Understanding Showing Feedback

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The Purpose of Feedback

The reasons we call the agent who showed your home are:

  1. To jog the agent’s memory about your home so that we may inspire a second showing.
  2. To answer any questions or concerns the buyer expressed so that your home may be reconsidered.
  3. To get reaction from the buyers or agents that might help us to better market your home.

Please note:  Agents do not usually give a full critique of a home that they have shown.  If they showed many houses, they honestly may not remember yours in detail. Also, if an agent doesn’t call us back, it usually means that the buyers are not interested.

Interpreting Feedback

When An Agent Says:

"The Buyer thought the house was too small."The Buyer found larger homes for the same price.

The Agent Means:

“They liked the house but bought another one.”They found other houses that were better values.


When An Agent Says:

“They liked the house but bought a new home.”Buyers will pay 10-20% more for new construction.

The Agent Means:

“They didn’t like the carpet, etc.”The Seller should replace the carpet and anything else that dates your home and can be replaced relatively easily.


When An Agent Says:

“They thought the yard was too small, the street too busy…”They found other homes with larger yards, quieter streets…

The Agent Means:

“They didn’t like the floor plan.”They didn’t like the floor plan.


Price objections are always clothed in different terms.

Seller’s Goal:  To offer the greatest value in the price range.

What to Expect Once You Have an Accepted Offer

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An accepted offer is when you have a fully executed binder with an agreed to purchase price, a 1% deposit check and a prequalification letter from the buyers’ mortgage company. At this time, you should call your real estate attorney to initiate the sale. The following events will then take place:

Home Inspections

  • The buyers will conduct inspections at their expense within 7-10 days of the executed binder. The inspections can include the condition of the home, evidence of termites, condition of the well and/or septic system, radon level, the pool and oil tank if applicable.
  • If items are noted by an inspector that need to be resolved, the buyer agent will discuss them with your AFA realtor who in turn will recommend a strategy to negotiate the items.
  • The inspection takes approximately three hours. As a courtesy to the buyers, you should not be present during the inspection.

Contracts

  • While inspections are being completed, your attorney will draft a contract and send it to the buyers’ attorney.
  • Within 10 days, after inspection items have been resolved, you will sign a contract and the buyer will pay the balance of the deposit, typically 10% of the purchase price, into your attorney’s escrow account.

Mortgage Contingency

  • Most buyers require a mortgage to purchase a home and have a mortgage contingency in their contract.
  • The buyer will be required to provide information to the mortgage company to qualify for the loan and the bank will send a licensed appraiser to your home to assess the market value.
  • Your AFA realtor will coordinate the appraiser’s visit, typically within 3 weeks after signing contracts.

Getting Ready to Move

  • Once the mortgage contingency is fulfilled, there will be details for you to attend to including scheduling a mover and switching over utilities.
  • Please refer to our Closing Checklist.

Closing

  • The closing is typically scheduled by your attorney and held at his/her office.
  • The buyers and their realtor will conduct a walk-through the morning of the closing to ensure the home is in the same condition as when it bindered. The home should be clean and cleared of all personal belongings.
  • If repairs were made as a result of the inspections, provide your attorney with the receipts for the work done.
  • All keys and remote openers to the home should be given to your attorney.
  • All warranties and appliance instruction booklets should be left for the new home owners.

Congratulations on the sale of your home!

Where Buyers Found The Homes They Purchased

How did the 2016 homeowners surveyed first learn of the home that they purchased

Studies by the National Association of Realtors® have shown the following:

  • Those who search for homes on the internet are younger, wealthier and purchase more expensive homes than those who do not.
  • Buyers benefit from the assistance of a real estate professional to find the right home for them, negotiate the terms of the sale and negotiate the best price.
  • 88% of 2016 buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69% in 2001.

Source: NAR 2016 Profile of Home Buyers and Sellers

What to Expect Once You Have an Accepted Offer

An accepted offer is when you have a fully executed binder with an agreed to purchase price, a 1% deposit check and a prequalification letter from the buyers’ mortgage company. At this time, you should call your real estate attorney to initiate the sale. The following events will then take place:

Home Inspections

  • The buyers will conduct inspections at their expense within 7-10 days of the executed binder. The inspections can include the condition of the home, evidence of termites, condition of the well and/or septic system, radon level, the pool and oil tank if applicable.
  • If items are noted by an inspector that need to be resolved, the buyer agent will discuss them with your AFA realtor who in turn will recommend a strategy to negotiate the items.
  • The inspection takes approximately three hours. As a courtesy to the buyers, you should not be present during the inspection.

Contracts

  • While inspections are being completed, your attorney will draft a contract and send it to the buyers’ attorney.
  • Within 10 days, after inspection items have been resolved, you will sign a contract and the buyer will pay the balance of the deposit, typically 10% of the purchase price, into your attorney’s escrow account.

Mortgage Contingency

  • Most buyers require a mortgage to purchase a home and have a mortgage contingency in their contract.
  • The buyer will be required to provide information to the mortgage company to qualify for the loan and the bank will send a licensed appraiser to your home to assess the market value.
  • Your AFA realtor will coordinate the appraiser’s visit, typically within 3 weeks after signing contracts.

Getting Ready to Move

  • Once the mortgage contingency is fulfilled, there will be details for you to attend to including scheduling a mover and switching over utilities.
  • Please refer to our Closing Checklist.

Closing

  • The closing is typically scheduled by your attorney and held at his/her office.
  • The buyers and their realtor will conduct a walk-through the morning of the closing to ensure the home is in the same condition as when it bindered. The home should be clean and cleared of all personal belongings.
  • If repairs were made as a result of the inspections, provide your attorney with the receipts for the work done.
  • All keys and remote openers to the home should be given to your attorney.
  • All warranties and appliance instruction booklets should be left for the new home owners.

Congratulations on the sale of your home!

8 Advantages to Listing Your Home During the Fall & Winter Months

There are advantages to listing your home during the fall and winter months. Here are eight of them:

  1. There is less competition with less homes on the market, therefore, your home may sell for a higher price.
  2. Winter prospects are more serious buyers.
  3. You may have fewer actual showings, but more qualified and motivated prospects.
  4. Your home may look more enchanting during the holidays.
  5. Among the highest percentage of “homes sold to homes listed” occur during this time of year.
  6. Buyers have more time to look at homes during the holidays, especially during vacations.
  7. January is traditionally the biggest transfer month—a significant market to capture.
  8. By selling now you may be able to arrange a delayed closing or extend occupancy if that is desired.

How Will I Know if My Home is Priced Correctly?

The one thing we obviously cannot control is the market place…The value of your home will be determined solely by the buyers despite what you or I think. I have created the graphic below to help you determine if your home is priced correctly. Al Filippone Associates continuously monitors market conditions and communicates them to you both verbally and in writing throughout the listing period. It is our way of ensuring that you are better prepared to make the necessary decisions that will help you achieve your real estate goals.

“Perhaps this seller isn’t serious”

Symptoms: No showings and no offers. The agents and potential buyers are not interested in even showing your home because they believe they can buy more for their money elsewhere.

“It‘s Okay…but I think I‘ll keep looking”

Symptoms: Either 10-12 showings and no serious offers or just a few showings. The number of showings have slowed significantly since your home was placed on the market or it has been on the market 4-6 weeks with no offers. The potential buyers believe that they can get more for their money and will continue to look.

“This is it”

Symptoms: Showings, second showings and offers in the first 2-4 weeks. Congratulations! We are where you want to be. When we are at this level, we may have multiple offers and we should be able to hold to within just a few percentage points from where your home is currently listed. The potential purchasers obviously believe that yours is one of the homes that offers the most in its price range at this time, and they want it to be their next home. They are ready to buy it!

In Summary:

  • If your home is not being shown, that means that agents think our price is too high.
    Recommendation: A significant price adjustment.
     
  • If your home is being shown, but we are not getting any offers, it means that buyers are bidding on other homes that they think offer more.
    Recommendation: A moderate price adjustment.
     
  • If your home is “in the running”, but the buyers buy another, or if they view your home a second time, then buy another home, it usually means that we are close to receiving an offer.
    Recommendation: A minor price adjustment.

According to the National Association of Realtors®, if a house is priced correctly the owners should receive one offer for every 10 showings.

In our market, the number of showings that your home should receive weekly depends on the price range.