Advice for Sellers

Every year the National Association of REALTORS® publishes a profile of buyers and sellers.  Working with a REALTOR® who is familiar with these buyer statistics and understands how they might impact the marketing and sale of your home is definitely to your advantage.  Below are some additional facts about buyers.

• The typical buyer searched 12 weeks and viewed 10 homes before making a buying decision.  In other words, sellers need to be patient as buyers look around.
• 87% of buyers financed their home purchase and usually financed about 91% of the sales price.  With tighter restrictions on lending, buyers with cash should be cherished.
• The top factor influencing where a buyer purchased a home was the quality of the neighborhood.  If your neighbors are less than stellar, you can only overcome this with proper pricing.
• The median price of a home purchased in the Northeast was $215,000.
• 90% of buyers in the Northeast purchased a home through a real estate agent.
• Nearly all buyers ranked the Internet and the real estate agent as the most useful sources in their search process.

Call me if you are looking for a REALTOR® who understands the housing market and how it impacts you!  603-526-4116; donna@donnaforest.com; www.donnaforest.com.

Every year the National Association of REALTORS®  publishes a profile of Home Buyers and Sellers based on survey results.  Below are some facts from the 2012 report that sellers might find eye opening!

• The median size of a home sold was 1900 square feet.  Only 9% of buyers purchased a home over 3500 square feet.  If your house is significantly larger or smaller than 1900 square feet, there are fewer buyers for your size house.
• 83% of buyers purchased a home with 3 bedrooms.  If you are selling a 2 bedroom or 4+ bedroom, you are targeting only 17% of the buyer pool.
• Only 8% of the sales in the Northeast were homes built prior to 1910.  Translation – not many buyers for old homes.
• Approximately 59% of buyers had no children, 18% had one child, 16% had two, and 7% had 3+.  The majority of buyers are not looking for “large family” homes.
• 90% of buyers in the Northeast used an agent to purchase a home.  The top home search sources are the internet, real estate agents, and yard signs.

Feel free to contact me if you are looking for a REALTOR® who understands the housing market and how it impacts you!  603-526-4116; donna@donnaforest.com

Donna Forest, ABR, Broker Associate

Did you know that a buyer has already formed an impression of your property within the first 15 seconds? Here are some simple and inexpensive ways to help make sure that first impression is a good one:

1. Clean all your windows so they sparkle.
2. Put a fresh coat of paint on the entry doors.
3. Dress up porches, doorways with big potted plants.
4. Keep up with the lawn mowing and yard maintenance.
5. Remove all clutter from the interior. Too much furniture? Put some in storage.
6. Buy new towels and hang in the bathrooms for showings.
7. Put a beautiful centerpiece on your dining room table.
8. Make sure your house smells clean.

Basically just use common sense. It’s important to present a simple, clean and attractive home that potential buyers can picture themselves living in. For more tips, visit my website, www.DonnaForest.com.

Donna Forest, Broker Associate

Chasing the market is when a property starts out overpriced and then the listing price is reduced, sometimes more than once, in order to attract buyers. While it was suspected that sellers of overpriced properties ultimately end up with less money, it has been scientifically proven by John R. Knight*, a Professor of Finance & Real Estate at the University of the Pacific in CA. The findings from this research indicate that, on average, properties which end up dropping their listing price take longer to sell and suffer a price discount greater than similar properties. Furthermore, bigger price changes are found to have even longer marketing times and greater price discounts.

Bottom line, the proper listing price will save sellers time and money. Testing the market, ignoring market stats and listing high, going with the agent who gives you the highest listing price, attaching emotional value vs. being realistic, etc. will ultimately cost you as a seller. If you’re looking for a REALTOR® who can help you price properly, then give me a call!

Donna Forest, 603-526-4116

*Knight, John, R. (2002). Listing Price, Time on Market, and Ultimate Selling Price: Causes and Effects of Listing Price Changes. Real Estate Economics. 30:2, 213-237.

How will you choose your REALTOR®? Will you pick the agent who gives you the highest listing price? If so, you may be doing yourself a disservice. Some agents intentionally overestimate the value in order to get a seller to list with them. Their self-interest means that the overpriced home will sit on the market as the seller eventually reduces the price trying to find a buyer. At that point, the house is stale and the selling momentum is lost. REALTORS®, who suggest what seems to sellers to be a “low” value on the property, are motivated to get the price right so the property will sell. It takes time, energy, and money to sell even a properly priced home in this market. These are resources a good agent would not want to waste on an overpriced listing.

Sellers also tend to overlook the carrying costs of having a house on the market too long. Carrying costs are how much a seller will spend until the property is sold. Mortgage payments, taxes, heat, utilities, etc. all subtract from the bottom line of what a seller nets at closing. Obviously the longer a house is on the market, the less profit there is. Picking an agent who gives you the highest listing price may actually mean you end up with less money in your pocket. If you want to work with a REALTOR® who knows how to price listings in the current market conditions, then give me a call, 603-526-4116 or email donna@donnaforest.com.

1.      Don’t overprice.  It’s the kiss of death. 2.      Don’t choose the agent who gives you the highest price and lowest commission.  They are just “buying” your listing.  See #1 above. 3.      Not prepping your property for sale.  Clean, de-clutter, paint, landscape, stage the house, etc. 4.      Ignoring maintenance and repair items.  These will ALWAYS come back to haunt you.  It stops buyers from making offers, it kills sales at inspection time, or selling prices are negotiated lower to deal with these issues. 5.      Making decisions based on emotions.  When your house goes on the market, it has become a commodity and not your home. 6.      Listening to the advice of friends and neighbors instead of your agent.  Your agent is a professional in the business of selling – your friends are not. Looking for a REALTOR® to help you avoid these big mistakes and others?  Then give me a call!  603-526-4116

Donna Forest, Broker Associate

If your house has been on the market longer than expected with minimal activity, it’s time to review the 4 things that impact selling:  Price, Condition, Location, and Marketing Plan.

1. Price – Evaluate the market with your agent and look at recent solds and new listings.  Where does your house fit into this market data?   It may be time for a price reduction.
2. Condition – Look at your house through buyers’ eyes.  Spruce up, fix problems, de-clutter.
3. Location – If you are located close to the road or packed in with other homes for example, you can only overcome a poor location by lower pricing.
4. Marketing Plan – Review where your property is being marketed with your agent.  Look for heavy internet exposure with lots of photos & make sure it looks good in the Multiple Listing Service as well.

It’s also important to have realistic expectations about how long it takes to sell – find out the average days on market for similar houses in your price range.  If you’re looking for an experienced REALTOR® who has the expertise to get your home sold, then give me a call, 603-526-4116.

Donna Forest, Listing Broker

If you're getting ready to put your house on the market, it is important to make sure it photographs well. Since 90% of buyers start their search online, good pictures are essential to grabbing buyers’ interest. Before your REALTOR® arrives to take photos, here are some tips to help maximize your online exposure.

• De-clutter your house. Pay attention to the small details like removing refrigerator magnets, soap & sponges by sink, and towels hanging on the stove. Also, stash-or throw-all your piles away.
• Watch out for strong colors as they may not show well in photos. You may want to consider painting walls a more neutral palette or replacing too bold/busy bedspreads. Ruffles and curtains may need to go as well.
• Avoid having too much furniture in a room – remove excess pieces.
• Make each room as light & bright as possible.
• Pay attention to the exterior. Good landscaping and a fresh coat of paint will look great on and off camera.

Talk to your REALTOR® to make sure they are using a camera with a wide angle lens and that they are putting as many photos as possible online. You can count on me for this kind of good advice which will help your property stand out in the market and get the attention of serious potential buyers. Give me a call – 603-526-4116!

Donna Forest, Broker Associate

It is commonly said among REALTORS® that the first offer is often the best offer. And for good reason! You would be surprised by how frequently we see sellers who are unable to come to terms with the first offer made, then end up selling the property at a later date for much less. Usually the seller argues that the property has been on the market for such a short time, there must be more buyers out there willing to meet the price. Sellers often get attached to that last $1000 – when buyer and seller fail to agree, the sale is lost for a tiny percentage of the overall price. My advice to sellers? Give serious consideration to the first offer and try to make it work if at all possible. Hanging on to the property and paying taxes, mortgage, and maintenance for another few months may eliminate any perceived increase in selling price. With the current market, sellers need to seriously consider a viable offer, especially if it is the first one presented.

Please feel free to contact me for any of your real estate needs, 603-526-4116, donna@donnaforest.com.

Donna Forest, Broker Associate

When it comes to getting your property ready to go on the market, most of the emphasis is on preparing the home.  The garage is an often-overlooked feature that can have an impact on the sale.  In order to maximize the sale potential, here are a few tips:

• De-clutter the garage.  Get rid of as much “stuff” as you can.
• Sort like items together.  Keeping similar things together make the space look more organized.
• Use storage racks, bookcases, shelving units to organize.
• Sweep out the garage.  Remove cobwebs, oil spills, etc.
• Paint the doors if they need it.
• Add garage door openers – many potential buyers consider this a priority.
• Make sure your garage is adequately lighted.

Follow these basic guidelines and your garage will become an attractive feature adding value and desirability in the sale of your home. Feel free to give me a call for any of your real estate needs.  As always, I appreciate your referrals!  603-526-4116

Donna Forest, Broker Associate