Use a Professional Photographer So You Can Put Up That “Sold” Sign Sooner!

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There are a number of reasons that some homes are not selling these days.  It can be because of the number of homes in inventory versus the number of buyers in the market at any given time.  Homes can be slow to sell if they are not priced properly or if they are not in selling condition.  And they can also not sell if they are not marketed effectively.

With the advent of the Internet, especially in terms of real estate sales, more and more buyers rely on the first pre-impression they get when visiting online real estate market places. Naturally the very first thing prospective buyers look at are photographs of the home, along with price and basic specs.  If the home does not seem appealing or if the features do not look good in the photographs provided they often just move on to the next shortlisted home on the website tool (for example www.zillow.com) they are using.

How can you avoid being one of those “passed up” homes?  How can you make sure that buyers get a reasonable preview of the home?  And how can you ensure that there is enough interest that they want to go one step further and visit the property?  The answer lies in how you present the home and what type of first impression you are able to provide.

Capturing the Good Stuff and Camouflaging the Not-So-Good

By virtue of their experience alone (though their equipment also lends a significant hand to the quality of their photographs) professionals have a natural eye to capture images in the most appealing way possible.  Whether that means to be able to depict the true size of a room in a photograph or to accentuate the overall look of an area as it relates to other spaces around the room – professionals know how to pull it all together.

Not exactly airbrushing but there are tools and techniques that they use to highlight the more attractive features of a home while downplaying the less desirable things.  Being able to show the light bouncing off granite countertops or showing the entire landscaping of a home in one panoramic shot are things that are not typically easy to accomplish using a standard amateur camera.

Hiring the Right Photographer is Essential

All photographers are not created equal.  While some specialize in landscape photographs, others in commercial and advertising photography and still others in portraits – it is important to identify one that will be able to showcase your home in the best light.  One way to find a good photographer in your area is to contact local or national associations or groups where you may find photographer members who advertise their services by category. Professional Photographers of America is a great resource.  Another way is to contact a local publication that prints the work of an architecture photographer.  If budget is a concern you can get in touch with a local school, community college or university to get in touch with photography students who will likely have professional equipment and better than average skills.

Less Is Not More – Get EVERYTHING Photographed

Be sure to have the entire property adequately photographed.  Even if you do not think the pictures will be needed have them taken so you have them with you in case needed later.  This can also come handy in the future if you need to send additional photos to the buyer’s agent or if you want to enhance your existing listing with additional images of the house.

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Remember that by hiring a professional you are doing the house justice by accurately portraying the home in a way that will appeal to potential buyers.  That is not to say that you should not take pictures of areas of the home that are only average – rather the images taken by a professional will be done in a way that will entice potential buyers into viewing the home and hopefully selling it too!


Images provided by http://www.freedigitalphotos.net/images/view_photog.php?photogid=987

July and August 2011 Market Update for St. Louis City, St. Louis County and St. Charles County

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Home Sales

Our home sales during July and August this year were up a sizable twenty percent this year as compared to the previous year – with 2800 homes sold in 2011.  Last year’s 2300 closings being that many less than this year’s despite the First-Time Homebuyer Credit available in 2010 indicates that our market is performing better than it seems.  Neither year compares well with 2009’s numbers that were at 3500 closings.

Home Prices

No news is good news and this summer’s numbers are just that – with only a slight decrease in home prices, we can rest assured that we are not experiencing any spectacular spikes but neither are we looking at any crazy dips at the same time.  The average home price dropped in 2011 to $192,000 from the previous year’s $194,000.  We can continue to expect to see a flat or declining trend on home values for at least the next 12 to 18 months or so.  Some markets may recover sooner however this area appears to be on track with most of the country.

Projected Sales

Considering that mortgage interest rates remain at all-time, historic lows across the country, we can expect to see better than average activity in the fall season.  If you are considering selling your home, keep in mind that with less inventory and more serious buyers on hand, the chances of your selling the home are fairly high.  Generally, buyers in the market during off-peak seasons tend to be in the market for unavoidable reasons such as job transfer or unforeseen circumstances.

Government-insured loan products continue to provide ample incentives for homebuyers to get in on the action, ranging from very low interest rates, assumable loans, closing cost concessions, renovation loans and more.
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If you are unsure whether or not to sell your home or if you would like to seize the opportunities that present themselves within the current lending market, visit your Realtor for a customized consultation to help decide what are the right steps for you to take according to your own situation and goals.  An in-depth analysis of your home, the neighborhood, values in your vicinity and more – may open the doors to possibilities you may not have realized are out there.  It doesn’t hurt to investigate the options!

Taking An Expired Listing To New Heights – Despite Months of No Success

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Many markets these days are experiencing exaggerated numbers of expired listings – both because of the dwindling economy and also passive marketing techniques on the part of real estate agents. When a listing expires, it means that the property has been on the market for as long as 180 days without any movement toward selling.

To actively avoid prolonged limbo status on listings, it is essential that the listing agent perform key marketing and communication tasks to ensure maximum exposure of the property to potential buyers. Gone are the days when properties sold themselves. Though it is a buyers’ market, buyers are savvy and know they have the upper hand. Through a series of steps taken by a seasoned Realtor, the home has a far greater chance of selling and with a good price.

PITFALLS LEADING TO AN EXPIRED LISTING

There are a few major mistakes made by listing agents and Realtors. To avoid them from occurring again, it is important to understand them so you can recognize them as they may be happening.

Pitfall Number 1: Incorrect Pricing

When you are dealing with an agent who has no idea how to truly research the value of your home, you are automatically setting yourself up for potential failure. Inaccurate pricing is one of the biggest roadblocks to successful sales, since buyers have myriad options to choose from and they can easily move on to another more realistically priced property.

A good Realtor will sit down with you to learn all the details of your home and then conduct an extensive Comparative Market Analysis to determine where your home stands in light of other like-kind properties in the same vicinity. But it doesn’t end there. The next step is to establish a price that will strategically work to achieve your goals as a seller. Your agent will determine your priorities and help you set a realistic price, keeping in mind that he or she will try to get you the best price possible.

Pitfall Number 2: Less Than Complete Honesty

Many times the truth hurts – and especially in the current real estate market, it is a hard truth that home prices have taken a hit recently. Many listing agents find it hard to break it to their clients that the price they are expecting is unrealistically too high or way out of the competitive market’s reach. Despite knowing this, they foolishly keep their clients’ hopes up and list the home at a price that is next to impossible to successfully sell.

As we continue to witness a challenging market, it is imperative that real estate agents share the harsh realities of home selling these days. Good agents who are familiar with their clients’ profile and needs, at times suggest holding off a bit if it is not an optimal time to sell. And if this is not viable, then the agent is open and honest about the price they must set in order to get a worthy offer on the property.
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When you are selecting which Realtor to use to list your home and help you get the property sold, it is essential to find someone with a proven track record of sales, despite the challenging market. You should be able to fully trust your agent and know that you will be told the truth, no matter how hard it may be. Also, experience will translate to knowledge about the market. A good Realtor will help you realistically price your property. Don’t be afraid to ask for a list of the most recent clients for whom the agent you are considering has sold a property. A little bit of proactivity on your part can and will result in months of time and effort saved for everyone.

The St. Louis Mid-Summer State of the Market Report

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It’s no secret that the economy has been on the minds of everyone, in every industry. But in terms of real estate it has hit home – literally. Comparing some statistics from the previous year to this one, we take a look at how our market is performing and try to assess where we are heading as we transition into the next season.

This Economy Hits Home – Home Sales, That Is

In the St. Louis market, we are seeing a downward trend of sales happening for at least two reasons. First, it is fairly expected that as we move into the Fall season, home sales begin to slow down significantly. But on top of that, we are reporting a stronger than average slow down of sales when comparing the figures from 2011 to last year. There are fewer buyers out there scoping out the inventory right now as there were just a few short months ago.

Despite it being the season where sales tend to slow down, we are still witnessing a greater slow down than usual. This is because of the economy especially with the recent volatility we have been experiencing both in the stock market and the jobs outlook.

Interest Rates Are Still Offering Some Good News

Throughout all the market fluctuations, one thing has remained constant for at least a while now and that is the low, low interest rates available these days. The cost of borrowing money has not been so low in decades and when you couple that with the historically low housing prices, it becomes a win-win situation for anyone who is able to buy right now. Throughout almost the entire country, it is still just about the best time to buy – ever.

In some cases we are seeing mortgages being approved for as little as 3.875% on a 30-year fixed mortgage. It does vary but not to a huge degree and the nice part is that since these rates lock in for the entire duration of your term, as our real estate market begins to upswing (which it will eventually), you will enjoy significant savings and/or earnings on the investment.

Sellers Don’t Have It Too Bad Either

While it is clear that the market leans very heavily toward buyers at the moment, sellers do have some advantages as per the current slower selling trends we are experiencing. There are fewer homes on the market so there is a greater likelihood that the buyers that are out there looking to buy will undoubtedly be exposed to your property.

Some key things to remember though:

Be sure to price your home effectively. Pricing too high can make it seem that you are not in a hurry or serious about selling.

Hold at least one or two (or more) open houses so that there is plenty of exposure through all channels, especially word of mouth.

Maintain a well kept and “showable” home that will entice buyers of all tastes. It is essential to remove clutter and personal items and make the home available often.

Seller Strategies That Work, Despite the Slower Market

DON’T WAIT THE MARKET OUT

The important thing to remember if you are looking to sell your home now is that even though there are fewer buyers looking, holding off on listing your home will only decrease your chances of selling the home. Keep in mind that buyers are being offered the lowest mortgage rates ever in a long time and if someone happens upon your home and falls in love with it, the season will not be an important factor. Your not having listed the home will have been detrimental to a successful sale in this scenario.

MORE HOME SALES USUALLY FOLLOW FEWER SALES

Usually a period of growth in sales happens after one or two quarters with fewer sales have gone by. Even though the cooler months are not typically the best time to sell because that is not what the majority of sellers do, it does not mean that there are no buyers looking during this time.

We Are Now Part of An Exclusive Real Estate Team for SportStar Relocation!

We are very pleased to announce our acceptance of an invitation to join the exclusive real estate network SportStar Relocation, comprising of the country’s 50 top selling real estate agents to assist professional athletes with their relocation needs.

We are particularly excited and grateful about this opportunity because this will not only bring more real estate revenue to our St. Louis market but it will also be a great chance to continue serving sports heroes looking for quality homes in our region. This will also open up additional marketing opportunities to the area, regardless of the value of the home, bringing more buyers into our real estate playing field – both athletes and non-athletes alike.

Is Your Realtor the Cream of the Crop or Just Small Potatoes? Here’s How to Tell

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There’s no doubt that there are LOTS of Realtors out there – but how can you tell which ones are the better ones?  With some industry insider information you can definitely have the edge in knowing which one to hire for your needs.  It goes without saying that a better Realtor translates to better results for you, whether buying, selling or even just hanging out in limbo in between.

What Do Top Realtors Do Differently?

In almost every market, the story is the same.  A very small percentage of agents manage a very significant percentage of transactions.  So that means that there are a choice few that end up driving most of the real estate market in the industry.  To distinguish the high performers from the low achievers, there are some key things to look for.

Knowledge and Expertise

Comprehensive knowledge of what’s going on in the industry as a whole as well as in the specific market area where the agent is located is essential.  This is accomplished with a series of analytical tools performed by the agent and their staff.  Some agents engage in online marketing tools designed to study the progress of their area.  Other agents assemble detailed reports that analyze statistics and help determine and predict foreseeable trends.  Another practice of successful Realtors is keeping tabs on active and pending sales, the number of units sold month to month and also year to year, prices, valuations, Days On Market stats and more.

Proactive Approach

Sitting ducks never do as well as the agents that go out and actively grab the business that awaits them.  For sellers, hiring an agent who takes a proactive stance is especially beneficial because these are the agents that go out and grab people’s interest and actively share your listing.  Aggressively seeking a match for their client’s property results in more efficient transactions and obviously far more success.  Buyers also experience major benefits from having a proactive agent.  Constant, regular communication and an understanding of what their clients desire are aspects of a great Realtor and client relationship that result in success on all sides.

Innovation and Adaptability

With the advent of technology, agents that use new tools and techniques end up providing their clients with far better results than those who tend to stick with traditional methods.  Utilizing online technology to the fullest, embedding videos of the home or property, incorporating real-time statistics of the area and more.  Providing insight into key factors that may persuade a potential buyer to move to an area (such as crime rate information or details about area schools, dining and shopping) is also a useful strategy.

Involved and Responsive 

There is a paramount difference between an agent who does not respond to his or her clients’ calls versus one who is ready and available.  With the market as challenging as it is these days, often potential home buyers want to act fast and of course sellers want to capitalize on any offers that may have come in.  Not having a responsive agent can cost a potential seller a good offer or a potential buyer the home of their dreams.  Whether through email, telephone or availability for meetings – it is essential that the Realtor and client relationship be an open and involved one.
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The qualities of a good real estate agent are what can easily make or break a transaction for many homeowners and potential buyers.  With just a little research, asking around and checking references – you can learn of your agent’s track record.  A little work now can mean a huge difference later.

Effectively Selling Your Property Through the Use of Four Winning Marketing Strategies

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Everyone knows that when a seller puts a property on the market, they expect it to sell quickly and yield the best price possible.  But just how simple is that anyway when you’re dealing with the sort of market we are experiencing these days?  Unless carefully planned and well-thought out marketing techniques are not put into action, the chances of realizing the success you set out to achieve in this endeavor can be very shaky.

In this article, we’ve gone through the four “P’s” of Real Estate Marketing and outline each so you can see how together with your Realtor you can achieve phenomenal results despite the weak market.

THE FOUR “P”S OF REAL ESTATE MARKETING

With these four elements, real estate marketing cannot go wrong – Product preparation, Price, Place and Promotion.  With careful synergy of all four, a property will be attractive prior to sale, it will appeal to buyers as realistically affordable, get ample exposure to the market through relevant channels and be well promoted.

Product – Your House

If you want to sell any big-ticket item, it has to be attractive to potential buyers.  When it comes to a house, you need to go the extra mile to make sure to accommodate a host of varying tastes and style preferences.  The walls of a bedroom painted very bright may not appeal to every possible buyer, for instance, plus also not everyone may appreciate pets and the accompanying environment that goes along with them.

You should work to repair all loose ends, complete any outstanding maintenance that may be needed.  Also fix up the house so that when walk-throughs happen buyers are not distracted.  Clutter, personal items or other things that would get in the way of their ability to see themselves living in the home can be very distracting.

Price – How Much Are You Asking?

It is essential to price your home appropriately.  In today’s market especially, buyers have a plethora of choices and if they are put off in the least by your pricing then you stand to risk losing that sale altogether. Instead, have your Realtor conduct a Comparative Market Analysis to determine exactly where your property stands in terms of housing value.  A CMA will also provide you the basis to provide potential buyers with the solid backing of how you arrived at your price and can be especially useful during negotiations.

In addition to conducting CMAs, Realtors also perform a thorough analysis of your property, how it relates to other properties in the area, they look at an appreciation schedule and also gain insight on how your property performed overall in the market during your ownership.  This helps to center on a reasonably accurate price to sell your home.

Placement – Who Is Being Exposed To Your Property Listing?

Buyers hire Realtors to assist them in finding the home that is exactly right for them, based on their formula and expectations.  Agents who represent these buyers rely on being exposed to the properties that are out there.  Aside from their own channels, a seller’s agent should work to expose the property for sale to any and all available channels so that buyers who may be interested are aware of your property for sale.  If a Realtor shortchanges a client on this aspect of the selling process, it can severely affect the chances of success merely because other homes will be in the forefront of those buyers instead.

Promotion – What Are The Most Effective Ways of Promotion?

The final step to effective real estate marketing is promotion.  This is not the same as placement, in that promotion works from all sides of the equation.  An experienced listing agent will bombard dozens and dozens of websites with your home’s details, enticing possible buyers with professional photographs and colorful language.  Highlighting the best features of your home while downplaying less-than-desirable aspects are all tools used by an effective real estate marketer and one who understands the buyers’ market as well.

Promotion is not just limited to listing a home on listing services.  Effective promotion, particularly these days utilizes technology like Facebook, real estate websites and more.  Also, word of mouth plays an important role in the success of a sale.
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As with anything that entails professional analysis, it is important to select someone who has plenty of experience, is local and familiar with the area on a first-hand basis and someone you trust.  Realtors are not all created equal.  While some have been boasting sales for years and years, they may not have particular expertise in the areas that you need as a seller.  It is important to choose someone you know, trust and has a reputable background that is reliable and proven.

Valuable Real Estate Industry Insights Help You Buy and Sell Better

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Remember one very important thing:  Real Estate is LOCAL.  There is a lot of expert talk about how the property market vastly varies from one region to the next – and surprisingly it can even be so within a particular area.  Here are some of the things we see happening at this mid-year time when buyers are on the prowl, sellers know this is the time buyers are looking and agents are looking ahead to the next season.

Home Price Déjà vu
In many markets we are seeing home prices going back to levels that we last experienced in 2003.  The biggest impact this has on existing homeowners who may have purchased a home back then, is that their home is still valued the same and little to no gain has been achieved on the investment.

Prices Within An Area Vary

Though the general consensus is that home prices have reverted back to figures last seen about eight years ago, home prices are definitely fluctuating within one area.  We are seeing variation from one school district to the next or different neighborhoods in the same city.

How To Gain The Advantage

As a seller of a property you will most likely need to gain the most leverage possible and be able to get something worthwhile for your property, especially these days in light of the dip in home prices.  The single best way to achieve this is through an experienced, reputable Realtor who is knowledgeable and understands well how to negotiate a selling price.  The key is finding a successful Realtor with a proven record that speaks for itself.

Strong Marketing Can Offset Dips in Home Values

If your property is being marketing in an effective manner and your listing is being channeled to a very specific target market then low home prices is something that can be offset by other successes.  A good Realtor who knows their trade, and knows how to market your property effectively can yield a greater number of offers on your home, sell it in fewer Days On Market and help in negotiating other aspects of the contract.

Buyers’ Good News Still Going Strong

So far, so good.  Nothing has changed on the real estate front for buyers.  Though there is no telling when all this will suddenly come to a halt, the current trends for buyers continue to keep going strong.  Lower interest rates than we have seen in several decades, a plethora of property listings on the market to choose from and other great incentives make this the best time to be on the buyer’s side of the fence – ever.
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For insights specific to your own area, make the effort to locate those special Realtors who stand out from the rest.  The ones who sell homes often and do so successfully.  They will surely help you add your home to the list of their successful transactions!