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New Data on Home Buyers And Sellers

The National Association of Realtors (NAR) recently released the results of their annual survey pertaining to home buyers and sellers.

Some of the findings follow.

• Sixty-one percent of home buyers are married couples.
• The percent of first time home buyers rose to 41%, up from 39% last year.
• Forty-nine percent of the first-time home buyers were white couples.
• Eighty-seven percent of buyers used the internet while looking for a house.
• Eighty-five percent of all buyers used a real estate agent.
• Half of all buyers cited honesty, trustworthiness, and reputation as a reason they chose the real estate agent that they used.

Most of the buyers only contacted one agent when choosing who should represent them. They made the choice based on a referral or they had previously used the same agent.

Home Seller's Guide

For the last few posts, I have focused on the buyer's side in a transaction. Over the next few, I am going to focus on the seller's side.

Step 1

The first thing to do is to look at the house through a buyer's eyes. Think of things that need to be cleaned or painted. There may be items that need repaired before you can sell your house. Ask yourself what would you want corrected if you were the buyer. Remember the goal is to sell your house and you should make look as good as possible for any prospects that may be interested in purchasing it.

Remember that in a normal year in the United States there are approximately 5,000,000 houses sold. Each seller wants the same thing - the best price that a buyer is willing to pay. The buyer of real estate wants the best or lowest price that he can get. In a large part, the price you receive is based on the number of houses that are for sell in your community that are comparable to yours. You need to determine what will make a buyer want your house over the one down the street.

You want your house to stand out from the rest of the houses on the market. Improve your house so that it is comparable with other houses in the neighborhood. New paint, wallpaper and landscaping help a property to sell quicker. Any repairs should be made in order to get the best possible price from a buyer.

Before you actually put your house on the market, make sure you have prepared your house to sell. Remember, buyers want to be able to see themselves living in that house. If it needs repairs, or has too much "stuff" around, it will turn many people off. Don't look at your house as a place for you to live, look at it as a place you are trying to sell.

Top Reasons A Buyer Should Hire A Realtor

Whether you are buying or selling real estate, it can be a complicated event. The transaction involves lawyers, appraisers, bankers, surveyors, buyers, sellers, and the list could go on and on.

Just like when your car is torn up, you take it to someone who knows what "that sound" is, a realtor will know what to do to either sell your property or to help you find the perfect house for you to buy.

We have all seen the signs "For Sale By Owner." However, according to statistics gathered by the National Association Of Realtors, around 80% of all houses are sold by real estate agents. That means that most of the FSBO's are not sold until they are listed through a realtor.

When you hire a buyer's agent:

• the agent has a responsibility to represent your interest in the transaction.
• the agent will ask you to sign a buyer agreement, but the seller pays the commission.
• the agent should be someone that you trust, therefore you should interview several.
• the agent will know the area and what is available.
• the agent will take care of the paperwork that is necessary.
• the agent knows the laws about selling real estate.
• the agent will able to help pick out houses for you to see - that meet your criteria.
• the agent knows the prices in the area and if the asking price is reasonable.

There are several reasons to hire a realtor when trying to find a house. One of the best is because they can take a lot of the work off of you.

Maximize Your Selling Potential

In today's real estate market, a seller must present his house in the best possible way. Not only are buyers looking for a great deal, they are also looking for a house that doesn't need many repairs. One thing that will turn off a buyer quickly is going to a house and the first thing that they see are items that need repaired.

With a little effort on your part, you can create a house that can be sold at a better price and more quickly than others that have a few minor flaws.

Over the years, just about any house has a few problems that need to be repaired or replaced. With today's busy lifestyle, many minor problems get neglected and can become major problems. Following is a list of items that as a realtor, I have noticed in houses that I have shown that should be taken care of.

Curb Appeal

• Trim any bushes that have overgrown.
• Make sure gutters and downspouts are secure and clean.
• Make sure all exterior lights are working.
• Repair or replace any damaged storm windows or screens.
• Repair or replace any broken windows.
• Repair any roof defects.
• Wash the house.
• Wash the windows.
• Keep lawns cut and edged.
• Seal blacktop on driveway.

Inside

• Clean the carpets.
• De-clutter - store any excess furniture.
• Make sure all lights work.
• Paint or retouch items that need it.
• Clean the baseboards and trim.
• De-clutter your counter tops.
• Clean cabinets, oven, and microwave.
• Clean out refrigerator and top of it.
• Remove personal items from refrigerator.
• Clean the basement.
• Clean the bathroom.
• Remove unnecessary items from under all cabinets.
• Clean or replace furnace filter.
• Repair or replace any leaky faucets.

In other words, make the house sparkle. Most of these items are very inexpensive and will do wonders to make your house sell. When trying to sell a house, you need to make buyers see themselves living here. They don't want to see your "stuff" scattered about. They want to be able to imagine their items being there. If there are too many of your items there, or the place is in disrepair, they will go to the next house on the list. They need to think of your house as the best of the best for them.