Spring real estate market tips for sellers, in Yardley, Bucks County, Pa.
Here is a video that I created in spring of 2011. The tips are still very relevant today to home sellers in Yardley, Newtown and all of Bucks County, PA. Click to watch the video, or here is a quick synopsis:
Three Important Tips to Get your House Sold Quickly
Move-In Ready
Buyers are looking for homes that are ready to move into, with little or no updating or repairs needed. Make some easy and relatively inexpensive updates like paint and carpets to “neutralize” the color scheme of your home. Focus on the kitchen, family room and master bedroom. Also take some time to add a little curb appeal to your exterior to create a great first impression.
Beautiful Photos
Because so many buyers are starting their home searches online, it is very important to have great pictures that will show off the best aspects of your home.
Price
With the competition on the market today, be sure to price your house correctly. It can make the difference between a house selling in a few weeks, or lagging on the market for months and months.
I have a useful booklet titled “450 Ideas to Get Your Home Sold Quickly”. Please contact me at marty@martinmillner.com if you would like to receive this great step-by-step guide.
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3 Quick Home Staging Tips
In selling a home, creating the proper atmosphere is just as important as pricing your home properly. Elegant furniture can enhance a room, or stifle buyers’ ability to envision themselves there if the placement is incorrect. Depending on presentation, beautiful flowers can appeal to a potential buyer or detract from the mood of the showing. Simple yet aesthetic additions can sometimes make all the difference.
When consulting with sellers, I help them determine what their home is worth in Yardley, Newtown or anywhere in Bucks County. I can assure that a more inviting home will result in a quicker sale and a better price. Here are three easy do-it-yourself ideas to quickly add some eye-catching appeal and dollar value to your home:
Proper furniture placement
There should be just enough furniture in each room to give the room a purpose. Remove all redundant furniture and move the large pieces away from the walls when possible. Make sure the furniture is the proper scale for the room (e.g remove a king size bed and replace it with a queen if it is too big for the bedroom.) Create appealing vignette groupings with furniture, plants, and artwork to create a mood and attract the buyer’s eye.
Use appropriate plants and beautiful pots
Add vibrantly colored flowers to a neutral-colored room to add some flair, and flowers with more subdued colors to a room that already has a bold color scheme. Use flowers and plants that match the décor of your home. Place plants or flowers in high quality containers near the outside entrance and in the foyer to welcome your buyers. Strategically placed greenery can guide the buyer’s eye as they navigate through your home. Plants can bring life to your home, but be sure to choose quality placement over quantity.
Add small tastes of home
Small details added to your simplified décor can stand out and give buyers the warm fuzzy feeling of home. Eye-catching bowls of shiny fruit on the dining room table, colorful cookbooks on the counter, a creative basket of bath salts and spa treatments in the bathroom all entice the buyer to make themselves at home. Try to focus on items that will universally affect the largest potential group of buyers. Sometimes the things that we think of as “homey” may not be for someone else.
Sometimes just a few small staging changes in your home can mean the difference between a quick sale and a long wait on the real estate market in Yardley, Newtown or Bucks County. Talk to your realtor or a staging expert to decide what changes might benefit your home. Depending on your budget, you can opt for some free or low-cost adjustments like the ideas above, or invest in the professional advice of a staging professional. Contact me for more information if you are interested in an evaluation of your property.
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Selling real estate in Yardley or Newtown; listing photo disaster?
When you’re thinking about hiring an agent to help you market and sell your home, it’s probably a good idea to ask to see listing photos of homes they’ve represented in the past. A true real estate professional will go the extra mile to make sure there are plenty of high-quality, detailed photos to help market your home online. This is true when doing video, as well. That is why I hire a professional photographer & videographer to ensure that my listings images are as good as they can possibly be.
At the minimum, the photos should be well-lit, the homes should be tastefully presented, and the photographs should appear to be taken by a professional. Less than that, and you might want to consider looking for a new agent. I have seen some pretty funny house photos, and the price of the house often does not matter. There are, of course, major red flags you’ll want to look for in sample listing photos.
Consider some of the following:
- No owners sunbathing in the pool in Speedos.
- No attic rooms cluttered with personal massagers and ashes/dust.
- No master bedrooms with lingerie models lounging in a red velvet four-poster bed.
- No bathroom shots in which the photographer appears in her bra in the mirror.
- No pics featuring the owners engaged in questionable activities in the background.
- No creepy dolls by the fire place.
- Seriously, no creepy dolls anywhere, not even in the living room!
- No stains of murdered bodies on the bare floors.
Now, it may sound like I’m joking, but I’m being 100% honest when I say these are flaws seen in actual listing photos represented by real agents. What’s more, I can prove it.
See every single one of the above listing photo disasters in this slide show:
Incredible, isn’t it?
Please, whatever you do, be sure to hire an agent who takes their listing photos seriously. After all, you home is your largest investment! I’d be glad to treat it with the respect it deserves. Let me help you market your home the right way: Marty@MartinMillner.com 215-519-1399
Yardley Home Buyers and Sellers Update
I just received the National Association of Realtors (NAR) 2011 profile of home buyers and sellers. As we move further into the spring real estate market in Bucks County, I always enjoy reviewing the NAR survey, which comes out around this time every year.
Contrary to what the press would have us all believe, people actually bought and sold houses in 2011! NAR interviews literally thousands of home buyers and sellers every year, and generates a very comprehensive review of the prior year in real estate. What did we see in 2011?
Buyers
- 37% of recent home buyers were first time home buyers. This represented a drop from 50% in 2010. No doubt the high number of first time home buyers in 2010 was a result of the first time home buyer tax credit. To me, even 37% is a very high percentage. I know that personally, I worked with a number of first time home buyers in Yardley and Newtown in 2011.
- The typical buyer was 45 years old, which was a jump from 39 years old, in 2010
- The 2010 median household income of buyers was $80,900. Median income was $62,400 for first time home buyers, and $96,600 for repeat buyers.
- 64% of recent home buyers were married couples, which was the highest percentage since 2001. 18% of recent home buyers were single females, which was the lowest share since 2004. Not exactly sure why that was the case.
- For 27% of recent home buyers, the primary reason that they bought, was simply a desire to own a home!
Sellers
- The typical seller lived in their home for 9 years. The median tenure has increased in recent years. As recently as 2007, it was six years.
- 87% of sellers used a realtor when selling. (I love that statistic!)
- Recent sellers sold for 95%of the listing price, and 61% reported that they reduced the price at least once.
- 41% of sellers offered incentives to attract buyers, most often offering home warranties and help with closing costs.
The entire buyer and seller report is almost 200 pages, and includes interesting charts and graphs. I can email the report, if anyone is interested in seeing it.
I like to look at the report and see how the national experiences of buyers and sellers, compares with what I find in my real estate business in Yardley, Newtown and Bucks County. I will talk about the report in future posts, but it is always important for me to emphasize that, especially in our area, real estate is moving. I have had recent listings that have sold within a very short period of time, and the market is active.
If you would like to see the home buyer and seller report, please email me at Marty@MartinMillner.com.
Continue Reading > Add a Comment |Three Amazing Design Sites for Yardley, Newtown, Bucks County Homes!
I spend a great deal of time going in and out of houses all over the Yardley and Newtown areas in Bucks County. I talk to a lot of sellers, as well as buyers. I’ve posted recently about how the market dynamics have changed in our market, over the past month or so. Buyers are complaining again that there is “nothing to see.”
I suspect that there are potential sellers who, because of where the Yardley and Newtown real estate market has been over the past few years, have decided to put off selling.
If you’re are thinking about renovating the interior of your home, or if you are moving and want to create your own new fantasy home, I thought it would be fun to put together a list of three great sites to help inspire your imagination. So, when you have time, check out these great websites.
Houzz.com (http://www.houzz.com)
Houzz is a leading destination site for home design enthusiasts, both professionals and homeowners. The Houzz site and mobile apps feature more than 250,000 high quality interior and exterior photos, along with literally thousands of highly engaging articles written by design experts. It also includes product recommendations and social tools to manage the remodeling and decorating process.
Freshome.com (http://www.freshome.com)
This site was launched in 2007, and is a weblog devoted to finding and sharing the latest and greatest products in architecture and design. The primary focus of this design publication is to provide inspiration to make your home more beautiful, organized and healthy. I believe that a calm, healthy, beautiful home creates a great foundation for happiness and success.
Getdecorating.com (http://www.getdecorating.com)
This site is devoted to inspirational home ideas that you can choose, save and email to a friend or supplier. Every picture has a story, whether you are thinking about renovating, remodeling, decorating a new house or an existing home, perhaps buying new furniture, window treatments, or maybe just a color change, this is the place for you.
So, bottom line, stop flipping through pages and pages of magazines for a couple of interesting photos, and check out these sites with literally tens of thousands of fantastic, colorful ideas to spark your imagination. From staging to renovation, these are great places to get started.
If you are thinking about selling your old home before pursuing a new design, I would be happy to help. Connect with me this week at 215-519-1399.
Continue Reading > Add a Comment |Great Steps for Preparing Your Yardley Home to Sell
Every Yardley seller wants their home to sell fast and bring top dollar. It’s not luck that makes that happen. It’s careful planning, and knowing how to professionally spruce up your home that will send home buyers scurrying for their checkbooks. Here is how to prep your house and turn it into an irresistible and marketable property.
Disassociate Yourself From Your Home.
Say to yourself, “This is not my home; it is a house — a product to be sold just like a box of cereal at the grocery store.” Make the mental decision to “let go” of your emotions and focus on the fact that soon this house will no longer be yours. Picture yourself handing over the keys and envelopes containing appliance warranties to the new owners.
De-Personalize It.
Pack up your personal photographs and family heirlooms. You want buyers to imagine their own photos on the walls, and they can’t do that if yours are there. You don’t want to make any buyer ask, “I wonder what kind of people live in this home?” You want buyers to say, “I can see myself living here.”
De-Clutter!
People collect an amazing amount of junk. Consider this: If you haven’t used it in over a year, you probably don’t need it.
- If you don’t need it, why not donate it or throw it away?
- Remove all books from bookcases.
- Pack up those knickknacks.
- Clean off everything on kitchen counters.
- Put essential items used daily in a small box that can be stored in a closet when not in use.
Rearrange Bedroom Closets and Kitchen Cabinets.
Buyers love to snoop, and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if they sees everything organized. It says you probably take good care of the rest of the house as well.
Rent a Storage Unit.
Almost every home shows better with less furniture. Remove items that block or hamper paths and walkways and put them in storage. Since your bookcases are now empty, store them. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room’s purpose and plenty of room to move around.
Remove/Replace Favorite Items.
If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great grandmother, take it down. If a buyer never sees it, they won’t want it. Once you tell a buyer they can’t have an item, they’ll covet it, and it could blow your deal. Pack those items and replace them, if necessary.
Scrutinize.
Go outside and open your front door. Stand there. Do you want to go inside? Does the house welcome you? Linger in the doorway of every single room and imagine how your house will look to a buyer. Examine carefully how furniture is arranged and move pieces around until it makes sense. Make sure window coverings hang level. Tune in to the room’s statement and its emotional pull. Does it have impact and pizzazz? Does it look like nobody lives in this house? You’re almost finished.
Check Curb Appeal.
If a buyer won’t get out of their agent’s car because they doesn’t like the exterior of your home, you’ll never get them inside.
Continue Reading > Add a Comment |So, You Received a Low Ball Offer on Your Yardley, Bucks County House?
The issue of so-called “low ball offers” comes up relatively frequently these days, for both buyers and sellers of houses in Yardley, Newtown, and all over Bucks County.
I have worked with buyers, who erroneously feel as though the real estate market in Yardley is similar to the real estate market in Arizona. Those buyers often think that they can take an asking
price and immediately knock off 15% because in their mind, sellers are desperate.
I have represented sellers who are on the receiving end of these low ball offers.
So, the question for today is, if you are selling your house in Yardley and you get what you perceive to be a low ball offer, what should you do about it?
1. Leave your emotions at the door! I can’t emphasize this enough. I have been involved with successful transactions, where the initial offer was literally tens of thousands of dollars lower than what we ended up agreeing to. Part of my job as an agent representing a seller, is to try and take the emotion out of the process. An offer means that someone wants to buy your house. Considering the competition, that is a good thing.
2. Counter! Again, as I mentioned before, I have seen Bucks County real estate transactions go to closing, where the initial offer was thousands of dollars less than what was ultimately accepted. Without a counter offer, you never really know what the buyer is willing to do. There are buyers in today’s real estate climate who feel as though they are expected to make very low offers. As long as buyers and sellers are communicating, and getting closer to an agreed-upon price, progress is being made. Don’t close the door, by refusing to counter.
3. Consider more than just the price. Make sure, when evaluating an offer, that you consider the terms. Is the closing date good for you? Is the buyer bringing a lot of cash to the transaction, so that the appraisal may be less of a factor? Although it doesn’t always seem so, there is a lot more to an offer than just the price.
4. Evaluate comps. As a seller, if you get what you consider to be a low ball offer, use the offer as an opportunity to re-evaluate what we refer to as comps. Basically that means taking a look at other houses in your neighborhood which may compare with the house you are selling to try and make sure that your asking price is realistic.
5. Don’t be desperate. Sometimes, buyers take signs like an empty house as an indication of desperation. If your house is empty, you may want to consider staging, or leaving some furniture and clothes, so the house doesn’t look empty.
If you have reviewed the comps with your agent, and you are confident that your price is realistic, given the market, then you should make your best effort at negotiating the low offer, but if it isn’t realistic, be prepared to move on.
Continue Reading > Add a Comment |Why Would You Buy Real Estate Low and Sell Real Estate High in Yardley?
Welcome to 2012! For many, there was no great heartache in saying goodbye to 2011. Here is an interesting perspective on real estate in Yardley, Newtown and Bucks County.
I think everyone would agree that the worst investing advice in the world would be to buy high, sell low! To me, that is the very definition of losing money on an investment. Not too smart, if you can help it, right?
So, my question for those considering buying real estate in Yardley, or Newtown, or anywhere in Bucks County, is why would you wait for the housing market to improve, before buying a house? Seriously, I understand that there is a lot of uncertainty out there right now. Job security is still questionable, unemployment is too high, and there is general fear about getting approved for a mortgage. it can be scary. But, here’s the thing. In my opinion, letting fear dictate your financial stragegy for the future is a guaranteed way to pay too much for a house in years to come.
Put fear aside for just a moment, and consider:
- Interest rates are at or close to all time historic lows.
- Prices for homes have plunged to the lowest levels we have seen in a generation.
- There are distressed property sales.
- Rents are rising, and in most cases, rental inventories are shrinking, which limits rental options
Shouldn’t you, rather than a landlord, be the one who benefits from owning a home? In my opinion, right now is the “buy low/sell high cycle! I love helping renters and first time home buyers explore their purchasing power. People are often surprised at just how qualified they are for home ownership.
If you are curious, simply email me at Marty@MartinMillner.com or call me at 215-519-1399, and I would be happy to discuss your home buying options with you.
Continue Reading > Add a Comment |Last Post of 2011 from Yardley, Bucks County, PA
I’m posting for the last time in 2011!
Don’t know where the year went.
For me, it was a productive and successful real estate year. For that, I am totally grateful and thankful for the buyers and sellers who trusted me to handle their real estate transactions, and I am also extremely thankful and appreciative of the colleagues, friends and clients who referred real estate business to me. I work really hard at what I do, and feel truly blessed to have so many people allow me to be a part of their lives during the real estate process, and beyond.
My personal outlook for real estate in the Yardley and Newtown area, and for all of Bucks County, is cautiously optimistic. I have written previously about the fact that we have a lot less distressed property sales in Yardley and Newtown, and in most of Bucks County, than in many other parts of the country. There is clear evidence right now that prices for non-distressed homes are holding very steady.
While I don’t envision a sudden shift in the market, I do think that we will see, in 2012, in Bucks County, a market that becomes more balanced than it has been. I think that sellers who are realistic about pricing will not have difficulty selling in 2012. I think that there will continue to be excellent value in the market for buyers of homes in Yardley and Newtown in 2012, but I also think that buyers need to be realistic about our market, as well. What I mean by that is that I know that there are buyers who feel as though they can make virtually any offer they want, and often expect that sellers will take anything. Remember, the average discount from original asking price in Bucks County is about 8%.
More sellers are becoming more realistic about the market, and I think that will continue in 2012. If sellers price homes realistically, given the current market conditions, then it will take a much shorter period of time to sell, and it will reduce opportunities for low ball offers, as well.
I have been able to enjoy a bit of down time over the holidays, which I always appreciate. I have gotten in some basketball, which I do all year long. We have seen a number of movies, including, “The Girl With the Dragon Tattoo,” “We Bought a Zoo,” and “Young Adult.” I loved “The Girl With the Dragon Tattoo,” although I thought the books were better because they went deeper than is possible with a movie. We also totally loved, “We Bought a Zoo.”
Also had a chance to get into New York to see a show and have dinner. We saw Priscilla, Queen of the Desert, which was wonderful. Amazing costumes, great acting and music. I love being so close to both Philadelphia and New York. It is one of the great aspects of living in Yardley.
Finally, I wanted to wish you all a very happy, healthy and prosperous new year! Enjoy New Year’s Eve celebrations, but stay safe, and I will see you in 2012!
Continue Reading > Add a Comment |Yardley and Bucks County Real Estate Market Update
Hard to believe that we are just a week away from Christmas!
From a Yardley real estate perspective, we are now 11 months into data for 2011. Let’s see where we are, both with Yardley real estate and Bucks County real estate.
Bucks County real estate
Units Sold: Looking at numbers for all of Bucks County, the number of units sold this year is about 4% lower than a year ago at this time. For those who suggest that no real estate sells in Bucks County, although the number of houses sold is a bit lower, there have been 4,052 homes that have closed through November this year!
Pricing: The average price of a home for sale in Bucks County is down by 5.5% from last year at the same time.
Pending Sales: This is the best forward indicator of real estate activity, and the number of pending sales has trended up for several months.
Inventory: This is also an extremely important metric, when considering Bucks County real estate market conditions. The number of houses for sale in Bucks County is 7% less this month than last month, and more than 11% lower than it was at the same time last year! This still represents more than 11 months of inventory in Bucks County. We consider a market to be balanced when there is about a six month inventory, so you can see that factors are still favoring buyers. It is important to note, that the average days on market has also increased this year, from 88 to 101.
Observations for Bucks County real estate market
My observation from all of these statistics is that the market, while still favoring buyers, has stabilized a bit in Bucks County. I posted an article the other day comparing distressed and non-distressed real estate sales. In the article, I pointed out that both locally and nationally, prices of non-distressed properties appear to have stabilized. In looking at Bucks County real estate, it is important to note that we have far fewer distressed property sales than in many other parts of the country. Houses can and will sell, if they are priced correctly, marketed properly, and if appropriate steps are taken to ensure that they show as well as possible.
Yardley Real Estate Information
As I have pointed out many times in the past, real estate markets are very local, often varying from neighborhood to neighborhood. Let’s look at what is happening in the Yardley and Lower Makefield Township real estate market.
Inventory
- Inventory of homes Nov 2011 204
- Inventory of homes Oct 2011 226
- Inventory of homes Nov 2010 194
Although inventory is a bit less this month, compared with last month, it is higher by almost 10% from the same time last year. This is a bit of a contrast to the County as a whole.
Pricing
- Average price of a home for sale Nov 2011 489,000
- Average price of a home for sale Nov 2010 499,000
Asking price of a house for sale in Yardley/Lower Makefield Township is about 2% lower this year.
Units sold
- 261 homes sold through November this year
- 291 homes sold at the same time last year
It is also interesting to note that homes selling this year sold at an average of 92% of the list price, while they sold at an average of 93% of list price last year. Please note that when comparing the sold price to list price, we use the original asking price, where the price is reduced.
There is currently about a nine month inventory of homes for sale in Yardley. This is actually a bit better than for all of Bucks County.
Observations
There is no question that, looking at all of this information, it is still a buyers market. However, whether you are a buyer, seller, or just curious about real estate in Bucks County, or Yardley, houses are selling. Interest rates are at historic lows. Despite public perception, buyers are getting mortgages, and real estate is selling. If you are a potential seller, it is critical that you be realistic about pricing. It has never been more important to make sure that your house shows as well as it possibly can, and that it is marketed properly and thoroughly. I have a real sense that, especially for non-distressed homes, the market is a bit more stable right now, than it has been in quite a while.
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