Category Archives: homesellers

Sellers seeing highest price gain in a decade

Posted on by

Putting a home on the market now is paying off for most homeowners.

ATTOM Data Solutions found in their Q2 2017 U.S. Home Sales Report that homesellers who sold in the second quarter of 2017 averaged a price gain of $51,000 since their purchase, which is the highest price gain since the second quarter of 2007, when it was $57,000. The average return, 26, percent, also was the highest in nearly a decade, second only to the third quarter of 2007, when it was 27 percent.

However, homeowners are hanging on to their homes just a bit longer. The average homeowner who sold last quarter owned their home for an average of 8.05 years, an increase from 7.85 years the first quarter. This is the longest homeowners have stayed since the report started in the beginning of 2000.

“Potential home sellers in today’s market are caught in a Catch-22. While it’s the most profitable time to sell in a decade, it’s also extremely difficult to find another home to purchase, which is helping to keep homeowners in their homes longer before selling,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “And the market is becoming even more competitive, with the share of cash buyers in the second quarter increasing annually for the first time in four years.”

All-cash purchases saw a slight decrease for the second quarter, making up 28.9 percent of single-family and condo sales, a decrease of 2.4 percent from the first quarter. Investors purchased 2.1 percent of properties, an increase of 0.3 percent from the first quarter, but down 0.5 percent year-to-year.

Specific to Pennsylvania, Philadelphia homeowners actually lived in their homes less than the national average before selling, while Pittsburgh saw a 31 percent increase in distressed sales.

More sellers tried to negotiate agent’s commissions last year

Posted on by

More than half of sellers in 2016 attempted to lower their listing agent’s commission.

According to a recent survey from SurveyGizmo and Redfin, 57 percent of sellers tried to negotiate, an increase of 5 percent from June. And millennials are the generation most likely asking for a break. Nearly two-thirds report they asked their agent for a lower commission rate. Fifty-eight percent of Generation X members and 39 percent of baby boomers so tried to negotiate.

For buyers, 49 percent reported receiving a refund, a contribution toward closing costs or something else worth at least $100. This is an increase of 3 percent from June.

The survey also found that political opinions continue to be a hot issue these days. Nearly half of respondents (42 percent) reported they would hesitate to buy in an area that had differing political views. Millennials (47 percent) were the highest generation with qualms.

Online statistics continue to increase in popularity. Ninety-five percent of sellers checked their home estimates online, while 72 percent of sellers said they checked the estimates of their home value, on sites like realtor.com®, at least once a week before they put their home on the market. Twenty-two percent checked daily, or close to. Not surprisingly, millennials were the most likely to check the most often, as 78 percent checked at least once a week, and 28 percent checked daily or close to.

Home estimates impacted buyers too, as 84 percent checked estimates online, and said it affected their buying plans.

However, Americans are more worried about the income gap, as well as affordable housing in the country. Forty-two percent reported that the income gap is their biggest concern, while 41 percent said they are concerned about affordable housing. Thirty-five percent are worried about the federal budget deficit.

Real estate pro offers advice on those hard-to-sell homes

Posted on by

If you have that house on the market that just isn’t selling, Matt Parker, real estate professional and author of three real estate books, is here to help.

First, if your homeowners are staying in the home they are trying to sell, Parker suggested if they can afford to get out first, they should. If they can’t, make sure personal touches, such as photos, are not displayed, and keep the family pet out of the house during showings, he advised.

“Approach the condition of the home as a hotel would be, neutral,” said Parker. “It is tempting to get personal with the sellers, assuaging their love of their decor and tastes. But, the process is about buyers feeling comfortable in a potential space, not sellers enjoying their lifestyle. If you do it correctly, it doesn’t take long.”

While preparing to put their home on the market, some owners grow frustrated or tired, Parker said. “They just throw their hands up and say ‘I am not cleaning those gutters.’ Sellers have to remember, it doesn’t matter how tired they are, it matters how buyers feel in their home. Take the time to prepare your home correctly for the market, it will make the difference financially, and, from a stress standpoint.”

As for sprucing up homes, Parker said, in his experience, some sellers try to give buyers a “paint allowance.”

“This has never worked in the history of real estate,” he said jokingly. “Really, it doesn’t work. Buyers want move-in ready, not ‘I think this would be fun to prep, paint and then move in.’ It’s very easy and fast to modernize your home with gray and white paints and trim. It can add a real classy touch to your home. Don’t ever use atypical colors, or, colors that lend themselves to preferential taste, like pink.”

And what are Parker’s top tips? “Use professional photos, make sure the listing is listed on all MLS sites and all relevant non-MLS sites,” he said.