How Long Should You Keep Your Home on the Market?

I came across this oldie post from an old blog of mine and thought it would be good to update it for today’s market. Many a home seller has been there-the house has been on the market for months and there is no sign of a sale.  At what point should you pull the house off of the market, assuming it is even an option for you?  When you start to feel like you are getting nowhere, it’s important to step back and consider the facts of the situation before you make any decisions about how long you should keep your home on the market.

 

Is The Season A Factor?

If your house has been on the market through the summer and well into fall, and the holiday season is approaching, you may feel there is no point in keeping it listed through the winter.  You may be right.  The holiday season is a notoriously difficult time to sell, and you yourself may want to just take a break and enjoy your holidays without interruptions from agents and potential buyers.  If you can take a step back and resume your efforts to sell in the late winter or early spring, doing so is usually a wise choice.

However, if your house went on the market after the holidays and the spring selling season is in full swing, as it is currently, you may want to step back and take a look at your current agent’s marketing strategy. If you house is in good condition and priced right, there is no reason for it to be on the market more than 65 days. As of this writing, according to the Knoxville Area association of Realtors, for the month of March 2017, residential single family homes in Knox County were on market an average 65 days.

 

Are You Asking Too Much?

Before you consider pulling the house off the market, take an honest look at your asking price.  If it is unrealistic and you have been holding off from dropping it, going to a lower asking price before you give up on selling altogether might be the wiser course of action.  Giving up on what you feel your house is worth is difficult, but the reality is your house is only worth what someone is willing to pay for it (and the lenders appraiser agrees).

 

Is the Condition of the House Good?

In today’s market, if your house isn’t in good condition, it will most likely sit on the market. A fresh coat of paint, updated lighting fixtures, updated plumbing fixtures, and some curb appeal goes a long way! Also clearing out all the extra furniture so that rooms look big helps tremendously.

 

Making the decision to pull your home off the market is difficult, and you should never do it without looking at all the details and discussing it with your REALTOR®.  In some cases, however, it will be the wisest course of action and result in a sale for more money down the line.

 

Selling Your Knoxville, TN Home: Why You Need a Realtor®

It’s spring and selling your home crosses your mind. The temptation to save yourself the cost of hiring a real estate agent when selling your home can be overwhelming, and with more websites, books, and other resources popping up that claim to give you all the know-how and tools you’ll need to sell your home yourself, why should you consider hiring a REALTOR® at all?  Like any job that requires a lot of insider knowledge and experience, hiring a REALTOR® will ensure that you are getting the best price for your house with the minimal amount of work and worry.  Not convinced?  Here are just a few of the best reasons why no homeowner should sell their home without one.

 

Real Estate Experts Are Just That

Would you represent yourself in court, or prescribe yourself medicines? Then why would you sell your greatest and most valuable asset without an expert.  Selling your home requires considerable knowledge of the housing market and real estate law, among other things, and you’ll want to know your investment is well represented.

 

REALTORS® Know What Your Home Is Worth

The “for sale by owner” sign is often seen as an easy mark by some serious buyers.  When selling your home you want to get the best price possible, and knowing more than your bidders is the best way to ensure that you are on the winning end of the deal.  Your REALTOR® knows exactly your home’s potential worth, and can help you get that price.

 

REALTORS® Know How To Market Your Home

Getting the best price for your home and having it sell quickly requires more work than simply putting up a for sale sign on the front lawn.  REALTORS® know how to market your home, and have resources available to them that you as an individual seller do not.  They can also give you the best advice on anything you may need to do to prepare your home for its highest possible resale value.

 

REALTORS® Know The Business Of Selling A Home

REALTORS® can prepare you for all the business and legal requirements of selling your home, and can make the actual work simpler and quicker. One of the most difficult tasks for FSBO’s was “understanding the paperwork.”*

 

Though you may think that saving the commission cost of hiring a REALTOR® to be in your best interest, the fee that REALTORS® earn can in many cases be less than what you would have made without them. It is certainly worth it, considering the time and effort they can save you and the know-how they can contribute to the sale of your home.

 

If you are thinking of selling your home, call me today – Chiara Petro with Realty Executives Associates at 865-588-3232 – and lets start moving!

 

*Source: 2016 National Association of REALTORS® Profile of Home Buyers and Sellers

Looking Ahead When Buying a Home

If you are a first time homeowner, or are purchasing a home after a major life change such as marriage or having children, what should you consider to be sure your new home can grow with your changing family?  The time and effort that go into purchasing and decorating a new home, not to mention finding it in the first place, means that you’ll want to ensure that your home will be right for you and your family for years to come.  So what should you look for in your new home so that it will give you enjoyment and be functional both now and in the future?

 

Size

Though a cute two-bedroom home may be right for a newlywed couple, this type of space will likely soon be outgrown if there are any children in your future or if you and your spouse like to entertain.  You will also want to consider the number of bathrooms and the facilities in them.  Having only one toilet or shower can certainly put stress on a growing family.

 

Features

Special features of a home, such as a finished basement, central air, and a large yard can make your home a more functional and enjoyable space, especially if you have or are considering starting a family in the near future.  You may also want to consider the age of the home you purchase and its features or appliances, as this may lead to future costs that may put stress on your financial situation at a time when one spouse may be at home caring for the children.

 

Location

Location is also an important consideration when choosing a home that can grow with your family.  Choosing a safe neighborhood is always an important point when selecting a family home, but you will also want to consider the proximity of good schools, community centers, and shopping.  Also, facilities such as parks and libraries can make a neighborhood truly a great place for families.  You may also want to consider the demographics of the area in which you are purchasing in order to be sure it is a match with your values.

 

As the old adage goes, home is where the heart is, and choosing a family home that is right for your family can really make all the difference in having a happy, fulfilling, and safe family life.

 

If you are thinking of buying a Knoxville, TN home, call me today – Chiara Petro with Realty Executives Associates at 865-588-3232 – and start your search for home.

Knoxville Home Sales: A Market Update

I get asked nearly every day, “How’s the real estate market?” Yes, it’s a favorite question. The short answer is, it’s crazy! On a national level, we are getting the same news, check out this article published (literally) just a few hours ago: American’s buy existing homes at fastest pace in a decade.

 

Let’s get back to our area.

 

For all of the Knoxville Area Association of Realtors,  take a look at what we are seeing.

  • Active listings: 7679
  • New listings: 1928
  • Pended listings: 1419
  • Sold listings: 1094

 

Let’s break this down a little further, just for Knox County, TN. As of this writing, year to date (1/1/2017 – 2/22/17):

  • Active listings: 1695
  • New listings: 1351
  • Pended listings: 1001
  • Sold listings: 718

 

Those are some amazing numbers, let me tell you! The spring selling season hasn’t even really started, which makes these statistics even more amazing.

 

The bottom line is buyers want more choices. If a house comes on the market that checks most, if not all, of their needs and wants, that house will go under contract quickly.

 

If you’ve been thinking of selling your house, call Chiara today — 865-588-3232 and let me help you with all your real estate needs.

 

*All information taken from Knoxville Area Association of Realtors MLS on 2/22/2017

Examining A Home Objectively

Everyone heads out to look at potential homes with a list of the things they want in a house, and a list of the things they do not want.  In addition to that wish list, there are also some other things you will notice about the homes you visit that may strike you as potential problems. Let’s take a look at examining a home objectively, what matters and what doesn’t.

 

When looking at homes, it is important to know what things are deal breakers and what things are minor issues that you can deal with easily.  Turning down a dream home because of something that is an easy fix seems like a silly thing to do, but it happens surprisingly frequently.

 

Cosmetic Issues

You walk into a home and it has terrible wallpaper or paint colors you wouldn’t dream of using, and it turns you off immediately.  While the gut reaction is normal, it is important to step back from that instinct and think about it objectively.  Painting is not particularly difficult or expensive, so try to imagine how the home would look with a different color palette, one that is more your style.

 

The ability to recognize which issues are merely cosmetic and can be easily fixed is an important key to finding a house you will love.  Be prepared to visualize the home as you could make it with a few cosmetic changes.  It will open you up to the possibilities and might allow you to consider homes that aren’t perfect the way they stand now, but could be just right with a little elbow grease and paint.

 

Major Repairs

In some cases, the major repairs that a house needs might be obvious.  In other cases, they might only be unearthed during a home inspection.  Either way, you will need to consider whether you are willing to deal with the problem.

 

If the home needs expensive repairs, you can either try to get the seller to do the repairs or accept that you will need to do them yourself.  In most cases, the seller will probably not be willing to take on major repair work, but might reduce the price accordingly.  Still, this might be a deal breaker if you are seeking a turnkey home.

 

Knowing The Difference

A home inspection is the best way to uncover all the issues, both minor and major, that a house might have.  I would never let any of my clients buy a house without an inspection, except in extraordinary circumstances. When you review the inspection, look for things that can be easily fixed as well as those that can’t.  The amount of work you want to do on your home will determine what problems you can personally live with.

 

If you are thinking of buying a home, call me today — Chiara Petro with Realty Executives Associates at 865-588-3232