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.

The post Why Isn’t Your House Selling? appeared first on Southwest Florida Real Estate from Sandra Rubinstein.

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.

The post “Sale Pending” Now What??? appeared first on Southwest Florida Real Estate from Sandra Rubinstein.

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.

The post Why Use A REALTOR (TM) When Selling Your Home? appeared first on Southwest Florida Real Estate from Sandra Rubinstein.

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.

The post DO YOU KNOW WHAT YOUR HOME IS WORTH appeared first on Southwest Florida Real Estate from 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.

The post No Tax Breaks For Home Sold “At A Loss” appeared first on Southwest Florida Real Estate from Sandra Rubinstein.

1. Why did you become a real estate agent?
2. Why should I work with you?
3. What do you do better than other real estate agents?
4. What process will you use to help me find the right home for my particular wants and needs?
5. What are the most common things that go wrong in a transaction and how would you handle them?
6. What are some mistakes that you think people make when buying their first home?
7. What other professionals do you suggest we work with and what are their credentials?
8. Can you provide me with references or testimonials from past clients?

The post Eight Important Questions to Ask Your Real Estate Agent appeared first on Southwest Florida Real Estate from Sandra Rubinstein.

Exterior

• Keep the grass cut and remove all yard clutter.
• Weed and apply fresh mulch to flower beds.
• Apply fresh paint to wooden fences.
• Tighten and clean all door handles.
• Clean windows inside and out.
• Powerwash home’s exterior.
• Ensure all gutters and downspouts are firmly attached and functioning.
• Paint the front door.
• Buy a new welcome mat.
• Place potted flowers near the front door.

Interior

• Evaluate the furniture in each room and remove anything that interrupts “the flow” or makes the room appear smaller. Consider renting a storage unit to move items off-site.
• Clean and organize cabinets, closets and bookshelves.
• Clean all light fixtures and ceiling fans.
• Shampoo carpets.
• Remove excessive wall hangings and knick-knacks.
• Repair all plumbing leaks, including faucets and drain traps.
• Make minor repairs (torn screens, sticking doors, cracked caulking).
• Clean or paint walls and ceilings.
• Replace worn cabinet and door knobs.
• Fix or replace discolored grout.
• Replace broken tiles.
• Replace worn countertops.

Special details for showings

• Turn on all the lights.
• Open all drapes and shutters in the daytime.
• Keep pets secured outdoors.
• Buy new towels for bathrooms.
• Buy new bedding for bedrooms.
• Replace old lamps or lampshades.
• Play quiet background music.
• Light the fireplace or clean out the ashes and light a candelabrum.
• Infuse home with a comforting scent, such as apple spice or vanilla.
• Set the dining room table for a fancy dinner party.
• Vacate the property while it is being shown.

The post Increasing Your Home’s Appeal appeared first on Southwest Florida Real Estate from Sandra Rubinstein.

• The home’s condition
• Asking price
• Marketing strategy

However, it’s important to note that there are numerous other factors that influence a buyer, and you need to understand these consumer trends when you enter the sellers’ market. The more your home matches these qualifications, the more competitive it will be in the marketplace. Your real estate agent can advise you on how to best position and market your home to overcome any perceived downsides.

Location
Unfortunately, the most influential factor in determining your home’s appeal to buyers is something you can’t control: its location. According to the National Association of REALTORS(r), neighborhood quality is the No. 1 reason buyers choose certain homes. The second most influential factor is commute times to work and school.

Size
While some buyers want to simplify their lives and downsize to a smaller home, home sizes in general have continued to increase over the decades, nearly doubling in size since the 1950s. Smaller homes typically appeal to first-time home buyers and “empty nesters,” or couples whose children have grown up and moved out.

Amenities
Preferences in floor plans and amenities go in and out of fashion, and your real estate agent can inform you of the “hot ticket” items that are selling homes in your market. If your home lacks certain features, you can renovate to increase its appeal, but be forewarned: That’s not always the right move. Using market conditions and activity in your neighborhood as a gauge, your agent can help you determine whether the investment is likely to help or hinder your profit margin and time on the market.

The post Understanding the Buyer appeared first on Southwest Florida Real Estate from Sandra Rubinstein.

The aggressive agent
When your agent puts your house on the market, typically all promotional materials state clearly that your agent is the primary contact for buyers and buyers’ agents. However, sometimes a buyer’s agent will contact a seller directly to try to either win over their business or cut the seller’s agent out of the deal. This is not reputable behavior and you should report it to your agent immediately if it happens to you.

The unscrupulous vendor
Have you ever started a business or moved into a new house and suddenly found your mailbox full of junk mail? Unfortunately, this also can happen when you put your house on the market. When you sell your home, it necessitates all kinds of new purchasing decisions and less-than-ethical vendors are keenly aware of this. Though MLS organizations enforce rules on how posted information is used, some companies have found ways to cull information from various sources to produce mass mailing lists. If you find yourself regularly emptying your mailbox of junk, let your agent know. He or she can tap the appropriate sources to prompt an investigation into the matter.

The naïve buyer
Yard signs, Internet listings and other advertisements can generate a lot of buzz for your home. Some prospective buyers — particularly first-timers — will be so buzzed to see your home that they’ll simply drop by. If this happens, no matter how nice these unexpected visitors are, it’s best not to humor their enthusiasm by discussing your home or giving an impromptu tour. Instead, politely let them know that your real estate agent is in charge of scheduling tours and provide them with the agent’s contact information. If you attempt to handle these surprise visits on your own, you might inadvertently disclose information that could hurt you during negotiations down the road.

The post Practicing Good Seller’s Etiquette appeared first on Southwest Florida Real Estate from Sandra Rubinstein.

Here are some points to consider:

Time.
Time is not on your side when it comes to real estate. Although many factors influence the outcome, perhaps time is the biggest determinant in whether or not you see a profit and how much you profit. Studies show that the longer a house stays on the market, the less likely it is to sell for the original asking price. Therefore, if your goal is to make money, think about a price that will encourage buyer activity (read: fair market value).

Value vs. Cost.
Pricing your home to sell in a timely fashion requires some objectivity. It’s important that you not confuse value with cost – in other words, how much you value your home versus what buyers are willing to pay for it. Don’t place too much emphasis on home improvements when calculating your price, because buyers may not share your taste. For instance, not everyone wants hardwood floors or granite countertops.

Keep it simple.
Because time is of the essence, make it easy for the buyers. Remain flexible on when your agent can schedule showings. Also, avoid putting contingencies on the sale. Though a desirable move-in date makes for a smoother transition between homes, it could cause you to lose the sale altogether.

The post How to Price to Sell and Still Make a Profit appeared first on Southwest Florida Real Estate from Sandra Rubinstein.