home seller Archives - Page 20 of 30 - Real Estate News and Commentary

October 24, 2014July 5, 2019

Trendy is not for home staging

Departing from the safety of natural materials and earth tones, big and bold interior design has become popular this year. Many designers have talked about 2014 as the year of using bright colors, brass and other yellow metals throughout the house. But if you’re selling your home, tread cautiously– because trendy may not be the best choices for staging your listed home.

Kelly Walters of HGTV (Color Trends: What’s New, What’s Next?; hgtv.com) talked about color use in the home, over the last ten years, being a reflection of our need for safety after 9/11 and the Great Recession. However, this is the year for change, and it’s reflected in the colors we choose for our interiors. A palette of gray hues is replacing the use of browns as the favorite neutral color; while reds, pinks, and violets are trending in popularity.

Using brass throughout the house has been the buzz during 2014. Kate Watson-Smyth reported the popularity of brass (Why brass is back as the new must-have metal for home décor; Financial Times, January 24, 2014; ft.com) as being a trend moving away from shine towards warmer tones. The use of brass and similar metals has also expanded from stylish bathroom finishes and hardware to fixtures as well as furniture.

Remember wallpaper? It’s back! Realtor® Magazine’s Barbara Ballinger wrote about how wallpaper has made a comeback. Relegated to accents, wallpaper is once again acceptable as wall covers (Wallpaper: Back in the Game; Realtor® Magazine, October 2014; realtormag.realtor.org). The new generation of wallpapers are eco-friendly and easier to use; inks are typically water based, while many papers are designed as “peel and stick” to be easily removed and reused.

Kitchens are important to many of us, and what could be better for the home chef than their own hydroponic garden. On her blog The Entertaining House, Jessica Ryan (jessicagordonryan.com) describes the Chef’s Garden Wall hydroponic system, “Fresh is the new green.” Because some kitchen hydroponic systems are low maintenance, you don’t necessarily have to be a gardener to have fresh greens at your finger tips all year.

Although trendy interior design may seem modern and stylish, it may not be the best choices when selling your home. Melissa Tracey wrote in her Home Trends Blog (5 Design Trends You May Want to Avoid in Staging; August 11, 2014; blogs.realtor.org), “Staging in trendy fabrics, colors, and finishes may offer up buyers a feeling that the home is up-to-date and move-in-ready. But getting too trendy can also backfire, particularly if it’s too personalized.”

And about those interior design trends I listed above? Tracey says to “steer clear.” Although wallpaper may be a tempting and easy way to brighten up a room, she says to stick with paint because wallpaper may interfere with a buyers’ vision of living in the room. And when painting, she says that trendy colors may be “too bold” for buyers; sellers should stick with neutral colors, using bolder colors as accents (such as pillows, rugs, and lamps). And although many designers are going all in on brass, it’s best to use it sparingly as accents when staging your home. The trend toward doorless kitchen cabinets is to be avoided, because buyers will undoubtedly ask “Where are the doors?” And finally, Tracey points out that the highly popular Tuscan and French Provincial themes are giving way to transitional and contemporary styles.

By Dan Krell
©2014

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Disclaimer. This article is not intended to provide nor should it be relied upon for legal and financial advice. Readers should not rely solely on the information contained herein, as it does not purport to be comprehensive or render specific advice. Readers should consult with an attorney regarding local real estate laws and customs as they vary by state and jurisdiction. Using this article without permission is a violation of copyright laws.

September 12, 2014November 23, 2021

Getting home buyers into your listing – sellers and agents take note

Some economists have discussed how consumers are increasingly “shopping” rather than buying. And this is evident in the housing market, where home buyers have become overly discerning about their purchases. After what seemed to be a brief seller’s market, we find ourselves slipping back into a buyer’s market; and an old dilemma is reemerging: how are you going to get more buyer traffic and more offers on your home?

If your home has been on the market for while, check with your agent to review feedback from those who visited your home. Typical responses focus on price, home condition, and how the home shows. If you’re about to list your home, have some neighbors and friends tour the home (as if they were home buyers) to provide an alternate perspective of your home’s selling points and shortcomings.

Pricing your home correctly is critical to selling in a reasonable time frame. Your agent should keep you up to date with neighborhood sales activity, so you can remain competitive with other relevant listings. Recent neighborhood sales trends (1-3-6 months) can indicate where your price range should fall, as well as understanding the types of homes that are selling.

One of the main objections you may have heard from home buyers, is that your home “needs work,” which has a number of meanings. Of course, it may mean your home does need updating and/or repairing; in which case you should discuss with your agent about the possibility of making updates/repairs, and/or adjusting the price to reflect any needed updates/repairs. Before you decide to go all out on a renovation, consider making updates that are equivalent to your neighborhood and price range; over spending may not significantly increase your home value. If your home is updated and shows well, another meaning of “needing work” comes from the buyer wanting a turn-key home; and your updates/renovations do match their tastes and preferences.

Another issue to consider is that although your home may be updated and clean, you just may have too much stuff! Lots of furniture, wall hangings, and other stuff can make large rooms feel cramped and small, as well as give a busy and unsettling vibe. If this sounds like your home, consider removing items that can distract and detract from your home’s true elegance and style.

If your home is not getting many showings, another factor to address (independent of price, condition and clutter) is how your home is marketed. If you haven’t done so, look at your MLS listing; are you satisfied with the pictures, and remarks? Keep in mind that about 96% of home buyers search online and make decisions based on what they see and read. Home sellers, like you, are savvy and know that solely hanging a sign and posting a MLS listing is no longer acceptable to market a home. Ask your agent to update you on active marketing efforts, as well as other resources that may be used to market your home, including: local and global networks of agents and buyers; as well as using the internet and SEO (search engine optimization) to get buyers interested in your home.

If you’re home has been on the market for a while, you might consider addressing any of these issues to boost home buyer activity. If you’re considering a sale in the near future; have a plan of action before you list, so your sale does not languish.

July 30, 2014November 23, 2021

The anonymity of the internet has made real estate more personal

It might not be a revelation that the initial news about Zillow’s acquisition of Trulia reverberated among the analysts as a game changer for the real estate industry. But you might be surprised that some commentaries, such as Brad Stone’s of BloomburgBusinessWeek.com (How a Zillow-Trulia Merger Could Finally Change the Business of Real Estate), expressed that the transaction of buying and selling homes has not really changed since the inception of these internet giants.

Compared to 2013, decreased sales volume has made 2014 a challenging year for many in the real estate industry. And contrary to what some believe, the Trulia acquisition may not necessarily be a sign of strength; but rather, it may be sign of continued weakness in the industry. Tim Logan comments on the acquisition in his July 28^th Los Angeles Times article (Zillow deal to buy Trulia creates real estate digital ad juggernaut), “Neither is yet profitable separately, but they hope to save $100 million a year by joining forces and cutting duplicative costs.”

Regardless of the economics behind the acquisition, the significance of Zillow and Trulia (and other similar websites) cannot be underestimated. And although many believed these sites were to have changed the real estate industry in a manner similar to how the internet changed the travel and retail industries; Zillow and Trulia have been leaders in transforming the home buyer and seller experience. And instead of minimizing the importance of the real estate agent; MLS aggregators have become facilitators and part of the home buying/selling process by packaging syndicated MLS feeds and other related information to consumers in a convenient and eloquent way through the internet, while selling services to real estate professionals vis-à-vis subscriptions and advertising.

The general process of buying and selling a home is still somewhat the same as it has been for decades. Before internet access became prevalent, real estate agents mostly met with their clients in person to review available home listings, discuss financing and other related matters. Although many used the technology of the day (fax machine and telephone), the preferred meeting was face-to-face. As the internet flourished, technology adopters were able to correspond with clients via email, text messages, and Skype. And as the technology evolved, so too did the daily business of real estate. Searching for homes became increasingly streamlined, and the flow of documents became more efficient.

Some have made the argument that the internet and related technologies may have been an enabler of the real estate bubble of the early to mid 2000’s. However, the reality may be that the real estate bubble facilitated the growth of real estate aggregators and the use of internet technologies. The proliferation of information at that time, along with the effective use of new technologies, fed house hungry buyers who wanted to be the first to know about a home for sale before other buyers. Internet and cell phone applications were developed to automatically send listing alerts to buyers’ emails and cell phones (technology that is commonly used today and even useful in hot markets where homes sell quickly).

Buying and selling a home is still a personal business. Instead of eliminating the real estate agent; websites such as Zillow and Trulia may have forced the agent to evolve from the information gate keeper to the local real estate expert who can interpret information for clients into meaningful data that can be used to facilitate the buying and selling of homes.

Disclaimer. This article is not intended to provide nor should it be relied upon for legal and financial advice. Readers should not rely solely on the information contained herein, as it does not purport to be comprehensive or render specific advice. Readers should consult with an attorney regarding local real estate laws and customs as they vary by state and jurisdiction. This article was originally published the week of July 28, 2014 (Montgomery County Sentinel). Using this article without permission is a violation of copyright laws. Copyright © Dan Krell.

July 24, 2014December 13, 2022

When selling a home – pictures more important than descriptions

The maxim “beauty is in the eye of the beholder” seems to be applied universally. But the meaning that different people are attracted to different characteristics may be also applied when viewing homes online. Recent research confirms how visual cues can either increase or put off a home buyer’s interest in your home.

Seiler, Madhavan, & Liechty’s 2012 ground breaking research on home buyers’ attention to visual cues deviates from the usual valuation models that focus on the perception of a home’s features (Seiler, Madhavan, & Liechty. (2012). Ocular tracking and the behavioral effects of negative externalities on perceived property values. Journal of Housing Research, 21(2), 123-137). Their study used ocular tracking technology to follow the eye movements of people viewing internet home listings. They found that people tend to spend more time viewing a home’s photos than reading about the property’s features, agent comments and other information; study participants viewed photos 60% of the time.

They concluded that the “percentage of time a person spends looking at the photo of the home” is more indicative of a person’s interest in a home than reading about the property’s characteristics or reading the agent’s descriptions; and it could be inferred that the longer a person looks at a home’s pictures, the more they might be interested in viewing it in person. As a result, the authors recommend that “real estate agents exercise great care when taking good photos of the property before listing a residence for sale.”

Additionally, the study reported some interesting findings about a home’s value relative to negatively perceived features. Negative features that can be changed easily and inexpensively (such as carpets or paint) were not viewed by the study’s participants as a reason to significantly discount a home’s value; however, viewing negative external features that cannot be changed (such proximity to transmission lines or cell towers) is perceived to lower a home’s value.

The study’s findings about visual cues seems consistent with a 2008 Realtor® Magazine article (“How Photos Help Sell Homes”; realtor.org) which indicated that a home’s days on market is drastically reduced when there are multiple quality photos: “A property with a single photo spent 70 days on the market (DOM) on average, while DOM fell to 40 with six photos, 36 with 16 to 19 photos, and 32 with 20 photos…” The same article also reports that your home will probably sell for more if your agent posts multiple quality photos compared to posting only one photo; “listings with one photo sold for 91.2 percent of the original price, while homes with six or more sold for 95 percent of the original price…”

So it seems that Seiler, Madhavan, & Liechty’s findings confirm the conventional wisdom to make your home look its best prior to listing it, as well as well as having the best quality photos posted to your listing. If you’re planning a home sale, consider asking about and comparing agents’ marketing concepts – including photos and video. It is customary for many agents to hire a third party to take and post pictures for the MLS listing and virtual tour. However, even though the posted pictures are high resolution, many MLS photos are distorted and/or do not depict the best viewpoint. To increase interest in your home – ensure that your hi-res photos are high quality by using the proper perspective and highlights the home’s features.

Disclaimer. This article is not intended to provide nor should it be relied upon for legal and financial advice. Readers should not rely solely on the information contained herein, as it does not purport to be comprehensive or render specific advice. Readers should consult with an attorney regarding local real estate laws and customs as they vary by state and jurisdiction. This article was originally published the week of July 21, 2014 (Montgomery County Sentinel). Using this article without permission is a violation of copyright laws. Copyright © Dan Krell.

July 16, 2014November 23, 2021

Reality TV and real estate – is the genre shaping buyer and seller expectations?

Reality TV has been a part of our culture since the 1990’s, and chances are that you’ve watched Reality programming at some time. Reality TV has benefited from the booming housing market of the early to mid 2000’s, when the number of real estate reality shows grew exponentially. Today, real estate related reality TV is prevalent, and you could probably catch one at almost any time of day.

What is it about reality TV, or more specifically – real estate reality TV, that draws us in like a moth to the light? Matthew Wilkinson and Paul Clark suggest in their research (2014. Pay No Attention To The Man Behind The Curtain: The Rejection Of Artifice And The Culture Of Choice. ASBBS E – Journal,10(1),132-143) that our affinity to reality programming is our culture’s desire for “fluid, ambiguous, and amorphous experiences.” And before I embark on their philosophical explanation based on “postmodernism” and its implications, it apparently boils down to our search for “authenticity” and the notion of participation.

Alternatively, Alex Weprin reveals that there is a feeling among programming executives that audiences have become bored by “forced, trite reality shows” and are attracted to TV shows that “feel more ‘real.’” But there’s a limit to “authenticity,” even in reality shows. Weprin quotes Animal Planet President and General Manager Marjorie Kaplan, saying “I don’t know that every nonfiction show is going to be authentic; clearly there is room for wonderfully inauthentic reality TV that we all watch and wink and nod and know is contrived….” (Jan 10, 2010. Cablers target laughs, authenticity, geeks. Broadcasting & Cable).

And why not? “Reality” TV is an escape from monotony and lets us perceive we are participants; real estate reality programming helps us imagine how our homes, our lifestyles could be different. Since the airing of MTV Cribs, we imagined how we could live like celebrities. Home renovation, real estate investing, buying foreclosures, house flipping, luxury homes, and home shopping: there is no lack of real estate related subjects on TV today – and they all seem to make it all look easy and exciting.

But there is a concern by some in the real estate industry that reality TV is doing more than entertaining viewers, it is also shaping consumer expectation. The real estate related reality format is typically a condensed version of the process that highlights only parts of the consumer experience; the portrayed drama in this sub-genre can range from the very subtle to the outrageous.

A recent Realtor® Magazine article highlights professionals’ thoughts on the matter (June 16, 2014. Reality TV Skewing Home Remodeling Picture?); and the consensus is that some consumers demand a similar experience to what they see on TV. Some real estate agents have also expressed concerns about home buyers and sellers whose expectations are not realistic; they want more in an abbreviated span, losing perspective on the elements and time that the home buying and selling process requires.

Maybe the entire genre is misconceived; maybe real estate Reality TV should be more realistic, where the drama is drawn out over weeks and months documenting the excitement and tedium of the real estate transaction. But then again, maybe T. S. Eliot was correct in the characterization (Burnt Norton): “…humankind cannot bear very much reality.” TV may not be genuine about being real, as much as it is about entertainment value.