Portland home selling class 2.21.13


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Portland home selling class 2.21.13

  1. 1. Selling In Today’s MarketFebruary 21, 2013 Beaverton, ORFollow: @RedfinPortlandLike: http://www.facebook.com/RedfinPortland
  2. 2. Agenda● Understanding the market● The selling process● Pricing your home● Marketing your home● Repairs & updates● Curb appeal● Staging & perfect pictures● Questions?
  3. 3. 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
  4. 4. Understanding theMarket
  5. 5. Case-Shiller: Portland Area v. 20-City 250.00 200.00 150.00 100.00 Portland Area 20-City Composite 50.00 0.00
  6. 6. Case-Shiller – By the NumbersPortland Area Up 6.7% year-over-year Peak was July 2007 Down 23.8% from peak Currently at April 2005 prices20-City Composite Up 5.5% year-over-year Peak was July 2006 Down 29.4% from peak Currently at September 2003 prices
  7. 7. Beaverton January Stats for Homes
  8. 8. Beaverton January Stats for Homes
  9. 9. The Selling Process
  10. 10. 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
  11. 11. 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?
  12. 12. 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
  13. 13. Selling Your Home
  14. 14. 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
  15. 15. 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
  16. 16. 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?
  17. 17. 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.
  18. 18. 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
  19. 19. Marketing Your Home
  20. 20. 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
  21. 21. 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
  22. 22. Marketing BlitzTwice as many people see your home on Redfin.com #1 Brokerage Website 100-250 extra clicks per day
  23. 23. Marketing BlitzTwice as many people see your home in email
  24. 24. 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)
  25. 25. How to Get Your HomeReady to Sell
  26. 26. Repairs and Updates
  27. 27. 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.
  28. 28. KitchenAs you have probably heard, kitchens & bathrooms sell homes!
  29. 29. 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.
  30. 30. 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!
  31. 31. 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.
  32. 32. BathsThis is the second place that people are going to really focus on.
  33. 33. 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:
  34. 34. 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.
  35. 35. Curb Appeal
  36. 36. 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
  37. 37. Driveways and Pads● Kill weeds● Cut branches and bushes back● Shovel driveway in winter● Hide garbage cans● Power wash driveway and walkway
  38. 38. 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
  39. 39. 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
  40. 40. 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
  41. 41. Staging & PerfectPictures
  42. 42. 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
  43. 43. 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
  44. 44. 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
  45. 45. 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
  46. 46. Before:
  47. 47. After:
  48. 48. Before:
  49. 49. After:
  50. 50. 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
  51. 51. Before:
  52. 52. After:
  53. 53. Before:
  54. 54. After:
  55. 55. 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
  56. 56. 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