Buyer Preferences

There were a few surprises in a recent Realtor Magazine report on buyer's home preferences. Garages top the most important list of features for both male & female buyers... I thought it was granite counter tops. Actually, updated kitchens rank #7 on the top 10 wish list! Master suites & plenty of storage are right below garages... go figure! Outdoor entertainment space is also important to both sexes so it's a good time for sellers to mow the grass & stage a deck or patio.

Here are the biggest turn-offs to buyers:

1. Structural damage - don't put your home on the market without addressing any structural defects. It will come back to haunt you during the home inspection!
2. Bad odors - my personal pet peeve!!! This is such an easy remedy, and there's just no excuse for pet, smoke or stale odors in a home you want to sell.
3. Busy street - you can't change the physical location of a home so it's important to consider this when pricing!
4. Awkward floor plan - this is a tough objection to overcome. Careful staging might be helpful, but the price has to reflect the challenge of a poor floor plan.

Mid-Century Modern Home in Upper Arlington

It is always a treat to market a truly unique home, and this rates as one of my favorite! Located in Upper Arlington, Ohio, this mid-century modern hillside ranch is reminiscent of Mies Van Der Rohe. Walls of glass open to scenic views. A recent renovation w/ large bedroom wing addition & lower level media & family room create over 4000 square feet of stylish living. Are you a fan of modern? This is one to enjoy!

Newspaper versus Internet

Sellers often ask why we don't advertise more in local papers. A recent study by the National Association of Realtors confirms 80% of buyers are searching for their next home on the internet and with a real estate agent. Approximately 2% are referencing the newspaper. Work with an agent who has a strong presence on the internet!

clipped from my.realliving.com It’s important to have a presence in print publications, but when it comes down to it, does print give you the most bang for your buck? Studies from the National Association of Realtors® (NAR) suggest that print advertising may not yield the same returns it once did. As expressed in the following chart, buyers who reference the newspaper as an information source during the home search are less than satisfied with what they get out of it. In fact, only 2% find it very useful when it comes to the home search. If you’re advertising in the newspaper or a magazine, it’s important to direct consumers to the internet for more information on listings because there’s only so much you can put in the paper. Online, you can post a wealth of multimedia that accurately displays the listing’s structural details, school information, maps, community videos, and more.

DON'T MISS OUT!

The tax credit has offered incentives to first-time home buyers, but you may not be aware that the recent expansion of the tax credit has created an opportunity for existing homeowners. Current homeowners who will have lived in their home for 5 consecutive years out of the last 8 may now be eligible to receive a $6,500 tax credit.

There is not much time. The average selling period is three months so it is critical that repeat buyers put their current home on the market right away to secure a buyer and find a new home by the April 30th deadline.

To qualify for the tax credit, the repeat buyer must have signed a binding contract by April 30, 2010 and close on the home by June 30, 2010. Tax credit eligibility is subject to income limits: $125,000 for single buyers and $225,000 for couples. In addition, the sales price of the home being purchased can not exceed $800,000.

HELLO OUT THERE... BUYERS!!!

We’re looking for you and eager to help! Get acquainted with a real estate agent to help you go in search of your new home in 2010. Below are some tips that just might be helpful to you as your hunt begins.

1. You’ve heard this one before… and it’s so true! Interest rates are great. You might wait a long time before the rates you’re being quoted now ever improve. If you’re serious about buying a home, check out the rates!

2. Speaking of interest rates, have you been pre-qualified? This is really critical! A good lender will take time to educate you about the loan process & make certain an appropriate price range is established for your search. We have suggestions that can be helpful – and we’ll offer names of several lenders so you can make the final decision.

3. Have you been reading the papers? What about the housing inventory out there! Wonderful selections in all areas of the city are being offered by very motivated home owners. Any eager home buyer should be able to find a great home at a great price – it’s all about looking.

4. Not enough to get you motivated to purchase your first/next home? Well then… how about a tax credit? The federal government has extended the first time buyer credit of $8000 & introduced an incentive of $6500 for other eligible homeowners.

5. OK! Now you’re ready to take home buying seriously, and you’ve selected the Realtor with whom you’re comfortable working. Give your agent a list of features you’re looking for in your new home. She/he might not be able to find every feature you want in each house, but this will help both of you focus on important characteristics.

6. Let your agent do some of the foot work for you. It’s really not necessary to try to see every house being offered on the real estate market. Expect your agent to preview homes for you, report back with findings, and show only the homes which meet your requirements.

7. Once you begin the active search process, pack up a notebook. You’ll be surprised how quickly features of homes start to scramble. Your notes will be valuable to you when you begin your review of properties.

8. Let your Realtor know if you have some “handyman” talents. Maybe you should look at the “ugly duckling” that has wonderful potential. Remember the one thing that can’t be changed: location, location, location!

9. Are you expecting to eventually find the “perfect” house? Probably need to rethink this one. The goal should be to find a great house… for YOU! Not perfect! Houses could very well be like husbands – there probably isn’t a PERFECT one!

10. Expect to negotiate – but not steal! The goal should be a “fair deal” to both buyer and seller. Buyers expecting to steal a house from a seller usually are disappointed with the outcome. A house should sell for a fair market price in any market. Of course, there are always the “short sales” and the “repossessed” homes. Talk with your Realtor about this option, if you’re looking for this kind of opportunity!