Top tips for sellers:
- price the home correctly
- hire the best realtor you can get
- see the house through the eyes of the buyer
- trust the professionals
- know where you’re moving to
Top tips for buyers:
- know what you can afford
- get pre-approved
- take all decision makers with you when you go house hunting
- buy for today
- get a home inspection on the home you buy
For more useful information watch this video:
STEPHEN: Hello, I’m Stephen Cooley and welcome to the Stephen Cooley Real Estate Show. It’s an honor as always to have the lovely Julie Storm on the show with me today. Julie thank you for 17 years of being my co-host.
JULIE: It’s been a lot, hasn’t it.
STEPHEN: Yeah, we’ve given lots of real estate advice over the last 17 years because the market has definitely been changing very rapidly and it’s been an honor to give people the current advice no matter what year it was.
JULIE: Absolutely, we’ve seen the highs and we’ve seen the not so highs and I think we’re in a pretty good market right now and each week you give us a lot of good tips and a lot of good advice and you have a lot of knowledge but sometimes I think it’s good when you
collaborate with others in your industry and find out kind of as a collaborative effort what some good tips for buyers and sellers are and I think you shared with me today that’s something that you’ve reached out and gotten some feedback on and I think that’s what we’re going to talk about today, some top tips.
STEPHEN: Yes, I emailed the top realtors, here’s my emails, the top realtors in the area and most of them are on my team and said if you’ve got one piece of advice to give a seller and a buyer what would you give them and so I kind of brought all those in and narrowed them down to five tips for sellers and five tips for buyers and it’s interesting that the top agents really had real similar tips and let’s just hit the sellers and anybody who owns a home if you’re a homeowner at some point you or your heirs will be a seller and so we’re all sellers I own a home one day I will be a seller if I’m not one now.
So the #1 thing is to price the home correctly. There’re homes on the market out there that are overpriced and they just won’t sell. Overpriced home that is on the market is really not on the market so a great realtor will tell you what the home’s value is and should explain to you why it’s valued there with matching homes, comparables that look just like an appraisal.
#2 – and this is from them – they said hire the best you can get and because there are a lot of people in this business who have got in the real-estate industry recently because of the housing boom, they won’t last long so there’s a lot of realtors out there with 3 months, 6 months ,1 year, 2 years of experience. In our office we have over 200 years combined, I personally have 30 years of real estate experience so hire the best you can get just like the best doctor, the best attorney, the best CPA, hire the best realtor you can get.
#3 is when you’re getting ready to sell a home see it through the eyes of the buyer. They have no memories in the house, they didn’t design the home, they didn’t pick the colors and so when you look at the home you really need to look at it as if a buyer is going to move into the home and buy it and a great realtor will put buyers eyes on when they walk through the house. And our listing group does that.
#1 price it correctly, #2 hire the best realtor you can hire, #3 is see the house through the eyes of the buyer, #4 is trust the professionals who do it. I said hire the best also you need to put your trust in them. We’ve sold over 10,000 homes here at Stephen Cooley Real Estate Group, we know what we’re doing. I have to have a little coming to terms with myself before I go to the doctor and trust that he’s the medical professional and I’m not. And so when you hire the best then take their advice and do it and
#5 is, in this market especially Julie, know where you’re moving to because there’s lots of sellers out there that want to sell at a high level, they just don’t want to move out and buy at a high level and overpay and there’s also a housing shortage so even though we may have two or three buyers for your home there may be two or three buyers looking at the house you’re looking at. So know where you’re moving before you put the home on the market.
JULIE: Have a plan.
STEPHEN: Have a plan and have a back-up plan of where you may move to if you don’t get the home that you’re looking for. In the past, these moves have been able to be hooked together and now you may need to sell your home and go rent short term until the home comes available in the area you’re really looking because those homes sell very quickly.
So those were our five tips for sellers, five tips for buyers is know what you can afford and that was #1 thing all these agents said was nothing’s worse at looking at things nicer than you can afford because then you’ll never be happy with what you’re looking at. So know what you can afford and don’t look above what you’re willing to pay. If you’re willing to pay 250,000 for a home do not look at a $280-300,000 house. You will never like a 250 again and so if you’re looking at a million dollar home don’t look at a 1.3mil. It’s got stuff that you can’t afford and the second part of that is tied to that and just get pre-approved. It used to take days and weeks to get pre-approved but now that can be done over the telephone and we have great partnerships with mortgage people who will call you on your cell phone and approve you while you’re riding down the road in your car.
#3 take all decision makers when you go house hunting. If mom and dad have an opinion, if children have an opinion they should see every home you see that brings you to subject property because if you just take mom and dad and kids to the one you picked they don’t know that you looked at ten that didn’t suit your needs before it, they’re just going to put all their knowledge on that one house. Make sure decision makers start the house hunt with you if there are any decision makers. If you’re valuing their opinion they should go see all the homes If you’re just showing them home and their opinion doesn’t matter then they don’t have to go on all that. But decision makers may not be one of the buyers but it may be mom or dad that’s very influential on that advice.
#4 is buy for today. If you have one child and you want five don’t buy six bedroom house because you’re paying for the home during the times you don’t need the house and you may end up due to job loss, job change, schools change, things like that moving before you ever need those third and fourth and fifth bedroom.
JULIE: People move a little more frequently now.
STEPHEN: They do, you know our parents stayed where they were at and if they needed another room they added it on and that is not the way of today and so buy for what you need today and maybe next year and maybe the next year but don’t buy the home that you may need 15-20 years from now.
The final thing for home buyer is get a home inspection on the home you buy, we’ve got a great home inspector that advertises on this show with great information and get a home warranty. Those cost a few hundred dollars and we just had one fix a $300 heating and air system and oftentimes if you’re a home buyer the seller may even buy that home warranty for you as part of the concession so the home inspection and a home warranty really guarantees almost guarantees the fact that the home is going to be trouble for it.
JULIE: Right, it’s like a checkup for your home.
STEPHEN: Absolutely and people can afford a home and they have their downpayment and they qualify for the payments, they may not have four or five or six or eight thousand to replace the heating air unit the month after moving in and the home warranty will cover that.
JULIE: With this day and age of the internet and technology it’s great. It gives people an opportunity to really look at a lot of different things but the human factor and in dealing with a professional like you said makes all the difference in the world because you can go online and find a value of a home but they are not considering all the local factors and all that. So having the right professional makes all the difference.
STEPHEN: We went on about 400 CMA appointments this year placing value on homes for sellers and we did not have a single one match the online value, so you definitely need a real estate professional to come out and tell you what your home’s worth.
Julie, thank you for being on the show and thank you for all your great assistance in us providing this information to our sellers.
We’ve got beautiful homes for sale in your area and we’ll be right back. I hope you’ve enjoyed watching the Stephen Cooley Real Estate Show. If you’re interested in advertising your business on the program, please give us a call at 803-326-2777.
Join us next week for more discussions on real estate topics and help in finding your perfect home. Thanks for watching.