When you’ve done everything to get your home ready to sell and it just isn’t moving, it’s time to think about your next move.  It’s important to know when to adjust the price, especially in declining markets and buyers’ markets.

In his Real Estate Blog, LeRoy Houser provides some clues that it’s time to drop your listing price.

Related...

• June 10, 2010 -- Existing Home Sales Rise in April
• March 30, 2010 -- Sellers: Avoid These Pricing Mistakes
• August 25, 2009 -- The Market: on a Road to Normalization?
• December 19, 2008 -- Not Happy With Your Hamilton County 2008 Market Value?

Many companies offer relocating employees a bonus for selling their home quickly, as part of the benefit package.  The Amy B Sells Team will ensure your house sells as fast as possible to help you get your relocation pre-buyout bonus.  Our team has an average of 35 days on market for our listings and sells those listings at an average of 97% of the list price.  Nearly every time we sell a home, we beat the area’s average list to sale rate.  Let us help you sell fast and for the most money!  Amy focuses 100% of her time on the listing side of the business, and with a focus like that you get results!

☐ GET A STORAGE UNIT

☐ KEEP EVERYTHING CLEAN

Outdoors

☐ Clean and revitalize front door and surrounding area
☐ Clean up deck/patio/porch
☐ Remove all outdoor trash
☐ Put away outdoor tools, toys and other clutter
☐ Make gardens look maintained and not dead
☐ Get a new large doormat
☐ Install outdoor lighting if needed
☐ Find a home for garbage cans
☐ Make garage look clean and large
☐ Complete all lingering outdoor repairs
☐ Spray off siding, and use a cleaning agent if needed
☐ Keep the house/driveway/walkway hosed down as needed
☐ Repair cracks in walkways and steps
☐ Clean gutters (and reroute them if they are causing a leaky basement)
☐ Mow your lawn and keep it weed free and green
☐ Trim hedges and put mulch around trees and shrubs
☐ Keep drive and walkways free of snow if applicable
☐ Arrange for these things to be done for showings if you are an absentee seller

Indoors – General

☐ Remove all dirt and grime from every part of your home
☐ Vacuum and dust continually
☐ Tackle all odors and freshen before showings with potpourri or fresh baked cookies (Avoid air fresheners, which are too strong)
☐ Make any needed minor repairs around the home: tighten, patch, replace, etc
☐ Consider putting some furniture in storage: start with large items, dated pieces, or those that lack purpose
☐ Arrange rooms with a clear purpose and natural flow, and maximize space
☐ Store any extra televisions (in kitchen or bedrooms) if possible
☐ Remove as many indicators of your pets as possible, and limit to one area
☐ Make plans for you and pets to be out of the home for showings
☐ Replace burned-out lightbulbs
☐ Assure that maximum light is coming through all your windows
☐ Clean windows and window treatments
☐ Touch up all scratches on walls and/or do fresh coats of paint where needed
☐ Fill nail holes or cracks

Living Areas

☐ Pack away all personal photos, you can replace some with more artistic photos
☐ Remove knickknacks and keep decor taste-neutral
☐ Add fresh flowers to an area
☐ Tidy up entertainment centers, eliminating messy cords and extra DVDs, etc.
☐ Clean up magazines, newspapers and mail
☐ Clean carpets and polish up hard floors
☐ Consider replacing heavily worn or damaged carpet/flooring
☐ Expose original hardwoods if covered by carpet
☐ Find a place for all toys and kids’ items, and limit these to their rooms/playroom

Kitchen/Dining

☐ Scrub all kitchen surfaces
☐ Eliminate most countertop appliances to maximize space
☐ Clear fridge of magnets and papers
☐ Consider new kitchen hardware or faucet if room looks dated
☐ Hide kitchen garbage, or invest in a high quality lidded garbage can
☐ Clean out pantry and cabinets and arrange to maximize space
☐ Keep refrigerator neat and odor-free
☐ Tidy up drawers, and use drawer organizers if necessary
☐ Make the table inviting with a centerpiece, place mats or table runner
☐ Clean or repair any damaged or stained grout/caulk (kitchen and bathroom)

Bathroom

☐ Shine up bathrooms, remove any stains, and keep waste emptied
☐ Consider replacing one or two fixtures in dated bathrooms, such as faucet, sink, hardware, etc.
☐ De-clutter bathroom of toiletries, add plush towels and use a clean shower curtain
☐ Fix leaky faucets, and consider a new shower head if yours is cruddy
☐ Limit items in shower/tub and organize necessities in a small bin or rack
☐ Clean up medicine cabinet, and keep prescription drugs out of sight

Bedrooms

☐ Keep beds made, and use fresh, matching linens
☐ Cut down on bedside clutter
☐ Find a safe place for jewelry and valuables
☐ Make sure dirty clothing in closets is not visible (eg: in an enclosed hamper)
☐ Clean out closets, organizing all items and putting off-season clothing in storage
☐ Tidy up shoes and accessories, eliminate some and use appropriate storage
☐ Eliminate random items from clothing closets that don’t belong there and store away
☐ Attack other closets, removing as much as possible and putting things in storage
☐ Use attractive organizing systems in closets where applicable
☐ Put loose items that must remain in matching solid bins
☐ Kids’ rooms should look like kids’ rooms, just keep them tidy

Office

☐ Tidy office desks, corralling cords and storing seldom used computer components
☐ Tidy CDs, software, books, etc., and put some in storage if possible
☐ File all papers, and keep all sensitive documents safely hidden or shred them
☐ Make sure an office doesn’t look like a junk room — add a seating area if needed

Laundry/Basement

☐ Tidy up laundry area, and keep it free of dirty or drying laundry
☐ Resolve a wet basement, which could involve issues with windows or gutters
☐ If you can’t resolve a wet basement problem, call an expert to address it
☐ Maximize light in basement with light paint, uncovered windows and extra light fixtures
☐ Paint the basement floor if it will help the space look cleaner and brighter

☐ Schedule pre-list cleaning

We hope this list will help get you started.  Call me for more ideas!

Are you moving to Charlotte with Chiquita?  The Amy B Sells Team is an experienced turn-key Relocation Team in Cincinnati equipped to handle any and all Relocation needs. Our team has relocated hundreds of people in and out of Cincinnati.  Our main focus is to make your move easier for you and your family.  Call me for turn key relocation solutions in Charlotte and Cincinnati.  855-936-6832.  You can also visit www.wemovechiquita.com

Related...

• December 1, 2011 -- You Can Choose Your Own Realtor for Your Corporate Relocation!
• November 29, 2011 -- Chiquita Moves Headquarters from Cincinnati to Charlotte
• November 9, 2011 -- Get Stroller Strong in Cincinnati!
• October 24, 2011 -- How to Clear out the Clothes

Chiquita Moves Headquarters from Cincinnati to Charlotte

Chiquita Brands International, Inc. announced their plan today to move their corporate headquarters from Cincinnati, Ohio to Charlotte, North Carolina.  North Carolina’s economic development panel approved more than $22 million in incentive deals to lure the company out of Cincinnati.  Ohio was only able to offer $6 to $7 million.  In addition to benefits from the incentive deal, Chiquita expects the move to reduce their long-term operating costs by more than $4 million annually during the next decade, including lower rental rates and travel costs.  The move is expected to be complete by the end of 2012.  Chiquita said it will offer the majority of its 300 Cincinnati employees the chance to relocate to North Carolina.

The Amy B Sells Team has an experienced turn key team to handle any and all Relocation needs. Our team has relocated hundreds of people in and out of Cincinnati.   We’ll make your move as easy as possible for you and your family.  Are you moving to Charlotte with Chiquita? Call me for turn key Relocation solutions.  855-936-6832.

For more information, contact Amy Broghamer at  amy@amybsells.com

 Sources:

Chiquita Press Release

Google News

Cincinnati.com

Related...

• December 1, 2011 -- You Can Choose Your Own Realtor for Your Corporate Relocation!
• December 8, 2011 -- Get Your Relocation Pre-Buyout Bonus with AmyBSells!
• November 9, 2011 -- Get Stroller Strong in Cincinnati!
• October 24, 2011 -- How to Clear out the Clothes

Many of us have switched to compact flourescent lightbulbs, or CFLs, in order to save money on our energy bills. You may notice that the light produced by these bulbs is a little different — and it’s not ideal when you put your home on the market.

Feel free to love the money saving CFLs, just protect your investment by packing them away to take to your new home with you. Replace them with regular incandescent bulbs when you prepare your home for showings.

I always say “more light!” — you want your home to be as bright as possible when you show it. Open curtains, use the brightest bulbs allowed in your fixtures, and add extra lamps if possible. This will make your home seem bigger, cleaner and more inviting.

I discussed these lightbulbs with my stager, Jo Potvin of Design to Market Home Staging. Here’s what she had to say about avoiding CFLs for listings:

“[A longer] warm up time makes a home feel shadowy, and in a real estate showing they have often moved to the next room before it is fully illuminated. Also, CFL light bulbs emit a bluish light that is less attractive than incandescent bulbs and can make the home feel cold and less appealing.

“Exterior use of CFLs is also less attractive.  Often, exterior light fixtures have clear glass that makes the light bulb more visible.  The CFL light bulbs detract from the attractiveness of these fixtures.”

Your best bet is to use just regular, soft incandescent lights. Take your CFLs with you to your new place to save money there. CFLs are improving, but incandescents are also required to be more energy efficient by 2012. Stick with those plain ol’ bulbs for your showings.

Other Posts

• March 31, 2011 -- The Future in New Construction
• May 15, 2009 -- Hyde Park Blast
• March 19, 2009 -- A Great Historic Home in Pleasant Ridge
• April 1, 2010 -- FHA Not in Favor of Down Payment Increases

According to the most recent Cost vs. Value report, nine of the 10 most cost-effective home projects are completed outside the home. Kitchen and bath remodels may still be on the top of many buyers’s lists, but they may not give you the same return on your investment as upgrades you make to your exterior. Many of these upgrades can actually lower your energy costs — sellers can find a lot of value in making some of these upgrades. This continual value may explain why the return on investment is so high.

The top ten return-on-investment projects and percentage returned:

1. Entry Door Replacement (steel) — 102.10%
2. Garage Door Replacement — 83.90%
3. Siding Replacement (fiber-cement) — 80.00%
4. Deck Addition (wood) — 72.80% / Minor Kitchen Remodel — 72.80% (tie)
5. Window Replacement (vinyl) — 72.60%
6. Siding Replacement (vinyl) — 72.40%
7. Window Replacement (wood) — 72.40%
8. Siding Replacement (foam-backed vinyl) — 72.40%
9. Attic Bedroom — 72.20%
10. Window Replacement (vinyl) — 71.60%

Your curb appeal is your first impression, and in this market a first impression is so important. If you’re considering some upgrades to your current home, and your exterior needs some love, think about new windows or siding. The impression and functionality those exterior upgrades offer can make the difference between your home selling and not selling in the future.

When you look at these numbers you can notice one thing: sellers don’t make money on upgrades, they only earn back a portion of what they put in. Maintenance, comfort and pleasure are the main reasons to perform any upgrade. You often do these upgrades without thinking of resale, but of simply keeping your home comfortable. If you need new windows or want a prettier kitchen, do it for you. Just keep resale in mind before you go overboard on any upgrade, making sure you don’t hurt a future home sale with wild changes. You live in your house now — you should love your house while you’re living in it.

Read More about curb appeal upgrades:

• 2010-2011 Cost vs. Value report
• Realty Times
• Realtor.org

Other Posts

• January 18, 2009 -- Go Green: Energy Innovations
• August 30, 2010 -- Attend a Master Recycler Workshop
• January 6, 2012 -- Welcome new Amy B SellsTeam Member, Sara Buck!
• August 2, 2010 -- Documentation Checklist for your Mortgage Application

Putting your house on the market, but hoping for a little holiday cheer? Wondering if it would be okay to put up a few holiday decorations? Yes, it can be a really good thing BUT you must be subtle.

It’s nice to have some holiday cheer in your home if you are selling this time of year. Anything you can do to make your home look attractive and homey is good. You don’t want your house to look cold next to other listings. But you also do not want it to look tacky, overdone, crowded or too religious. Here are a few good guidelines:

• Go for class: Pull out only decorations that are very subtle, simple and classy. Think Martha Stewart, not Clark Griswold. Pick newer items over some that may be sentimental but look old. The same applies for ornaments on a tree — simple and classy is best. Perhaps just lights and a set of plain bulbs.

• Keep the equilibrium: For every holiday item you add, take another decorative item away. Put out your red candles, but put that flowered vase in storage. You do not want to make your home cluttered, that is always the first rule. It’s no different during the holidays. And please, keep your holiday cards put away instead of strewn about.

• To Tree or Not?: A tree is fine, but nothing big! I like to recommend a tall, skinny tree. A fresh tree can add a lovely scent, but you don’t want a mess of needles either — keep it well watered. If you have a big artificial tree, try storing it and instead obtaining an “Alpine” style tree from a craft or hardware store, which are relatively small and very skinny. Put another furniture item away, too. This way you can still have your celebration and also keep your rooms looking spacious.

• Strive for secular: Spirituality is important to many this time of year. But it’s most important to keep religious items out of your listing, or keep them to an absolute minimum. You want the decor to make your house warm, but not be personal. If someone enters your listing who does not share your religious beliefs, they may be turned off. (I offer this suggestion at all times of year as well.) For example, a Menorah or an Advent wreath may be an important part of your celebration. But make the display very subtle or out of the way so that you are not offending potential buyers.

• Inside and Out: The same rules apply to the outside. Large items like inflatables or light up plastic displays are not recommended. Also avoid religious displays outside, like Nativities or angels. It can be really nice, however, to show buyers how lovely your home can look decorated. Especially if they have to shop while there is snow on the ground — a little decor can make your house cheery.

• Find the Classics: For both inside and out, some simple formulas can help you decide how to decorate. Winners are always white lights, greenery (healthy-looking fresh greens or high quality artificial, nothing scraggly), berry garlands, simple bows (if they all match), wreaths, plain metallic bulbs (matching), silver bells, holiday crystal, or another motif that is consistent and simple.

Visit this slideshow of holiday wreaths — items like these are a lovely touch you can add to your listing without bringing it down.

Related...

• December 22, 2008 -- Sweet Real Estate

My Recipe for Selling Success and Why it’s Really Just a Piece of Cake

I am a big believer in receiving training from the experts. I seek out training in Real Estate, as well as opportunities to gain expertise in my other interests. My love for making cakes and cupcakes led me to earn my diploma in the Wilton Method of Cake Decorating from the Fantasy in Frosting School in Newport, Kentucky. I know it sounds odd, but I have drawn many Real Estate analogies from the lessons I learned in this class. In baking and icing a cake, there are many ingredients and applications for those ingredients. If one item is missing, it may cause your cake to not rise, or your icing to be so hard you can’t spread it. Any one mistake could cause you to have unhappy dinner guests — or, in the case of a bakery, a lot of unsold cakes and the potential to go out of business!

When I sit down with clients who are preparing to sell their homes, I present what I call the “Recipe for Selling Success” — It’s the methods and experience I have accumulated in my career, while selling homes in an average of 21 days each. (The local Cincinnati market’s average is more than twice as long). My “Recipe for Selling Success” is like a cake that tastes better and has half the calories — a win-win.

Sweet Supply and Demand

In today’s market, there’s approximately one home selling out of every five that are on the market. Yikes! That’s a lot of less-than-desirable cakes sitting in bakery windows going unsold and uneaten. What is wrong with those other cakes, and why do the ones I bake sell so quickly? The longer those other cakes sit on the shelf day after day without anyone buying them, the more likely it is that their prices will have to be drastically reduced, as their ingredients become stale and old.

This is happening in Real Estate today, with more than 10 months of homes currently on the market as we go into the slower fall and winter months. We have too many cakes and not enough celebrations or appetite. Not to mention that many consumers are on diets right now, not helping our cake sales! So, in order to compete in this tough culinary — or Real Estate — climate, bakers really need to put something special in that bakery window to grab the attention of a limited number of shoppers.

Very Key Ingredients

In a cake recipe you have key ingredients that must be included. Most of us know that cakes include the following vital ingredients: Flour for substance; Egg, which allows the cake to rise and gives it that spongy texture that we love; and Sugar, without which you will get some very sour faces as diners expect to enjoy one taste and are left with quite the opposite. You wouldn’t consider baking a cake without one of these ingredients.

This is also how it goes for my Real Estate “Recipe for Selling Success.” Each ingredient is as important as the others. By leaving out an ingredient in our “recipe,” we risk our home not showing well and ultimately no one purchasing it, as it sits and sits, wasting away on the market. If a home goes unsold, the seller’s finances could be in jeopardy.

Amy’s Recipe for Real Estate SELLING Success

Preparation Time: 1 week to 1 month

INGREDIENTS:
1  Realtor with a proven track record of SELLING homes in today’s market (More than 25 homes a year)
1 Thorough Pricing Consultation and education of your LOCAL market trends and facts
1 Staging Consultation to market home to appeal to the WIDEST range of buyers
1 Implementation of ALL of the Staging Consultation checklist
1 Pre-Inspection of the home’s mechanicals
1 Completion of any repairs necessary as a result of the Pre-Inspection
1 Marketing Plan that includes hundreds of photos, presence on web and in social media, premium signage, and aggressive networking in Real Estate community

Blend the above ingredients together to create a superior Condition, and price the home at the MARKET value. (DO NOT add extra.)
ADDITIONAL GARNISHES:To be used on a case by case basis according to taste
New neutral carpeting
Fresh modern fixtures
Clean and tidy landscaping
(Or similar)

The Icing on the Cake

Many times, my clients will ask about leaving out one part, perhaps its the market value pricing, or, if you will, the flour of our cake. Leaving out this ingredient can make the listing fall short. Pricing the home according to market value is 80% of all marketing efforts. If the home is not priced right, no amount of promotion will sell it. Just as if our cake doesn’t have substance, it won’t come together to tempt the taste buds of buyers. Not to mention that as your home sits on the market at the wrong price, it becomes stale and thus buyers will offer much less for the house — just as they would for a cake that is a week or two old!

Sellers often ask to leave out the staging, thinking it’s not important. Skipping this step is like not putting icing on your cake!  Would you buy a cake with no icing on it?  Not a decoration or topping? How could a cake without icing compete with its fondant and buttercream neighbors. It’s the staging that helps the marketing appeal to the widest group of buyers. We could follow the recipe to the exact letter, but if we don’t stage the home, or our decor makes it appear dated and dingy, then buyers will not even consider looking at it. They will instead be drawn to the homes that look beautiful.

And if we leave out the Additional Garnishes that are often specific to unique situations presented in a home, we have done everything but the things that are critical to sealing the deal.  Imagine if you ordered a cake for your mom’s 50th birthday, but the bakery decorated the cake with an “Over the Hill” theme and spelled her name wrong! Although the cake was decorated professionally, the wrong final touches ruined the whole presentation.

In the end, the one in five homes that are selling in this market in less than 10 months are the homes with the best price and presentation.  Working with a Realtor who can be honest and direct, show you facts about the market and use her experience and team of professionals to put you at the best price and create the best presentation will be your home’s Recipe for Selling Success.  I’ve already sold 30 cakes — uh, houses — in Cincinnati and Northern Kentucky this year.

Related...

• January 4, 2011 -- Our Favorite Blogs of 2010
• July 9, 2010 -- Overpricing Can Attract Fewer Buyers
• April 22, 2010 -- The AmyBSells Team Pleases Another Client
• March 3, 2010 -- DIY Staging Checklist

Everyone always thinks they can go it alone. You can, but it if you think it will be easier or cheaper, you will be disappointed. There’s always some new website or service that says it will substitute for an agent, but you’re never going to get the same protection. For both buyers and sellers this is true — it can cost you money! Investopia has outlined five reasons you still need a Realtor in this market.

1. Better access/more convenience.

   Being Realtor is my full time job! I have access to all the databases, information, and qualified professionals you need to buy or sell a home. For buyers, I know how to track down all the homes that meet your criteria, get in touch with sellers’ agents to schedule your showings, and do everything that needs to be done behind the scenes. You won’t have to spend hours searching the various databases or playing phone tag. For sellers who go it alone, you have to juggle all the calls for questions and appointments yourself — possibly losing potential buyers if you’re not always available to take a call. However, a Realtor does all that for you.

2. Negotiating is tricky business.

   Some like to operate under the assumption that negotiating a sale without a Realtor allows the two parties to represent their own interests better… This can be true, if both parties are always reasonable and get along easily. The truth is, everyone is emotional about home buying and selling, and most average people don’t build strong negotiating skills in their every day lives. With me as your negotiator, I can work with the other party’s agent to work out all the kinks.

   For buyers or sellers, agents can always play the “bad guy” on your behalf, preventing the kind of arguments that can kill a deal. Agents work through problems all the time, preventing negotiations from getting personal. This is true for buyers or sellers — representing your interests and getting the best price for the home.

3. Contracts can be hard to handle.

   How comfortable are you with interpreting complicated contracts? I do it every day. I’m familiar with all the conditions in the contract that are designed to protect you in the sale. If you go it alone you might not have yourself protected in the contract with all the appropriate conditions.

4. Real-estate agents can’t lie.

   Well, they can because some will. But because we are licensed professionals in our field, we aren’t allowed to lie to you, and we face major repercussions if we do. However, there’s nothing to say an unrepresented buyer or seller is going to tell you the full truth about everything. When you work with me, we enter into an agency agreement. I’m bound by law to represent your best interests in your home purchase, and so is the other party’s agent. And because we rely on referrals from your good experience, we’re going to do everything we can to give you that good experience.

   If the other party is using an agent who doesn’t uphold his or her fiduciary duties, some one else will be held responsible. You won’t be the one getting burned. If you work alone, you should probably have legal representation to protect you — this is going to be more expensive than an agent.

5. Not everyone can save money.

   For sellers, the popular idea is to avoid using an agent to “save money,” but it is unlikely that both parties will save money. If the seller is going alone, they might be expecting to price the home the same as the others, but save that agent commission. However, your buyer is expecting that if they buy your home, that you’re going to pass that savings on to them because you aren’t paying commission. Both parties can’t save the commission. Not to mention the missed marketing opportunities as well as the inability to price correctly without experience.

   For buyers, the savings are a no-brainer. The seller pays both commissions. Hiring a Realtor does NOT cost buyers money, and you’re going to have a better experience and get a better deal in the end.

There are so many reasons to use an agent! Sure, I may be biased — but I also have a lot of happy buyers and sellers who agree that using a Realtor was their best decision in this tough market. To learn more, check out these other stories we’ve written on the topic for buyers and sellers.

• Six Qualities Needed to Sell Without a Realtor
• For Sale By Owner? Maybe Not.
• New Progressive Affiliation with Keller Williams
• Ten Myths Shared by First-Time Buyers

Related...

• May 26, 2011 -- Cincinnati — Time to Buy!
• February 28, 2011 -- Survey Says Americans Value Homeownership
• January 6, 2011 -- Ten Reasons for Renters to Consider Buying
• January 4, 2011 -- Our Favorite Blogs of 2010

I can’t stress enough to my clients how important it is not to overprice their home. Many people think, “why not? Price it higher and see if anyone will pay it!” We’re going to discuss some of the reasons why this does not work.

OVERPRICING WILL BRING FEWER BUYERS TO YOUR LISTING.

Internet Searches

When you list your home too high, you prevent some buyers from even finding you. Many buyers start looking for their new home before they even call an agent. These buyers are searching online, and will pick a price range in which to look. If your house is appropriate for them, but listed out of this range, they won’t even see your listing. They may print out a stack of homes for their agent to show them, and your house won’t be in that stack. Some agents might not even stray from the client’s list, or the buyer may settle on another house before a saavy agent digs up your listing and realizes it could be in budget.

In my experience, I’ve actually had sellers admit that their desire to price a home higher than my suggestion does not work! I had one client, Heather, who worked in the mortgage industry and was determined to sell her home higher than my suggestion. She says, “I thought [Amy] was just trying to sell a house, and the lower the price the better off she was because it would sell faster… boy, was I wrong.”

The internet traffic to Heather’s listing proved that overpricing will hurt your online listing. “I had 37 views on the first day, half that on day two, [and] by the end of 7 days, ZERO traffic until I changed the price. Then I ONLY had half of what I had on day one, but could never get the traffic back from that first day,” Heather says.

A Waste of Time

Internet traffic is super important. Buyers may start looking online as far as 12 to 18 months before they hire a Realtor. They learn the market and what they can get in their price range.

When these buyers start working with an agent, that agent is working within the buyer’s price range. My Buyer Specialists are not going to take our clients to a bunch of overpriced houses that are out of the buyer’s range. That can make our clients frustrated. It’s the same reason car dealers won’t have you test drive a luxury sports car when you’re looking for a cheap used sedan, or a wedding stylist won’t have you try on a $10,000 gown when your budget is $500. It’s a waste of their professional time, and the clients are just going to get frustrated and walk away. So this is going to bring fewer agents into your home for showings. It’s a red flag that says you could be a difficult seller, or that your selling agent isn’t clued in to how to properly price a home. That’s why I don’t want overpriced homes in my listings, because I would rather get your home sold.

Helping the competition

You might not realize it, but you’re just making your [very tough] competition in this market look better. When buyers or agents see comparable homes priced less than yours, you are making those homes look like the best deals on the block. They’re going to start with those homes that are closer to their budget rather than bother with your overpriced listing.

It’s a buyers market, and the inventory is high. When you prevent buyers from even seeing you, you prevent yourself from getting sold. Is fewer buyers and extra time on the market worth that slight chance that some buyer might pay your unreasonable price? Consider how unlikely this is, and concentrate instead on an appropriate price that is going to put more eyes on your home and get more buyers in for showings.

Stay tuned to the blog for more information about the pitfalls of overpricing.

Read more on AmyBSells.com:

Sellers: Avoid These Pricing Mistakes

Are You in DENIAL About Your Home Sale?

Winning (and Selling!) with your Realtor

Related...

• October 18, 2010 -- How to “Bake” A Home for Today’s Market
• January 4, 2011 -- Our Favorite Blogs of 2010
• April 22, 2010 -- The AmyBSells Team Pleases Another Client
• March 30, 2010 -- Sellers: Avoid These Pricing Mistakes

The National Association of Realtors has reported a rise in existing home sales nationally in April. (Existing home sales means transaction closings on single-family, townhomes, condominiums and co-ops.) This is on top of a rise in March as well.

Lawrence Yun, NAR chief economist said the gain was not surprising. “The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market,” he said. “For people who were on the sidelines, there’s been a return of buyer confidence with stabilizing home prices, an improving economy and mortgage interest rates that remain historically low.”

Local Numbers:

In Cincinnati and Northern Kentucky, sales were up 33% and 23%, respectively. In April, 1,843 homes were sold in Greater Cincinnati, compared to 1,389 in April 2009. In Northern Kentucky, that statistic was 485 homes, up from 393 in April 2009.

More numbers:

• The national average commitment rate for a 30-year (conventional, fixed-rate) mortgage rose to 5.10 percent, up from 4.97 percent in March. This is higher than April 2009.
• Housing inventory rose in April to 11.5 percent with 4.04 million existing homes available for sale — an 8.4 month supply at the current rate. This is higher than a year ago, but still more than 11% below July 2008 record of 4.58 million.
• The national median home price is up 4.0% from April last year.
• Distressed home sales were 33% of the market in April, down two percent from March.
• In the Midwest, existing home sales rose 9.9 percent in April. This is 29.1% above April 2009.
• First time buyers purchased 49 percent of homes in April, according to an NAR survey. This up from 44 percent in March.

According to Yun, “Although inventory levels remain above normal and much of the gain last month was seasonal, the housing price correction appears essentially over. In fact, a majority of the markets have seen price gains recently. A return to old-fashioned responsible lending and buying will help the housing market avoid disruptive and painful bubble-bust cycles.”

Read the original article.

More:

• Cincinnati Business Courier
• CNN Money
• ABC News

Related...

• January 9, 2012 -- When Should I Lower the Price of My Home?
• February 28, 2011 -- Survey Says Americans Value Homeownership
• August 25, 2009 -- The Market: on a Road to Normalization?