in Lower Makefield.
In other local markets that we serve, Doylestown Township is showing year over year price growth of 4.6% even in the face of a nearly 40% decline in unit sales and a close to flat 2.7% growth in inventory. Buckingham Township shows minimal reduction of average price at .6% with another large (25%) decline in unit sales and a 9% increase in active inventory. In Northampton Township, we're seeing a relatively flat year over year price change of -.5% even in the face of a 30% decline in units sold and a 21% increase in inventory. Interesting to note is that in all three of these markets, prices and units sold were higher in August, 2008 than in the same month in 2007.
For Bucks County, as a whole, prices were down 4.7% even in the face of a 21% decline in sales. Inventories are up 3% and list prices are up 1.4%. It is clear that, while the market has lost some of its steam from previous years, the gloom and doom presented in the national marketplace has not come to our area. Perhaps this has somethign to do with all there is to fdo in Bucks County
Sellers - now more than ever it is IMPERATIVE to price well, market aggressively and hire the finest, most qualified representation. We are seeing multiple offers on well priced homes in this market while other, less sharply priced homes, languish and stay on the market for months. In short, if you're not working with an experienced agent like me at a great agency like Coldwell Banker Hearthside, you're doing yourself a tremendous disservice. Again, well priced, well marketed homes are selling while others languish. The days of "Passive Real Estate" are behind us, Active, aggressive agents like myself are a must in this marketplace. If you have one, you become one of the beneficiaries of a changed market; if you don't you become a victim of those same changes.
I offer all home sellers the Coldwell Banker Seller Services Guarantee, a detailed ACTIVE marketing plan and a First American Home Warranty.
Let's discuss the ways that I can help YOU be a winner in this market!
Buyers - This market requires informed representation to help you determine the worth of any property you wish to explore. This not a market where you can simply knock 10% off the price and make an offer. We've got a mix of well priced homes being offered by sharp agents that will sell quickly at or close to asking price (In some cases more) and properties for which a 10% discount does not bring them to where the market needs them to be. This is not a market for casual or "lazy" buyers, or incompetent agents.
I offer all Buyers the highest level of representation as well as my respect and availability and also the Coildwell Banker Buyer Services Guarantee.
Let's discuss how I can help YOU be a winner in this market!
Be sure to check out my fully interactive website where you can search thousands of properties, read many real estate articles written by me and see many of the services that I offer.
August 2008 - Market Data
August 2008 data for our primary markets served (Lower Makefield, Upper Makefield and Newtown Townships in Bucks County Pennsylvania) showed a somewhat mixed bag with our area still outperforming the national market as portrayed by reports in the national news.
Taken as a whole, average sale price for the six months in the three markets are down just under 6% versus 2007 with Lower Makefield (plus 3.3%) still performing above the midline. Lower Makefield has consistently shown increased pricing this year over last. Upper Makefield (down 18.8%) and Newtown Township (down 4.2%) are in negative territory, largely due to the number of homes in upper price levels that are affected by tightened availability of Jumbo financing.
Units sold YTD are down 20% in the three markets with all three markets showing slower year to date sales. In six of the eight markets that I track on a regular basis the gap in year over year unit sales narrowed this month. In other words, more homes were sold this August than the previous August. While this may not signal anything as a stand alone number, it does merit close attention in the coming months.
Inventories of homes available for sale are up a minimal 4% or 20 units in the three markets combined. Newtown and Lower Makefield both show a drastic decrease in the number of homes available for sale with an 18.5% (24 unit) decrease in homes available for sale in Newtown and a 10.3% (also 24 units) decrease in Lower Makefield.
In other local markets that we serve, Doylestown Township is showing year over year price growth of 4.6% even in the face of a nearly 40% decline in unit sales and a close to flat 2.7% growth in inventory. Buckingham Township shows minimal reduction of average price at .6% with another large (25%) decline in unit sales and a 9% increase in active inventory. In Northampton Township, we're seeing a relatively flat year over year price change of -.5% even in the face of a 30% decline in units sold and a 21% increase in inventory. Interesting to note is that in all three of these markets, prices and units sold were higher in August, 2008 than in the same month in 2007.
For Bucks County, as a whole, prices were down 4.7% even in the face of a 21% decline in sales. Inventories are up 3% and list prices are up 1.4%. It is clear that, while the market has lost some of its steam from previous years, the gloom and doom presented in the national marketplace has not come to our area. Perhaps this has somethign to do with all there is to fdo in Bucks County
Sellers - now more than ever it is IMPERATIVE to price well, market aggressively and hire the finest, most qualified representation. We are seeing multiple offers on well priced homes in this market while other, less sharply priced homes, languish and stay on the market for months. In short, if you're not working with an experienced agent like me at a great agency like Coldwell Banker Hearthside, you're doing yourself a tremendous disservice. Again, well priced, well marketed homes are selling while others languish. The days of "Passive Real Estate" are behind us, Active, aggressive agents like myself are a must in this marketplace. If you have one, you become one of the beneficiaries of a changed market; if you don't you become a victim of those same changes.
I offer all home sellers the Coldwell Banker Seller Services Guarantee, a detailed ACTIVE marketing plan and a First American Home Warranty.
Let's discuss the ways that I can help YOU be a winner in this market!
Buyers - This market requires informed representation to help you determine the worth of any property you wish to explore. This not a market where you can simply knock 10% off the price and make an offer. We've got a mix of well priced homes being offered by sharp agents that will sell quickly at or close to asking price (In some cases more) and properties for which a 10% discount does not bring them to where the market needs them to be. This is not a market for casual or "lazy" buyers, or incompetent agents.
I offer all Buyers the highest level of representation as well as my respect and availability and also the Coildwell Banker Buyer Services Guarantee.
Let's discuss how I can help YOU be a winner in this market!
Be sure to check out my fully interactive website where you can search thousands of properties, read many real estate articles written by me and see many of the services that I offer.
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