Selling Your Home

Copyright © Selling Your Home courtesy of Kenneth Bargerse, Greater Nashville Realtor®
The Process​ | Working as a Team to Accomplish Your Goal!

There is a Buyer for every home!  Working as a Team and having a clear understanding of your goals and expectations is key to a successful conclusion in selling your home.  Some common concerns for homeowners are time constraints, net value at closing, and other financial obligations.

Let's begin by review the following topics:

  • Understanding the Market - National
  • Understanding the Market - Greater Nashville
  • Understanding the Market - Your Neighborhood (password protected)
  • Evaluating Your Property (password protected)
  • Staging
  • Marketing
  • Showing​
Understanding the Market | National Overview

2016 Marked Best Year for Sales in a Decade

Existing-home sales finished out 2016 as the best year since the housing boom days, the National Association of REALTORS® reported.

Total existing-home sales – which are completed transactions that include single-family homes, townhomes, condos, and co-ops – closed 2016 at 5.45 million sales, surpassing 2015 (5.25 million). It was the highest total for existing-home sales since
 2006 (6.48 million), NAR reported.

“Solid job creation throughout 2016 and exceptionally low mortgage rates translated into a good year for the housing market,” says Lawrence Yun, NAR’s chief economist. “  However, higher mortgage rates and home prices combined with record low inventory levels stunted sales in much of the country in December.

The final month of 2016 saw existing-home sales drop 2.8 percent to a seasonally adjusted annual rate of 5.49 million, NAR reported. Sales in December were now only 0.7 percent higher than a year ago. Low housing supplies continue to press on the market.

“While a lack of listings and fast rising home prices was a headwind all year, the surge in rates since early November ultimately caught some prospective buyers off guard and dimmed their appetite or ability to buy a home as 2016 came to an end,” Yun says.

Nationally (June 2017):  Home Sales Are High But They Could Be Higher
National Association of Home Builders   article by Daily Real Estate News | July 27, 2017

New-home sales inched up 0.8 percent in June, but sales would be higher if there were more new homes to sell. Sales of newly built single-family homes reached a seasonally adjusted annual rate of 610,000 units in June, according to a joint report released by the U.S. Census Bureau and U.S. Department of Housing and Urban Development.

“While new home inventory rose slightly in June, it remains tight as builders face lot and labor shortages and increases in building material costs,” says Michael Neal, senior economist at the National Association of Home Builders.

The lower price ranges are seeing some of the tightest inventory supply. Only about 2,000 new homes under $150,000 were sold in June, according to the report. About 6,000 homes were sold in the $150,000 to $199,999 price range. There was an uptick in the $200,000 to $299,000 price range at about 19,000 new homes sold in June, which is up from 15,000 a year ago.

The greatest number of new homes were sold in the South in June.

But the most sales on the rise last month were in the West. New-home sales rose in June by 12.5 percent month over month in the West and by 10 percent in the Midwest. Sales were unchanged in the Northeast in June, and dropped by 6.1 percent in the South, according to the Census and HUD report.

New homes remain significantly pricier than existing homes. New home buyers likely will pay about 17.8 percent more than if they purchased a previously lived-in home.
This rings true even though new-home prices did slow down last month. The median price of a newly built home dropped nearly 4.2 percent in June month over month to $310,800. Prices are down nearly 3.4 percent from a year ago. Meanwhile, the median existing home price reached a record in June at $263,800.

Despite June’s modest new-home sales gain, sales overall remain up nearly 11 percent since the beginning of 2017, according to the NAHB.

Source:  National Association of Home Builders  and  “New-Home Prices Are Down: Get One Before They Sell Out,”® (July 26, 2017); REALTOR® Magazine Online, Daily Real Estate News 072717
Understanding the Market | Greater Nashville

The Greater Nashville area continues to be one of the hottest real estate markets in the United States.  Building momentum in 2014, the values and home sales continued to increase throughout 2015 and ended the second half of 2016 as a consistent monthly Top 20 housing market in the nation.  Per, Nashville was ranked in the Top 20 eight (8) times in 2016.

Due to the reputation of the "It City", relocation is heavy to Middle Tennessee and with this popularity comes shortages in housing inventory.  Existing homes and new construction struggle to keep pace with the number of Buyers.  Housing Inventory remained a concern throughout 2016.  

Home prices continue to increase in value throughout 2016 in comparison to the improvement of 2015.  Middle Tennessee ended the year with very strong production - all good indicators for 2017!

Some key highlights from July 2017 housing data:

  • 3,872 home closings July 2017; a 4.5% increase from July 2016
  • 3,887 under contract at end of July 2017
  • Median residential price for single home dwelling was $288,243 July 2017 compared to $267,000 July 2016
  • 9,151 housing inventory at the end of July 2017 compared to 10,133 housing inventory of July 2016
  • Average Days on Market was 25 days
Staging | Prepping Your Home

Showoff your square footage and floor plan- Floors, Walls, Ceilings, Windows! Selling your home while you still occupy the premises can be a challenge to your every day routine but the opportunity of a first impression is key to a second showing and/or Offer from a potential Buyer.  Consider these areas of staging when prepping the home.

  • Ease of movement - make sure there are pathways throughout home
  • De-clutter the home
  • Edit down the furniture, if necessary
  • Organize the closets - the floors should be empty
  • All counter-tops for the kitchen and bathrooms should be as clear as possible to show off the working space
  • Attempt to remove any furniture from blocking windows
  • All storage spaces, including the pantry and garage, should be well-organized
  • Make sure each room has its own purpose - for example, a bedroom should not be a dual area for an office or exercise equipment
  • Edit as many personal items as comfortable to you from the home including pictures, achievements and awards
  • Make sure all light bulbs are functional
  • Front Door - is your front door welcoming - do you need to polish or paint the door - is your hardware old, tarnished or beyond repair - please consider this important first impression
  • Outdoors - make sure the property is manicured including the lawn, trees, bushes, landscaping - make sure your outdoor living area is organized and usable 
Marketing​ | Exposure! Exposure! Exposure!

Starting the home buying process online continues to be the first step that many home buyers are taking. Forty-two percent of recent buyers first looked online for the properties for sale, with 92 percent of all recent buyers using the Internet at some point during the home search process. Over half of recent home 
buyers used a mobile or tablet website or application to search for a home. Of the home buyers who used the Internet to search for a home, 47 percent found the home that they ultimately bought online.

The Internet is a key target within the marketing toolbox necessary to promote the maximum exposure of your home!

  • Multiple Listing Service (MLS) - this real estate network initiates your listing exposure throughout the nation.  There are currently over 800 MLS databases throughout the nation with listings shared among all of America's brokers, real estate agents and realtors.  The MLS Listing feeds to secondary-tiered national real estate sites such as HomeSearch, Trulia, Zillow, etc.
  • Real Estate Industry Networking Sites
  • Social Networking Sites
  • Postlets Real Estate Classified Platform - distributes to public home search engines including local classifieds, Craigslist, etc.
  • Exclusive domain address to promote property; for example:
  • Bargers Solutions and Pilkerton Realtors websites
  • E-blast distribution - electronic flyers and marketing announcements targeting realtors and selected e-distributions groups
  • Marketing Print Materials - market sheets, postcards, announcements, brochures
  • Professional Photography
  • Open Houses - periodic open houses usually scheduled on Sundays from 2:00pm-4:00pm - promotion of open houses are advertised a week in advance and also tagged through the MLS system
  • Executive and Estate Properties - additional distribution to targeted corporate relocation departments, chamber of commerce, advertise print publications
  • Vacation and Retreat Properties - additional national distribution, advertise print publications
  • Properties with more than 25 acres also included in MLS Land Listings category
  • Commercial properties - additional distribution to main commercial platform of LoopNet 
Scheduled Showing​ | It's Showtime!

Here are some prep items to remember for your scheduled showing.  If you are out of town or unable to accomplish these tasks beforehand, please give me a call and I will make sure the home is ready for the potential Buyer:

Let there be light!  Make sure all lights, including lamps, are on

Marketing materials are placed in a central location such as kitchen counter top or entrance table - marketing materials include Listing Sheets, Marketing Sheets, Property Condition Disclosure, Business Cards

All windows should be uniform allowing light to flow in the house - all blinds should be up or slats open with the same slant

The candy dish and welcome note should be displayed on the kitchen counter top or entry table

Even though the REALTOR® will be there to walk the potential Buyer through the home - please be sure your jewelry and personal valuables are locked away