Lee Morof's Real Estate Blog

It may seem like the hard part is over once you’ve received a few offers on your home and are preparing for the negotiation process. Unfortunately, anything can happen until the papers and signed and this means that potential homebuyers can back out. If you’re dealing with a wavering bidder and are wondering how you can win them back, here are some reasons they might withdraw and how you may be able to win them over.

The Price Is Too High

It’s possible that when it comes to negotiating, many interested parties will offer to put down a little more than they otherwise would have; however, when it comes to sealing the deal, they may realize the price is a little higher than what they wanted to spend. Instead of letting the negotiations fall through, consider lowering your price slightly to give the potential homebuyer a hook. You don’t have to lower your price by a significant margin, but it will let them know that you’re still interested in selling to them.

An Unresponsive Negotiation

The power may be in your hands when someone is interested in your home, but it’s still very important to stay responsive so that you can ensure a potential homebuyer won’t lose interest. If you may have rubbed someone the wrong way with a slow response time, ensure that you reach out and keep them aware of the process and your timeline. It may seem like a small gesture, but it means a lot to someone who is interested in your home and may be working under a time crunch.

Still Not Convinced?

There are a variety of reasons that a homebuyer may withdraw from negotiations, whether it’s the neighborhood or too much home or they’ve found a better deal. But, if you’re really interested in the offer you’ve received, you may want to consider offering a little extra in order to win them back. Whether you decide to pay their closing costs or provide a closer move-in date, there are plenty of little things you can do that will make them re-consider their options.

There are many reasons that a buyer might withdraw their offer on your home, but by being communicative and offering some extras you may be able to re-negotiate a deal. If you’re currently preparing to put your home on the market, contact your trusted real estate professional for more information.

Many people rely on the price they paid for their home as a starting point for selling, but with the ever-shifting tides of the real estate market, the price paid is not always the best metric to go by. If you’re putting your home up for sale and are looking for the ideal price point, here are some ways you can arrive at a number that will keep potential buyers interested.

Check Out Your Neighborhood

Your house may have a lot of different features than the homes of your neighbors, but checking out what real estate in your area is selling for can still be a good means of determining the price you’ll be able to ask for. Instead of just perusing the pricing, ensure you’re looking at the listings for what’s been successfully sold in your neighborhood as only this will allow you to determine the conditions of the market and what people will be prepared to offer.

Complete A Home Inspection

Instead of being surprised by repairs that need to be completed after an offer price has been accepted, organizing a home inspection before your home is sold can make a difference in the price you’re able to ask for. Not only will this provide you with a determination of what needs to be repaired or overhauled, it can be a boon to potential buyers who won’t have to worry about your inspection revealing any hidden flaws.

Utilize Your Agent’s Advice

Even if you’ve done your research and carefully considered the value of your home, it can still be complicated to come up with the right price, so be sure to enlist an agent who will be able to determine a fair amount with you. Since your agent has no attachment to your home, they’ll be able to objectively strike the right balance between what won’t sell and what’s too low. The right price, after all, may mean you’ll get to spend a lot less time selling it.

There are a lot of factors that go into arriving at the proper asking price for your home, but by organizing a home inspection and being aware of what’s going on in the market, you should be able to arrive at a reasonable sum. If you’re planning on putting your home on the market soon, contact your local real estate professional for more information.

If you’re considering selling your home in the near future, you may be tempted to simply cut out the middleman and opt for an FSBO sale. However, selling a home is a major undertaking, and most “For Sale By Owner” home sales run into obstacles.

So why is an FSBO sale such a problem for most homeowners? Here are three reasons why you’ll want an agent to represent you instead of going it alone.

An FSBO Puts You At Risk Of A Lawsuit

Selling a home involves mountains of paperwork, and in order to make the transfer of ownership legal and above board, there is a large amount of minutiae that need to be considered. For instance, as a seller, you are legally obligated to disclose certain facts about the property: Some jurisdictions require you to disclose whether a death occurred in the home, for example, or if the home is located in a historical district.

Even one seemingly minor mistake could open you up to legal action. An experienced real estate agent already knows everything that needs to be disclosed, and although agents can make mistakes, they have errors and omissions insurance to protect them. Most homeowners don’t have that protection in place.

Buyers’ Agents May Discourage Buyers From Viewing Your Home

When it comes to FSBO deals, most buyers’ agents anticipate the deal being a challenge at best. Buyers’ agents typically only show FSBO properties in one of two cases: Either the price is extremely low or there aren’t any other homes available.

But according to Atlanta real estate agent Bruce Ailion, most experienced agents have had an FSBO transaction go poorly at some point and are now wary of them. Without a real estate agent to represent you, sellers’ agents will be hesitant to deal with you – and you won’t get as many offers on your home as you’d like.

You’ll Need To Discern Qualified Buyers From Dreamers

One thing that most homeowners don’t know is that not everyone who views your home is actively interested in buying it in the near future. Showing your home may mean taking time off work or away from activities you care about, and if the prospect doesn’t end up buying, you’ve wasted your time.

A real estate agent knows what questions to ask in order to weed out the merely curious and find motivated buyers, so you’ll sell your home much faster.

FSBO sales don’t always end in disaster, but they’re considerably difficult to do well. An experienced real estate agent can help you sell your home faster and for more money than you can on your own. Contact your local real estate professional today to learn more.

It can be easy to forget, but the first thing people will see when they come to your home is the outside, so it’s important to have a well-maintained and picturesque property that represents the inside of your home positively. If you’re looking for a few ways to boost your outdoor space, here are a few tips to help with curb appeal.

Plant A Flower Bed

Whether you decide on a tiny plot or a much larger space, a splash of flowers is great for adding a warm, homey atmosphere to your front yard. This can easily be done by going to your local nursery, picking out some easy-to-maintain perennials and watching the blooms begin to appear.

Trim The Hedges

It’s entirely possible that you have a few trees or shrubs in your yard that have gotten a little bit unruly, but a little time with the snippers for some shaping and the look of your yard will be automatically improved! If you have any shrubs or small trees that have seen better days, you may want to remove and replace.

A Fresh Coat Of Paint

It’s quite common to hear how much a layer of paint can improve things but this is especially true when it comes to your front door. While a tired and dull looking door can reflect poorly on the house within, a new coat of paint will add instant shimmer to your exterior.

Keep It Tidy

Whether you have kids who love to play in the yard or you’ve been doing a little lawn maintenance, leaving out toys or shovels and wheelbarrows can really take a lot away from your property’s look. While you may only be planning on keeping these items out for the short term, a quick pick up at the end of each day makes a marked difference.

Make A Stone Pathway

It may not be something you need, but a whimsical walkway with flattened stones can add a nice touch to your property and make it stand out. If you’re feeling ambitious, you may even want to add a bench or a birdbath to make for a unique escape for your family.

There are a lot of simple fixes you can utilize that will instantly boost the look of your home’s exterior. If you’re fixing up the outside of your home in the hopes of putting your property on the market, contact your trusted local real estate professional for more information.

One of the most common questions homeowners have before listing their home for sale relates to the selling price. Understanding the value of the home is about far more than just comparing the square footage of the space with other homes that have recently sold in the area. While there are many factors that will play a part in a selling price, location is an important factor for several different reasons.

Neighboring Properties

The properties that are located next to the home for sale are critical to the property value. For example, a home that is located next to a park or a beautifully maintained home may have more appeal than a home located next to a strip center or a gas station. Even with homes that are located just a block or two apart, this difference in adjacent properties can have a dramatic impact on properties values.

Safety Concerns

When a home is located in an unsafe area or an area that is riddled with crime, safety concerns can lower property values. Many home buyers will review crime statistics about a location before making a buying decision, and high crime areas are far less appealing to buyers. Properties are ultimately only worth what someone will pay for them, and buyers may overwhelming opt to purchase homes in safer locations unless the sales price is lowered.

Vehicular and Pedestrian Traffic

There are some advantages to being in an area with heavy vehicular or pedestrian traffic, such as if you live in an urban area and are searching for a property that offers this lifestyle. When a home is located in heavily trafficked areas in a suburban or rural location where a quieter way of life is desired, these can be drawbacks that impact the selling price. If one home is located on a busy street corner and another similar home is located a few blocks away removed from traffic, the home with a more desirable location will typically have a higher selling price.

Desirability is often directly related to property location, and homes in more desirable locations will therefore have a higher selling price than those in an undesirable location. For those who are thinking about selling a property soon and who want to learn more about its value, a consultation with your trusted real estate agent can provide you with helpful information.

Today’s home buyers are savvier about their buying options than ever before. They are able to research prices, browse listings, and investigate other important factors before even making the first call to a real estate agent. So professional photography and video can make the difference between your home getting a second look or getting skipped. In today’s blog post we’ll explore how professionally-shot aerial photos and videos can help you get your home sold that much quicker.

Buyers Love Having a Birds-Eye View

It’s increasingly likely that buyers will look for aerial photography to help them make their buying decisions. Just like professional ground-level photos of the home and property, and like the video tour that really gives that first-hand feel, aerial shots are something buyers like when evaluating properties.

People enjoy looking at aerial content because it gives them a new perspective. That helps them feel good about their choice to pursue a property. Plus, they take you seriously when you take marketing your property seriously using quality material.

Quality Material Makes Your Property Look Good

Professionals create quality products. They have the skills, tools, and professional eye to make your property and its best features look amazing. Quality marketing materials can even shorten sale time and raise the final list price, too.

Aerial footage is especially effective when topography, land features, and amenities are best displayed from above. Professional aerial shots can really enhance the overall impression of your property.

Professionals Are Certified

The use of unmanned aerial systems – what we commonly call “drones” – is becoming more frequent in the production of commercial photos and videos. But that doesn’t mean there aren’t issues.

Current Federal Aviation Administration regulation requires that UAS equipment be certified and operated by a certificated pilot when used for commercial purposes. This means that you can’t just buy a drone and take pictures to sell your house. You can’t pay your real estate agent to take them either, unless they also meet the FAA regulations. Hiring a certified operator can save you fines or even legal trouble down the road.

When you’re ready to take marketing your home to the next level, contact a reputable real estate agency to get started. Professionally shot aerial photos and videos can really make the difference for a prospective buyer when they make the list of “must-see” listings.

Small backyards are not the detriment that sellers seem to worry about. By putting in some work, any homeowner should be able to turn the smallest backyard into a selling feature by highlighting its assets.

Here are some surefire ways to change a cramped backyard into a cozy, outdoor paradise:

Invest In Size Appropriate Outdoor Furniture

Too many people with small backyards make the mistake of picking out patio furniture that is meant for a larger space. While this may not matter for the people living in the house, it will make a world of difference to anybody looking to buy.

Large furniture will make the yard look even smaller and cramped by comparison. Patio furniture is made in all shapes and sizes, and picking out smaller pieces to use in the backyard will make the space look larger and help play to its strengths.

Open Spaces Ignite The Imagination

Too many sellers go overboard in the staging process and end up with a result that has the exact opposite effect. While a fire pit or a water feature will add value to the home, in a small backyard these features can be cumbersome if they are all used simultaneously.

Focus on one or two signature areas, a seating area, water feature or barbeque are good examples, and keep the rest of the yard open and clear so that it looks larger and the buyers can imagine what they could do with the space. Many young couples are looking for a home to raise kids in and a clear backyard helps them visualize the space children have to play.

Treat The Backyard The Same As The Front

While curb appeal is important, it’s easy to forget that the same rules should apply to other outdoor areas of a house. Considering a yard is high on the list of criteria buyers look for in a new home, especially those starting a family, the backyard should be given the same treatment as the front yard.

Remove clutter, weed the gardens, trim the trees and put away any toys, tools or grills that are not part of the staging to keep visitors’ eyes drawn to the actual yard and not lingering away to something unsightly that wasn’t cleaned up.

With enough work and imagination, there are ways to make any perceived drawback into a selling point. Any real estate professional will be able to look through your home and help identify trouble areas and how to fix them.

With all of the expense that can go into buying and selling a home, it’s good to be aware of what you can claim and how a home can benefit you come tax time. When the New Year rolls around and you’re sitting down to the task of completing your taxes, here are a few things that you’ll want to keep in mind.

Gaining from Capital Gains

In the event that you’ve made money off the sale of your home through a capital gain, it’s possible that you may be able to exclude this amount from your tax filing. If you’ve lived in the home you just sold for at least two of the five years before the sale date, not having to report this amount on your taxes may come as a financial win.

Reporting Your Gain

If you have not lived in your home for two of the five years, you will have to report the sale of your home and the capital gain when you file your taxes. This is necessary whether or not you decide to claim the amount. If this happens to be the case for you, it’s a good idea to educate yourself on ‘Net Investment Income Tax’ before filing your return so you can ensure your claim’s accuracy.

A Two-Year Claim For Capital Gain

While there is definitely a great financial benefit in not having to report your gain in all situations, it’s important to be aware that you can only exclude any gain you’ve received from a home sale every 2 years. So, if it happens to be the case that you’ve moved more than once in the last few years, you will have to report any amount that you’ve made from these home sales.

Selling Your Home At A Loss

The boon of a capital gain is certainly ideal if you’ve made some money on your home, but if you’ve sold your home for less than you paid, you won’t be able to claim this. While the end result may be a bit disheartening, this amount cannot be deducted off of your tax return.

Beyond the benefits of buying or selling your home, there are ways that your tax filing can be more pleasant next year if you know some of these tips. If you think you may be perusing the real estate market in the near future, you may want to contact your trusted real estate professional for more information.

Curb appeal, or how your home looks from the street, is an essential part of preparing to sell your house. It’s also where comparison with your neighbors’ homes is inescapable which poses a problem if you’re both on the market. Read on for five ways to boost your own curb appeal.

Open Up: Garage Doors With Impact

In most homes, the external facade is taken up largely by the garage door which means it’s a big influence on how people see your home. Embrace that. Style your garage door to suit your home, touch up the paint or trim, or even do a full overhaul with a brand-new door.

Balance Out: The Appeal Of Symmetry

Not only is a symmetrical design visually appealing, it’s also quick and easy to do. If your home doesn’t allow for large symmetrical designs because of its structure — if it has a garage on one side, for example — focus in on specific elements. Consider the front door, maybe, where fixtures are easier and cheaper to update.

Sit Back: Inviting Outdoor Seating

A great way to attract buyers is to think like them and what search-weary buyer doesn’t enjoy a moment to relax? Arrange an aesthetically pleasing seating area outside your home. It will become a welcoming space that can offer buyers the chance to sit down and dream about owning your home. A clear and attractive walkway is also very inviting, so be sure to spruce yours up or install a whole new one to, literally, lead buyers to your door.

Admire The Art: Accent With Outdoor Pieces

Put a little of your home’s personality out front to attract the interest of like-minded buyers. Weather-resistant art pieces are a great way to accent your lawn or entrance. Consider the welcoming sound of wind chimes, or a sculpture or two. Even birdbaths can provide simple but effective artistic highlights.

Look Critically: Get Outside Eyes

When you’re close to your home, it can be hard to view it as a buyer would in other words, critically. This is an essential step, though, in creating effective curb appeal. So, consider getting another person involved. Someone who can look at your home objectively and provide a clear assessment of your home’s strengths and weaknesses.

Speaking of outside eyes, don’t forget about your local real estate agent. Turn to us with questions, or for advice, at any time after all, we know what works in your neighborhood!

Luxury estates can be a challenge to sell. The more expensive a home is, the less potential buyers there are. The biggest hassle is going through the process with people who can’t actually afford the home, only to have it fall apart at the last minute.

Here are some ways to make sure the property is only being viewed by qualified buyers.

Only Accept Offers From Buyers Who Are Pre-Qualified From A Lender

One of the only ways to guarantee a buyer will be able to afford a luxury home is to let the bank do the work on your behalf. By only accepting offers from people who have been pre-qualified by a lender, it allows the seller the peace of mind of knowing that every offer is a legitimate one.

Luxury Agents Will Have Vetted Their Clients

Working with a real estate agent with a specialty in luxury properties is one way to make sure the vetting process is handled effectively and legally. These agents do not have time to waste with people who can’t afford a home in this price range and they will have a roster of clients who are not only looking for a new luxury house, but can afford one. Talk to the neighbors and see who their buying agent was. This will give an idea of which professionals are working with clients who can afford the neighborhood.

Use Broker Open Houses Over The Traditional Open House

Hosting an open house in a luxury home is a dangerous prospect. There is no way of knowing how many visitors can actually afford the home and how many just want to look around to see how the other half lives. On top of that, it’s a serious safety risk as luxury open houses bring out potential thieves to case the place and see what the security is like.

For luxury sellers a broker open house is the best course of action. These open houses are closed to the public and only available to brokers who have clients that are looking for a luxury home.

There are more luxury homes on the market than buyers and standing out is important if you want to sell quickly. Trying to sell a home like this on your own is a disaster waiting to happen. Make sure to talk to real estate agents in the area who deal with luxury properties until you find one you are comfortable with. Contact your local real estate professional today for more information.