Home Selling Class - OC - February 2012

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Home Selling Class - OC - February 2012

  1. 1. Selling in Today’s Market Redfin’s Orange County Team February 29, 2012
  2. 2. Agenda for February 29, 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: Los Angeles v. 20-City 300.00 Case-Shiller: Los Angeles Area Down 5.4% year-over-year 250.00 Peak was September 2006 Down 40.2% from peak Currently at August 2003 prices 200.00 150.00 100.00 Case-Shiller: 20-City Composite Down 3.7% year-over-year 50.00 Peak was July 2006 Down 32.9% from peak Currently at April 2003 prices 0.00Considering… Looking… Buying…
  4. 4. Irvine January Stats for Homes
  5. 5. Irvine January 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. Preparing to Sell
  11. 11. 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-InspectionHistory of the Home • Gather paperwork (oil tanks, permits, receipts)Professional Help • Landscaping • Staging
  12. 12. Perfect Pictures
  13. 13. Agent-Contract Audits
  14. 14. 10003220
  15. 15. Price & List Strategies
  16. 16. Strategies for Sellers…Tips for Pricing Your Home • Buyers today know value • Effects of wrong pricing • Price BlockingTips 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/55828
  17. 17. 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
  18. 18. 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
  19. 19. 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
  20. 20. 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
  21. 21. 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 allSource: 2009 NAR Profile of Home Buyers and Sellers
  22. 22. 90% of Buyers Search Online 4,788,014 visits in Southern California area for January 2012 (Source: Internal records)
  23. 23. Your House as Seen by…You
  24. 24. Your House as Seen by…The Buyer
  25. 25. Your House as Seen by…The Lender
  26. 26. Your House as Seen by…The Appraiser
  27. 27. Your House as Seen by…The Tax Assessor
  28. 28. Negotiations and Tactics• Understanding current market conditions• Personal vs. business• Evaluate entire offer • Price • Settlement date • Inspections • Financing• To counter or not to counter
  29. 29. Inspections and Contracts• Types of home inspections • Home Inspection vs. General Inspection • Opportunity to negotiate repairs?• As-is terminology• Seller credits
  30. 30. 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
  31. 31. We Share Our Commission With You We refund back 15% - 45% of our commission to you! • Subject to lender approval • Applied to closing costs • Refund is tax-freeConsidering… Looking… Buying…
  32. 32. 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.

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