Be Wary of Fluff in Listing Remarks

If you’ve ever searched for a home whether to buy or just seeing what’s out there, you’ve read the various remarks describing each property. And you may have noticed that some remarks/descriptions are more factual based while others are more descriptive and use a lot of adjectives…or as I like to call it, “fluff”. Facts are good, but you should be wary of fluff.

What are facts and what is fluff when it comes to listing remarks/descriptions?

Here is an example of a fact-based description/listing remarks…

This 4 BR, 2.5 BA, 3 level brick front town home has been renovated/updated throughout – kitchen, basement, bathrooms, fixtures, appliances, flooring, paint, landscaping, etc. Town home is in back of circle and backs to trees/common area. Fully finished walk-out basement, fenced in backyard w/brick patio & veg/flower garden. 2 assigned parking spaces + visitor spots. Comes w/home warranty policy.

And here is an example of a fluff-based description/listing remarks…

This charming rambler is a perfect 10! Great fully finished basement and incredible den/study attic. Closets galore! Private patio oasis out back. Backyard to die for! Your clients will be more than pleased.

See the difference?

Now why should you be wary of a “fluff” description like the one above? Let me tell you from first hand experience that the property with the “fluff” listing above was,

1. not charming
2. was not even close to being a perfect 10 (more like a 5)
3. the basement was far from great
4. the den/study attic was far from incredible
5. it had just an average number of closets for a rambler built in that year
6. the patio was far from being an oasis
7. the backyard was small, severely sloped toward the back of the house and needed serious landscaping help
8. and my clients were less than pleased (aka ticked off) that they wasted their time and mine going to see the property.

Speaking from experience and in talking with other agents and buyers, I can tell you that the greater the number of adjectives (descriptive words such as “great”, “beautiful”, etc), typically the worse the condition of the property is as compared to the description and the worse the let down is when a buyer sees the property in person.

Remember folks…the listing remarks/descriptions are written by either the seller or the listing agent (typically the listing agent). The listing agent’s goal is to get you to see the property in person and then to submit an offer. Some agents seem to believe that “fluff” will get both of these goals accomplished which is why you see so many “descriptive” words being used in descriptions. The problem with that theory is that the description may get buyers to come through the door, but then the buyers are ticked off that the description was a bunch of you-know-what and submitting an offer is the furthest thing from the buyer’s mind.

I’m not saying you or any other buyer should totally avoid listings that have such descriptions. Just be aware of what may happen and don’t get your hopes up only to be let down.

TIP: If you see a home for sale with a lot of fluff in the description, have your buyer’s agent preview the property on their own and report their findings back to you. That way, you avoid wasting your time going to see a property which won’t work for you.

On a related note…if you’re a seller that thinks fluff will get you an offer or you’re working with a listing agent that wants to use a lot of fluff or embellish, know that buyers and buyer’s agent are cautious and often turned off by such remarks. Be honest, straight forward and “wow” buyers with (real) photos of your property showing them how awesome it is. If you’re property is “beautiful” and “to die for”, the property will speak for itself.

Curb Appeal – Setting the Tone, Attracting Home Buyers

Two important pieces of the marketing puzzle are web appeal and curb appeal. Getting both right is key to selling your home for top dollar in today’s market. I discussed web appeal in an earlier post entitled, “Web Appeal – Your Home’s First Impression to Buyers” (click on title to read). Today, we’re going to look at curb appeal.

Curb appeal sets the tone and attracts (or deters) home buyers. It makes your home stand out from the competition – hopefully in a good way. If done properly, it informs and attracts those just driving by as well as buyers/agents pulling up in their car to see the property in person. If done incorrectly, it will deter potential buyers and make your competition (aka similar homes for sale in the area) appear better and more appealing than yours which usually leads to the buyer placing an offer on your neighbor’s home rather than yours.

How do you go about getting an A+ grade on your home’s curb appeal? The same way you would go about getting your ready to sell. Give it a full detail. You won’t get top dollar of your car is dirty and doesn’t look well maintained. The same goes for your home.

Here’s a partial list of what should be done…

• power wash the exterior
• replace any damaged siding, bricks, wood, etc.
• give your home a landscaping facelift (mulch, shrubs, flowers, trees, grass, etc)
• fresh coat of paint if applicable
• bay and other window frames, shutter touch-up
• power wash (and possibly re-seal/stain) the deck

There’s more, but this gives you an idea of what I’m talking about.

One part of curb appeal which few agents/brokers talk about is the yard sign in the front yard. Why don’t they talk about it? Because the typical agent/broker yard sign does absolutely nothing to increase the curb appeal. In some cases, it detracts from the home’s curb appeal.

The typical agent/broker yard sign gives buyers only the following information…

• brokerage name and phone number
• agent name and phone number

The irony of it is that we, as agents and brokers are hired by you to market your home in the most effective manner possible in order to attract a ready, willing and able buyer with an offer acceptable to your terms. The bad news is that the typical yard sign gives no information about the property whatsoever which does nothing to attract a buyer which, in turn, does nothing to help sell your home.

The good news is that you don’t have to settle for the norm nor anything less than top of the line. Here’s why…

 

 

This is one example of a custom yard sign I made for a recent listing of mine. Here’s what this sign includes that others do not…

• price
• photos of the interior
• number of bedrooms and bathrooms
• description of other key interior features
• custom property web site URL

Why is this stuff on the sign? Because this is the type of information that buyers want and they want it right then and there. And as the saying goes, “If you got it, flaunt it” – inform potential buyers driving/walking by about your home, what it’s best features are and make them say, “I want to see this house!” This is key, because getting a buyer to want to see your home in person is the first step in getting an offer in your hands.

In the case of this particular listing, while the sitting at the settlement table, the buyer said, “We pulled up to the house and said, ‘Wow, that’s an awesome sign!’” That’s the kind of stuff that will make a buyer remember your home over others (i.e. “the home with the awesome sign”) which plays a part in getting your home sold for top dollar.

The bottom line is this… If you want to sell your home for top dollar in today’s market, you must have excellent and “stand out from the rest” web appeal and curb appeal. If you don’t your home will sit on the market while those around you sell or you lower the price. If your home’s web appeal and curb appeal is better than the rest, your yard sign will look like this,

 

 

Web Appeal – Your Home’s First Impression to Buyers

 

Many factors go into selling your home, two of them being web appeal and curb appeal. In the first part of this two part series, we’re going to talk about web appeal. How important is web appeal? The COO of Zillow, Spencer Rascoff said it well in an article on ABCNews,

Sellers used to have to worry about curb appeal: How does the grass look, etc. Now a seller needs to worry about Web Appeal: When a buyer is browsing on the Web, what is their first impression.

With over 90 percent of local home buyers saying that they start their search for homes online, there’s a 90 percent chance that a home buyer’s very first impression of your home will be what they see of it online.

If your home makes a lousy first impression on the web, the chance of a home buyer coming to see your home in person is seriously diminished. And if a buyer doesn’t see your home in person, there’s about a zero percent chance that buyer is going to buy it.

Are you starting to follow me now?

So how do you get your home to make an A+ first impression and have awesome web appeal? Take full advantage of every possible aspect of online marketing. And I’m not just talking about some photos, a generic virtual tour and a few search platforms. I’m talking about great photos, video, virtual tours/shows, e-flyers, directories, a custom property web site, blog posts, aggregating your listing to all pertinent search platforms and using as many available tools as possible to expose your property to potential buyers.

Ask yourself the following,

• Does my listing include a virtual tour/show?
• Were the photos professionally done and edited before going up on the web?
• Do I have at least 30 photos of my property and subdivision/community up on the web?
• Is my listing aggregated to all of the pertinent search platforms buyers use to search for home for sale?
• Does my home have a custom single property web site?
• Is my custom single property web site as in-depth and clean yet, robust as this – http://45BerkeleyCt.com?
• Do I have the proper SEO and visitor tracking/analytics built in to my custom single property web site?
• Is social media (i.e. Facebook, Twitter, blogs, YouTube, etc) a part of my home’s/listing agent’s marketing plan?

There’s more to it than just the examples above. But, if you answered anything but “yes” to all of the basic examples above, you have not taken advantage of all of the available tools to expose your home to potential buyers nor have you done so in the most appealing way. And that will cost you grief, stress and money by increasing the time it takes you to sell your home and decreasing the amount of money it sells for.

This is why I take online marketing very seriously – and so should you. New platforms and methods of marketing come out regularly and I make sure to stay on top of them and constantly learn in order to provide the best possible service to my clients. Real estate is no longer just about knowing a neighborhood or properly negotiating a contract…staying on top of technology and successfully marketing a property in today’s environment is key.

The next part of this two part series talks about curb appeal, another key component to successfully selling your home. Keep an eye out for it next week.

Does Your Home’s Web and Curb Appeal Get an A+? It had better.

There are many pieces to the puzzle when selling your home in today’s market. Two of them are web appeal and curb appeal. Both are extremely important and should be a main focus when selling your home. If either are not done well, you may turn away potential buyers and/or get a lower priced offer than you had hoped for.

Web Appeal

If your home’s web appeal is not A+, your home will fall into the “possibilities” and “discarded” folders of buyers’ searches. If your home stands out from the crowd and makes buyers say, “That looks nice!”, then your home goes into the “favorites” or “must see” folders.

Speaking from experience along with countless studies done on the topic, if your home is not in the top 3 to 5 of a buyers’ “favorites” folder, the buyer will most likely not want to see your home in person. And you can’t sell a home to a buyer who doesn’t come to see the home in person.

Curb Appeal

Once a buyer drives past your home or arrives to see it in person, your curb appeal is your home’s first impression to the buyer. The first impression can attract or deter the buyer within a matter of seconds. If your curb appeal is lower than an A+, someone driving past your home may say, “Bleh. The other house around the corner looks better”.

And someone coming to see the house in person will have a less than positive outlook on the entire property if the curb appeal isn’t excellent. You may either deter a potential buyer from seeing (and buying) the house or you may lose money because anything negative equals less money that a buyer will offer.

If you have your home on the market or about to put your home on the market, what grade would your home get for web appeal and curb appeal? If it’s not an A+, there’s something wrong. No, getting an A+ in web appeal and curb appeal is not like acing a master’s level class. And it can be done by even the busiest of sellers and listing agents.

So how do you get an A+ in web appeal and curb appeal? I’m going to go into detail about web appeal and curb appeal each in a separate blog post. The blog posts will be coming out over the next 10 days so grab the RSS feed, add this blog to your Google home page/reader/Google+ or other service you are using or just check back.

Regardless of how you access the posts, make sure you read them. Though the posts are free for everyone to read, what you get out of reading them may be the difference in whether you sell your home or not and/or may make you thousands of extra dollars when selling your home.

Local New Home Sales Trump Rest of Nation

There’s the national new homes sales market. Then there’s the local new homes sales market. And they’re quite different from each other. The Washington, DC metro/Northern Virginia new homes sales market is ahead of the curve and doing much better than the rest of the nation.

There have been many articles and media coverage of how new home sales have slowed down. In some areas, new home sales have “plummeted” and “almost completely dried up”. Builder Magazine just ran an article, “New Home Sales Decline, Prompting Predictions of Worst Year on Record”, which paints a very gloomy picture of the new home market.

But that’s the national market. What about the local market here in the Washington, DC metro/Northern Virginia area?

Builders with developments/communities in this area saw the worst of the local new home sales market 3 to 5 years ago. Things started slowly turning around about 3 years ago. Then, as of about 18 months ago, someone lit a match under the new home sales market and the market took off.

For example, in speaking with several folks who are in the construction business, both builder employees and subcontractors, work finally began flowing about anywhere from 12 to 18 months ago. Rather than looking for side jobs to make ends meet, they’re working full time building homes across the DC metro/Northern VA area.

Another example is builder sales centers. Instead of a lot of green dots signalling open lots and sales reps throwing incentives at buyers as if they were confetti, there are red dots all over the site maps and incentives are few and far between.

And the attitude of builder sales reps is quite different… A look of despair was hard to hide a few years ago while smiles and positive attitudes are the norm nowadays.

The most impressive example is the actual number of new homes being sold and the success of communities and developments throughout the area. At the top of the list is Brambleton (Ashburn, Loudoun County, VA)…

In 2010, Brambleton set a record for the most new homes sold in its’ 10 year history. On top of that…Brambleton has sold more homes January through July 2011 than it did January through July 2010.

The thing that makes that statistic even more impressive is that Brambleton is made up of not just one builder, but 7 builders. And they all build different products and appeal to different home buyer personalities, incomes and demographics.

Why is this information important to consumers? Here are a just a few of the reasons…

1. If you are only reading national headlines, you may get a rude awakening when you walk into a new home sales center and try to negotiate 10% off the base price, get another $50K in incentives and put down a deposit on that awesome lot that was available last week.
2. You may not have believed your Buyer’s Agent when they told you something similar last week or even 18 months ago, but here’s the thing…they were telling you the truth.
3. If you’re a seller, you need to realize that you don’t have just your neighbors’ homes to compete with. You also have nearby home builders to compete with. Buyers are not just looking at existing homes – they’re also looking very closely at what home builders have to offer. And what they have to offer is often very enticing.
4. Builders know that they have the market on their side so you have to be even more careful when working and negotiating with a builder. You should have a Buyer’s Agent well versed in new construction on your side. Remember, a real estate agent’s/broker’s commission is a already written into the sales price. And no, you don’t get that commission refunded to you if you don’t have an agent/broker. So why would you not hire an agent/broker, pay the commission anyway and pad the builder’s pockets with even more profits?

If you have specific questions about the local new homes sales market, new home communities, builders or the new home purchase process in general, email or call me any time.

 

State of the Loudoun County Housing Market

Wondering what the current state of the Loudoun County housing market is and where it’s trending? Here’s a detailed breakdown…

Loudoun County Home Buyer Activity Up

As you can see in the graph below, the average number of homes that go under contract each month in Loudoun County has been around 400 for the last half of 2010. But, starting January 2011, the number of homes going under contract increased dramatically and has been averaging just below 600 per month for the past 4 months. This means that buyers are out in greater force and actively buying properties – almost 50 percent more this year than they were the last half of 2010.

Loudoun County Housing Inventory Up…Down…Up

The number of active listings (homes for sale) in Loudoun County makes me think of the Grizzly in King’s Dominion. After hitting 1742 in September 2010, the number of active listings dropped quickly to a mere 1200-something in December, January and February (that’s a ridiculously low amount). But then it climbed quickly and is back up to 1696 as of June 2011. The increase is a trend that points away from a seller’s market, but don’t be fooled…1700 is still considered low when it comes to the total number of homes for sale in all of Loudoun County.

Loudoun County Median Sales Price Up

While the median home price in Loudoun County took another dip in the last half of 2010, it’s been on the rise in 2011. After going down in the last half of 2010 and hitting a low of $317,500 in January 2011, the median sales price hit $410,000 in June 2011. That’s almost a $100K/32% increase!

Loudoun County Average Days On Market Down

After hitting an average of only 49 days, the average days on market in Loudoun County went up to 86 (which is still not too shabby) in February 2011. Since then, the average days on market has dropped back down to 60. That’s only 2 months and is an important technical indicator that points to a seller’s market (though we need to keep an eye on the increase in active listings which may soon start to put upward pressure on the average days on market).

These statistics reinforce what my clients, myself and other active agents have been seeing on the ground…

• More buyers and investors are out buying a home or investment property this year than last year
• The extremely low interest rates have made a positive impact on the market
• Inventory is down so finding the right home for a buyer takes longer now than it did last year (patience is a virtue)
• Sellers that price, market and present their homes correctly are getting offers sooner than they would have last year
• Sellers have more negotiating power this year than last year (while buyers have less)
• Prices are higher today than they were last year (supply vs demand)

If you’re thinking about buying or selling a home in Loudoun County or would like to know what the market is like in your specific community, click here to contact me – I would happy to provide you with a free hyper-local market analysis and CMA.

South Riding, 20152 Housing Market Update

Here’s a look at what’s going on with the South Riding/20152 zip code housing market…

South Riding/20152 Zip Code Median Price

The median price for single family and town homes in South Riding/20152 zip code is showing a slight uptick after having dropped over 70 percent over the last 2.5 years. We’ll need to see some more evidence of median prices going sideways or up to call it a trend.

Condo are in the same boat as single family and town homes. After having dropped over 60 percent over the last 2.5 years, they showing slight signs of stabilizing. We’ll have to wait and see what median prices do this summer and fall before coming to a more firm conclusion.

South Riding/20152 Inventory

Inventory of single family and town homes spiked like crazy in the 2nd quarter of 2007 and South Riding/20152 zip code has been working it off ever since. Inventory of single family and town homes is down over 40 percent from July 2007 and down almost 20 percent from this time last year.

Condo inventory spiked way up, then went pretty much sideways for a year and is now down almost 40 percent from this time last year. It’s gone up slightly over the past two months, but appears to be going sideways at the moment.

South Riding/20152 Housing Market Overview

The South Riding and 20152 zip code housing market is a bit more volatile than other markets in Loudoun County because it’ has less total properties within its’ boundaries with everything from condos to large McMansions. The lower price points are selling faster and at a higher rate.

Much like the rest of Loudoun County and Northern Virginia in general, if the property is priced well, it will sell in less than 30 days. If it’s not priced correctly, it’ll just sit on the market collecting dust.

Leesburg Housing Market Update

Here’s a look at what’s going on with the Leesburg housing market (20175 and 20176 zip codes)…

Leesburg Median Price

The median price of single family and town homes in Leesburg has been bouncing up and down between just over $600,000 and $640,000 for over 2 years. Over the past few months, we’ve seen it go from about $608,000 to about $625,000.

On the other hand, the median price of condos in Leesburg has steadily dropped over 60 percent since the spring of 2007. The good news is that the median price hit about $245,000 at the very end of 2008 and has been going sideways, if not slightly up since then.

Leesburg Inventory

Single family and town home inventory in Leesburg was cut in half from the summer of 2007 to the spring of this year. We’ve seen an increase in single family and town home inventory over the past three months, but it looks like the rate of new inventory coming on the market may be slowing down as the summer months approach.

Condo inventory in Leesburg is down over 40 percent from this time last year. It looks like it showing signs of a potential plateau, but we’ll have to wait and see to know for sure.

Leesburg Housing Market Overview

It’s hard to generalize the Leesburg housing market because even two neighboring communities within the same zip code can have completely different housing market conditions. One example is River Creek versus Potomac Station. Another is Beacon Hill versus Shenstone Farm. Yet another is Tavistock Farm versus Stratford Landing.

Generally speaking, the Leesburg housing market is stabilizing a bit thanks to lower inventory and more buyer demand. But how much depends on the specific community/subdivision within Leesburg and price point. Some properties, such as town homes and entry-level single family homes are seeing multiple offers left and right while the $800K- $1M+ properties in communities such as River Creek, Lansdowne, Shenstone Farm and Beacon Hill are seeing less overall activity due to a much smaller buyer pool at that price point.

Median prices will probably continue their sideways trend while inventory levels level out or possibly drop a bit during the summer months depending on the type of property and price point.