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Seattle home selling class 4.24
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Seattle home selling class 4.24

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  • 1. Home Selling Class April 24, 2012Slide 1 of 41
  • 2. Agenda for April 24, 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 MutualSlide 2 of 41
  • 3. Case-Shiller: Seattle Area v. 20-City250.00 Case-Shiller: Seattle Area Down 2.9% year-over-year Peak was July 2007200.00 Down 33% from peak Currently at April 2004 prices150.00100.00 Case-Shiller: 20-City Composite 50.00 Down 3.8% year-over-year Peak was July 2006 Down 34.4% from peak Currently at December 2002 prices 0.00
  • 4. # Homes for Sale – March 2012City Compared to Compared to Feb 2012 March 2011Seattle -5.7% -41.4%Bellevue -12.7% -39.4%Federal Way -16.8% -46.8%Issaquah -8.9% -29.7%Kent -18.0% -39.3%Kirkland -12.4% -51.8%Renton -15.2% -45.9%Shoreline -13.9% -42.1%Redmond -6.3% -49.8%
  • 5. # of Sales – March 2012 City Compared to Compared to Feb 2012 March 2011Seattle +34.7% -6.1%Bellevue +30.4% -18.5%Federal Way +20.9% +0.0%Issaquah +40.0% +43.6%Kent +58.1% +28.6%Kirkland -16.8% +34.4%Renton +18.5% +15.8%Shoreline +31.2% +26.0%Redmond +30.5% +24.2%
  • 6. Price Changes – March 2012 Median Sold Median Sold Median Sold Median ListedCity $/SqFt Change $/SqFt Change Price Mar 2012 Price Mar 2012 since Feb 2012 since Mar 2011Seattle $350,000 $350,000 +2.4% -0.4%Bellevue $425,000 $525,000 +9.1% +0.4%Federal Way $170,000 $210,000 +1.3% -9.4%Issaquah $276,000 $324,000 -1.6% -5.3%Kent $175,000 $224,000 +0.0% -7.6%Kirkland $305,000 $399,000 -1.6% -7.0%Renton $241,000 $249,000 +6.5% -5.1%Shoreline $232,000 $280,000 +0.7% -15.0%Redmond $332,000 $469,000 +12.9% -6.3%
  • 7. Seattle March Stats for HomesSlide 7 of 41
  • 8. Seattle March Stats for HomesSlide 8 of 41
  • 9. Where is the Market Headed? ● There is a major inventory shortage happening in the Bay Area ● More and more buyers are challenging offers with over the asking price and shortening contingency periods. ● Prices are staying steady and nudging up - single family homes reached their highest median sale prices since October. Finishing February up 6.3% from January. ● The number of homes for sale was down 1.6% in February from January, but down 42.4% compared to February 2010.Slide 9 of 41
  • 10. What Redfin Is All About ● Our Mission ● To use technology and a customer service focus to make buying and 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 satisfaction ● What 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 mineSlide 10 of 41
  • 11. 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 ● Save 1.5% of your commissionSlide 11 of 41
  • 12. 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 dashboardSlide 12 of 41
  • 13. Listing with Redfin ● More people See your Home ► Premium placement on Redfin.com ► Mobile apps target on-the-go buyers ► Promote home in targeted ► 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 processSlide 13 of 41
  • 14. Best Price and Lower Fees • Agent’s are paid on satisfaction • Honest Agents • No pressure advice • Time spent serving YOU! • Lower Fees • 1.5% Fee vs. Traditional 2.5%Slide 14 of 41
  • 15. Save Without ComparisonSlide 15 of 41
  • 16. Preparing to SellSlide 16 of 41
  • 17. Getting ready to hit the market… ● First Impressions ► De-Clutter ► De-Personalize ► Clean, Paint, Fix & Deodorize ► Small Updates (DIY Projects) ● Skeletons in the Closet ► Disclose, Disclose, Disclose ► Consider a Pre-Inspection ● History of the Home ► Gather paperwork (oil tanks, permits, receipts) ● Professional Help ► Landscaping ► StagingSlide 17 of 41
  • 18. Perfect PicturesSlide 18 of 41
  • 19. Agent-Contract AuditsSlide 19 of 41
  • 20. 10003220Slide 20 of 41
  • 21. Slide 21 of 41
  • 22. Slide 22 of 41
  • 23. Slide 23 of 41
  • 24. Slide 24 of 41
  • 25. Price & List StrategiesSlide 25 of 41
  • 26. Strategies for Sellers… ● Tips for Pricing Your Home ► Buyers today know value ► Effects of wrong pricing ► Price Blocking ● Tips for Marketing ► List on a Thursday or Friday ► Be flexible on showings ► Open Houses ► Online Marketing & Photography ► http://www.frontdoor.com/sell/10-tips-for-selling-a-home- in-the-fall/55828Slide 26 of 41
  • 27. 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 drivewaySlide 27 of 41
  • 28. 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 colorsSlide 28 of 41
  • 29. 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 concernsSlide 29 of 41
  • 30. Pricing Strategies What 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 concernsSlide 30 of 41
  • 31. 90% of Buyers Use the Internet to Search Internet 76% 13% 10% Real estate agent 68% 19% 13% Yard sign 24% 35% 41% Open house 12% 34% 54% Newspaper ad 11% 29% 60% Home book or magazine 7% 18% 74% Home builder 6% 11% 82% Television 1% 6% 92% Relocation company 1% 2% 96% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Frequently Occasionally Rarely or not at all Slide 31 of 41Source: 2009 NAR Profile of Home Buyers and Sellers
  • 32. 90% of Buyers Search Online 1,873,134 visits in the Seattle area for March 2012 (Source: Internal records)Slide 32 of 41
  • 33. Your House as Seen by… YouSlide 33 of 41
  • 34. Your House as Seen by… The BuyerSlide 34 of 41
  • 35. Your House as Seen by… The LenderSlide 35 of 41
  • 36. Your House as Seen by… The AppraiserSlide 36 of 41
  • 37. Your House as Seen by… The Tax AssessorSlide 37 of 41
  • 38. Negotiations and Tactics ● Understanding current market conditions ● Personal vs. business ● Evaluate entire offer ► Price ► Settlement date ► Inspections ► Financing ● To counter or not to counterSlide 38 of 41
  • 39. Inspections and Contracts ● Types of home inspections ► Home Inspection vs. General Inspection ► Opportunity to negotiate repairs? ● As-is terminology ● Seller creditsSlide 39 of 41
  • 40. After Offer is Accepted… ● Agent ● Loan Application ● Alternate Agent ● Title Contingency ● HOA Contingency ● Team Coordinator (condos) ● Mutual Acceptance ● Inspection Contingency ● Earnest money due ● Financing Contingency ● ClosingSlide 40 of 41
  • 41. Thanks For Coming Out Tonight! Please fill out the survey. We’d love to get your feedback on how the class could improve. If you’d like to get in touch with an agent, just chat with us now or contact us on Redfin.com.Slide 41 of 41