Handling home buyer feedback

home buyer feedbackYou’ve spent months preparing your home by de-cluttering, painting, and maybe even making renovations; the last thing you want to hear are objections from home buyers why the home is not suitable for them. Obviously, you’ve had years of enjoyment and you’re thinking about all the benefits the home offers. However, getting honest home buyer feedback when they visit your home is invaluable information to help get your home sold.

Asking for home buyer feedback is one of the tasks that your agent performs throughout the listing period. However, soliciting feedback from agents who bring buyers to your home is often hit or miss; although many agents offer good and honest feedback, just as many don’t respond (for various reasons) to feedback requests unless their buyers are interested in the home. Additionally, home buyer feedback is solicited when they visit open houses and includes questions such as: “What do you find most appealing about the home?”; “What do you find least appealing about the home?”; and “Is the home priced right?”

Ok, it’s nice to hear the good things people have to say about your home; these are obvious benefits and what others find appealing. Buyers may list various home features, upgrades, and/or renovations as appealing or beneficial; but it is also important to put weight on the negative feedback too. All the de-cluttering and neutralizing can make a home look good, but it may not change home features that do not fit other’s needs. Likewise, making cosmetic and minor repairs also increases your home’s appeal; but may not make obsolete systems acceptable.

One of the most common pieces of feedback you might encounter is about the home’s price. Since home buyers typically view similar homes, you get perspective about how you priced your home compared to other similar homes. If there is overwhelming feedback that the home is overpriced, then you should consider reviewing additional comps with your agent and correct the price as needed. It is also not uncommon that buyers may feel that the home is priced well, but for various reasons they are not interested in making an offer.

Keep in mind that the feedback you will receive is subjective and offered from various points of view, so don’t be surprised with seemingly contradictory objections from different home buyers. Some objections can be addressed readily while others cannot.

For example, objections about the size and/or location of the home or yard are not easily overcome; and it may be that buyers offering such objections are looking at the wrong home. However, objections about shabby flooring or lack of updates can be addressed by either taking action or changing the list price to reflect the home’s condition.

Sometimes in pushing their client’s limits, home buyer’s objections may actually be a commentary on their limitations rather than the home’s attributes. In the hopes of getting a great deal, buyers are taken to view homes that are out of their price range and/or in need of updates they cannot make.

Buyer and agent feedback is the easiest way to gauge how your home is positioned in comparison to your competition on the market. Clearly, the home’s positive attributes and benefits should be highlighted as these items would be appealing to home buyers. However, buyer objections should also be considered and addressed if possible to help facilitate a sale.

Original located at https://dankrell.com/blog/2013/05/31/handling-buyer-feedback-and-objection-for-home-sellers/

By Dan Krell

This article is not intended to provide nor should it be relied upon for legal and financial advice.  Using this article without permission is a violation of copyright laws. Copyright © 2013 Dan Krell.

Downsizing is the new real estate trend

Looking to lower expenses, homeowners are looking to downsize

by Dan Krell, Realtor &copy 2009

When you think of downsizing, you might think of empty nesters trading down from a suburban home to a smaller, more convenient condo. The downsizing stereotype has long gone by the wayside as downsizing isn’t just for older adults; downsizing has become the focus of anyone wanting to pare down their expenses.

Looking for ways to save money in the current economy, many home owners are re-evaluating their expenses- including their mortgage. The rally cry of “bigger is better” is no longer heard from home buyers. Even home owners are discovering that “less is more;” the less the mortgage payment, the more cash they have at the end of the month for such items as savings, travel, or paying down debt.

The benefit of downsizing is not just the potential of lowering your monthly mortgage obligation; the property tax, maintenance and utility bills are typically scaled down along with the home. In order to gain the financial benefits of downsizing, finding the right home to meet your needs is important. When searching for your new home, considerations in size, style and location will not only affect your financial picture but your lifestyle as well.

Your first thought might be to look into condos because of the low maintenance and convenient living. Nevertheless, the low maintenance and convenient amenities come at a price in the form of a condo fee, which can sometimes negate the savings of downsizing. Additionally, downsizers often experience “size shock” due to the limited living area and scant storage that a condo offers.

Other downsizing options may include a townhome or a smaller single family home. You might find these options more appealing because there is no condo fee associated with this type of housing (although there may be a HOA fee). Even though you are seeking to reduce your “housing footprint,” these options seem roomier than most condos; however, these homes typically have higher maintenance and utility costs than a condo.

Another consideration of downsizing is that you will most likely have to downsize your possessions as well. The first step, as with any home sale, is to reduce your clutter. Going through all your items in storage and throughout your home to dispose, sell, or donate items that you do not use and will most likely not use. A widely accepted de-cluttering tip is to identify and discard items you have not used in a year or more. Items once thought of as collectibles and keepsakes may now seem just a token of a forgotten time. As you soon realize that items such as pieces of furniture, forgotten collections, and tacky beach gear won’t make the trip with you to your new home, you will most likely feel the ambivalence of holding on vs. freeing yourself from the past.

It is important for you to discuss downsizing with your financial adviser, accountant and/or financial planner to see how it fits into your larger financial picture. After looking at the numbers, you may realize that downsizing may not be for you because there may not be enough savings from downsizing, you may not be able to net enough from your sale, or you simply owe more on your mortgage than the value of your home.

This column is not intended to provide nor should it be relied upon for legal and financial advice. This article was originally published in the Montgomery County Sentinel the week of June 8, 2009. Copyright &copy 2009 Dan Krell.