Portland home selling class 1.9.13
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Portland home selling class 1.9.13 Portland home selling class 1.9.13 Presentation Transcript

  • Selling In Today’s MarketJanuary 9, 2013 PortlandFollow: @RedfinPortlandLike: http://www.facebook.com/RedfinPortland
  • Agenda● Understanding the market● The selling process● Pricing your home● Marketing your home● Repairs & updates● Curb appeal● Staging & perfect pictures● Questions?
  • 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
  • Understanding theMarket
  • Case-Shiller: Portland Area v. 20-City 250.00 200.00 150.00 100.00 Portland Area 20-City Composite 50.00 0.00
  • Case-Shiller – By the NumbersPortland Area Up 3.7% year-over-year Peak was July 2007 Down 24.4% from peak Currently at April 2005 pricesCase-Shiller: 20-City Composite Up 3.0% year-over-year Peak was July 2006 Down 29.2% from peak Currently at September 2003 prices
  • Portland December Stats for Homes
  • Portland December Stats for Homes
  • The Selling Process
  • The Selling Process● Decide on selling● Interview agents● Stage and prepare your home (Open Book)● Photograph your home● Take it live!● Get a contract● Hand over the keys
  • What to Ask Any Agent● Is this your full-time job?● Familiar with foreclosures or short-sales?● 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?
  • 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
  • Selling Your Home
  • 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.
  • 5 Secrets to Sell Your HomeFaster and for More Money1. Price it right the first time2. De-clutter / Staging3. Kitchens and bathrooms!4. Always be ready to show5. Photos and first impressions
  • Marketing Your Home
  • Listing with Redfin● More People See your Home ► Premium placement on Redfin.com ► Mobile apps target on-the-go buyers ► Promote home in targeted emails ► Professional Flyers● You’ll Know It All at Every Step ► Email all buyers who see your home ► See how many people have viewed your home ► Advise you at every step in the process
  • 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 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)
  • How to Get Your HomeReady to Sell
  • Repairs and Updates
  • EntrywayUsually the 1st and last thing a potential buyer seeswhen looking at any home/condo.Things to focus on:● Are the walls & baseboards damaged, scuffed or dinged up? ► A quick coat of paint can make a big impact.● Is the light fixture in need of being replaced? ► Adequate light is important; makes the entryway feel more open and inviting.● Does the area have proper storage (are things piled up and stuffed in corners)? ► Not necessarily on the cheaper end of updates, but a built-in storage area can be a big plus.
  • KitchenAs you have probably heard, kitchens & bathrooms sell homes!
  • Kitchen Floors: Tile● Tile: many times the tile is in good shape but the grout is either falling apart or discolored from the foot traffic pattern.● A cheap do-it-yourself fix is to buy some industrial cleaner and a good firm bristle scrubbing brush and go to town on the grout.● Another option would be to hire a company like The Grout Dr. They come out and rout out the old grout and re-grout the whole area with new material. This is also a much cheaper option than ripping up the old tile and having to pay a contractor to retile the entire kitchen.
  • Kitchen Floors: Hardwood● Hardwood: If you have hardwood floors you already know they can show wear and tear easily.● A quick & easy do-it-yourself fix to minor scratches and moderate signs of wear, is to use a hardwood floor cleaner/polisher. It will remove light signs of wear immediately.● For heavy scratches and damage, a good option aside from replacing the flooring would be to hire a company to refinish the floors. They will come in and sand down the floors and apply a coat of polyurethane. Your floors will usually look like new!
  • Kitchen Counters and Cabinets● Backsplash: ● Cabinets: ► A tile backsplash can make for ► Often are in good shape but a nice upgrade from just wall show normal signs of wear paint between your from daily use. countertops and cabinets ► Painting cabinets that are in ► There are new products out good shape but show signs of there that can make tackling moderate wear & tear is an this type of project much easier inexpensive alternative to if you want to try to take on this replacing them. upgrade yourself. SimpleMat is ► Re-facing is another cost one example. effective alternative to putting in all new cabinets.
  • BathsThis is the second place that people are going to really focus on.
  • Baths: Floor● Floors: ► Basically the same idea as the kitchen: either clean or re-grout. ► New tile installation can also make a big impact in any bathroom.Before: After:
  • Baths● Shower enclosures can show signs of wear and water damage to the grout and caulking. An effective & inexpensive fix is to strip and re-caulk any material that shows signs of mold or discoloration.● Retiling a shower enclosure is also a nice facelift but is going to be more costly than touching up the tile.● Vanity/Toilet: If they are in poor shape, replacing them is not a very expensive option and can make a big difference from run down fixtures.● Swapping out the faucet/shower control and shower head can also make a worn down bathroom look new if the rest of the items are in good shape.
  • Curb Appeal
  • Paint● Things to consider: ► How much light the home gets ► What color the neighbor’s home is painted ► Specific to style (modern vs. craftsman)● Contrasting colors - Light trim/solid color● Painting door a good color
  • Driveways and Pads● Kill weeds● Cut branches and bushes back● Shovel driveway in winter● Hide garbage cans● Power wash driveway and walkway
  • Front Door● The first impression of the house● Clean!● Nice hardware on door goes a long way● Clean/updated hardware - spend $100 on updated locks
  • Porch● Don’t put a lot on it● Places for people to sit● 1 or 2 great pieces● Grill● Porch lights ► Make sure they work ► Buy new ones - $50
  • The Backyard● Power wash patios/deck● Furniture ► Buyers will sit ► Borrow from a friend ► Bright pillows● Trim back large bushes – makes yard appear bigger● Fence ► Paint/re-stand ► Make sure gates work
  • Staging & PerfectPictures
  • Tips for Staging Your House● De-clutter! De-clutter! De-clutter!● Get rid of ALL smells● Get the dust and film off of everything● Make all beds & add throw pillows to couches● New fixtures and drapes in the bathroom or kitchen● Neutral colors
  • The Importance of StagingYour Home Will Spend Less Time on the Market● The Real Estate Staging Association studied 174 homes previously on the market an average of 156 days.● Those same homes were professionally staged, relisted and sold in 42 days on average after staging. This is 73% less time on the market.**2011 RESA study
  • The Importance of StagingYour Home Will Show Better in Photographs● 90% of all home purchases begin with an Internet search● Photos begin to sell your home before buyers even enter it
  • The Staging Process ExplainedFor an Unoccupied Property:● Staging generally takes 2 days● Stagers make recommendations for improvements and maintenance● Stagers bring in all furniture, rugs, lamps, window treatments, art and accessories
  • Before:
  • After:
  • Before:
  • After:
  • How Much Can You Expect toSpend on Staging?● Some stagers charge $1.50 per square foot● Monthly rental fee based on 1/3 of the staging cost● Rental fees are pro-rated daily after the first month
  • Before:
  • After:
  • Before:
  • After:
  • The Return on Investment ofStaging Your Home● If, for example, staging your home costs $2,600 - and results in a $26,000 increase in your homes sale price - thats a $1,000% return on investment● "The investment in staging your home will always be less than a price reduction on your home." - Barb Schwarz, founder of home staging● "This home was on the market for 90 days with no offers. At the insistence of the homeowner, I was contacted to stage the property. It sold two days after staging. What does that tell you about the importance of staging?" - home stager, St. Louis, MO
  • 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-eventsRebecca Walter | Listing Team | Redfinrebecca.walter@redfin.com | T: 503.482.8204