Home Seller Resources | Southwest Florida Real Estate from Sandra Rubinstein

Why Isn’t Your House Selling?

Published on October 2, 2018 by Sandra Rubinstein

You bought your house long ago. You’ve enjoyed many happy years there. But now it’s time to upsize, or downsize, or build your dream home, or move to the mountains. So you meet with a few Realtors, pick one, and sign a listing agreement. You cleaned your house, maybe had it repainted. You spruced up the yard.

And now, months later, your house still hasn’t sold.

There are many reasons your house might sit unsold for longer than expected. It’s possible that more than one reason applies. Talk to your agent about what the problems could be and what steps you or your agent can take to get that “SOLD” sign up.

Price

If your house is overpriced for what it is and the area it’s in, it’s not going to sell at your asking price. You will likely lose many potential buyers who conduct their home searches based on the price range that fits their budget. If they can afford $300,00 to $350,000, but you listed your $350,000 house for $400,000, it’s not even going to turn up in their searches. If you’re getting a fair amount of interest — buyers are inquiring, they’re coming to look at it, but they’re not making offers — that can be another sign that you’ve priced it too high. Or you’ve received a few offers, but they’re clustered around a price point below your asking price. Or perhaps the house prices have dropped since you listed your house. You and your agent might want to take a long, hard look at your asking price, and consider dropping it.

Marketing

Is your home’s listing, as it appears in the MLS, complete and accurate? Does the listing accurately reflect that the house has an in-ground pool with a screen enclosure? Are key room dimensions included? The whirlpool bath and dual sinks in the master bath? The granite countertops and double oven?

Are the listing photos good quality, crisp and clear, and do they show all the visually important features? Was the litterbox removed from the utility room and the kitchen counters cleared off and cleaned before the listing photos were taken?

A poor listing can cause many potential buyers to cross your home off their list of properties to visit. Even worse, it can keep them from even being aware of it at all — for example, if they’re searching only for homes less than 10 years old, and yours is 5 years old, but your agent failed to include the year of construction in the listing. Or failed to include the fact that it has a pool, or that it’s waterfront, or that it has a 3-car garage. You and your agent might want to sit down and do a thorough review of the listing to make sure that all relevant information is included.

Staging

Of course you cleaned your house thoroughly, and you work hard to keep it clean so that it can be available for showings on short notice. But have you packed away your lifetime collection of 250 kewpie dolls? Have you removed or repaired old worn furnishings? Do you have smelly litterboxes in the bathroom or utility room? Is the refrigerator plastered with your grandchildren’s drawings? Buyers need to be able to envision themselves living there, and if the house reflects too much of you and your family, they might not be able to see past your things. You might want to consult with your agent about how you can better stage your home to make a better impression on buyers.

Showings

Do you vacate the home when buyers arrive, or do you stay there and — even worse — follow the buyers around from room to room talking about your house? Are you flexible on showing times and advance notice? While it’s common courtesy for the showing agent to make an appointment as far in advance as possible, sometimes the buyers may be on a tight schedule. Do you crate your pets prior to showings? Some pets might need to be removed from the house altogether before showings.

The House Itself

Does your agent repeatedly get the same negative feedback about that water stain on the living room ceiling, or the broken garage door opener, or the leaky faucet in the bathroom? That’s valuable feedback you’re receiving about why your house hasn’t sold yet. Do something about those problems. If the complaints are about aspects that you can’t fix, such as lot size or location on a busy street, it might be time to lower the price to reflect that.

Your Agent

Does your agent respond to inquiries promptly? Is your agent taking steps beyond listing your home in the MLS to get it out in front of potential buyers? Does your agent keep you informed of buyer feedback and market changes that could affect your house’s selling potential? Does your agent make staging or repair suggestions to you about what you can do with your home to improve its appeal to buyers? Does your agent keep an eye on other homes for sale in your area to know what’s selling and at what prices?

Timing, and the Market

There may be factors outside anyone’s control that can affect how long it takes to sell your house. Here in southwest Florida, unlike much of the country, the winter months are the prime real estate season. While real estate does get bought and sold in the summertime, buying and selling activity increases significantly during the winter. If you first listed your home for sale in June, there will be fewer potential buyers during those first few months it’s on the market. Other market factors come into play too: If your waterfront home sits on a canal that’s filled with dead fish from this year’s red tide, it’s just not going to be as attractive to buyers as it would be otherwise. It might be that your only options are to wait things out, or, if you’re in hurry to sell, lower the price to a point that someone will buy it.

The Bottom Line

The fact is, if you listed your home for sale for $100, it would sell in a heartbeat. If you’re not getting realistic offers at or near your asking price, either your price is too high, or there are other problems that are keeping it from selling. You can either address those problems, or reduce the price. Your first step should be talk to your agent about your concerns, so that together you can put together a plan of action to get your house sold.

“Sale Pending” Now What???

Published on March 19, 2017 by Sandra Rubinstein

You have worked hard. You have lived in your home for months as if you were living in a china closet so that you were ready “to show” at a moments notice. Heck, your home should have been on “HGTV”! You and your Realtor have negotiated the sale contract so that everyone is reasonably satisfied…now, what could go wrong? If you have an astute agent you should be able to avoid some of the pitfalls that are outlined below.

1. Make sure the “deal” is real: For instance, if the sale is contingent that the Buyer’s house most be sold before closing on yours, their home should already be on the market in order to avoid protracted delays in your closing or outright cancellation, as the Buyer has not been able to sell their property and cannot qualify for a mortgage without the sale of their property.

2. “Show Me The Money”: Before you counter-offer or sign the Sale Contract your agent should ask for “Proof of Funds” for the escrow deposit and the funds necessary for closing/whether a cash transaction or financed. If the property will be financed, the buyer should present you with a “Pre-Approval” letter from a lending institution for the amount they have preliminarily been approved for. (Not “Pre-Qualified” but “Pre-Approved”. This is not by any means a guarantee, but this does meet a higher level of credit worthiness)

3. Home Inspections: Please get them done early! 10-15 days from the time everyone signs the contract (Execution Date) should give the Buyer plenty of time to schedule the inspections. If you know of anything that needs to be repaired-address it-assume the Inspector will find it. A licensed Inspector is paid to find it! If there is something that you know of and are not willing to address it disclose it, even if your contract is an “As Is” contract. Being pro-active and up-front is always best.

4. Appraised Value: If your Buyer is applying for a mortgage, know that the lending institution will preform an Appraisal in order to establish the value of the property. The lending institution will not lend the Buyer more money just because you painted it the most designer forward architectural color or have the most beautiful flower beds. Be realistic in your conversation with you and your agent in order to establish the correct market value. If your home does come in with a low appraisal, you can have another, outside, appraisal done (more than likely at your expense) present it to the lending institution-they might accept it, lower the price or the Buyer can bring more cash “to the table” if feasible. Any one of the remedies may be used or a combination of all three might be utilized to finalize the deal. Remember, if the Bank’s appraisal came in low, you will probably face the same issue with the next Buyer, if they are financing.

5. Homeowners and Condominium Association Documents: Sellers must make the By-laws, Amendments and Financials available to the Buyer preferably before they make their final offer. If something comes up that the Buyer cannot live with (i.e. can’t park their boat or motorcycle in the driveway or no pets, their Attorney or CPA is uncomfortable with the language or the financials) you are not taking your home off the market just to re-list it a couple of weeks later.

At all times follow the guidance of your Realtor. Their experience is what you are paying them for.

Why Use A REALTOR (TM) When Selling Your Home?

Published on September 30, 2015 by Sandra Rubinstein

As we are heading into “Season” here in Florida many of you are probably considering going the “For Sale By Owner” route; after all how hard can it be & I can save a bucket of money? Admitting to a professional bias- here are some facts that you should consider while evaluating your choices.

1. REALTORS (TM) are trained & are up to date in the most current regulations that apply to your transactions from the initial listing & realistic, comparable market value driven pricing of your home, the marketing of your home, to ultimately, the negotiating of offers, contingencies & concessions, to the drawing of the type of the Purchase Contract. (Here in Florida, REALTORS (TM) are authorized, trained & licensed to prepare contracts and the various other documents that cover the Sale & Purchase of your home.)

2, In today’s word-wide internet web-based world approximately 92% of all initial interest in your home will originate from the internet. To get the most from your listing you must be prepared to syndicate your listing across complex multiple websites & syndications. REALTORs (TM) will execute this but in addition will insure that the images & videos of your home will be professionally executed-this is not the time to rely on your cell phone! The photographs & images should be formatted not only to feature your home @ its best advantage, but should also be designed to reach the largest audience on an emotional level.

3. Your REALTOR (TM) will offer suggestions as to how best prepare, stage, & if necessary, make necessary repairs or cosmetic modifications to make your home attractive & desirable. Pet & smoke odors, lighting, decluttering of countertops & closets, & an over-abundance of Family photos all can lead to a negative “First Impression” or a psychological “Turn-Off” where the Buyer cannot envision their lives in the home you are trying to sell, & walk-out.

4. Your REALTOR(TM) will get the Buyers through your door by targeted marketing, advertising, conducting & following up on leads generated by “Open Houses”. Your REALTOR(TM) will also be your intermediary between you and potential Buyers when scheduling individual appointments. Your REALTOR(TM) will also weed through the “just looking” vs. the serious motivated Buyers by asking “Pre-Qualifying” questions as to their projected timing, what features they are seeking from their purchase & most importantly, whether the have the financial standing or do they have specific contingencies that need to be met. i.e. Does the Buyer need to sell an existing property in order to move forward in purchasing yours? Is the Buyer planning to purchase your property either directly through cash; with “Proof of Funds”, or have they been “Pre-Approved” by a Financial Institution?

5. Your REALTOR (TM) will objectively negotiate between you and the potential Buyer. Your REALTOR (TM) has a fiduciary duty to you to represent you and/or the Transaction fairly & confidentially. If you should receive multiple offers on your property the REALTOR (TM) will assist you in understanding what truly is the “Highest & Best”. The highest price offered is actually not always the best offer, given Buyer demands or additional contingencies. “Closing” can be quite confusing in terms of the process and the actual paperwork. Your REALTOR (TM) has “closed” many transactions and will be there for you to explain the process & guide you every step of the way!

Finally, a good REALTOR (TM) will provide knowledge, experience, relationships with other Professionals in the field, and will help secure the best price for your home with minimal stress & hiccups from the Listing to the Closing.

DO YOU KNOW WHAT YOUR HOME IS WORTH

Published on July 5, 2015 by Sandra Rubinstein

Many homeowners over estimate the true value of their home by at least 8%.

A new statistical study published in the Journal of Housing Economics and a study that syncs with Quicken Loans found that there is a widening gap by the average homeowner between what the homeowner actually thinks what his/her home is worth & actual market value, erroneous estimations of their capital gains, and/or over estimations when a homeowner applies for refinancing and the home is appraised for the qualification of the loan product.

So where do we err when it comes to the valuation of our asset?

1. Unrealistic expectations of how much improvements actually add to the valuation of the property. In a 2015 “Cost vs. Value” study by Remodeling Magazine & member of the National Association of Realtors found that many high ticket improvements don’t come close to paying off what they cost, Example; a major kitchen project could return 67.8% in resale value. A back up power generator-57.8%

2. Another issue is the “over-improvement” of the home in comparison to you neighbors/neighborhood. When you renovate to the level that the other homes in your neighborhood do not share in you will not recoup that extra expense/but you will enjoy the improvement while still residing in the home.

So if you really want to know what your home is worth please speak to a reputable REALTOR(tm) (or a few) who will perform a true valuation of your property in terms of what has sold & what is currently on the market within your area or hire a licensed appraiser who will perform an independent valuation.

No Tax Breaks For Home Sold “At A Loss”

Published on May 8, 2015 by Sandra Rubinstein

Would you want the bad news first or the good news???

On cannot take an IRS loss deduction on the sale of your Primary Residence; as it was not owned for “investment” purposes. BUT there is a bright side, if you qualify:

In the ownership of a Primary Residence, you may exclude from profit up to $250,000.0k-if single or $500,000.0k-if married on the sale of a Primary Residence that you occupied for 2 out of 5 years.

As always, protect yourself; seek the advise of a Tax Professional.