The Latest From Trinie Davis & Company

Feb. 15, 2019

Preparing your home to sell!

With warmer weather right around the corner, you may be starting to think about prepping your home to put on the market. We are here to help! Even before you’re ready to call us to list it, we can go over things that will help it go under contract even quicker! Check out these few items below to see if there is anything you may have forgotten to put on your to do list! After that, feel free to give us a call when you’re ready to set up a listing appointment. 

  • Don’t Overlook The Small Things: When cleaning and de-cluttering, don’t forget to go over the small things that potential homeowners may notice. Polishing door handles, dusting light fixtures, wiping baseboards, and using a magic eraser to clean up scuff marks on walls will show that your home has been well taken care of.

  • Paint: If you plan to paint your home, use the same paint color in multiple rooms or a neutral color scheme throughout to make the home appear more open and spacious. The flow of a home is very important. 

  • Nothing is off limits: Think of the hidden areas of your home that your normal guests never see and consider deep cleaning those as well. Like under your kitchen counters, medicine cabinet, and your linen closets. Leaving these areas messy and unorganized will make your home feel more cramped and therefore less appealing. 

  • Organization: Fake it until you make it! Using decorative storage bins and containers can hide more than you think. For example, by placing your laundry detergent and other necessities in a basket on the shelf, it will make your laundry room less cluttered and easier to manage. We could all use a laundry room like that!  Even in a small guest bath, you can find creative ways to store extra items. Like in the above photo with the extra toilet paper in the basket above the toilet.

  • Fresh Smells: Using heavily scented plug in air fresheners or sprays can be overwhelming to some so try using light and fresh scents to make your house smell amazing but not over the top. Making your own cleaner with baking soda, vinegar, and dawn dish soap is a way to avoid overly stout cleaning products. You can also place sachets of Downy Unstoppables in closets, under cabinets and other areas that don’t receive as much air flow. The scent is said to last 12 weeks!

 

Try these few tips and tell us what you think! 

Posted in Real Estate Tips
Feb. 8, 2019

Irresistible Home Decor Deals

Like many of us, you may be always on the lookout for the perfect deal; scouring the clearance section, flipping through the coupon pages of the newspaper, buying more than one during a BOGO sale. When it comes to decorating your home with the latest trends, you want to find the cutest items at the best prices. We also love a good deal and have a few to share today that you just may find hard to resist. 

Target is the go to place for many home decor bloggers and novices alike and nothing is better than finding those irresistible items on sale! This week Target is moving out a few of last season’s items but many of these can be used year round. Like this soft, oversized floor pillow, giving you extra seating for living room game nights with all of your friends. While sold out online at nearly $30, a few of these beauties can still be found hiding in your local store in the clearance section for right around $20! 

 

Also at Target this week, you can find good deals on a few of their sofa slip covers. If you have been dying to change the look of you living room but a new furniture set is out of the question, this is a great way to switch things up with a low budget. You can also snag a few throw blankets and pillows on clearance 30%-50% off this week to decorate your spruced up sofa. 

With spring right around the corner, you can snag up this adorable outdoor conversation set on clearance for $161. Regularly priced $460! 

Last but definitely not least at Target is their awesome Dollar Spot a.k.a Bullseye’s Playground. The pitcher, creamer and sugar container are just a few of the things that can be found right now! New spring items are popping up every day and in the next coming weeks will be the perfect time to grab a few small planters for your front porch or to place beside your new patio set from above. 

 

Target isn’t the only large chain with a strong low price game. Walmart saves the day with their every day low prices on the basics including your kitchen storage items. 

These jars are can be found at your local Walmart any day of the week for less than $6 each. They make for great counter storage or to even organize your pantry. 

If you want a larger jar, these oversized 1 gallon jars are currently on rollback for $11.87. 

Those aren't the only well priced storage jars that can be found at Walmart. These miniature Ball Jars are absolutely perfect for spice storage. A four pack can be purchased for $5.93. These labels are also from Walmart. 

Stay tuned for more deals, tips, and ideas coming soon from Trinie Davis & Company.

See you at home!

Posted in home decor
Jan. 10, 2019

Tidy Up Your New Year

Many of us are looking for ways to start the year off fresh and decluttered. This may be in part because Netflix just released a new binge-worthy show, “Tidying Up” and has made many of us want to completely throw out anything that does not bring us joy. Whether you are also KonMari-ing or just ready to start your spring cleaning a little early, we are here to share the best tips, tricks and things to buy to help you start your 2019 in the best (and cleanest!) way possible. 

 

 

Pet owners everywhere know the struggle of living with pet hair. No matter how many times you vacuum, it seems to just keep reappearing. The best way to really pull the hair from the depths of your carpet is to use a window squeegee and run it across your carpet and then vacuum up the pile with the hose on your vacuum so as to not push it back into the carpet. Buy one here!

 

Another way to freshen up your new year is to use lemon to do a variety of cleaning jobs. For example, you can cut a lemon in half, dip it in baking soda and use it to scrub soap scum from the inside of your shower. You can also use the rind to scrub any tough to clean areas. This will also leave your shower smelling fresh and without having to use harsh chemicals. 

 

If you are looking for more natural cleaning products, Grove Collaborative is a great place to start! Grove Collaborative is a customizable auto-ship service that ships all-natural home, beauty, and personal care products directly to your door. Right now, if you purchase over $20 worth of products, you will receive a free Mrs. Meyer's cleaning gift set plus a Grove Collaborative brand glass cleaner set! These are valued at over $30 total for both sets. Find more information follow this link!

 

Organizing is another large part of setting yourself up for a successful year. One of the quickest places to become messy is the bathroom. Target is a great place to find inexpensive containers to tame the chaos. Whether it's in Bullseye's playground with their many adorable containers or in the storage container department, Target is my go to place. 

 

 

These containers are only $3 in Bullseye's Playground. They also have galvanized containers for $5 and under that would be great for storage under the cabinets or in your linen closet.

 

 

These acrylic drawer organizers are great for keeping your drawers tidy. They also have less expensive white plastic ones if you want to make this an even less expensive project!

 

 

Another must have bathroom organizer is the Threshold Hair Tools Organizer. For less than $30, all of your hot hair tools can be organized and help keep your countertops clutter free.

 

 

 

Walmart is another great place for inexpensive organization products. This beautiful glass organizer is a way to keep your every day makeup items and brushes close at hand.

 

 

We hoped you loved these quick and expensive ideas to tidy up your new year!

We hope you have a great 2019!

 

 

 

Nov. 19, 2018

4 East Ways to Add Colorful Curb Appeal

4 Easy Ways to Add Colorful Curb Appeal
By Eliot Ward
decorative image
Update your home's curb appeal with pops of color that add a cheerful touch this time of year. 

ruler

Get a Step Up with Railings
Chipped, tired railings can make a home look outdated and unkempt, but making those pieces look new again is a relatively quick and easy project. Keeping the railing monochromatic in a color that complements the rest of the house's paint and trim creates a clean look. If you want to add some variety, use a secondary shade in the same color family and apply it to the main posts or the spindles. 

Create DIY Doormats
An affordable and unique way to create a "wow" moment at your home’s entry is to craft a DIY doormat with spray paint. A chevron pattern is an easy way to make a statement by simply using painter's tape and two different colors of spray paint. 

Put the Spotlight on Light Fixtures
Small splashes of color can go a long way, especially with a feature like exterior light fixtures. For light fixtures to stand out against a neutral-colored home, try spray painting them a bold hue, such as bright yellow, for a burst of color. 

Refresh Patio Furniture
Over time, patio furniture loses its luster. If it's still in good shape, you can bring it back to life with a fresh coat of spray paint. All the angles can make it difficult to cover every surface, so choose a product that promotes easy application. Remember to tilt furniture back and apply color to the feet and legs for an all-over finish that's ready to weather the season.
Fall Home Considerations to Make Before Winter
decorative image
Smoke DetectorIt’s that time of year again. The fall season is winding down and we’re about to hit the thick of winter. Are you ready to stay warm and cozy, or does your home need a once over to be prepared? A final run at refreshing your living space before winter can pay real dividends. Here are a few ideas. 

Safety first. Did you know that three in five home fire deaths are the result of fires in homes without smoke alarms, or with no working smoke alarms? Oftentimes, this is due to intentional device deactivation. Instead of getting frustrated at your beeping alarm, make sure the batteries are working now or install new alarms where needed. You should have a smoke alarm on every floor of your house, and in every bedroom. 

Stay warm. Is your furnace in working order? You don’t want to find out the answer to that question when the temperature really drops. A maintenance appointment from a certified technician should cost about $80-$100 and will ensure that everything is functioning and that your furnace will be operating efficiently. The tech should also measure to see if there’s any carbon-monoxide leakage from your furnace. 

Stop the leaks. Drafty doors and windows are not only a huge annoyance, they’re costly. Why pay all that money to just let the heat escape? You can find problem areas by running your hands close to windows and trying to feel a breeze. Use a quality silicon caulk or weather stripping to seal up any leaks. And if you notice a draft on an exterior door, consider installing a door sweep.
Sept. 12, 2018

How to Stage a House to Sell Fast

After you’ve cleared the clutter from around your home, you’re ready to start staging it for potential buyers. Depending on your timeframe and budget, you can hire a professional stager to coordinate the details, or work directly with a furniture rental company to deliver furniture, housewares and appliances. The goal of staging a home for sale is to make your home appealing, spacious and memorable.

Even if you choose not to bring in anything new as part of the staging process, here are some simple home staging tips that you can do to make your home stand out.

  • Focus on your best features. Whether it’s a great view, a cozy fireplace or an inviting eating area, highlight the focal points of the house. This approach can help you prioritize your staging budget. Maybe you rent a new patio set to show off the possibilities of entertaining outside on your deck. Or it could be as simple as adding lighting to emphasize the dining room or moving an armchair to attract the buyer’s eyes to the fireplace.
  • Addition by subtraction. Before bringing in new furniture and accessories, start by removing extra furnishings. For example, a crowded bookcase may suggest a lack of built-in storage and you don’t want buyers focusing on the titles on the shelves instead of on your walk-in closets. It will also make the house look bigger, which is nearly universally appealing to potential buyers.
  • Lived in, but better. An empty home can be overwhelming to buyers, who can’t imagine what it would look like fully furnished. If you have already moved out of your home, consider renting furniture. Many furniture rental companies also offer appliances and housewares by room, so you can include small touches, including items for the kitchen, bedrooms and bathrooms. 
  • Something to remember. When making design decisions during remodeling, the conventional wisdom is to choose neutrals that will go with the new buyer’s décor. You can go a bit bolder with furniture and decorations in staging — it’s okay for the home to convey a sense of personality and make buyers want to linger. You want to give buyers a sense of the lifestyle they would enjoy if they bought your house. It helps if you make it memorable.
  • Make it shine. Don’t underestimate the power of a clean house. It’s an important part of staging, too. Wash your windows, clear the cobwebs from the corners and apply a fresh coat of paint to areas that need it. Switch out cabinet pulls and handles for a relatively inexpensive update. When prioritizing your time, pay extra attention to bathrooms and kitchens, where buyers tend to focus.

Above all, remember that staging involves more than a one-size-fits-all solution, like simply bringing in a sleek new sofa or a vase of fresh-cut flowers. Your home has a story, and staging allows you to tell it. And, if you end up falling in love with some of the furniture, many staging companies will let you buy it and bring it with you. Happy staging!

March 2, 2018

11 Kitchen Cabinet Ideas

March 2, 2018

16 FHA Mortgage Facts

 

FHA Mortgage Facts

Many potential home buyers have questions about the FHA loan and the process needed to secure a home mortgage. Some people are even confused about what is a myth and what is a fact about FHA loans. Listed below are the common FHA mortgage facts along with brief explanations.

FHA Mortgage Facts: Basics About The FHA Organization

Definition of FHA

FHA is an acronym that stands for Federal Housing Administration. The administration was founded by the United States Federal government in 1934.

The main purpose of FHA was to allow people with sufficient income to purchase a home without the need for a major down payment.

FHA Does Not Lend Directly to Borrowers

Many people work under the assumption that they will receive a loan directly from the FHA office. This is not true.

Instead, FHA provides rules about home loans. Lenders that are qualified to offer an FHA insured loan must follow all the rules set forth by FHA (some lenders will add their own mortgage overlays as well). This allows multiple lenders across the country to offer low down payment loans to qualified applicants.

FHA Insures the Mortgage Loans

When a lender offers a home loan according to the FHA guidelines, that loan is insured by the FHA. The insurance protects the lender in the event the borrower is not able to make all the payments and the home is foreclosed.

Source of FHA Insurance

In order for FHA to insure the loans, there must be a source of funds to pay to lenders in the event of a foreclosure. These funds come from Mortgage Insurance.

When a borrower is approved for an FHA mortgage, they are asked to pay an upfront mortgage insurance premium (UFMIP) as well as a monthly mortgage insurance premium. The current upfront amount is 1.75% of the loan amount. The upfront portion is typically financed into the overall mortgage amount to save borrowers from paying out of pocket.

The amount paid monthly is determined by the loan to value ratio.

FHA Mortgage Facts: Understanding FHA Loans

FHA Offers Different Types of Loans

FHA will allow borrowers a variety of loans. Fixed loans ranging from 10 years to 30 years are the most common type of mortgage.

Borrowers may also choose an adjustable rate option. This means that the interest rate on the loan will be fixed for a certain time, such as 1 year, 3 years, or 5 years. After the fixed period ends, the rate on the loan may go up or down each year depending on a market benchmark.

FHA loans do not require a penalty if a borrower pays the mortgage off early. In addition, it is possible for a borrower to sell their home to another qualified borrower and allow the 2nd borrower to assume the existing mortgage.

Rates for an FHA Loan

The prevailing rates for FHA loans are often equal or sometimes lower than rates for a conforming home loan. Mortgage lenders that have access to both types of loans can provide you with a side by side comparison.

FHA Loans are Designed for Owner Occupied Property

As mentioned earlier, the intent of the FHA program was to provide home ownership to people with a steady source of income. Therefore, people are not allowed to use the FHA program to purchase a rental property.

People that have an FHA mortgage are required to move to the home no later than 60 days after they sign all of the loan closing documents.

FHA Mortgage Facts: Primary FHA Loan Requirements

FHA Mortgage Facts: Loan Requirements

In order to qualify for the FHA mortgage, borrowers will need to meet a few basic requirements

  • Average credit score
  • Steady source of income
  • Debt to Income ratios within accepted limits
  • Down payment of 3.5% of the home’s purchase price

Each of the above items is explained in more depth below.

Average Credit Score

As the term implies, borrowers that are approved for an FHA loan only need to have an average credit score. In fact, people that have scores too low for a conventional mortgage often qualify for an FHA loan.

Steady Source of Income

A person needs to demonstrate that they have either worked at the same place or the same line of work for at least 2 years (exceptions to 2 years can be made). This will be proven by W-2 forms and regular paystubs.

For self-employed individuals, annual personal tax returns, as well as business tax returns, will be needed to document their income.

Debt to Income Ratios

The FHA guideline examines a borrower’s income in 2 ways. First, the anticipated new mortgage is compared to the borrower’s income. This is sometimes called a front-end ratio. This number should not be above 31%.

Secondly, all of the borrower’s existing debt payment, along with the new mortgage payment, are compared to the borrower’s income. This is sometimes called a back-end ratio. This number should not be above 43%.

The following chart provides an example for illustrative purposes.

Existing monthly obligation Amount  
Credit cards  $    65  
car payment  $   346  
student loan bill  $   295  
     
Total monthly obligations  $   706  
     
Borrower #1 income  $ 1,854  
Borrower #2 income  $ 2,138  
     
Total Monthly Income  $ 3,992  
     
     
Proposed mortgage payment  $ 1,011  
     
Front End Ratio 25% (mortgage payment divided by monthly income)
Back End Ratio 43% (mortgage payment plus monthly obligations divided by monthly income)

 

As you can see, these borrowers meet both the front-end ratio and back-end ratio guidelines. It is important to discuss these figures with your lender. This calculation will allow you to determine the maximum home payment you can qualify for which will allow the lender to calculate the price range of your next home.

Down Payment

The FHA guidelines state that a qualified borrower must pay 3.5% of the home’s sales price up front as a down payment. The money needs to come from a documented source such as a savings account, certificate of deposit, money market account or retirement account.

For example, if a borrower has a certificate of deposit valued at $10,000 and they are considering the purchase of a home priced at $205,000 then the borrower would need to pay $7,175 up front as a down payment.

The down payment money may also be a gift from a relative. The money will still need to come from a documented source and there will need to be a paper trail that explains how the money was donated from the family member to the borrower. But getting a gift from a relative allows a borrower to buy a home with a very small amount of out-of-pocket money.

FHA Mortgage Facts: Special Features of FHA Loans

FHA Mortgage Facts: Special Features

FHA allows a couple of special features that are not common among most other types of home loans. This allows more people to qualify and increase the chance of home ownership.

Non-Occupying Co-Signers

There are times when a young person, or even a young couple, may have the need to buy a home but either their income or their credit scores are on the fringe of the FHA guidelines, preventing them from approval. In these instances, FHA will allow a non-occupying co-signer.

The co-signer will be subjected to the same qualification process as the borrowers. They will need to meet the credit requirements, income and debt to ratio guidelines as mentioned previously. But, the co-signer does not have to live in the new home as their primary residence.

Essentially this allows a parent, or grandparent, to use their strong income and strong credit to help one of their children (or grandchildren) in the process of buying a home.

Seller Credit

FHA will allow the seller of a home to pay the closing costs from the proceeds of the sale. A maximum of 6% of the sales price can be used to cover the prepaid items, closing items and the mortgage insurance.

Often times this is enough to cover the vast majority of the closing items. However, this is not a requirement of an FHA loan, it is merely allowed. A borrower will need to discuss this option with their real estate agent and negotiate this as part of the contract to purchase a home.

FHA Loans for Condos

It is possible to use an FHA loan to purchase a condo unit. However, the entire condo project must be first approved by HUD, the regulator of FHA.

HUD will look over the condo project’s budget, along with the mix of residential units to commercial units, legal papers, and the occupancy mix to determine if the project meets the guidelines. Some projects have been previously approved and will not have any problem with an FHA loan. However, new projects may not have submitted their documents for FHA approval yet. The process can likely take a few weeks and this could impact the home contract.

FHA Mortgage Facts: Unique FHA Loans

Along with all the facts mentioned above about FHA mortgages, there are 2 specific types of FHA loans that can aid a wide number of people. One type can aid in home repair or home improvement and the other can help senior citizens.

FHA 203k Loan

The FHA 203k loan will allow borrowers to get money to make home repairs or home improvements. This is ideal for people that find a home in a great location but wish to make some changes to the property before moving in.

The 203k loan is subject to the same guidelines as mentioned above regarding credit score, debt ratios, income and down payment. But the 203k program allows borrowers to receive money above and beyond the sales price. The extra money is used for things like:

  • Repairing or replacing the heating & air conditioning unit
  • Repairing or replacing the flooring
  • Repairing or replacing the roof
  • Adding energy efficient windows and doors
  • Remodel the kitchen
  • Add a room
  • Improve the plumbing
  • Modernize the electrical system

The program allows borrowers to receive the extra funds needed for the repairs and improvements and combine it with the purchase loan. This means that the borrower will pay only one interest rate and one mortgage rate on both the purchase and the improvement. This can save the borrower lots of money thanks to the lower interest rate for a home purchase loan compared to a 2nd mortgage or a home equity line.

The 203k program is vast and there is too much information to try and cover all of it in this article. But it is a good piece of information to keep handy for people looking at homes and thinking that they won’t have enough funds to cover any type of repair once they have purchased a home.

Reverse Mortgage

People that are at least 62 years of age can tap into their home’s equity and use the funds in their golden years. The official name of the program is the FHA Home Equity Conversion mortgage, but most people refer to the loan as a reverse mortgage.

As long as the borrower has an extremely small existing mortgage or no mortgage, they will likely be qualified for the loan.

Borrowers will also need to complete a financial assessment, according to FHA rules.

The idea of the reverse mortgage is that the homeowner will receive a monthly check for a pre-determined number of years. This money can be used for medical bills, debt payment or anything else that the borrower deems necessary.

So long as the borrower lives in the home as their primary residence, they will not be required to repay the loan. The loan must be repaid when the borrower moves out or passes away.

This program has been a benefit to many senior citizens that have retired and realized their retirement income was not quite enough to meet all of their needs.

Summing Up FHA Mortgage Facts

For many years the FHA program has been a great way for people to obtain a home of their own. Initially, the low down payment option attracted many borrowers. But as time has marched on and FHA has made adjustments to the loan, more people have been able to take advantage of this great program and carve out their slice of the world.

 

 

Jan. 24, 2018

Why Remodeling Can Bring More Joy to a Home

Why Remodeling Can Bring More Joy to a Home
By Meredith Dunn, National Association of REALTORS®decorative imageThe expected tenure of homeowners in a home continues to increase, according to the latest Profile of Home Buyers and Sellers. Last year, the expected tenure was 12 years - this year, it jumped to 15. And, with tightened inventory in many markets, people are staying put in their homes for longer. As a result, remodeling one’s current home is an increasingly popular option for those who want their dream home, but are unable or unwilling to move. 

The 2017 Remodeling Impact report shows that remodeling can bring more enjoyment to a home, and that certain projects have high returns both in terms of the joy they bring to the homeowner, as well as the amount of expenses that are recouped when the home is sold. 

The projects that yield the most joy and recoup the most expenses might come as a surprise. According to REALTOR® respondents, the number one project is a complete kitchen renovation. The top reason homeowners renovate the kitchen is for better functionality and livability, according to 44 percent of respondents. When the project is completed, 91 percent of respondents have both a greater desire to be in the home and have a greater sense of enjoyment when they are at home. Overall, a kitchen renovation receives a 10 out of 10 Joy Score and REALTORS® estimate that $40,000 of the cost can be recovered at resale—approximately 62 percent of the estimated cost. 
Complete Kitchen Renovation
kitchen renovation
The second-most popular project is a kitchen upgrade. Like the complete kitchen renovation, upgrading worn-out surfaces, finishes and materials is high on the list of reasons to undertake the project – in fact, it’s the number one reason, at 42 percent. When the project is completed, 81 percent report experiencing a greater desire to be in the home and feeling a major sense of accomplishment when they think about the project. Slightly less have an increased sense of enjoyment when they are in the home at 76 percent, but the project overall has a Joy Score of 9.6 out of 10. REALTORS® estimate that $20,000 of the cost can be recovered at resale—57 percent of the estimated cost.
Kitchen Upgrade
kitchen upgrade
The third project on the list of most popular projects is a bathroom renovation. Forty percent undertake the project for better functionality and livability, while 38 percent want to upgrade worn-out surfaces, finishes and materials. When the project is completed, 78 percent feel a major sense of accomplishment when they think about the project. The project has a Joy Score of 9.6 out of 10, and REALTORS® estimate that $15,000 of the cost can be recovered at resale—50 percent of the estimated cost.

Oct. 5, 2017

5 First-Time Building Mistakes to Avoid


 

 

Designing your own home can be exciting, but it's a lot more work than buying an existing house. With so many moving pieces involved, knowing what works and what doesn't is key. Protect your home's long-term value by sidestepping these five avoidable pitfalls of building a new home.

1. Forgetting About Storage Space
From seasonal items to extra bedding, everything requires a temporary home when not in use. For that, you'll need plenty of storage space. Some simple solutions might include a few extra closets, a sizeable garage space or built-in cabinets and shelving.

2. Skimping on Materials
Anything worth doing is worth doing right, and new home construction is no exception. Even if you're watching your pennies, try not to scrimp on quality, especially when it comes to important things like flooring. The materials you choose can have a huge impact on your home's overall value.

3. Overlooking Energy Efficiency
For an energy-efficient home design, make sure to use earth- and wallet-friendly features like well-sealed windows and green materials during the build. These are your strongest assets in keeping heating and cooling costs down long-term.

4. Losing Sight of Current and Future Needs
Design for your current needs, but keep the future in mind, too. For instance, do you plan to have children? Are you going to pursue a specific hobby, such as woodworking, when you retire? Whatever the future holds, work with your builder to create a dream home that will support your evolving needs.

5. Letting Someone Else Decide
You don't need to keep up with the Joneses to have an ideal space. Only you and your family know what you need most in a new home, so choose and upgrade according to your preferences alone.

In the end, building your ideal home is about identifying both what you want and what you don't want. Choose wisely so your new abode will be comfortable, efficient and attractive to future buyers.

Aug. 28, 2017

It's A Seller's Market... Is Your Price The Reason Your Home Hasn't Sold?

If your home hasn't sold in what is arguably a seller's market with more demand than supply and home prices increasing monthly, maybe you should check your price. The most common reason that homes don't sell is due to price. At the right asking price, location and condition don't matter.  Keep in mind that in June 54% of homes sold in under 30 days, nationwide. Is price the reason that yours didn't sell in 30 days or less? Statistics show that a home priced within 5% of its actual value is more likely to sell within 30 days than the same home overpriced by 10%

 

If your home has been languishing on the market and isn't selling, here are...

 

15 Telltale Signs That Indicate Your Home Is Priced Too High

 

Is Your Home Priced Too High?      Price May Be Why Your Home Isn't Selling     Is your home priced right to sell?

 

  1. Showing activity and internet traffic on your home has been slow. 

  2. Showing activity and internet traffic have been good, but you've received no offers.

  3. You've received offers, but they are much lower than your asking price.

  4. Feedback on your showings indicates that prospective buyers and their agents think your home is priced too high. 

  5. Feedback on your home is highly critical about your home's condition...  it's just another way of saying your home is overpriced.

  6. Yours is the highest priced home in your neighborhood.

  7. Newly listed homes in your neighborhood are selling quickly, while yours continues to sit.

  8. Your home is priced for unique amenities or upgrades that are out of the norm for your neighborhood or don't have broad appeal for the typical buyer for your neighborhood.

  9. Your neighbors' homes that came on the market after yours did sold, while yours continues to sit on the market and showings dwindle.

  10. You selected your listing agent based on who quoted the highest price (and now you're paying the price) instead of the agent who provided a top marketing plan and reasonable pricing strategy.

  11. Your home's asking price was determined without a comprehensive comparative market analysis or based on what you thought you need to get "out of" your home's sale or because you thought you'd "test" the market because you were in no rush to sell or didn't "really" have to sell.

  12. Your home is competing with nearby new construction (buyers do pay a premium for brand new) or you are competing with your own builder in your neighborhood which has not yet been fully built out.

  13. Your agent is hosting open houses and you have little to no traffic. Or are prospective buyers attending, but making comments that they've seen other homes in the area that appear to be a better value?

  14. You have been reducing your home price, but are now just "chasing the market" and these incremental reductions somehow never really catch up with the market.

  15. Your offered compensation to buyer/selling agents is too low and agents are not rushing to show your home. 

 

Did you know that pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house? See the chart below which measures the impact of asking price on visibility and the percentage of buyers who will look at property when it's overpriced.

 

 

Impact of asking price on a home on visibility and sales

 

 

Dangers Of Overpricing Your Home

 

  1. First and foremost, your home doesn't ever sell and your listing expires. You continue to relist and rack up the cumulative days on market.

  2. Buyers start thinking there is something wrong with your home because it's not selling, while others do, leading to either no offers or low-ball offers.

  3. Buyers start thinking you may be desperate to sell and make lower offers than they would have earlier on in the sale process. (Homes that sell quickly after first listing sell at a higher price and closer to asking price.)

  4. Showings of and/or inquiries about your home fall off even more dramatically.

 

If you're in a seller's market and your home is not getting offers, it may just be time to revisit the pricing strategy with your agent.

 

If you are wondering if your home is priced right for today's market, contact me for a no-obligation home value analysis.

 

If you are considering selling your home in the North Georgia area, I would love an opportunity to earn you business, exceed your expectations, and to prove to you that:

"The Right Broker Makes All The Difference."