Tampa Palms, Westchase, Carrollwood and Tampa Bay Real Estate News From Jeanne Prigitano

I was watching, actually just listening, to the Today show when I heard Barbara Corcoran talk about ways to get your house sold. For those who may not know, Barbara Corcoran started a Real Estate Business in New York with only $1000 and sold it in 2001 for $70 million. She is now a regular contributor to the Today show.

Her topic was 5 Smart Ways to Get Your House Sold. I thought I would share her 5 points and my comments on her ideas.

1. Time It Right.

Barbara’s point was that no sales happen in January and you should not list your home in January and, if listed, take it off the market.

That may be very true in other parts of the country, especially because of all the snow this year. However, that is not necessarily true here in Florida. January is a great time to have your house on the market. The population increases in Florida in the winter because of the snow-birds (residents from up North who spend the winter in Florida). There are also people visiting relatives to get away from the bad weather. What better time to have your house on the market in Florida. Many of Florida’s visitors might just decide to make Florida their permanent residence. Florida is a great value, at every price point, for our Northern and Mid-Western friends. Even if the large pool of visitors decides not to make Florida their permanent residence, they may choose to buy a winter home. In this market, it may be a better financial decision than renting every year.

Yes, time it right. And the right time for Florida and the Tampa Bay area is winter. Get your house listed and market the benefits of our beautiful climate heavily.

2. Price It Right.

Pricing it right is always critical and sometimes the hardest thing to do. Barbara’s suggestion is to price the home 10-15% below other comparable homes for sale.

I think that is good advice but it still isn’t easy to determine because what is considered comparable. Bank appraisers (determining value for mortgage approval) will look at what recently sold in the neighborhood. That is a start. Recently sold houses in the same neighborhood are the biggest and most important determinant in setting price. Short sales will still sell at market value. When looking at bank-owned condition must be taken into consideration. It is not comparable if the air-conditioning and all appliances are missing and there are holes in the wall where built-ins once were. So, if other house’s list price is in line with recent sales and they are in good condition, pricing your house just below the competition is a good thing to do.

3. Get an inspection prior to putting it on the market.

According to Barbara, two-thirds of all buyers who walk away from purchasing a house do so because of the inspection.

I tell all my Sellers to be prepared for re-negotiating once the buyer completes their inspections. I have even seen it when we have as-is contracts. Every inspection seems to find something and no one wants to lose a sale. Having an inspection prior to the sale will allow the seller to fix the problem on their terms, know what is truly an issue, and not leave the sale up to further negotiation.

4. Offer financial incentives up-front.

Barbara feels that all financial incentives should be offered at the time of listing the house and not negotiated once an offer is received. For example, the seller should sate up front that they are willing to pay the buyer’s closing costs.

I have often thought that offering incentives was not a great idea. I always felt that dealing through list price was far more effective. Buyers and even Realtors search by price. No one reads the verbiage offering a credit for carpeting or painting. It always seemed better to price it accordingly, taking into consideration the need for new carpeting. However, seller’s offering to pay the buyer’s closing costs may be just the thing to set your house apart from the competition. Price it at or just below the competition (not 15% below) and offer to pay 3% towards the buyer’s closing costs. It will still come up in searches for comparable homes at comparable prices, and then the comments just might be read.

5. Wage the war on-line.

Since most people begin their search for a home on-line, she feels that taking phenomenal pictures is a must.

YES, YES, YES! Believe it or not this is a pet peeve even among Realtors. No one can see all homes that are on the market. So, even Realtors want to see pictures when they are trying to find that perfect home for their buyer. Houses have to look great on-line for buyers to want to make an appointment to see it. With all the houses on the market and with it being a buyer’s market, you must put your house in the best light from the start.

I not only take multiple pictures of every house I sell but I also do a virtual tour. I want to make sure my listing is viewed and that appointments are made for all potential buyers to see the house. With so many buyers beginning their search on-line and with so many Florida buyers coming from other parts of the country, a strong on-line presence is a necessity. Multiple great pictures, virtual tours and videos are critical and must be distributed to all the major on-line websites (Yahoo, Zillow, Realtor.com, and Trulia just to name a few).