Tuesday, January 27, 2009

"But I've Got an Appraisal...."

Many times I hear this from customers who want to list their home. "...I just had an appraisal, and it was..." Why doesn't that make a difference about what the house is 'worth'? Because we don't know what your house is worth....what determines worth is what a buyer is willing to bring to the table after your home has been suitably exposed to the marketplace. This means that you must put the property into the MLS at a good comparative price based on an expert Realtor® opinion, make sure the MLS information is correct, and qualify each and every buyer that comes through the door. The Realtor® opinion is based on what experience and knowledge of the marketplace, what buyers are looking for and the current market mood and conditions. Even though it is a fact that appraisers will use the same data to come up with a value for the property, that value is based on an "intended user, intended use" theory. It means that most likely you had the appraisal done for the purposes of a refinance or an estate evaluation. The "intended user" was the bank or the estate planner. The "intended use" was for allowing for a distribution of funds to the interested parties. When an appraisal is done after a buyer is procured and an offer has been accepted, now the use is for substantiation of a purchase offer, and the user is the lender who is lending money for the loan. The market value has generally been determined by the willing buyer/willing seller. So - when you are going to market your home for sale - the market value is where the buyers find it to be.

Tuesday, January 20, 2009


My Facebook connection - what a great way to share information, news and updates with your friends. Linda DeVlieg's Facebook profile

Friday, January 16, 2009

What happened while I wasn't watching?

What the heck happened to gas prices in Albuquerque while I was at a real estate seminar? I leave at $1.49 a gallon and come back to $1.79 a gallon. Tell me there is a reason - good thing we work electronically so that driving isn't so essential.

Wednesday, January 07, 2009

How do I get my home sold?

I'm asked - How do I get my Albuquerque home sold? Simple - a few things that are very important. 1. Hire a great broker to represent you. This doesn't mean they have to have the BIGGEST numbers, but they have to be active in the market enough to know the most recent in's/out's...things to be careful of - for example a very big, long time inspection company just closed it's doors today. You need a broker that is on top of this kind of information to guide you through the process. They have to be busy enough in the market on a daily basis that they have the latest mortgage information, title information - and since we are in the information age - that means every day! It isn't just about putting the home into MLS and letting it sit. They have to help you through the decisions. 2. Stage your house so that there are no objections. We can't help it if you have a strange floorplan, it won't be strange at the right price for the right buyer, so if you get those kinds of objections - hey, nothing you can do! But - don't show the house with dirty carpets, laundry on the floor, dirty dishes in the sink. Your house has to look like a model home. Remember how nice it was when you walked into the builders' new homes? (Remember what those were like?) 3. Finally - and this is the one thing that might just turn some of you straight away from this blog - PRICE! When I say price, I mean PRICE! Don't compete with your neighbors for the same price because your "home as the best blinds" or the "best appliances", or you did a heating system upgrade. Those things don't matter for a few thousand dollars. Remember - ACTIVE LISTINGS FOR SALE ARE HOMES THAT NOBODY HAS WANTED! You don't want to be one of those. You want to price your home ridiculously low - YES I said ridiculous. You need to have a buyer say "that's ridiculous! I can't let this one go away!" If you have equity in the home enough to list your home 20% lower than anyone else, then do it! Don't wait for the "market to catch up" or get better. Hey, it's not going to happen for a very long time. Some areas have an 8 month supply, and guess what - when those buyers finally see your home after 8 months, guess what they are going to offer. I've been seeing homes go into PENDING status after triple digit 'days on the market', but I can also tell you when you look at the history you see multiple price reductions and when you check the closed will be low. If you don't do this, and you have to sell (and I'll cover that later) are going to keep making payments until it does sell, and you have to factor into how much you think you have "lost"..that figure becomes the amount it has cost you. You haven't lost anything if you unload this off the inventory and off your your books. Some insurance companies will no longer cover your home if it is not occupied. Factor that in, too. You don't owe anything? See above about insurance. MAKE SURE YOU HAVE TO SELL THE HOUSE - if you think you might want to sell and think you saw another house that you might want to is not the time unless you really want to move this home off the books and you want to get a screaming deal on the new home. That can be done - but you have to be ready. Okay, now that's been harsh, but it is the reality. It's not all about marketing - it helps alot only if the broker you have hired doesn't do it well. It's not about how many people a company is moving in - all of the buyers will have a representative to help them find a home. Your job and mine is to make sure that home is available, staged perfectly and priced crazy! Don't let them say no - don't give them a reason to look the next day.

Tuesday, January 06, 2009

Selling Your Albuquerque home!

Here's a brief overview of my Marketing Plan for getting your Albuquerque home sold - these are the basics of my Marketing strategy

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