Tips for Home Sellers

The best advice I can give sellers is to price their home right, declutter and leave the house during showings.

Home Pricing

Many sellers either overvalue their homes or believe they need to inflate the listing price in order to allow room for negotiations.

The eventual sale price of a home will be based on what a buyer is willing to pay for it; and, buyers these days are very knowledgeable. From internet sources, buyers have access an abundance of information about the prices of comparable homes and those that have recently sold. They may also look at many homes before making an offer. It is unlikely that they will significantly overpay for a home. Even if they inadvertently agreed to do so, buyers who require a mortgage to pay for the house, may not be able to purchase the property if the lender's appraisal comes in lower than the sale price.

When discussing listing prices with sellers, I have sometimes been told that if a buyer wants to pay significantly less than the listing price for a home, the buyer should make an offer. This may seem logical, but our culture does not require us to actively bargain for many things and most Americans are uncomfortable making low offers for homes. They either think it's a waste of time, they don't want to insult the seller, or they think the seller will be difficult to deal with.

A realistically priced home attracts more buyers and more offers than an overpriced home.

If you are unsure of the proper price for your home after your realtor shows you information on comparable sales, ask your realtor if he or she will show you homes similar to yours that are currently on the market. That way you will get a better feel for home values and the competition.

There are some homes that are difficult to price. Older, historic homes or unique, high end, custom homes sometimes fall into this category. In these situations, it might be wise to have an appraiser value the home.

Decluttering

A home should be spotlessly clean and decluttered to show well.

Some sellers are touchy when the subject of decluttering or staging is introduced. The clutter may include items they regularly use, or may include lovingly collected items. Unfortunately, these items may be distractions for buyers who need to be able to focus on the features of a home in order to evaluate it properly. Too much stuff prevents them from doing so. If they can't connect with the property and envision themselves living in it, they will generally continue shopping.

Staying in The House During Showings

I realize that in some situations it is difficult for the seller to leave the home during showings. Elderly people or parents with a napping infant cannot always jump in a car or take a walk around the neighborhood. However, if possible, sellers should vacate the property during showings.

Buyers need to be able to envision themselves in a home. If they see you there, it is an obstacle for them to do so. They may feel like they are intruding and may hesitate to open doors and cabinets to thoroughly examine the property.

Buyers should also be free to express their likes and dislikes to their agents and may not do so if you are there. Their agents can sometimes answer questions or overcome their objections. Your presence interferes with them doing so.

Conclusion

These suggestions are basic and there are many more tips of the trade a good realtor can suggest. A listing agent should work with you to assure that your home looks its' best in person and on the internet.

Deadlines Matter in Pennsylvaial Home Sale Transactions

The Standard Agreement of Sale for selling and purchasing a home in Pennsylvania is loaded with dates and timeframes to which either the buyer or seller must comply. Our contracts are written on a "time is of the essence" basis which means that deadlines are binding.

This factor comes as a surprise to many buyers who come from states in which attorneys are heavily involved in real estate transactions. Generally, contracts in those states have more flexibility with deadlines.

Some areas in which care must be taken in order to comply are:

-The deadlines for response and acceptance of offers.
-The deadline for buyers to receive a mortgage commitment and provide proof of the commitment to the seller.
-The deadline for completing inspections of the property and requesting repairs or credits.
-The deadlines for sellers to respond to requests from the buyers for repairs or credits requested by buyers.
-The deadline for providing association documents to the buyers.
-The deadline for buyers to withdraw from the sale if the association documents are not to their liking.
-The deadlines for complying with local use and occupancy requirements.

If one of the parties fails to meet the deadline in the agreement of sale, that party loses their rights under that provision of the contract. If the buyer or seller is unable to complete an action within the timeframe in the agreement of sale, he or she request an extension of time from the other party. If agreeable that extension must be in writing and signed by both parties if it is to be binding.

Average Ages of Bucks County Residents

Here's are some interesting facts about the demographics of Bucks County:

I don't know what the causes are, but I find many older homeowners sell their family homes and move into smaller homes, many of which are in newer over 55 communities. Many choose to age in place or age in the area rather than in warmer areas.

Another factor is that homes in Bucks County are relatively expensive compared to homes in most other counties surrounding Philadelphia; so, younger home buyers are less likely to afford many of the available homes.

Home Sales in Washington Crossing as of June, 2014

In Washington Crossing, homes on residential streets priced between $400 to $650 thousand are generally selling well. As home prices increase, however, the rate of home sales slows with a surplus of inventory in higher price ranges.

Here is What’s Been Selling in Washington Crossing?

The Best Time of Year to Sell a Home

Spring is generally the most active time of year for the sale of single family residences. Many people move during the summer so children can start school in a new district in September. That doesn't mean that homes don't sell at other times of the year. Not everyone has school age children that are affected by a move. People move for many reasons and may have little control over the timing of their move.

Some sellers delay listing their homes until spring. Doing so doesn't necessarily result in a higher sales price. More buyers may shop for homes in the spring, but there are also more homes to choose from at that time, and sellers have more competition. The summer and early fall are great times to sell a home as well.

Bucks County Real Estate Sales Through April, 2014

Statistics are in for Bucks County Real Estate Sales for the first four months of 2014.

There was a very significant decrease in the number of both pending and settled home sales in April, 2014 compared to the sales in2013. Prices have been relatively stable, and homes have been selling more quickly than a year ago.

How's the Bucks County Housing Market Doing?

The real estate market in Bucks County improved in 2013. Demand increased significantly with 38% more homes selling in 2013 than in 2011.

While demand has increased considerably, prices have been fairly stable with an increase of 2.5% over the past two years. The following chart illustrates these trends:

Year Number of
Homes Sold Price Increase or (Decrease)
2013 6,106 2.4%
2012 5,117 .1%
2011 4,423 (5.5%)
2010 4,560 4.3%
2009 4,829 (6.8%)
2008 4,806 (6.7%)
2007 6,048 .6%
2006 6,408 4.1%
2005 7,454 11.6%
2004 7,470 13.1%
2003 6,893 10.0%
2002 6,429 15.6%
Source: MLS Trend

The reason for the prices not increasing relative to the demand is that buyers and lenders are being cautious. The real estate bubble was created by over optimistic predictions of future home values and loose lending practices. Through the internet, buyers have access to information regarding past sales and are able to compare values. They are reluctant to pay more for a home than were recently paid for comparable homes, and lenders are being more cautious in financing those purchases.

The prevailing sentiment of the early 2000’s was that home values will always rise and homes are always an excellent investment has been discredited. Buyers today are less likely to buy a home that they do not consider a good value.