$265,000
Meticulous and warm are two words to describe this turnkey property on just under 2 very private acres. This tastefully appointed 3 bedroom, 2 full bath ranch style home offers a comfortable open floor plan, with many fine features.
At this week’s sales meeting, I was stunned to see in our weekly report that we had put nine properties under contract here in the Bennington area. Despite a still slow economy it made me reflect on the buyers who committed to homeownership with all of its benefits and put their faith in the future.
Granted, we are not out of the woods by any means but it was reaffirming to see this type of activity at the end of the season. So…why did the homes that sold rise to the top of a very competitive field of homes and what made the buyers choose these properties in particular. It begs the question: Is there a formula that some sellers, with the aid of their Realtor, have figured out or is it just the luck of the game? I’m a firm believer that luck is usually a combination of timing and hard work…you have probably heard the saying “The harder I work, the luckier I get!” This applies to home sales too.
So let’s look at the group that went under contract. Here are some interesting facts: Eight of the nine properties were homes; one was a parcel of land. All of the residential properties were well priced within their price range and as a group, the final sales prices fell within ten percent of their final list price; the land was within twenty percent of its final list price. Five of the nine properties fell within the most popular price range within our area and all of the sellers of these properties had recognized market conditions and moved off their first list prices to be as competitive as possible. Five of the properties sold to people already living in the area and four of those were first time home buyers; three of the purchasers were relocating to Bennington for employment. One of the residential properties was being purchased as an investment.
The average days on the market varied with the most expensive home being on the market for the longest time and the quickest sale was made to a first time homebuyer; it was a property that was priced competitively within the most active price range. Yes, just like the lottery, you can wait to sell by pure luck or you can objectively look at the marketplace and create a plan for success. That is what we at Hoisington Realty are dedicated to - kudos to our staff that made these sales happen this week!
Today I was thinking about why some homes sell easily and others sit and sit no matter what you or your real estate company does to make it happen. There is, above all, the reality of the market which tabulates supply and demand or to put it differently, there are homes stuck in price ranges that have no movement due to too much inventory and too few buyers. Why this is so is a subject worthy of its own blog and I will get to that at another time. But for now, let’s assume that there is activity in your price range and you want to know how to move to the front of the line and get sold as soon as possible.
First and foremost, put yourself in a buyer’s position and be critical of how your home looks. In reviewing home presentation with my sellers, my favorite action points are: curb appeal, fresh interior, no clutter, strategic pricing and a friendly, positive attitude about showing of their home at all times.
Here is a list of negative or passive things that weaken your position; remember, you are competing to be best of kind, every time your home is shown: no showings on certain days, dogs that need securing, maintenance issues, odors such as smoke or dampness, less than perfect bathrooms and kitchens, cluttered attics, basements, closets and garages, soiled or worn carpets, personal hobbies and photos extensively displayed that distract from the home…I think you get the picture! Again, back to the buyer who has the opportunity in this market to judge your home against many others – that buyer will be attracted to clean, fresh and simple presentations that allow them to envision their own lifestyle in their next home, not yours. Don’t forget that your mission is to attract the buyer and receive an offer. Once you have the offer you gain a measure of control because the ball is now in your court. Without an offer you are just one of many home sellers sitting and waiting. Don’t forget that there is no absolute best price for your home. The market is a fluid entity and can best be determined within a price range, not one intractable price. Many times it is the negotiation of favorable terms that makes a deal a win-win for both parties, not just the price
YES! The stimulus package has confirmed that there will be a tax credit (not a loan, a credit) of up to $8,000 that should boost every first home buyer’s motivation to get into the Bennington real estate market now…….It won’t help everyone because credit scores of 700+ are the ideal and job loss, job furloughs or even a reduced salary as a result of the current economy may impact your credit score. However, for those with jobs and close to or above 700 credit scores THIS IS YOUR LUCKY DAY!…..I defy you to reason out why paying rent, which is a total loss at the end of the year, is better than buying a home and receiving deductions on your taxable income for mortgage interest, real estate taxes and even some of your closing costs. Don’t forget the prices in Southern Vermont are at all time affordability and interest rates remain at all time lows. Low down payment loans through FHA and other Vermont State programs make this all doable.
That’s just the beginning of the story because if we can get first time home buyers in Bennington and Southern Vermont moving, there will be a subtle wave of building home sales….for instance the purchase of a small house by the first time home buyer allows that seller who has owned for five years to upgrade into the next price range and that seller also gets to upgrade to his new level of dream home and onward and upward it goes! Those folks living in metropolitan areas will experience the same phenomena and once the banks are in recovery, Wall Street will be relieved and begin showing confidence and once again people start investing in second homes…..
So……..those of you who are first time home purchasers, this is why you have been singled out for such a great bonus – it’s up to you to get the market moving and we are counting on you! You have the opportunity of a lifetime – don’t miss it!