Redfin Home Selling Classeverything you need to know in todays market.July 10, 2014 Renton, WA
Presented by: Monique Losk and Kenny WhitesideRedfin Listings NW South Team
Follow: @RedfinLike: http://www.facebook.com/Redfin
AgendaIntro to RedfinUnderstanding the MarketThe Selling ProcessPricing StrategiesMarketing your homeRepairs & updatesCurb appealStaging & perfect picturesQuestions?
Redfin Listings NW South Team
A Little Bit About Who We AreRedfin is a real estate brokerage that has helped over 20,000 people buy or sell a home; 97% would refer us to a friend.
New RE Model: Customers, not commissions
Buy-side: More info available + Transparency = Informed decisions = The right home for the right price
Sell-side: We do MORE (Info, Photos, Classes, Sparking Debut, FT Coordinator, Proprietary Software for LESS ($$)
- The 97% comes from looking at our agent reviews. We consider 6/10, 7/10,8/10,9/10,10/10 to be people who would recommend us to a friend.
Understanding the Market
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Renton Home Prices
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Renton Area Overview
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Selling Your Home
7 Secrets to Sell Your Home Faster and for More MoneyKnow the Process: Knowledge puts you in the Drivers Seat
2. Know Your Numbers: Price it right the first time
3. A House Not A Home: Prepare Your Home For the Market
4. Surviving the Inspection: Maintenance & Repairs
5. Why now?: Upgrades & Touches that Payoff
6. Sparkling Debut: Photos make the FIRST Impression
7. Get Noticed: Exposure is the Key!
The Selling Process
The Selling ProcessDecide on selling
Meet with an Agent
Stage and prepare your Home (Open Book referrals)
Photograph your home
Take it live!
Get an offer & expert help in negotiating = Signed Contract
Work as a Team through the Inspection & Appraisal process
Signing / Funding / $$$
Pricing: An Art & ScienceConsider the current economic factorsHousing marketMortgage ratesEmployment & other Economic factors
ConsiderLocation-Competition-Timing-Condition-PriceComparable homes in your areaActive: Your direct competitionPendings: How many DOM can indicate final priceSolds: Watch the trends of list VS sold prices
Pricing StrategiesWhat if we over price?Fewer Buyers see your house More days on market can elicit suspicionNeed price - reduction planHope: One Buyer pays the higher priceRisk: Appraisal concerns
What if we under price?Elicit Market InterestMore buyers see your house = more potential offersSold more quicklyHope: More than 1 BuyerRisk: Timing works against you & only 1 Buyer makes an offer
Comparative Market AnalysisWhat is a CMA? Art and Science: Left brain VS Right brain What is my home really worth?
CMA VS Appraisal? What they each mean to you
How could 3 different Agents suggest 3 different prices?Experience levelBusiness style Underlying Strategy
(show pre-done CMA from MRIS, pulled in advance, include summary with photos of comps, and summary detail at a minimum)
What is the Best Day to List?Homes listed onSundayget marginally more online views.
Homes listed onFridayaretoured 19% more.
Homes listed onFriday or Thursdaysell for slightly closer to original list price.
Homes listed onFridayare12% more likely to sellin 90 days or less.
How to Get Your Home Ready to Sell
Front DoorThe first impression of the houseClean!Nice hardware on door goes a long wayClean/updated hardware - spend $100 on updated locks
PorchDont put a lot on itA place for people to sit1 or 2 great decorative piecesGrill make sure its clean!Porch lightsMake sure they workBuy new ones Great touch for under $50
PaintThings to consider:How much light the home getsWhat color the neighbors home is paintedSpecific to style (modern vs. craftsman)
Contrasting colors - Light trim/solid color
Painting door an appealing color
Driveways and PadsKill weedsCut branches and bushes back Shovel driveway in winterHide garbage cansPower wash driveway and walkway
The BackyardPower wash patios/deckFurniture Buyers will sitBorrow from a friendBright pillows
Trim back large bushes makes yard appear biggerFencePaint/re-stainMake sure gates work
Repairs and Updates
EntrywayUsually the 1st and last thing a potential buyer seeswhen looking at any home/condo. Things to focus on: Are the walls & baseboards damaged, scuffed or dinged up?A quick coat of paint can make a big impact.Is the light fixture in need of being replaced? Adequate light is important; makes the entryway feel more open and inviting.Does the area have proper storage (are things piled up and stuffed in corners)?Not necessarily on the cheaper end of updates, but a built-in storage area can be a big plus.
KitchenAs you have probably heard, kitchens & bathrooms sell homes!
courtney.wenclawski (c) - New photo!Kitchen Floors: TileTile = good shape, Grount = not!A cheap do-it-yourself fix is to buy some industrial cleaner and a good firm bristle scrubbing brush and go to town on the grout. Another option would be to hire a company like The Grout Dr. They come out and rout out the old grout and re-grout the whole area with new material. This is also a much cheaper option than ripping up the old tile and having to pay a contractor to retile the entire kitchen.
Kitchen Floors: Hardwood Hardwood: If you have hardwood floors you already know they can show wear and tear easily. A quick & easy do-it-yourself fix to minor scratches and moderate signs of wear, is to use a hardwood floor cleaner/polisher. It will remove light signs of wear immediately. For heavy scratches and damage, a good option aside from replacing the flooring would be to hire a company to refinish the floors. They will come in and sand down the floors and apply a coat of polyurethane. Your floors will usually look like new!
courtney.wenclawski (c) - New photoKitchen Counters and Cabinets Backsplash:A tile backsplash can make for a nice upgrade from just wall paint between your countertops and cabinets
Cabinets: Often are in good shape but show normal signs of wear from daily use.Painting cabinets = inexpensive alternative to replacing them. Re-facing
BathsThis is the second place that people are going to really focus on.
courtney.wenclawski (c) - new photoBaths: Floor Floors: Basically the same idea as the kitchen: either clean or re-grout.New tile installation can also make a big impact in any bathroom.
courtney.wenclawski (c) - new photos
Baths Shower enclosures can show signs of wear and water damage to the grout and caulking. An effective & inexpensive fix is to strip and re-caulk any material that shows signs of mold or discoloration. Retiling a shower enclosure is also a nice facelift but is going to be more costly than touching up the tile.Vanity/Toilet: If they are in poor shape, replacing them is not a very expensive option and can make a big difference from run down fixtures. Swapping out the faucet/shower control and shower head can also make a worn down bathroom look new if the rest of the items are in good shape.
Staging & Perfect Pictures
Tips for Staging Your HouseDe-clutter! De-clutter! De-clutter!Get rid of ALL smells (even the ones you like!)Get the dust and film off of everythingWash windows Inside & OutMake all beds & add throw pillows to couchesNew fixtures and drapes in the bathroom or kitchenNeutral colors
The Importance of StagingYour Home Will Spend Less Time on the Market
The Real Estate Staging Association studied 174 homes previously on the market an average of 156 days.
Those same homes were professionally staged, relisted and sold in 42 days on average after staging. This is 73% less time on the market.*
*2011 RESA study
The Importance of StagingYour Home Will Show Better in Photographs
90% of all home purchases begin with an Internet search Photos begin to sell your home before buyers even enter it
The Staging Process ExplainedFor an Unoccupied Property:
Staging generally takes 2 days Stagers make recommendations for improvements and maintenance Stagers bring in all furniture, rugs, lamps, window treatments, art and accessories
How Much Can You Expect to Spend on Staging?
Some stagers charge $1.50 per square foot Monthly rental fee based on 1/3 of the staging cost Rental fees are pro-rated daily after the first month
The Return on Investment of Staging Your Home
If, for example, staging your home costs $2,600 - and results in a $26,000 increase in your home's sale price - that's a $1,000% return on investment "The investment in staging your home will always be less than a price reduction on your home." - Barb Schwarz, founder of home staging "This home was on the market for 90 days with no offers. At the insistence of the homeowner, I was contacted to stage the property. It sold two days after staging. What does that tell you about the importance of staging?"-home stager, St