The Family Photo Album

You're getting ready for a family visit back home next week. Imagine this scenario as you take some snapshots of your home, inside and out, so you'll have pictures to show the folks.

You ask your family to stand by the front door as you take the first picture. Next, you position yourself for a shot of the kitchen. In order to get the entire room in the picture, you stand just outside the kitchen doorway in the dining room. The bedrooms are next, and then you finish up by taking the last shot of the family room.

Now you are showing the photos to your folks, and your explanation might sound like this:

"Oops! There's the front of the house – part of it anyway."

"This next one is our kitchen – just pretend those dirty dishes aren't there."

"Our bedroom is really quite large – pay no attention to the unmade bed."

"Uh-oh, I think I forgot to turn on the light – that's supposed to be the family room!"

Remember this story when you decide to sell your home. Just imagine how much more the family would have enjoyed your pictures if you hadn't had to apologize for every one of them. What do you suppose the folks back home thought?

The impression you make on your buyers during their first visit is critical. If they find everything in place, in good repair, and sparkling clean - your home will be a hit with everyone. Otherwise, well....

THE GREAT SEGWAY GIVEAWAY!

This spring I purchased a SEGWAY Personal Transporter and it has changed my life. It's hard to explain if you have never been on one, but there is a kind of Zen that you can associate with the Segway. It's as though thought and action become one. Really. And the Segway is serious transportation with zero emissions. It's also a heck of a lot of fun. Trips to the store to pick up milk are no longer a chore and I'm using a lot less gas, which is great now that we are once again over $3.00/gallon in downtown Hamilton, MA.

But let me tell you what else has happened since I got my Segway. I have met scores of people. It's like a conversation magnet. Everybody wants to talk about it...and try it, of course. When I come to a stop at a crosswalk, drivers invariably stop to let me pass because they want to see the Segway in action. I get "thumbs up" from car drivers and truck drivers and pedestrians alike. I am having face-to-face conversations with people I have never met and it's a real pleasure.

So I got to thinking... Everyone seems so enamored with the Segway, what can I do to help share the enjoyment and at the same time, reduce carbon emmissions and earn energy credits? I decided to hold a marketing promotion that is tied hand-in-hand with my business as a real estate agent at Coldwell Banker. Something that is so remarkable that no other agent would even consider making such an offer. I call the promotion:

MOVE . . . AND BE MOVED!

The branding for MOVE...AND BE MOVED! is a natural since each company (Coldwell Banker and Segway) helps people move... in different ways.

[For details, go to: http://www.listwithjayforafreesegway.com/]

I am now offering qualified sellers who list their homes with me a FREE Segway PT when their home closes. This is NOT a Coldwell Banker offering - It is an independent offering from me to my seller clients and is valued at more than $5,000.00.

This BLOG marks the beginning of the promotion. Handouts, flyers, postcards, personal appearances, local advertising and online promotion will all begin today. So you will be hearing a lot more about it.

In the meantime, if you know someone thinking of selling a home in this area that would like a Segway as a sign of appreciation for listing with me, let me know. I will be pleased to meet with them and even bring along my Segway for a demonstration.

Best regards,

Jay

Family Traffic Jam?

What if you bought a home because you fell in love with it? And what if, the day after you moved in, you noticed that the nearest grocery store was twelve miles away, the nearest school was halfway up a mountain, and that 325 small children tramped through your yard each day on the way up the mountain to school?

Would it occur to you that you should have taken time to notice the traffic patterns around the outside of the home before buying it? Would it surprise you to know there are also traffic patterns inside your home?

Of course there are. Take your present home, for example. Imagine that each member of your family has bright yellow wet paint on the bottom of their shoes for twenty-four hours. Imagine the trail they would leave on your floors as they pursued their regular activities for just one day. That trail would be your "family traffic pattern." And, it would be a good indication of the room arrangement a new home should have to best suit your family's needs.

When you start looking for a new home, think about that family traffic pattern. Determine the most suitable door, hallway, and bedroom locations in order to provide an easy flow of traffic through your home. If you like to entertain, check out the potential traffic from kitchen and dining to living, family and recreation rooms. Thinking ahead like this can be the key to easy living.

For more great tips, visit my website, scroll down and click on . You'll find plenty of helpful articles whether you are buying or selling or just thinking about either.

A Personal Invitation

When it's time to sell your home, you may be temped to sell without the services of a professional real estate agent.

After all, you know a lot of people, don't you? And the best source of buyers might be people you already know. So start by making a list. Write down the names of people you know personally. Which of them currently own their own home, and which are renting? Next, eliminate all the renters who don't plan to buy soon, and all homeowners not planning to sell and buy another home. How many names are left on your list?

Next, of the renters who are planning to buy, identify those looking for a home like yours, whose employment you believe qualifies them for a loan on your property. From those who currently own a home, select the ones who already sold their existing homes, and who have probably received enough equity to make a substantial downpayment on your home.

Finally, place the names of only those with immediate plans to buy, and who have the financial ability to buy your home, on a separate list. Now, call them up one-by-one and invite them to consider your home. How many will accept? Of those who do accept, what are your chances of making a sale?

Before attempting to sell your home alone, get all the facts. Learn from the experience of the most qualified real estate agent you can find. With a REALTOR® on your side, you'll be on your way to a successful sale.

Is There a Limit?

Do you have plans to buy a home soon? If so, has it occurred to you that some of the homes you look at may be overpriced? Given the recent history of the real estate market, they may be priced too high for today's market.

How would you recognize that kind of situation? And if you did, what could you do about it? Should you assume that all houses are overpriced and make low offers on all of them until one is accepted?

Relax. There's a way you can become a satisfied homeowner without taking the risk of paying too much. Consider for a moment how prices are set on the homes you'll be seeing.

Some prices are arrived at by the owner's "guess-timation," while others are decided only after thorough investigation of the present real estate market by knowledgeable real estate agents. The latter involves careful study of homes for sale now as well as those which have sold recently. As a result, homes listed for sale with a highly successful real estate agent tend to be priced fairly and appropriately for the market from the very beginning.

Thus, by selecting your agent carefully, you can be assured of having a generous selection of homes from which to choose without having to worry about pricing. You'll be able to focus on the features that fit your lifestyle, and make the process of choosing your next home a satisfying experience.

Lemonade for Sale – 10 Cents!

Have you ever watched neighborhood youngsters set up a lemonade stand in the heat of summer? They are sure their price of 50 cents per glass will bring droves of customers and high profits. As the morning wears on with few takers, prices begin to come down. By early afternoon, 10 cents will buy the same glass of cooler. The hot sun beats down and the lemonade is soon gone, along with dreams of great wealth.

The lemonade stand contains a message for home sellers, too. Price your home too high and people will look but not buy. Price it too low and you will be overrun by buyers thirsty for a bargain. What is the right price for your home? There is a time-proven method to determine that price.

First, call a REALTOR®! Selling your home is no lemonade stand situation, it is serious business. By securing the representation of a REALTOR®, you can expect to receive all the facts about sale prices before the "For Sale" sign goes up.

Because buyers compare homes before making a purchase, ask your REALTOR® for a detailed accounting of homes for sale now, the homes that are competing with yours for buyers. Next, ask to see the sale prices of similar homes which have sold recently. This will give you a good idea what buyers are willing to pay for homes like yours. You should also expect to be told what buyers are not willing to pay, as illustrated by the prices of homes which did not sell.

Pricing your home correctly form the beginning is the key to a successful sale at the best possible price. For complete details, select a REALTOR®, then enjoy the benefits…SOLD!

For a Comprehensive Market Analysis of your home, along with our unique Marketing Plan, call us today. We'll help you get the best price for your home.

Wholesale or Retail?

So…you're planning to sell your home. Will you be selling at wholesale or retail price? Yes, you heard right. There is such a thing as wholesale and retail in real estate.

But how will you be selling? Of course, there's no structured wholesale and retail price list, as such, but there is quite a variance between the two.

Most home sellers want to receive full "retail" price for their homes. That, of course, carries with it some responsibilities. Here's an explanation of what is required of a home in order to command a top price (retail.)

First, it must be priced at NO higher than the full fair market value. Second, the terms offered must be attractive to potential purchasers. Depend on your real estate agent for advice as to what terms you should offer. More liberal terms will attract more full-price offers.

Third be certain that your home shows like a model home. Do all repairs and fix-up before your home is shown for the first time. Everything about your home should say, "Welcome – Stay forever!"

Lastly, how will your home be marketed to prospective buyers? Your experienced real estate agent will be able to answer this important question, too. The right answer could be your assurance of receiving a top price for your home.

Up or Down?...The March Real Estate Market Update

Hot off the "Actual Statistics" press, it is now time for my MARCH update of how the real estate market is faring in my area of the country - the Massachusetts North Shore, north of Boston.

In January, I wrote a blog entitled "Knowing Exactly When the Market will Change" that received many comments, replies and supportive feedback. In that blog, I stated that as soon as we have 3 consecutive months when more inventory is going off (under contract) than is coming on (new listings) we can expect to once again experience an appreciating market. So where do we stand so far this year?


In JANUARY, in my 22 town Massachusetts North Shore area, 404 single family homes came on the market and 209 single family homes went under contract (off market).

In FEBRUARY, 377 single family homes came on the market on the North Shore and 242 homes went under contract.

In MARCH, 543 single family homes came on the market on the North Shore and 256 homes went under contract. That's more than TWICE as many coming on vs. going off.

The message: Real estate values will continue to decline until this trend reverses. Part of the solution? Sellers need to recognize that it is no longer 2003 and price their homes ahead of the declining price curve.

I will provide another update again in the beginning of May and we'll take a look and see if the market is changing or if we can expect more of the same for a while.

Supply and Demand

Have you ever heard someone say "They're not making any more land!" They probably mean to say that since there's only a limited supply of land available, the price goes up as the supply goes down.

That IS the way prices are set on land and housing. As demand for housing in a particular area rises, with a limited supply available for purchase, prices also rise. If there is an over-supply coupled with little demand, prices will fall.

The location of land can also make a difference in the price the public is willing to pay. A home located near shopping, schools, and recreation in a growing city may bring a higher price than one located on the fringe of town away from family activities.

Another phenomenon of valuing real estate is the principle of "highest and best use." Under this concept a house on a corner lot currently used as a family residence might, if located near a business district, be worth much more as the location for a restaurant or other business if the house is removed and replaced with a commercial building.

You can imagine how many other factors might cause the value to change as well. Learning to place a value on homes and land is a skill learned from long experience. Don't leave the pricing of your home to chance. Use the skills of the best real estate agent available.

Five Pricing Pitfalls

When it's time to sell your home, it's very easy to be snared in the overpricing trap. After all, you want top price for your home, don't you? And we all know that prices have risen dramatically in recent years. Given that, it's logical that the asking price you set could be higher than "fair market value." Unfortunately, you probably won't realize it's too high until much later.

Here are just a few of the disappointments you'll be facing with an overpriced house:

1. Responses to your ads will probably be slow, since the public recognizes overpricing. Remember, people buy by comparison.
2. Some prospects who are attracted may be the wrong ones. They will be attracted because they're looking for a home priced the same as yours – but with MORE features.
3. Very few buyers will even make an offer on an overpriced home. The reason? Even if you accept their lower offer, they aren't getting a bargain since the final price is probably no less than "fair market value."
4. Your home will help buyers make a favorable decision on other homes that are priced fairly. Do you really want to be the example that drives people elsewhere?
5. If you do find a buyer at your price, their mortgage application could be rejected because of a low appraisal; the house simply doesn't meet the standards that the price indicates.

This all sounds rather bleak, so what can you do to solve the pricing issue? Work with an experienced professional who knows the market in your neighborhood. Take advantage of the research and advice your real estate agent can offer, and you'll be on your way to setting the right price for your home.

Go Ahead…Take the First Step!

When you're ready to buy a home, what's the first step you'll need to take? Start looking at homes? No, here's a better suggestion.

You probably have a pretty good idea of what type home you'll be wanting to buy, don't you? Do you know how many bedrooms and baths will be needed? What style home do you prefer and in what location?

Do you know how much home you can afford to purchase, how much cash you have available for a downpayment, and what monthly payments will be satisfactory?

Once you know the answers to all these questions, your first step should be in the direction of the office of the best real estate agent you can locate. You see, there are numerous details involved in locating the right property for you. Those details center around the agent's knowledge of your family's wants and needs. That's why it's so important to meet first at the agent's office, then plan to inspect homes.

During the first meeting with your agent you'll have the opportunity to explain the importance of school locations, shopping, and other amenities; close proximity to your employment may also be a factor in making your housing decision.

By understanding your living style, your real estate agent can choose a variety of homes for you to see. Then you can be confident that the home you purchase will have what is important to you and your family, now and in the years to come.

One is Enough!

When you are ready to buy a home, how many real estate agents should you use to find the perfect home – one, three, five? A recent survey showed that 79 out of every 100 buyers use only one or two agents before they find a home. But perhaps the best answer is one and only one. Here's why.

First, it's important to understand that real estate agents are business people with a very special talent. That talent is the ability to really understand the needs of their homebuyers. After listening carefully and asking questions, the agent can ferret out and identify specific homes which meet those needs, and then help the homebuyers complete the purchase of the home of their dreams.

Thus, success as a real estate agent is contingent upon serving all the homebuyer's needs. This includes offering a wide selection of homes from which to choose, and being able to provide a wealth of knowledge in areas such as financing, construction, taxation, and the complexities of today's real estate closing.

Secondly, once you have found such a dependable sales agent, the need for a second one vanishes into thin air. After all, how many homes will a typical buyer purchase?

Take whatever time is necessary to locate that "right" agent in the beginning, before you start house hunting. When interviewing an agent, question their success, and assure yourself that you'll be receiving only top quality service. Then put them to work for you – exclusively!

When Will the Market Change - February Update

In January, I wrote a blog entitled "Knowing Exactly When the Market will Change" that received many comments, replies and supportive feedback. In that blog, I stated that as soon as we have 3 consecutive months when more inventory is going off (under contract) than is coming on (new listings) we can expect to once again experience an appreciating market.

So where do we stand so far this year? In January, in my 22 town Massachusetts North Shore area, 404 single family homes came on the market and 209 single family homes went under contract (off market).

In February, 377 single family homes came on the market on the North Shore and 242 homes went under contract.

February was better, certainly, than January, but not enough so that we can say the current trend has reversed. So based upon the statistics thus far this year, we continue to remain in a depreciating (buyers) market . . . and we can expect it to remain a buyers market for at least 3 more months.

I will provide another update again in the beginning of April and we'll take a look and see if the market is changing or if we can expect more of the same for a while.

Regards,

Jay Burnham, VP
Coldwell Banker Residential Brokerage
North Shore, Massachusetts

Curb Appeal = Buyer Appeal

I'm sure you've heard the saying "You only get one chance to make a great first impression." Sure, it's a bit of a truism, but that's because there's a lot of truth in it. Here's some information to improve your chances of making that great first impression with buyers when selling your home.

Take a look at the exterior of your home from across the street, the way a buyer might view it. Start with the yard. Is it in order, and neatly trimmed? Is the yard absolutely free of trash or other discarded items?

Next, look at the windows. Are all screens or storm windows in place? Are there any broken panes of glass that need replacing? Are they sparkling clean?

Now, on to the exterior of the house itself. Is the exterior in good repair? Are gutters and downspouts in good shape? Is paint needed?

Do you get the idea? Look at your house the way the buyer would, then become your own worst critic. Try to find all the visible faults your home currently exhibits – then get them corrected! This is where your professional Realtor® can help, too, with suggestions and an unbiased opinion. And by all means, do this before you offer the house "For Sale." Making apologies after the fact does nothing to improve that first impression.

Did you know that many buyers make the decision to inspect the inside of a home based on their ten-second appraisal of the outside as they drive by? It's true! When that happens, your house either scores high or low on the buyer's scorecard. By the way, low scores invite low offers.

Take the time to give your home an exterior inspection, listen to your agent's suggestions, then do whatever it takes to improve your curb appeal. Invest in that first impression, and the result will be more showings and better offers.

Great Party - No Friends!

Imagine giving a great party for your closest friends. To save the expense of printing you buy some generic invitations. To save time you write "occupant" on the envelope and ask the post office to see that they get delivered.

When the time for your party arrives, you are in for a surprise. As guests begin arriving, you don't recognize any of them. You had planned a black-tie affair, but they're dressed for a back-yard barbecue. Before long, you realize they are perfect strangers, not at all the guests you had planned to entertain.

Sounds ridiculous, doesn't it? Yet, when homeowners decide to sell "by owner," they create a similar scenario. The generic sign appears in the yard as an invitation to complete strangers to knock on the door at all hours for information. The other invitation, an ad, goes in to the local newspaper.

The "guests" arrive right on time, too. They are an interesting collection of bargain hunters, investors, and "tire-kickers." Each plans to feast off the homeowner's equity – by making a low offer to purchase the home or, in the case of the tire-kicker, to just enjoy the free hospitality.

When it's time to sell your home, choose an agent who understands the invitation process. "Black-tie" buyers work with agents who can introduce them to homes that are the "talk of the town."

Knowing Exactly When the Market Will Change

How would you like to know when the real estate market has hit the bottom and prices can be expected to appreciate again? Wouldn't that knowledge be worth a great deal? Well, believe it or not, I can tell you when that will happen. And if you want, I will share my knowledge with you.

You see, it's actually not all that difficult to forecast. The reason for our current depreciating real estate market is simply that more homes are coming ON the market than are going OFF the market. About 19 months ago in the area I sell real estate (the Massachusetts North Shore), for the first time in more than 10 years, more homes came on the market than sold. And this trend then continued for the next three months. That was the beginning of the decline in home values on the North Shore and we quickly went from a Seller's Market to a Buyer's Market. The trend continues today with 404 new (single family) listings coming to market in January on the North Shore (22 towns) and only 209 properties going Under Contract.

So . . . Still want to know when prices will begin appreciating again? Quite simply, when we have three consecutive months when more homes are selling than are coming on the market the trend will have reversed and you can expect the return of an appreciating (Seller's) market.

I carefully track the inventory data every month so that I will know and be ready for the shift. If you would like to be ready as well, feel free to contact me. I am pleased to share the data and with it the knowledge of when the market will change.

Regards,

Jay Burnham

How Do You Conduct a Harmonious Sale?

When you sell your home, how many individuals will have an impact on the final sale, the closing date, and the amount of money you receive from the sale? Five? Ten?

You may be surprised to know there are over twenty of them:

• Your real estate agent
• The buyer
• The buyer's spouse
• The buyer's attorney
• The lender
• The lender's attorney
• The loan originator
• The loan processor
• The loan underwriter
• The credit bureau
• Home inspectors
• Termite inspectors
• Your attorney
• The Registrar of Deeds
• The local property tax authorities
• The federal government
• Title insurers
• Property insurers
• Escrow agents
• The buyer's employer
• The buyer's creditors
• Bankers
• And numerous others!

Just imagine how difficult it must be to coordinate the activities of each of these individuals so that the final result is the satisfactory sale of your home, at the right price for you. Is there any one person who can oversee the entire process for you and make it happen?

There is one person, the first on the list – your professional real estate agent. Choosing your agent carefully can be compared to selecting a conductor for symphony orchestra. That single individual can blend together many musicians playing different instruments, each of which plays a different tune, and produce a harmonious and gratifying concerto – a pleasant and profitable home sale for you!