Home Selling Class - Bethesda - February 6, 2012


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Home Selling Class - Bethesda - February 6, 2012

  1. 1. Selling Your Home for Top Dollar Redfin’s Montgomery Team January 10, 2012
  2. 2. Agenda for February 6, 2012• What Redfin is all about• How to sell your home• Photos• Curb appeal• Staging• Pricing• How people see your home• Negotiating• Inspections and contracts• Post Mutual
  3. 3. Case-Shiller: DC Area v. 20-City 300.00 Case-Shiller: DC Area Up 1.3% year-over-year 250.00 Peak was May 2006 Down 25.4% from peak Currently at June 2004 prices 200.00 150.00 100.00 Case-Shiller: 20-City Composite Down 3.4% year-over-year 50.00 Peak was July 2006 Down 32.1% from peak Currently at May 2003 prices 0.00Considering… Looking… Buying…
  4. 4. Bethesda December Stats for Homes
  5. 5. Bethesda December Stats for Condos
  6. 6. Where is the Market Headed?• Supply of homes is at a five-year low, but signs are pointing to a slight increase in inventory this spring• Foreclosure inventory has been driving price declines, but number of them are decreasing
  7. 7. What Redfin Is All AboutOur MissionTo use technology and a customer service focus to make buyingand selling homes better for consumers.The Redfin Difference: service, not sales• Agents 100% focused on clients, not prospecting• Every client surveyed, every response published• Every agent paid on client satisfactionWhat That Means for You: a good sale, not any sale• Deepest local expertise: what’s selling, who’s buying• Accountable for results• Focused on your goals, not mine
  8. 8. A Little Bit About Who We AreRedfin is a real estate brokerage that hashelped over 20,000 people buy or sell a home;97% would refer us to a friend.• Customers, not commissions• Informed decisions• The right home for the right price No obligation Get back up to 50% of our commission
  9. 9. How to Sell Your House• Perfect debut • Staging: invest in the house, not fees • Professional photos: optimized for online • Pricing: a science, not an art• Marketing blitz • Website syndication • Open house, private tours, yard sign, flyers• Sustained effort • Tour follow-up • Real-time traffic dashboard
  10. 10. Photos Make A Big Difference After price, the #1 factor for driving tours: photos
  11. 11. Tips to Making Your Curb Appealing• Clean up and fix your yard• Fix your mail box and add house numbers if missing• Wash off your siding• Flowers in pots, weed, mow & edge lawn• If your house needs a quick refresher, paint the front door instead of the whole house!• Park your cars in the garage, not the driveway
  12. 12. Tips to Staging Your House• Declutter• Get rid of ALL smells• Get the dust and film off of everything• Make sure all electronics are turned off• Make all beds & add throw pillows to couches• Put fresh flowers in rooms• New fixtures and drapes in the bathroom or kitchen• Neutral colors
  13. 13. Pricing: An Art & Science• Consider the current markets • Housing markets • Mortgage rates • Economic and other factors• Consider the price • Competitive environment • Comparable homes in your area • Active, under contract, sold (within 90-120 days) • Appraisal concerns
  14. 14. Pricing Strategies What if we under price? What if we over price?• Stand out from competition • Loss of Interested Buyers• More buyers = more offers… • Eliminates Offers = Lower Price• Lower carrying costs • Long days on market• Risk: one buyer • Need price-reduction plan • Hope: one buyer • Appraisal concerns
  15. 15. 90% of Buyers Search Online 1,189,725 visits in DC area for December 2011 (Source: Internal records)
  16. 16. Your House as Seen by…You
  17. 17. Your House as Seen by…The Buyer
  18. 18. Your House as Seen by…The Lender
  19. 19. Your House as Seen by…The Appraiser
  20. 20. Your House as Seen by…The Tax Assessor
  21. 21. Negotiations and Tactics• Understanding current market conditions• Personal vs. business• Evaluate entire offer • Price • Settlement date • Inspections • Financing• To counter or not to counter
  22. 22. Inspections and Contracts• Types of home inspections • Home Inspection vs. General Inspection • Opportunity to negotiate repairs?• As-is terminology• Seller credits
  23. 23. After Offer is Accepted…• Agent • Mutual Acceptance• Alternate Agent • Earnest money due• Team Coordinator • Loan Application • Title Contingency • HOA Contingency (condos) • Inspection Contingency • Financing Contingency • Closing
  24. 24. How Commission Savings WorkExample: You buy a home for $500,000 Traditional Agents Commission Seller’s Agent (3%) $15,000 Buyer’s Agent (3%) $15,000 Redfin Agents Commission Buyer’s Agent (3%) $15,000 Redfin (1.5%) $7,500 Redfin Seller has commission savings of… $7,500• Total agent commission is 4.5%, instead of 6%• Minimum Redfin fee: $6,000
  25. 25. Thanks For Coming Out Tonight!Please fill out the survey we’ll sendtomorrow along with the slide deck. We’dlove to get your feedback on how the classcould improve.If you’d like to get in touch with an agent,just chat with us now or contact us onRedfin.com.