Unlocking the Hidden Potential of your Home is all about being prepared. Even though we are in a Seller's Market with many homes receiving multiple offers and therefore selling for over the asking price, 45% of homes sell for less than asking. Why is this? We developed this Real Estate Seminar to answer all the key questions posed by today's sellers - and keep you out of the 45% of disappointed sellers. So, if you find yourself asking ...
The MA Properties Online Real Estate Seminar, focused on home sellers, is designed for you.
We divided the seminar into 6 main sections:
After this we'll provide an interactive overview of the MA Properties Online Website. It contains a huge amount of information - real estate statistics for over 40 towns in Greater Boston, community information, and general information in our newsletter section. Finally, we answer any other questions you may have.
Here's a teaser on what we cover.
Inventory levels are low - but is this caused by high demand (too many buyers) or lower than normal supply (too few sellers)? Let's look at the Home Sales data for Lexington for the last decade - as the home sales graph shows, supply is relatively static because the number of homes sold has actually increased over the last couple of years. So the low inventory seen on a day-to-day basis is a direct result of high demand for homes in the town.
We can verify this conclusion by looking at another metric - the Sale Price to List Price Ratio (a ratio of over 100% means there was competition resulting in buyers paying more than the asking price). The average ratio in Lexington is 100%; the ratio in Arlington is 102% - making it one of the 'hottest' town in the area.
After this we describe the real estate market in more detail including why we are seeing such high demand (remember higher demand means more buyers - more on this in the next section), the right time (and the wrong time) to bring your home on the market for sale, and what's happening with mortgage interest rates. Then it's time to bring out the crystal ball - the 2017 predictions for the real estate market.
How would you characterize today's buyers? Are they knowledgeable about the market and their requirements or are they just going from open house to open house with no real plan? The successful ones definitely have a plan, understand the market and know what they want. The unsuccessful ones - you guessed it - clearly don't. So, in this section we'll focus on the first group - the savvy buyers.
Almost 60% of home buyers are first time home buyers - the percentage is even higher in towns like Arlington, where the average home price is right in the first-time buyer's sweet spot. What do they want? A home that is fresh and upgraded! Are you willing to have Home Depot on speed dial, put sweat equity into a home and upgrade it? If you are (and you do it right) there is additional equity to be had and the over 80% of home buyers who want "move in ready" are now your target audience.
This is also where a good listing agent comes in - they should advise you on the home improvements that today's buyers want (and will pay more for than you spent actually doing them) and those that they will not pay extra for and so you probably shouldn't do.
Having spent the time and money getting the home ready for the market what does marketing a home in 2017 look like?
The Internet has (and continues to) change everything - including Real Estate. When was the last time you looked at the classified adverts in the Boston Globe? If you need information on a topic do you go to YouTube? Real estate is the same - Zillow, Facebook and YouTube are where today's home buyers start their search. And it's not just the younger generation who work in this way - it's true across all generations.
Given this dependence on digital channels - the marketing plan must focus on providing potential buyers with high quality visual images/videos, lots (and I mean lots) of information about the home. All of this information must be provided across all devices - including mobile. After all this it's times to do a deep dive into how to maximize sale price by looking at what work you should consider doing before selling, and what you should leave to the new owner.
As we said before, buyers want move in ready (and are willing to pay extra for this). So, in this section we'll talk through the home improvements that make sense (don't worry you don't have to spend a fortune getting your home ready and all the suggestions yield a positive ROI). Staging (a key part of our marketing plan - and offered at no additional cost) is next and finally those projects that buyers will not pay extra for and so should be at the bottom of your "honey do list".
We'll also talk about teardowns. Many sellers think their home is a teardown - we'll explain in detail when it does (very rarely) and does not (most of the time) make sense to sell to a builder. Remember the builders want to get the home for the minimum price (to maximize their profit). Homeowners takes a longer term view and will almost always pay more.
As we now draw to a close we'll pull these thoughts together and outline a next-generation marketing plan.
In this section we outline our marketing plan - which includes photos, video, 3D (this very cool technology), floor plans etc. We like to summarize this gold standard marketing plan as ...
Product + Price + Exposure (next-gen marketing) = Competition
and with competition comes higher prices - what you really care about!
Finally, we'll outline how you should go about selecting a listing agent. There are over 250 agents in Lexington - so, a way to narrow this down is vital information. We have a process!
If all this content is not enough, we provide pizza and light refreshments.
OK, so you have decided to attend - when and where ...
When - Tuesday on Feb 7, Mar 7, Apr 4, May 16, Jun 13, Sep 5, Oct 10 and Nov 28.
Where - between 6:30pm and 8:30pm at the RE/MAX Leading Edge office at 1756 Massachusetts Ave, Lexington.
All you have to do is let us know you are coming (we'll order the pizza you request) - by clicking on the following link Real Estate Seminar
We hope to see you at our next seminar.
If you would like an estimate of what your home would sell for in today's market I would be more than happy to come by, have a look at your home, and then provide a CMA (comparative market analysis) which will provide you with an estimate of what your home should sell for, along with a marketing plan to get maximum exposure for your home.
If you'd like to chat more about the topic presented here, or the Real Estate market in general, then please call me on (617) 997 9145, or email me at Dani.Fleming@MAPropertiesOnline.com.