Main Line Homes Blog

Every Tuesday is "Brokers Open House Tour" when new homes are open to REALTORS, agents and brokers to preview for clients. Whilst these are usually homes that have just come on the market sometimes the listing agent will hold one of these for a home that has been on the market for a while to give any agent who has not seen the home a chance to see it without making an appointment.

Trudy and I probably see anywhere from ten to twenty houses on a Tuesday. This helps us to find homes for our clients as well as pricing homes we are about to list. It allows interaction with other agents and you get a feel for what the market is doing from their response and if a home sells quickly. Some houses are overpriced, some are good value but need work in kitchens and bathrooms and some are just right.

This week we saw a variety of homes but the majority were in the $500-700,000 range in Tredyffrin/Easttown and Radnor areas. There does seem to be a lack of homes comng on the market at the moment and with this dearth of new listings many are selling quickly with mutliple offers, as well as old inventory selling at reduced prices. We were surprised at the number of homes going under contract in the last two weeks, it was very busy with large numbers of homes selling. It is a good time to sell as interest rates have remained low and until this week the weather has cooperated bringing plenty of buyers out to look for homes.

We saw several split level homes for sale, least liked among buyers these homes do give plenty of space and if updated can be good value. Often they need the bathroooms updating, the old pink, grey and turquoise tiles removed and a more modern look introduced with new tubs and sinks and upgraded lighting as well. Those homes that have done this do well with buyers who seem currently to not want to do work on a home they are buying. So if you plan to move in the next 12-18 months update now and get some enjoyment out of the rooms yourself as you probably won't get the full financial investment back from doing the work. If you want to know the best improvements to make email me and let me send you the NAR report on what gives the best return.

So as we all know the market for homes is slowing down, but what do you do about it if you are selling your home. These 17 tips from Realtor Magazine might help. Let me know your suggestions.

7 Steps to Preparing for an Open House

1. Hire a cleaning service. A spotlessly clean home is essential; dirt will turn off a prospect faster than anything.

2. Pay attention to the outdoors. Mow your lawn, and be sure toys and yard equipment are put away.

3. Serve cookies, coffee, and soft drinks. It creates a welcoming touch. But be sure the kitchen has been cleaned up; use disposable cups so the sink doesn't fill up.

4. Lock up your valuables, jewelry, and money. Although the real estate salesperson will be on site during the open house, it's impossible to watch everyone all the time.

5. Turn on all the lights. Even in the daytime, incandescent lights add sparkle.

6. Send your pets to a neighbor or take them outside. If that's not possible, crate them or confine them to one room (a basement or bath), and let the salesperson know where to find them.

7. Leave. It's awkward for prospective buyers to look in your closets and express their opinions of your home with you there.

Make Your Home Irresistible: 10 Open House Tips

1. Add a touch of color. Use fresh or silk flowers to breathe life and color into the main rooms. A colored afghan or throw on the couch will jazz up a dull room.

2. Make the bathrooms feel luxurious. Put away those old towels and toothbrushes. When buyers enter your bathroom, they should feel pampered. Add a new shower curtain, fresh towels, and fancy guest soaps.

3. Does it smell good? Set out potpourri or fresh baked goods for a homey smell. Make sure that there are no lingering scents from cigarettes or pets.

4. Help them envision living there. Set the table with pretty dishes and candles, and create other vignettes throughout the home to help buyers picture themselves there. For example, in the basement lay out a chess game.

5. Beautify the entrance. Buy a fresh doormat with a pretty pattern or a clever saying.

6. Make the rooms feel bigger. Take one or two major pieces of furniture out of every room to create a sense of spaciousness.

7. Accentuate counter space. Put away kitchen appliances and personal bathroom items to give the illusion of more counter space.

8. Lay logs in the fireplace. Or put a basket of flowers there if it's not in use.

9. Depersonalize the rooms. Put away family photos, mementos, and distinctive artwork.

10. The lawn should sparkle. Turn on the sprinklers for 30 minutes to make the lawn sparkle.

This is a great resource for homebuyers available through Realtor Magazine, hope you find it useful.

10 Things to Take the Trauma Out of Homebuying

1. Find a real estate agent that's simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It's critical that the agent you chose is both skilled and a good fit with your personality.

2. Remember, there's no "right" time to buy, any more than there's a right time to sell. If you find a home now, don't try to second-guess the interest rates or the housing market by waiting. Changes don't usually occur fast enough to make that much difference in price, and a good home won't stay on the market long.

3. Don't ask for too many opinions. It's natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision.

4. Accept that no house is ever perfect. Focus in on the things that are most important to you and let the minor ones go.

5. Don't try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to "win" by getting an extra-low price may lose you the home you love.

6. Remember your home doesn't exist in a vacuum. Don't get so caught up in the physical aspects of the house itself-room size, kitchen-that you forget such issues as amenities, noise level, etc., that have a big impact on what it's like to live in your new home.

7. Don't wait until you've found a home and made an offer to get approved for a mortgage, investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be some costs. Don't leave yourself short and let your home deteriorate.

9. Accept that a little buyer's remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits.

10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home's most important role is as a comfortable, safe place to live.