Can’t sell your home??

Your home has been on the market yet it simply didn’t sell. This, of course, has created a lot of stress, inconvenience and anxiety for you and your family. Perhaps you may have already bought another home. Possibly you needed this home sold because of a job change. Regardless of the reason, it’s certainly a pain in the butt!

What To Do?
The first step is to analyze the situation. Assess what factors led to your home not selling. Below are the top four reasons why homes tend to sit on the market:

Is The Home Overpriced?
Overpricing your property is usually the main reason it did not sell. Assuming your neighborhood or area has homes with similar features (number of bedrooms and baths, lot size, etc.) on the market for a lower price, buyers will naturally buy those properties first. The price of your property should be competitively priced with similar homes in the area. That means if you want to sell your home, price the home at or slightly below the comparables–if possible. I can help you establish the best price based on the competition. Again, pricing your property above comparable properties can easily cause the home to “sit” with limited activity.

Another issue with pricing higher than competitive properties is the price reductions. Most homeowners will reduce the price once they realize their home is priced higher than the competition. When your real estate agent enters the price reduction in the MLS, the property is probably at or near where it should have been priced in the first place. The problem is you missed a lot of the buyers the first round that bought comparable homes for the same price you have may have just reduced your home to.

To overcome this situation you must ensure that the offering price of your home is extremely competitive. If your price reduction still leaves the asking price of your home higher than any comparables, your home will probably continue to languish. I will help you assess the competition and help you establish an asking price that will get the home sold.

Condition Of The Property

All of the cosmetic things, such as landscaping, paint, window coverings and flooring should be in liveable condition. The house needs to be spotless and clean inside and out! It’s amazing how most buyers refuse to see “through” superficial, cosmetic shortcomings. To illustrate this point, most buyers can walk into their “perfect” home that is priced below market. Yet if the house is cluttered, the carpet is worn, or the house has a strong pet odor, they will most likely move on. Making these cosmetic improvements costs little . . . mostly your time! To get the house sold, make a small investment in:

1. Exterior of home: Make sure there is no chipping paint, dirty windows, or clutter in the yard. Most importantly, remember that most buyers will notice the condition of the front door when they walk in.

2. Landscaping: Make sure lawn is in good shape and trees and shrubs neat and trimmed. Make sure gutters are clear. If you don’t have the time to do it, pay someone.

3. Interior: Make sure the carpets are clean and attractive, the walls painted and clean, the kitchen clutter-free and the windows spotless. Also, remove excess furniture (rule of thumb is put half the furniture in storage or the basement). Excess furniture makes rooms appear much smaller. Make sure all clothes are off the floor and organized in closets (yes, people will be looking in your closets and storage). And finally, make sure the smell of the home is appealing. Vanilla scent works very well with most buyers.

Was Your Property Aggressively Marketed?
Another primary reason for homes sitting on the market is a simple lack of exposure. In a very hot market, a listing in the Multiple Listing Service alone should generate an adequate number of buyers. However, if your market is anything less than red-hot, the amount of inventory will increase and your home needs aggressive marketing.

Most buyers work with real estate agents. A good real estate agent will make sure your property is exposed to the active real estate agents in your areas by presenting your property to many of the area offices. Also, most active real estate agents have a strong network of other agents, and they’re usually on the phone pushing the property to the other agent’s buyers.

Make sure your property is advertised in home magazines. Many buyers pull these off the racks of grocery, convenience and drug stores when they are actively looking to buy a home. Most importantly, make sure your property is advertised in heavily trafficked web sites like Realtor.comm Trulia.com, Zillow.com, etc,e tc. Well over 80% of buyers use the Internet to look for homes first!

Finally, and Most Importantly: Did You Hire The “Right” Real Estate Agent?
There are very effective and ineffective agents. Many agents work hard and employ strong marketing techniques. Many agents have a strong network and access to buyers. Many agents simply work hard to get your home sold. However, many do not. Did your past agent simply place the house in the Multiple Listing Service? Or, did she or he inform their network of buyers about your property? How about presenting your property at sales meetings both at her or his office and other company offices? Did she or he promote your property at the local real estate board meeting, where many agents gather to share inventory? Did she or he use aggressive advertising, including real estate magazines and heavily trafficked Internet web sites?

Ask yourself, was your agent passionate about selling your property? If not, now is the time to give me a call to discuss the possibilities! Matt–869-3469

To search the MLS real time Click Here
To obtain a free market evaluation for your home Click Here
To chat with Matthew Le Baron Click Here

Meridian Idaho Real Estate Statistics–2010

Below you will find statistics regarding the real estate activity during the month of February:

Closed Sales – February 2010
# Closed: 108
% Change: +31.7%

Average Sales Price: $185,052
% Change: -8.9%

Median Sales Price: $160,744
% Change: -12.4%

Closed Sales – February 2009
# Closed: 82
Average Sales Price: $203,049
Median Sales Price: $183,400

Pending Sales
# Pending: 250
Average Asking Price: $188,249
Median Asking Price: $169,000

Available Homes
# Available: 1,000
# Vacant: 575
Vacant Percent: 57.5%
Average Asking Price: $198,957
Median Asking Price: $174,900

Data does not include condominiums or townhomes. Data taken from Intermountain MLS on3/5/10 and pertains to single-family residences on lot or acreage.

source: boiseblog.com

To search the MLS real time Click Here
To obtain a free market evaluation for your home Click Here
To chat with Matthew Le Baron Click Here

TAX CREDITS GALORE!!

Great news for potential Idaho homebuyers! Idaho Housing and Finance Association has awarded $34.2 million in American Recovery and Reinvestment Act funds through the Tax Credit Assistance Program and Tax Credit Exchange Program to developers to help restart Low-Income Housing Tax Credit developments that may have stalled because of declining equity prices. This will doubtlessly stimulate the sluggish Idaho Home Construction industry as well as the Idaho Homebuyers market as new and more affordable Boise Idaho Homes will become available while interest and mortgage rates are at an all time low!

The funding is intended to help kick-start the nation’s ill economy, with it’s primary focus being creating and saving jobs in the near term and investing in an updated infrastructure that will provide long-term economic benefits. Funds will not be committed until all applicable federal requirements have been satisfied. Gerald Hunter, IHFA president and executive director said, “Idahoans will directly benefit from this funding through the new jobs created and through the additional affordable housing that will soon be available for Idaho residents.” The Tax Credit Exchange Program funds projects for construction or acquisition and rehabilitation of low-income housing to continue where developers are unable to proceed due to lack of real estate investors. In this way, the near-term goal of creating and retaining jobs is achieved, as well as the long-term benefit of increasing the affordable housing supply.  

Low-Income Housing Tax Credits provide a dollar-for-dollar federal tax liability reduction for owners of newly constructed or substantially rehabilitated rental housing, encouraging developers to build affordable rental housing. Cities that are home to awardees of this funding include: Ketchum, $7,523,333 – Buhl, $1,432,032 – Montpelier, $1,938,101 – Caldwell, $5,950,000 – McCall, $4,659,074 – Chubbuck, $393,100 – Fruitland, $2,465,000 – Marsing, $646,000 – Grand View, $408,000