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Home Selling Class - Boston - April 12, 2012


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Home Selling Class - Boston - April 12, 2012

  1. 1. Selling in Today’s Market Boston Area April 2012
  2. 2. Agenda• Market Conditions• Best Times to Sell• How to Prepare• How to Price• Transaction Summary• Working with Redfin
  3. 3. Market Conditions
  4. 4. Case-Shiller: Boston v. 20-City 250.00 200.00 150.00 100.00 50.00 0.00
  5. 5. Case-Shiller – By the NumbersBoston Area Down 2.8% year-over-year Peak was September 2005 Down 18.9% from peak Currently at February 2003 prices20-City Composite Down 3.8% year-over-year Peak was July 2006 Down 34.4% from peak Currently at January 2003 prices
  6. 6. Suffolk Feb. Stats for Condos
  7. 7. Suffolk Feb. Stats for Condos
  8. 8. Middlesex Feb. Stats for Homes
  9. 9. Middlesex Feb. Stats for Homes
  10. 10. Cambridge Feb. Stats for Condos
  11. 11. Cambridge Feb. Stats for Condos
  12. 12. 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
  13. 13. Best Times to Sell
  14. 14. Right Now!!• Low interest rates = lots of buyers• Low inventory causing multiple bid situations and driving up prices
  15. 15. Preparing to Sell
  16. 16. Tips to Making Your CurbAppealing• 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
  17. 17. 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
  18. 18. Agent-Contract Audits
  19. 19. 10003220
  20. 20. Price & List Strategies
  21. 21. Redfin Home Pricing Tool
  22. 22. Pricing: An Art & Science• Consider the current markets • Housing markets • Mortgage rates • Economic and other factors• Consider the price • Competitive environment • Number of active comps • Comparable homes in your area • Sold (within 90-120 days) • Appraisal concerns
  23. 23. 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 • Lower carrying costs plan • Risk: one buyer• Hope: one buyer• Appraisal concerns
  24. 24. Negotiations and Tactics• Understanding current market conditions• Personal vs. business• Evaluate entire offer • Price • Settlement date • Inspections • Financing• To counter or not to counter
  25. 25. 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 • Closing
  26. 26. Working with RedfinWorking with Redfin
  27. 27. Why Redfin Stands Out• 1.5% Listing Side Commission (minimum $5,500)• Real-Time Market Data (Client listing stats page)• Professional Photos & Interactive Floor Plan• More Exposure• We split up to $250 in cosmetic preparation(Cleaning/Staging/Painting)
  28. 28. Client View Listing Statistics
  29. 29. Client View Listing Statistics
  30. 30. Perfect Pictures
  31. 31. Pro Photos Make a Big Difference
  32. 32. Boston Virtual Imaging Interactive Floor Plan
  33. 33. 90% of Buyers Search Online 430,000 visits in Boston area for January 2012 (Source: Internal records)
  34. 34. Thanks For Your Time!Please fill out the survey we’ll sendtomorrow along with the slide deck. We’dlove to get your feedback on how the classcould improve.
  35. 35. Shawn FlynnListing Specialistshawn.flynn@redfin.com617.823.9122