In this issue:
• Intro
• How to hold safe open houses.
• Current Data and Market
Trends
• Tip of the week
| Did you market your home this
week?
I am sure you had a great week with the SuperBowl and
the FBR Open. Lots of people in town and lots of stuff happening. I hope
that you did take some time to market your home, it is essential to get a
sale in this market. You might think that working this hard on selling
your home is not necessary, but now more than ever marketing is essential.
There used to be a time when a sign in the yard would do the trick within
a month; those days are long gone. With over 55,000 homes lingering on the
market with only 2,890 selling last month, seeing a sold sign is becoming a
rarity. But don't give up, after all 2,890 did sell! |
HOW TO HOLD
SAFE OPEN HOUSES
-Sunday’s are
typically the best days for open houses. Early afternoon on Saturday is
also good to catch shoppers.
-Make sure you have plenty of signage
at each nearby intersection and at every cross road all the way to your
home. Don’t lose a buyer because of a lack of signage.
-Balloons
on your signs make them more visible and draw attention. Make sure that
the string is not to long so they blow out in the street and distract
drivers.
-Make sure your home is tidy and smells fresh and clean.
Be careful with scented candles and scented plug-ins. People with
allergies are often bothered by these. A fresh clean smell, or a
cookie/baking smell usually does the trick.
-Hide all your
valuables and things with sentimental value. Also, hide your prescription
medications. Unfortunately, people do steal on rare occasion and open
houses tend to be the easiest way to get into someone’s home.
-When prospects walk through your door, greet them nicely and ask
them if they would like a tour of your home or if they would like to tour
it alone. If your valuables are safe, there should be no issue with
letting them tour the home alone. Do keep an eye on them, and keep
yourself within a reasonable distance from the prospects, but let them
tour the house alone if they would like. DO NOT walk into a room or a part
of the home that only has one easy exit with strangers. You would rather
have things stolen than get yourself into trouble.
-Preferably you
should not be alone during an open house. But if you must, call a friend
or neighbor and let them know you are holding an open and at what time.
Agree on a “help” word or phrase, in case you get in trouble and need
help. Use something that doesn’t sound like it is a cry for help and that
you can easily get away with, without alerting your potential threat. For
example: If a visitor to your home starts acting weird in anyway, tell him
you will call your husband and ask him to fax over the list of updates of
the home. Call your hubby and say “honey I need the update list, can you
fax it”. That should be the warning sign to your husband and he should
immediately take action.
-Always try to get the potential buyers
contact information so that you can call them the next day to follow up.
Don’t be too pushy about it, some buyers are turned of by it and by
requiring them to sign in you might push them away by coming off too
assertive.
-If you can get the license plate numbers of each
visitor, it will help you if something should come up missing. Try to do
this rather discreetly so as to not alarm those coming to view your
property. Once someone has been visiting and has left, walk your house to
make sure everything is in order.
-When closing up for the day,
make sure all windows and doors are locked. Not just slid closed, but
locked completely. Often time’s thieves scout the house during an open or
they leave a window shut, but unlocked and then come back later when no
one is around. Make sure your home is secure before leaving for the
evening.
|
CURRENT DATA AND MARKET TRENDS
We currently have
55,589 active listings on the market in the valley.
In the month of
January we had 2,890 sold(s).
Currently there are 5,043 pending sales,
which indicates a bit of an upswing in sales. However, keep in mind that
not all pending sales will close in February. So, the chances are slim we will
see that many actual sales for the month.
Average days on market is currently
110 days, but keep in mind the only homes that are counted are the ones
that sold. Unfortunately, the real number is much higher.
Prices have
declined -11.3% from same time last year. For the most part we have seen this
decline over the last 6 months.
Indicators show that further price
declines are to be expected through the 3rd Quarter of 2008.
So, what
does this all mean? It means that selling a house is a big task right now;
we are seeing severe hesitation from buyers to jump in and buy. The lack
of credit does not help the matter. With the proposed changes to the
FHA, Freddie Mac and Fannie May limits, credit should be easier to obtain
in the coming months.
Lenders are now restricting their lending limits
to 95% of value in declining zip codes. Which means that they will only
lend 95% of the purchase price. This again is making it harder for buyers,
as they are now required to have higher down payments.
However, credit
for buyers with good credit scores is still readily available.
I
do believe that we will see things stabilize towards the end of 2008, with
more buyers entering the market due to more reasonable prices and with an easier way of
obtaining credit. But by no means are we through this downturn just yet.
The
good thing is that prices are getting more affordable and are coming down
to sustainable levels. As a seller, you are on the negative side of the market
conditions, but it might not be as bad as you feel. If you are planning on buying after
selling, the 'loss' you feel you are taking on your current house should be recouped
when you buy, by buying at a cheaper price that you would have months earlier. Even if you are moving out
of state, chances are they have also seeing declining prices. Some areas are much
worse than us here in the valley.
So, don't give up just yet. After up comes down and
after down comes up. It is all cyclical.
|
TIP OF THE WEEK
Take
advantage of events in your neighborhood.
Are there any events coming up in your
neighborhood or nearby area? Take advantage of them if there are! If you know there is
going to be a block garage sale next week; then have an open house at the
same time!
Make sure you take advantage of other people's marketing
efforts as well as your own. If you see a lot of open house
signs out, but you had not planned one, throw your sign out anyways. The chances
are good you will get just as much traffic as you would if you had advertised.
Any sporting events coming up? Have an open afterwards if you are
located nearby. Even early evening opens work. Just make sure you have
lights on so people can see you. Church nearby? Have your open after
church is out to catch the traffic. Make sure you have enough signage
leading from the event to your house.
Are you planning an Open
House this weekend? GOOD LUCK! |
