Maximizing Your Price In Northern Nevada

Maximizing Your Price in Northern Nevada

It’s Spring in Northern Nevada and you’ve decided to sell. What do you do to get the most out of your property? Start by putting your Buyer’s hat on and look at your home from a Buyer’s perspective. As you analyze your home consider the following three categories for the deficiencies: 1. Selling Condition, 2. Market Condition, 3. Enhanced Value.

Selling Condition means you’ve met or adjusted to have the home in minimum Selling Condition. If you have a multi-patched roof your home is lacking here. Other items to fix just to achieve Selling Condition can be the removal of debris on your lot, broken window seals, plumbing leaks, etc. If you are selling short don’t worry about it, the Buyer and lender will adjust the sales price for these deficiencies without cost to you.

Market Condition is simpler, mostly involving cleaning and decluttering. You’ve naturally got many personal touches around the house, it is, after all, your home. The Buyers aren’t coming to judge your lifestyle, they want to see how theirs will work in your home. Take down the family pictures and box the knicknacks, you’re moving anyway. Empty your overstuffed closet or they may think its smaller than it really is. Its Spring, you can pack up your winter clothes. Likewise, if your kitchen drawers are stuffed with used-once-a-year gadgets they’ll think the kitchen is too small. Declutter.

Clean well. Nobody wants to live in a dirty house even if their lifestyle is such that it will be dirty soon after they move in. They want to live in their own dirt. Remember to clean the outside, too. That is your first impression and you want it to count the first time. Should you stage your home professionally? Good stagers do wonders and can yield great results, but they come with a price. Is your price point such that you can absorb their cost and profit from it?

Getting your home to Selling or Market Condition will add value, but there are times when you can Enhance Value. This can get tricky. Are you better off putting in new carpet or giving an allowance? Should you give an allowance or reduce the price? When you consider any change, or addition to sell your home question whether it will get you a higher sales price. If not, don’t do it. Your home will sell by its features, location, character and … price. Price sells more than anything else in this market. If you put money in a remodel be sure to figure what it will return. There can be a great return, but if you are trading dollars, don’t do it. Your agent can help you with your analysis.

Our Advice: You can spend months or longer getting your home perfect, but what is perfect to the Buyer? We’ve seen lovely homes in great shape that the Buyer is going to “gut”, do a major remodel on. Keep your eye on your objective. What are you going to do after you sell? If you are buying elsewhere will you lose a buying opportunity while you take the time to try to get a little more out of the home you are leaving? Selling? Ready…Fire…Aim! Get it ready and get it sold!

An increase in either rates or prices can affect your next purchase and offset any gain you may have worked for.
When it comes to choosing professionals to assist you with your real estate needs … Experience is Priceless! Lisa Wetzel & Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472. carsonvalleyland@hotmail.com, www.carsonvalleyland.com
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Other Recent Blog Posts About Real Estate In Northern Nevada …

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You Really Don’t Have to Be A Jerk! … More Tales From The Trenches!

1576 East Valley Road, Gardnerville, Nevada … The Crown Jewel of East Carson Valley

Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley , Carson City and the tri-county area of Douglas County , Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: Carson Valley Listing Book or visit our website at www.CarsonValleyLand.net or www.CarsonValleyLand.com

Tales From The Short Sale Trenches

Tales From The Short Sale Trenches

With two thirds of the local Northern Nevada listings being Short Sales today, it is important to know what is going on in the World of Short Sales. It is especially important to remember that each Short Sale is unique unto itself and these stories shouldn’t keep you from buying or selling such a property. Remember, forewarned is forearmed. Seller’s circumstances vary, the lenders and their investors vary, the market changes, etc. There is no one formula for success.

While many Short Sales go through handily, there are those that defy logic, reason, and sanity. We had one such situation last week causing us to call a U.S. Senator for assistance. What caused such a drastic action? Consider the facts. On December 30th we received a Short Sale approval letter providing that escrow close by February 21st. No problem, everyone went in to action and we are well on our way to closing. On January 18 we got an amended Short Sale letter saying we had to close on January 25th. Whoa! What’s going on?

Correspondence with the lender revealed it to be a FNMA … Fannie Mae … requirement and they will not postpone the Trustee’s Sale (foreclosure) which is scheduled for February 2nd. The Buyer’s lender said she can close on the 4th, but no movement by the bank until January 24th when they said we had until January 31 to close. This with a Seller expecting her fourth child on March 1st not knowing if, or when, she is moving. For the sake of a couple of days there may be another bank-owned property in the neighborhood.

We had another dandy experience with lender Short Sale lunacy last week. Here’s the back story – Listed at $235,000. No action until priced at $189,000. Two offers – one at $184,000 and one at $165,000. Bank counters $197,000 which is accepted. We motor along getting ready to close when suddenly the bank comes back with a price of $250,000, a requirement of the investor. Clearly, the home is not worth that kind of money.

We assemble information to show value, confirm with all parties that they are at their maximum price and contribution and go back to the lender. The lender accepts the original deal, which was theirs in the first place, and we continue on for a couple of days. The bank comes back at $222,000 from the investor … Fannie Mae … with no give. The market just isn’t there, but the investor is locked up. Had to get some tricks out of our sleeves on this one … we’ll see if they work.

Our Advice: It is amazing how belligerent the investors are becoming. Yes, it is their right as it is their money, but it seems senseless for them to negate viable Short Sales only to acquire the property via a Trustee’s Sale. They seem to be forgetting the human side of things – the homes that are being destroyed and the incredible emotion that is tearing at so many people these days. Most sellers are victims, not strategic Short Sellers. They are selling short because they have to. Whether job loss, divorce, illness, transfer, or any other valid reason, it is beyond their control. Had prices not dropped they could sell and move on with their lives. With the market being what it is, they have no choice but to sell short or let it go. When they opt to sell short they don’t deserve the emotional roller coaster that is thrust upon them by inconsiderate lenders representatives.

Stay strong in your Short Sale. It can be maddening, but stay the course and you will be justly rewarded. When it comes to choosing professionals to assist you with your real estate needs…

Experience is Priceless! Lisa Wetzel & Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472. carsonvalleyland@hotmail.com, www.carsonvalleyland.com

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Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley , Carson City and the tri-county area of Douglas County , Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: Carson Valley Listing Book or visit our website at www.CarsonValleyLand.net or www.CarsonValleyLand.com

What In the World Is HAFA?

Choosing An Agent in Northern Nevada … Ask A Lot Of Questions

Choosing An Agent in Northern Nevada … Ask A Lot Of Questions

Whether selling or buying real estate in Northern Nevada, you’ll undoubtedly find the services of a Professional Real Estate Agent invaluable. There’s a reason the most savvy and successful investors always use good Agents. Good Agents not only get the job done, they keep you safe along the way. The art is to find a good professional Agent.

The biggest ad, the biggest claims, or being the biggest pest does not the best Agent make. Ads cost money, but many agents use them to simply “buy” business. They look to attract new customers for any property, not the listing they are purporting to advertise. If there is little or no inventory in the ad then it is clearly image advertising. Important for business to an extent, but understand it for what it is.

Virtually every agent is Number One at something. There’s the top producing agent types that you are seeking and then there’s the qualified Number One, like “the #1 listing agent that has seven grandkids, owns a black and white dog, and two cats”. What is really important is an agent’s production, and more importantly, their production for the type of property you are buying or selling. If you want a horse property with water rights on ten acres you don’t want to hire a condo specialist, and vice versa. Yes, in our region many agents are truly diverse in their knowledge and experience and can actually professionally serve those extremes, but you must be certain for yourself that the Agent you are working with is capable.

So how do you select an Agent? Initially, you will have some method of introduction. It could be a referral from a friend, an attractive ad, or an internet website. You might just walk in the office and meet a stranger. Once you’ve made contact, understand that you are both interviewing one another. The agent should be learning about your wants and needs, what it is that you are looking to accomplish. They should probe, ask you questions. You, too, should be asking questions … many questions. Do they handle the type of property that you are looking for or selling? What is their experience – both in real estate and in dealing with the type of property you are working with? This is especially important if you have a need for specialty knowledge, i.e. – short sale, bank owned, water rights, floodplain, seven figure price range, ag-deferred property, remodeling, etc.

Our advice: Not all Agents refrain from venturing in to the unknown … potentially at your expense. You don’t want a lawsuit to get what you want, you want good professional service. Ask a lot of questions. You should be able to get references from the Agent, the names and contact information for other people that had a similar situation that the Agent successfully assisted. Learn about their business. What areas do they work? How many listings do they inventory? How many listings sold? How many short sales have they closed? What is their typical List Price:Sales Price ratio? While asking your questions observe the answers closely. Are they appeasing you, or are they heartfelt.

One of the most important things you should look for in an agent is that they will work for your interest, not theirs. It is your real estate… they are facilitating your transaction. Some let their preferences, or needs, get in the way of the customers’ which can cause you to miss your ideal opportunity. Don’t be a victim to a self-serving incompetent agent – it’s your money on the line! We’re proud of our work and Our References. The other good agents are as well. Find the good ones – you deserve it.

Real estate is truly a people business. The real estate itself is what it is, but the people involved make the difference in the success of the transaction, Buyers, Sellers, and Agents. Evaluate the people you are dealing with so your best deal is made for you and your family. When it comes to choosing professionals to assist you with your real estate needs … Experience is Priceless! Lisa Wetzel & Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472. carsonvalleyland@hotmail.com, www.carsonvalleyland.com

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Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley , Carson City and the tri-county area of Douglas County , Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: Carson Valley Listing Book or visit our website at www.CarsonValleyLand.com