Home Selling Class March 2, 2013 North Wales, PA Follow: @RedfinPhilly Like: http://www.facebook.com/RedfinPhilly
A Little Bit About Who We Are● Redfin is a real estate brokerage that has helped 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 a portion of our commission
National Market TrendsMultiple Offers - More than a Quarter of Listings Still Selling Fast● In Dec. 27.5% of new listings were under contract in two weeks or less.● This measure of how competitive the market is for buyers has been holding steady for the last seven months.● Multiple offers are not only against 3 or 5 buyers, but more like 10, 20 and sometimes even 30 or more
National Market Trends● The key metrics across 19 major metropolitan markets are: ► Prices 11.3% higher YoY (9th month in a row with increasing prices YoY) ► Inventory falls 33% YoY ► At the close of 2012 there were < 160,000 listings nationally ► Inventory been dropping YoY for 22 months in a row
Benefits of a MLS Powered Site● Recent Windermere/Redfin study across 11 major U.S. cities● Redfin.com has 20+% more agent-listed properties than two national portals, Zillow and Trulia● We display new listings 7 to 9 days faster, and record sales faster too
Marketing BlitzTwice as many people see your home on Redfin.com #1 Brokerage Website 100-250 extra clicks per day
Marketing BlitzTwice as many people see your home on Redfin.com Sample listing details page
Marketing BlitzTwice as many people see your home in email
Marketing BlitzPotential buyers see your home on the web We buy premium placement on Realtor.com, the top real estate website in the U.S. (Source: Hitwise)
Find and Agent and Interview!● Is this your full-time job?● Where were your last five deals?● Who else will be working with me?● When am I committed to working with you?● Has a client ever filed a complaint?● How are you paid?● Can I see some reviews of your work?
Stage and Prepare● Redfin Certified Providers ► Proven track record, vetted by Redfin● We review every client & post the good, bad, & ugly● Read real reviews & find a great local team ► Inspectors ► Lenders ► Title Companies ► Attorneys
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
Pricing StrategiesWhat if we over price? What if we under price?● Loss of Interested Buyers ● Stand out from ► Eliminates Offers = Lower competition Price ● More buyers = more● Long days on market offers…● Need price-reduction plan ● Lower carrying costs● Hope: one buyer ● Risk: one buyer● Appraisal concerns
Comparative Market Analysis● What is a CMA?● What is the difference between a CMA and an appraisal?● How could 3 different agents suggest 3 different prices?
What is the Best Day to List?● Homes listed on Sunday get marginally more online views.● Homes listed on Friday are toured 19% more.● Homes listed on Friday or Thursday sell for slightly closer to original list price.● Homes listed on Friday are 12% more likely to sell in 90 days.
Thanks for Coming!Please fill out the survey that was handed out at the beginning of class. Weappreciate the feedback!Check out our upcoming classes and events at http://www.redfin.com/buy-a-home/classes-and-eventsLinda McCarthy | Philadelphia Agent | Redfinlinda.email@example.com | T: (610) 592-8116