Where to Advertise a FSBO? The FSBO Online Resource List

October 9, 2012 By 4 Comments

Real estate agents deliver tremendous value to home sellers and home buyers. I have a belief in the importance of my work and it seems my clients agree. Yet, some homeowners want to venture into the world of For-Sale-By-Owners. In another post of tips for FSBO’s, I’ve shared some key elements for success.

In this post I’ve compiled a list of online resources for FSBO’s. Choose to work with those that best suit your property and budget.

  1. For Sale By Owner.com This is the most well known website for FSBO’s, with a 14 day free trial. You can post up to 6 photos, print flyers, write a description of the home. Once you are a paying customer, your home can be advertised on Realtor.com and MLS.
  2. Owners.com. Lot’s of online resources, high satisfaction rating, and a connection with Realtor.com and MLS.
  3. Craig’s List. Post for free, but ensure you do not post your ad more than once a week. Be aware that you will likely receive inquiries from bargain hunters.
  4. All The Listings.com. Post your ad for free, claimed to be search-engine friendly. You have premium membership options.
  5. FSBOads.com. Free advertising until the closing date.
  6. Miadomo.com. Claiming worldwide exposure for you ad, a free listing allows for 12 pictures, and $2 more if you want to be a “featured” listing.
  7. Virtual FSBO.com. Offering flat fee MLS, and syndication to Google Real Estate and other FSBO websites.
  8. Caagal.com. Free advertising for your property, wherever it is!
  9. Backpage.com. This website will remind you of what Craig’s List used to be. Clean, simple, great place to find anything.
  10. And one more resource. If you are selling your real estate in the Boston area, I’ll happily write a blog post about your home and promote it through my distribution channels. Write me directly if you are interested.

Be aware when you search for where to post your advertisement for your home, some websites are a lead generation resource for Realtors. This is not necessarily bad, but it is unlikely to fill your need for exposure for your home.

Good luck!

photo by: MïK
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Doing the Numbers: Brookline Real Estate Months of Supply

September 27, 2012 By Leave a Comment

“Months of supply” in real estate is the closest thing we have to a forecasting tool. The months of supply measures how long it would take to sell the current number of homes on the market. Low inventory, means demand exceeds supply, hence rising prices are a logical expectations. Anything under a three months supply is considered low inventory and a seller’s market.

Brookline’s condo market is extremely tight! There are 72 condos on market, which is just over 1 month of supply. I’ve included a chart breaking down months of supply by price range for Brookline condos. You’ll find the $300,000-$400,000 range with low inventory, with about two to three weeks supply. The $500,000-$700,000 price range has only at about two weeks supply.

The slowest Brookline condo segment is in the luxury $1,000,000+ market. But it is still robust!

Next, single family homes. There are 70 houses on the market in Brookline, which is 3.6 months of supply. Brookline’s house market is a seller’s market, not as strong as the condo market, though. In most price ranges, inventory is between 2-3 months of supply, with few exceptions. The popular $800,000-900,000 price range has only a three week supply of homes. Buyers in this pricing category are having a tough time finding a home that delights.

Brookline’s luxury house market is a different story. Six months supply of homes priced $4,000,000-$5,000,000, and 21 months supply of homes priced $5,000,000+. This market has different standards, thought, and a house in this category is expected to take longer to sell.

The statisticians among you will tell me there are all sorts of issues with the measurements, but it is the best way we have to look at the current inventory of homes and get a sense of where we stand. For me, anecdotes are great, just not enough.

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Common Mistakes in Pricing Your Home in Rising Market

September 10, 2012 By Leave a Comment

 

In a real estate market with rising prices, pricing your home can be a bit tricky. I meet some home sellers who think it is easier to price a home in a rising market, but that’s not necessarily true. The risk of mispricing is always the same, and leaving thousands of dollars on the table is at stake.

Prices are just starting to inch up around the country, but as usual, Boston real estate is a bit ahead in this regard. Many of Boston’s neighborhoods and immediate suburbs are enjoying visibly higher home prices for some months. And the vibrant market has encouraged many who’ve been waiting to sell.

So how much is your home worth now? In pricing your home, ensure you receive top dollar by avoiding the following common mistakes.

Looking at sold home prices online. Sold home prices are a great place to start your research on your home’s value, but there are some issues. Although the information is public and generally accurate, it can be misleading when using the mapping features of Zillow or Trulia. A house nearby of similar size could have sold for a vastly different price than what your home is worth. Unless you know a house well, it is dangerous to compare it to yours.

Furthermore, don’t confuse recent sold home prices with the “Zestimates” on Zillow. Those are generally useless in Newton and Brookline, and many parts of Boston. I’ve written about my reservations about Zillow as a data source before in my article, “No More Zestimates for Newton and Brookline.”

Pricing too high. You may think pricing a bit high in a rising market is not a big deal, but remember, we are just coming off a pretty ugly real estate slump. Market is just starting to perk-up, buyers still hold some cards. First-time home buyers are moving the market, and they are buying on a tight budget. There is less negotiation, so do not assume that if you price high, you’re leaving “room to negotiate.” Instead, you’re leaving room to sit on market and wait for an inevitable price reduction.

Pricing too low. Some real estate agents will tell you there is no danger in under pricing a home because there will be multiple offers, and you’ll get the full value of the home as buyers bid up the price. Bologna. Agents say this because a cheaper house is easier to sell. There is a strategy involved in multiple-offer situations, and it involves some thought.

Generating a multiple offer situation is never a guarantee, and can be risky when you are depending on the multiple offers to bring you the full value of the home. Here’s a post I wrote about the dangers of under pricing. A neighbor of one of my properties under-priced for a quick sale, and after the bidding war, the condo sold for about 10K short of top dollar.

Asking the wrong agent. Real estate is not neurology, but it does require expertise. This expertise is labor intensive, including looking at homes, meeting with buyers, writing offers, learning the market, reading the news, etc. Ask the wrong agent, and you’ll get the wrong answer. Speak with local agents who seem to know what they are talking about, preferably more than one if you have reservations. A competent agent will be able to give you a price or a price range, with some precision and confidence, and back it up with recent sales and inside knowledge.

Input from a professional will always be the best place for you to price your home. Make sure you don’t get caught up in the mistakes outlined, and you’ll sell your home for top dollar in no time.

If you are curious about how much your home is worth, click here.

 

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The First Seven Steps Your Realtor Must Take

August 7, 2012 By Leave a Comment

You’ve signed the listing agreement, now what?

Between the signing of the listing agreement and the second week your home is on the market, there is an enormous amount of work for the listing agent. Done right, completing these tasks lays a solid foundation for a successful marketing plan for your home.

Here are the first seven things a listing broker must do once a new listing is signed.

  1. Paperwork. There is lots of paperwork. Some paperwork is mandated by the Commonwealth, some of it is by the company. The agent has to have all of the paperwork complete and in order. I even fill out paperwork for the sign installation, but some agents in very small firms will install the sign. If your agent is not highly organized and complete, it may reflect on a sloppy company or other sloppy work.
  2. Preparing the home for sale. It is you duty to prepare the home to look it’s best. But it is your agent’s duty to be helpful. Your listing agent should spend time with you and either advice or referring you to a staging professional. It is vital you take your agent’s advice or hire a staging professional. The home you live in should not look like the home you sell.
  3. Photographs. The listing agent’s third order of business is to arrange to take photographs of the property. Preparing the home for sale and great photos is the groundwork for a successful marketing campaign. Photographs, and any other media such as floor plans and home tour, are the materials necessary to market the home online and to attract the right buyers.
  4. Calendar. You should know when the agent plans to hold open houses and establish a schedule for showings. Some people refuse to show homes on Saturdays or need a day or two notice. Your agent must know your limitations and work with them. You should know what happens when, including any promotions, mailings, office tours, broker open houses, etc.
  5. MLS. With photos in hand, the agent is ready to enter the home into Multiple Listing Service. If done right, this takes some time. A complete MLS entry is the goal, including room measurements, building and area information, public records data, description, related documents, etc. The MLS entry of your home must look perfect the first moment it is published. Once it’s “live”, it is send to anyone in the system looking for a home like yours. People tend to skip homes with incomplete information and bad pictures. The very first days of the listing are most important to your marketing plan!
  6. Online Promotion. MLS and some brokerage firms syndicate listings all over the web. Listings will feed into websites such as Homes.com, Zillow, Trulia, Realtor.com, etc. These syndication are the lifeblood of the online marketing campaign. When 88% of home buyers searched online for homes last year, this is a big piece of successfully marketing a property. Tech savvy agents who understand the importance of online marketing pay for their own syndication feeds which override any company or MLS feed. This gives the listing agent more control over what the audience sees and allows buyers to directly contact the listing agent, rather than the office.
  7. Direct Mail. A “just listed” card to a radius around your home should be sent the first week the home goes on market. Just listed cards peak neighbors’ interest and they spread the word about your home in their beloved neighborhood. This is also a perfect marketing opportunity for a neighbor considering a new home who want to stay in the area.

There is so much to do the first few weeks of a listing. After that, the work load is lessened until the offers come. Still, you should expect updates on activity and a regular marketing effort that continues through the life of the listing.

To receive a copy of my Home Selling Plan, click here.

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Brookline Real Estate Update

June 28, 2012 By Leave a Comment

There has been a lot of talk about the shrinking supply of homes in the market. The shift in this critical market condition is nicely shown in the months of supply of Brookline’s single family houses chart. In May 2o11 there was over 10 months of supply - meaning, it would take 10 months to sell all the homes if no new ones came on market. Last May, this number was under 8 months.

Although average house prices in Brookline were down over 9%, the shrinking inventory is a sign of a healthier market. Months of supply tells us how many homes are on market and the level of demand. Lower months of supply is great news if you are planning to sell your home soon. More interested parties, less competition, maybe (MAYBE) higher asking price.

But this information means something else if your house is already on market. If you are currently trying to sell your house in Brookline, the good news is you have less competition and more potential buyers. The bad news is that while all the other homes are selling, yours is still on market. If you home has been on market much more than four months (average market time), it may be time to discuss alternative marketing options or a price adjustment with your listing agent.

 

 

 

 

 

 

 

Brookline single family homes have an average price of $1.3 million. Lower price ranges have sharper drops and much lower inventories. Brookline condos are down to 3.2 months of supply last month. More on that next week.

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Brighton Condo Inventory and Time on Market

June 21, 2012 By Leave a Comment

This is not the first post I am writing about Brighton condo market getting tighter. A few weeks ago I wrote about dwindling inventory of condos available for sale and the huge drop in time on market, which I named, “Brighton Feels like 2004.”

Inventory and days on market go hand in hand. These indicators are usually interpreted as the homeowners’ belief in immanent rising prices. Time on market fell from 70 days on market in May 2010 to 33 days on market this past May.

Steady downward trend, with lower peaks and lower valleys.

Time on market for sold condos in Brighton.

 

If the claustrophobia in your Brighton condo is getting a bit much, give me a call at 617-291-0323. This may be your opportunity for a move-up.

 

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7 Marketing Methods a Listing Agent Must Offer Before You Hire

May 29, 2012 By Leave a Comment

When interviewing listing agents to sell your home you’ll receive books with marketing plans telling you about all the amazing things the company will do for you. Some of it is great, some of it a bunch of nonsense, and the most important stuff won’t be in there at all.

There are essential marketing strategies that must be incorporated into promoting your home when it comes on market. Ensure all of this is included before you say “Yes” to any agent:

1. Professional photographs. Agents are not photographers, usually. I don’t care what camera an agent has, a professional photographer will do better. If you think this is not important, go online and look for yourself.
If you are selling a smaller home or condo, this service is even more important, although less likely to be available to you. Smaller spaced demand excellent photography, otherwise your home will look smaller in pictures.

2. Staging your home. There is always something to be done to improve how the home looks. This doesn’t have to be expensive or elaborate, but your agent should either give you a to-do list of getting your home ready, or insist you hire a staging professional. Otherwise, the photos won’t look nice, buyers are less likely to come, and buyers will pay less for an un-staged home. You are losing thousands of dollars if you don’t invest the time and money to get the home ready to be photographed and shown.

3. Floor plans. Buyers looking online often have specifications they want and room dimensions are extremely helpful. For example, when a buyer needs a living room large enough for a grand piano, without a floor plan the listing will be skipped even if it is a perfect fit. Giving potential buyers and their agents as much information as possible helps bring the right buyers in and keep the wrong buyers from wasting your time.

4. Video. We love videos. So much information is consumed through video, and it is easier to connect with a property through a video.

5. Online Exposure. By far, the most important way to reach buyers is with online exposure to your home. Your agent must be aware of where the listing will be uploaded by MLS, or through the company through syndication, like Google Base, Zillow, Trulia, Realtor.com, etc. There are other sites, such as Craig’s list, that require a weekly update. And what about a single listing website? Those are a great way to promote a home on the market yet few agents are using this service. Ask what the agent and the company provide and how well they are versed with the online marketing strategies of listing a home. Keep away from anyone claiming technical ignorance. Failing to understand the internet’s role in marketing property unacceptable. You don’t have to know it, but your agent does.

6. Multiple Listing Service (MLS). Every agent will put your listing in to Multiple Listing Service. But how will it be done? MLS plays a huge role in the sale of your home. First, it is the means of communication with other agents. Second, it is sent directly to buyers. Third, it is syndicated to other popular websites where buyers search for homes. But put together a poor MLS listing, and you have squandered your most important marketing opportunity.

Bad MLS behavior includes posting a listing without photos, not including all information, poorly written or uninspiring description, or posting open houses late, (like Saturday night instead of Thursday morning). If your agent is not going to take MLS seriously, run.

7. Marketing to Agents. Marketing proposals from agents will say a lot about how to present homes to buyers. But the overwhelming majority of buyers will be represented by an agent. Everyone overlooks the importance of marketing direct to agents. A broker open house is just part of it. Other parts include flexibility to show the house, paying a premium commission and direct mailings to agents.

Marketing your home is the role of your listing agent. A marketing plan must include updated methods and a full spectrum of services. Think of every failure to meet one of the standards above as lost money, because it is.

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The Newton and Brookline Market Downturn

April 27, 2012 By Leave a Comment

My friend was telling me how the market downturn was an opportunity to find a bigger home in Brookline. Unfortunately, she didn’t find the home she wanted. (She wasn’t my client).

Yes, the market took a turn. Everyone in the country knows about our real estate downturn. But in Brookline and Newton, this downturn disappointed many hopeful buyers.

While Massachusetts real estate numbers are showing us in a continued slump, Newton and Brookline have proved remarkably resilient. I’m looking at the Multiple Listing Service statistics for the years 2007-2011. In Brookline, the downturn single family house prices dipped from their 2007 peak of $1.43 million to the low of $1.32 million in 2009. In 2011 the average Brookline house price was back up to $1.41 million.

Condos, on the other hand, experienced a price hike. On average, a condo in Brookline cost $503,600 in 2007, and in 2011 the price was up to $562,100. This is approximately at 12% increase in condo prices and a leveled single family market.

In Newton, the numbers for a single family are different but point to a similar trend. In 2007, the average Newton house cost $936,100, dipped all the way to $842,100 in 2009 and in 2011 went back up to $908,900. The volume is still lower, 617 houses sold in 2007 versus 518 sold in 2011. But this Spring’s market has been extremely busy, and multiple offers are common. Sorry, buyers. Hooray sellers.

Digging a bit deeper, though, you find some interesting details. The hottest segment of the single family homes in the Newton market is those in price ranges lower than the average price. While the larger homes take longer to sell, and go through more price reductions and negotiations, the smaller homes are selling fairly quickly.

These numbers tell me this is a great time for a move-up. If you are both buying and selling in Brookline or Newton, don’t feel you missed the boat for an upgrade. At least request an updated market analysis on your home.

A market analysis is a free service most Brookline and Newton real estate agents provide. I recommend you get a couple of opinions. Zillow doesn’t count!!!

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Three Reasons to Sell Your Brighton Condo Now

April 10, 2012 By Leave a Comment

Time to Sell?

It has been a tough ride for Brighton condo owners who have been on the fence about selling. The average time one lives in their first condo is about seven years, and many who bought in the boom are approaching, well, a bit of claustrophobia.

But the Brighton condo market has perked up as many first time home buyers are buying. If you have been on the fence about selling the condo, here are a few reasons to consider that now is the time.

1. Market is Hot! The Brighton condo market has been enjoying a lot of activity and we also see a bit of a pop in prices. If you’ve had a market analysis done a year or two ago, it is time for a new one. Contact your favorite agent, or shop around for someone who can give you a realistic selling price. You may be pleasantly surprised.

2. Move-Up Time! I assume if you are selling a condo, you’ll be buying another home. If so, this is your market. Even if you forgo some equity in your Brighton condo, your next home will have a very low mortgage rate, (probably lower than your current one, unless you refinanced recently). You can take advantage of an active local market, while where you move may only be starting to perk-up.

3. Conditions Will Change! The market is hot now, the mortgage rates are low now. Who knows for how long this window of opportunity will last. One year, maybe two? Do not wait for the boom market of the 2000′s, it is not coming back for a long time. Most likely your condo is worth less now than it did in 2007.

You probably loved seeing the value of your home going up and up. But just because it was worth $275,000 in 2008 does not mean it will sell for that in the next ten years. That valuation is meaningless now, as it was meaningless then if you were not in the market to sell. Do not get attached to the past value of the condo.

The questions you must ask yourself are; do I want to move? If so, can I afford it? Between a good Brighton real estate agent and a reliable mortgage broker, you can get answers to both.

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How Landlords Save the World

January 18, 2012 By Leave a Comment

The title of this entry is over-the-top, I admit, but I am just here to stick up for the landlords out there who are trying to do some good. The word “landlord” in itself has some negativity associated with it, and the use of “lord” in this context is distasteful in our American sensibility. In media, landlords are portrayed as misers ready to make a buck on the poor and take advantage of families.

Please!

Let me tell you about the landlords, the real estate investors, I know.

First and foremost, there is a commitment to maintain the property and keeping the tenant happy and comfortable, even with the high occupancy rate and the increasing rents. I am not suggesting any altruism here, but it is cheaper to keep than replace tenants. It only makes sense that tenants stay for a long-run, and take care of the property, as it is their home. Fostering that environment is essential for positive tenant-landlord relations, which is the relationship you want in between any consumer and supplier.

A rental property is a huge financial commitment and a landlord idiot enough to not take care of it and ensure it’s livability is ill suited for the job.

Yes, there are many terrible landlords out there. The worse of them are the ones who neglect their properties, fail to keep up with safety codes, and don’t treat their tenants with the respect they deserve. Just like in any occupation, in any aspect of humanity, there are some bad apples.

For more on tenant-landlord rights in Massachusetts, go to http://www.mass.gov/ago/docs/consumer/landlordtenant073007.pdf

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