My New Blog

You will hear a lot of ideas from many different sources when you mention you are selling your home. So much so that you will forget what is really important to you. Selling their home for the most money possible in the shortest amount of time is the goal of 99% of my clients. I'd like to share with you the most important things to remember when selling your home.    

1) Be sure to have an exhaustive market analysis done on your home, by one or more of the leading Realtors in your area. (competition doesn't bother true professionals and they will raise the level of their service when they are competing for your business).

2) Follow their pricing recommendations. Don't increase the list price to test the market. It has been tested and the home value is correct. If your home is listed at market value you will get 60% of the Buyer prospects interested. If you overprice it by 10% you will lose 30% of those Buyers. 

3) Be sure to get a marketing plan from your Agent before they list your home. If they don't have a plan then they are probably just going to list your home and "hope" it sells. They are not right for you. Let the neighbor down the street hire them. You want to know that this home will be consistently marketed and that the Agent's proven marketing system will be at work for you. 

4) You selected a great Agent and priced your home in line with the market...two big steps towards the sale of your home! Now you must concentrate on the condition of your home. If your home is older and you're worried about potential repairs, then get a home inspection upfront. This will show you the trouble spots and give you time to repair them. I promise that repair items you fix will be cheaper than what the Buyer will want for the same repairs. I add Home Warranties to each of my listings. They give you coverage during the listing period and you don't pay for it until you close. If the buyer doesn't ask for a warranty, (highly unlikely), you don't pay for it either. I've had many seller's thank me when their water heater goes out prior to closing for adding this warranty.

5) Other ideas concerning the condition of your home:

• Paint...Paint...Paint!!! Touching up the walls and baseboards in most cases will do just fine. If you have bold colors throughout the home, you will want to neutralize the walls before any Buyer's walk through. A couple of hundred dollars spent here will bring you a quicker and better offer to purchase.
• Take everything out of your home that you don't need. De-cluttering your home is as important as any aspect in this process. If the buyer can't see it...they won't buy it! Open up cluttered rooms to make them more appealing. Consider a staging specialist if you or your agent need additional advice.

Keep your yard mowed, plant flowers, keep your front porch clean, lubricate any squeaking doors, keep your counters clean, fresh smells only in your home...NO SMOKING and clean up after your pets, blinds & window coverings open, repair squeaky floors, limit wall decorations, update your light and plumbing fixtures. Use the Disney philosophy on your home. From the time the Buyer walks up your drive to the time they leave...make everything as nice as you can. You'll never be able to achieve perfection, but it will limit the negatives the Buyer is looking for. 

6) Be flexible when showings are scheduled. Try to accommodate every showing...remember that there are probably dozens or more homes that the buyer could have selected to tour.

7) When you get an offer be sure to have your agent produce an estimate of all the expenses you will incur during the closing process, based on the offer submitted to you. If the offer is lower than you'd like, be patient. My philosophy is to keep them at the table and eventually it will work out. If you get miffed at their offer and fire back with an attitude...you will probably make the situation worse. Keep all ego's out of the negotiations and you will get it done. Know what your bottom line is and don't lose sight of your goal. Selling Your Home!   

Happy Selling,

Jeff Carroll    

I've been a Real Estate Broker for over 28 years now, and I'm very proud of my ability to research and predict a final sales price for my Seller's homes. I am flattered and appreciate the opportunity to share my professional talents with my future Seller's. By the time I get to their home I have already poured through the past 12 months of active, pended, sold, and even withdrawn homes that are similar to my Seller's home. This exhaustive study shows every aspect of the market and proves without a shadow of a doubt what the current value of their home is. I'm feeling good right about now. I know as I walk into their home that they will sell that home within 3-4 months, and the final sales price will be in the range of $225,000 to 230,000. They owe $100,000 and bought it 10 years ago, so they should be tickled with this information. 

Most of my client's are reasonable and trust my expertise. They are the ones who ultimately sell their home for it's highest possible price. I have had a few who took the other road. They don't buy into the fact that the market has changed, or they haven't updated their home like everyone around them, or there are 50 more homes like theirs selling for less money, etc... They don't care what the statistics say...they want $50,000 more for their home because ...that's what they want! Well it doesn't work that way. If you overprice a listing by 10% you lose 30% of prospective buyer's. Showings on an overpriced listing are few and far between.  Even if they found someone to buy their home for that price, it won't appraise. Without a full value appraisal the sale will probably fall through. The Buyer or Seller will have to make up the difference in value for the appraisal shortfall.  No buyer in their right mind will pay more than they have to for a house in today's market.  

The lesson to be learned here is "listen" to your Realtor, if they have valid reasoning and supportive documentation showing the true value of your home. Get a couple of opinions and compare the data they submit to you. Don't price your home based on neighbors opinions or your gut feeling. Opinions and feelings don't sell homes in today's competitive market.  You can't pad the price and hope you get more for your home. You'll just make the Buyer's decision to purchase the reasonably priced listing down the street an easier one.

Establish realistic goals for a happier and more successful home selling experience. Happy selling!

Jeff Carroll       

Jeff Carroll & Associates are off to a banner year in Residential Real Estate Sales. Our team has more than 5 MILLION DOLLARS IN SALES so far in 2008, and have represented over 20 Buyers & Sellers. Our listings are selling in an average of 30 days right now...this in what experts call the worst market Indy has ever seen.

We are seeing huge activity in homes priced under $300,000, and pretty good activity in homes priced above this. Investor's are looking for good opportunities, but the movers of this market are single family buyers. Existing home inventories as well as new home inventories are down from 6 months ago. More homes have sold than are being added to the market. This Seller's Market we've seen for the past year or so is evaporating down to a more neutral market. If this trend continues, we should see a very balanced market here in Indy very soon. This will bring appreciation back to the home seller's and add some much needed equity into the American Dream.

It is the best time to buy a home than we've ever seen. Rates continue to hover around 6% or lower for a 30 year fixed rate. Home prices are fair and the inventory of homes still gives Buyer's alot of options. Don't listen to the negative news if you are thinking about buying or selling a home. Get in the game...Buy a home! 

I know Seller's need every dollar they can get back into their pockets when they sell their home. It is equity they built and they deserve the money. Paying a Realtor a full service marketing fee on the surface may look like they are giving money away. Studies prove this theory wrong. Hiring a competent Realtor pays big dividends...just listing it in the MLS with an order taker costs you money!

There are Companies out there that take fees "up front" and simply add your listing to hundreds of others that just wait for the buyer. You pay them if your house sells or it doesn't..they have no motivation to sell. They usually don't. Reports show that on average only 14% of these minimum service listings sell. The reason is clear to me. Realtors get paid when they produce a sale for their client. Over 43% of homes sell within 6 months when listed with an "average" agent in most markets.  My Seller's homes sell over 80% of the time when listed for 6 months.

I know it's tempting to try this "to good to be true" course. Don't do it! You'll have to pay to advertise, set all appointments, call for feedback, select and work with the Title Company, hold Open Houses, etc.. The biggest reason not to try this is the negotiations of the contract. Homeowners give up their money quickly in negotiations. On average For Sale by Owners, (minimum standard listings included) get almost 14% less for their homes than Realtor negotiated sales. That's the most compelling reason for me.

Here's my homework for you. Find the most aggressive, likeable, and productive agent you can and hire them to professionally market and sell your home. You will be dollars ahead and you won't be sorry.  If you feel the need to ask for a discount...go ahead...you might just get one.

Happy Selling!

Jeff Carroll  

Sellers: don't get caught up in all this Buyer's Market talk. We are well into this downturn and I can tell you that Buyer's are out in force...buying homes! If you are considering selling your home, I have some tips that will help you get more for your home in less time. 

Select a strong real estate agent. Don't experiment with a part-time friend or new agent. There are agents in your market who have weathered these "slow times" and can use their years of success and contacts to get the job done. Find the best agent you can who represents alot of buyers. That's what you need so go directly to the source. Ask each agent you interview for the list of buyers they had the previous year. Also get their marketing plan before you list your home. Most agents I go up against don't have a marketing plan to sell your home. Big flag there!

My suggestions:

1) Don't overprice your home. Your agent should be able to tell you what the sales are in your area, and price your home within a few thousand dollars of where you will sell your home. (60% of buyers will look at your home if priced correctly...if you overprice it by 10% you lose 30% of those buyers).

2) Improve the condition of your home for a good first impression. Touch up painting, carpet cleaning, de-clutter starting from your entry, and updating your home will bring you thousands of dollars. If you have major problems with the home...get them fixed prior to an offer. You can't control the cost of the repair when a buyer get's involved.  

3) Stay connected with your agent. Don't let them forget about your home. Be sure they are following their marketing plan and doing everything they can to sell your home. I sell over 80% of the listings I represent. The average in my town is slightly over 43%. Not all agents are created equal! 

4) I always tell my sellers that ,"I might not be the agent who sells your home...but I'll be the reason it sells".  When you hire a listing agent it is their job to get all the agents & prospective buyers information on your home and solicit offers for you. Get the best and you won't be sorry. 

5) Know the market. Stay in tune with all the homes in competition with you and what is selling. If homes are selling around you and you can't get a showing...it is time to reconsider your price and condition of your home.

Your home will sell if it is priced correctly for your area and in good condition. Review your listing with your agent weekly and make adjustments based on their feedback. Good luck and happy selling.

Jeff   

Have you ever seen the commercials of the couple nearing retirement dreaming of relaxing on the beach in front of their new beachfront home, holding hands, enjoying a refreshing tropical drink and the warmth of the sun, and basking in the glow of second home ownership? Well, we have more options that our parents had. Second Home ownership is only one way to secure your dream of a Destination and Vacation Getaway.

Owning a second home: has always been popular and you couldn't ask for a better time to buy. Interest rates are still low, it is a buyer's market all over the Nation, and there are still tax incentives for Second Home ownership. 

Timeshares: This is a 6+ Billion Dollar Industry each year. Members usually purchase a week or more in their favorite destination. They can exchange weeks with each other and book additional weeks if the dates are open. We timeshare in Hilton Head each year and love it. The average cost for a Timeshare week is $13,000. Some can cost up to $40,000 per week. The downside here is that you get locked into a specific week at a specific location.

Fractional Ownership: is a new addition to the Luxury Travel Industry and a close model to Timeshares. Fractionals offer partial deeded ownership to a specific piece of real estate. These are usually found in beachfront, golf, or ski resorts. High end Resort Hotels are now offering these as well. Ownership provides access to your unit or home from 4 to 13 weeks and generally divided between peak periods. You might get 3 weeks in the Summer and three in the winter. The resale of Fractionals usually follow the local real estate trends. You can expect to pay from $250,000 to $600,000 in addition to annual fees, depending on your location.

Destination Clubs: have emerged recently as a very nice option for those who want an equity position...and a wide variety of homes to vacation in. This is the fastest growing segment in the luxury travel market. The most attractive appeal is the variety in destinations and the flexibility in scheduling. My favorite is The Markers - a Golfers Destination Club. Markers members join a club similar in structure to an equity country club. Members stay in 4-5 bedroom residences situated in some of the best golf destinations in the world...Scotland, Cabo San Lucas, Scottsdale, Kiawah Island, Pinehurst, Big Island, you get the picture. Homes are valued at 1-2 Million and one time membership fees range from $150,000 to $375,000. This guarantees the member and their guests at least 52 days at the Destination of their choice, and access to over 200 Golf Clubs throughout the United States. (just show up and pay for the cart fee). The Member to Property ratio is usually 9 Members to 1 Property vs. Timeshares that offer a 50-1 ratio. The Clubs offer concierge services as well as access to high end amenities such as yacht, and jet fractional ownership, golf and spa services. There are annual fees and also a 90-100% refund if you ever choose to leave the club. Call me if you'd like additional information on this growing industry.

I'm lucky in that I have access to every different type program around. I have developed a network of trusted professionals around the country that I can turn to for options when my clients decide to buy, lease, or rent vacation homes. I am happy to help you and offer their services to you as well. If you are considering a destination or Vacation Home option...call me to discuss. Happy traveling!

Jeff Carroll

Vice President / F.C.Tucker Company      

Sorry for using the "Price Is Right" comparison, but it really fits here. The price is really right and more importantly so are the mortgage rates for buyers. If you are buying your first home things couldn't be better for you. Rates are at all time lows and Buyer assistance programs are still around. We just represented a young couple who were buying their first home. They paid $130,000 for this home and actually received $750.00 back at closing. We successfully negotiated the Seller paying 3% of their down payment through a Buyer Assistance Program, and some of the closing costs. They also got $6,000.00 off the price of the home. This is about a Ten Thousand Dollar windfall for the Buyer. What a deal!

Is the real estate market in good shape? For 50% of the market, (BUYERS) it is the best market they've seen for over 30 years. There is a great selection of homes out there and the prices are amazing in some cases.  Buyers will find the home they want, get exceptional mortgage terms, and probably buy at market or below market pricing right now.

Keep good professionals around you throughout the buying process.  Be sure to utilize strong local lenders and the most successful Real Estate Agent you can find. This is no time to use part time or beginners in the industry. Even in today's Buyer Market if it seems too good to be true...it usually is. Use your common sense but use a good professional to guide you through this once in a lifetime Buyer Market. Go Buy A Home Today. 

If you are thinking about buying or selling a home, land, destination home, or investment property...I hope you will consider Jeff Carroll & Associates. Just Ask Jeff...for all your real estate needs!  

While most large cities experienced a significant decline in home sales in 2007, Central Indiana posted its fifth best year ever! I bet you didn't read that in the Indianapolis Star. We were down 9.9% from 2006 but our Region closed on more than 27,900 homes in 2007. Our local market was challenged in 2007 by a number of economic factors that affected consumer confidence. Our steady job market, low cost of living, low mortgage rates, and flourishing local economy will help us ride this sagging but steady market, into a more positive home market that should show signs of improvement by mid-2008.

Our predictions:

We will see an early strengthening of the local real estate market in 2008 and a 1-2% increase in sales over 2007.

Residential real estate home inventories will continue to decline and bring back a balance in home values...good news for Sellers.

Indianapolis will come out of this foreclosure and mortgage crisis faster than most cities helped along by strong local market conditions and should hover around 6% mortgage rates.

New Homes will continue to be the best value in town with local Builders competing fiercly to retain their market share. We will continue to see more builder incentives to Buyers, and less speculative building in 2008.

The average sales price of homes will vary depending on location and demand. We will see some appreciation of homes in areas where the inventory has been reduced. The 2.1% decline in appreciation last year was not significant and shows a market that is holding its value. I think we could see 2-4% appreciation in some areas in 2008.

Remember that 50% of this real estate market is comprised of Buyers! With values and mortgage rates down across the country...now is the ideal time to buy.   

Have a great day and go buy a home! Call me if I can help.

Jeff

You hear a lot of negative news about the Indianapolis and surrounding nine County real estate market lately. It is true that our market sold approximately 10% fewer homes last year than in 2006. This reduction of homes came off of one of our best years ever. We are still ahead of where we were in most years past. The negative news has influenced and negatively affected consumer confidence. If Buyers and Sellers can hear the good news in the market, we'll be fine. Remember: economists have predicted ten of the last two recessions!

We have a good supply of buyers looking for homes...we just have too many homes on the market right now. Our showings were up for the 4th Quarter of 2007 and so far in 2008. Sellers can expect close to their list price if their home is market ready...and more importantly market priced. New Home Builders have discounted their homes excessively in my opinion. This is a large part of the negative appreciation we are reading about. There are market segments in our area that are still showing signs of appreciation.

Is this a good time to buy a home? Absolutely! You have low interest rates, a strong inventory of homes to choose from, and home values that have decades of steady & constant growth. Throw in the tax benefits and this is still the best long term investment we can make.Home ownership is still the American Dream. Be wise but get in the game...Buy now.