Ideal Location, or Bigger House?

In Denver’s competitive marketplace, you may not have the luxury of pondering whether to choose the house you fall in love with in a less-than-ideal neighborhood, or the less-than-ideal house in a neighborhood you love. That said, choosing between two such options is a common dilemma among house hunters, and it is worth considering what you might do, if presented with this situation.

A few factors to consider regarding location: 

A popular location will hold up the value of homes in the neighborhood, staying stronger if the market takes a downward turn, and likely providing higher than average returns when the market rises.

In a sluggish marketplace, a house in a sought after neighborhood will sell in less time.

When thinking long term, it is not just the size and layout of the house, but amenities nearby that matter. If you have young children or a growing family, no matter how many bedrooms or the size of the yard, you’ll want to be in a good school district.

Thoughts on prioritizing the house:

When a Realtor says, “Location, location, location,” it’s because he or she knows you can update a house, but you can’t do much to fix a less than stellar neighborhood.

If you do settle for less house in the neighborhood you really want (think smaller yard, fewer bedrooms, or less square footage), you will be able to maximize the benefits of living near mass transit or your favorite grocery store, or being within walking distance of a great local park.

On the flip side, you will pay a premium for a stellar location — even if the house isn’t the best the neighborhood has to offer.

Are you wondering whether to max out your next house, or invest in a neighborhood that will pay dividends when it’s time to move on? I’ve been helping home Buyers & Sellers find the right home, in the right neighborhood, for 28 years, and I know Denver Metro.

Give me a call or drop me a line — I’d love to help you explore the possibilities for you in Denver Real Estate.

Jack Meyers
jackestate@aol.com
303.263.3050
Twitter: @jackestate

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6 Reasons Your House Isn’t Selling

Not Selling 2

In an ideal world, you stick a sign in the yard, a pre-qualified Buyer shows up, and bada-bing-bada-boom — SOLD! In the real world though, home sales rarely happen that way.

The market in Metro Denver, and much of the country, remains strong; you can’t expect your home to sell overnight, but if your listing lingers on the market and showing activity begins to slump, chances are it’s not the market — it’s your house. 

Read on for 6 potential reasons your house isn’t selling.

Reason #1: Bad photography.   Your home needs to present beautifully in person, and online. The majority of Buyers begin their search online, and if your home photos are grainy, dim or unattractive, you may not pique enough interest to clinch a showing.

Reason #2: Lack of staging. Even in a Seller’s market, you can’t rest on your laurels and assume Buyers will fall for your home. Staging matters! Whether you pick up advice online and do your own staging, work with tips shared by your Realtor, or hire a pro — arranging your furniture, decluttering and depersonalizing your home will help your property appeal to more Buyers, and can ultimately lead to a higher selling price.

Reason #3: What’s that smell? Do not underestimate the potential for odors from pets, strong cooking smells or cigarette smoke to derail the sale of your home. Don’t rely on scented candles to cover up unpleasant smells; have your carpets and if necessary your furniture professionally cleaned, consider painting walls or ceilings in the kitchen or other problem areas to freshen the space, use unscented Febreze as necessary (especially before showings) and be diligent about tackling the litter box of other sources of odor while your house is on the market.

Reason #4: Ancient appliances. You don’t have to present Buyers with this year’s top of the line model refrigerator, dishwasher or stove, but if your appliances haven’t been en vogue since The Brady Bunch was new, you may want to consider an Appliance Allowance for potential Buyers. Dated appliances can drag the value of your home down.

Reason #5: The big “D.” Deferred maintenance is not an attractive look for any home. Cracked windowpanes, broken shower doors, wonky HVAC systems…when Buyers see a home in need of repair, they begin to wonder what larger issues lurk below the surface, and no one wants a risky investment. Replace broken items and have repairs made before your listing goes live to avoid these issues.

Reason #6: Your home is overpriced. If comparable homes are selling faster than yours, or several offers have come in significantly below asking price, it’s time to get real about the list price of your home. You, the Seller, don’t really set the price for your home; the market sets the price. If showings have slumped and homes similar to yours are selling, you need to take a look at comparable sold homes and adjust the list price accordingly.

DON’T SETTLE FOR A LAME DUCK LISTING. Drop me a line to let me know how I can help your home sell for top dollar and in a timely fashion.

Jack Meyers
jackestate@aol.com
303.263.3050
Twitter: @jackestate

Buyers Love Bragging Rights

As a seller, no matter the state of the market – Buyer’s Market, Seller’s Market or Balanced Market, paying attention to your property’s pluses will pay dividends at the closing table. Let’s talk about some of the features and benefits of your home you’ll want to make sure to mention to your pool of buyers.

STORAGE

If you’ve got storage to spare, whether in closets, the basement, your garage or a nifty shed in the backyard, MENTION IT! Current renters and anyone upsizing will be in need of additional storage and “not enough storage” may be one of their chief complaints. “We’ve got way too much storage space in this home!” Said no one, ever! If you’ve got it, flaunt it, and mention it in the listing description.

COMMUTABILITY

Few people enjoy a lengthy or traffic-riddled commute, and traffic in the Denver area has increased over the past several years. If your property is convenient to bus stops, Light Rail service, or convenient routes to downtown or other saturated work areas, shout it from the rooftops. Potential buyers will be more likely to keep you on the list, and to pay asking price or more, if you help paint the picture of all the extra time they’ll have in the home with commuter friendly benefits nearby.

ROOM FOR GRANNY & GRAMPS

If your home has comfortable space to accommodate aging relatives long term, or even just for the weekend, share this information clearly. With an aging Baby Boomer population choosing to move in with family instead of into long term care, having the right space for older loved ones is a priority for many families. Don’t miss the opportunity to appeal to buyers with this need.

GREEN & EFFICIENT LIVING

Highlighting features in this category will appeal not only to the Eco chic, but to budget savvy buyers as well. If you have energy efficient windows, solar panels, water saving toilets/shower heads/sprinkler system, make these details known. Everybody wants to save money. Even noting the savings on heat or AC based on shade trees or the direction your home faces, ie. lots of natural sunlight and lower heating bills for an East or South facing home. And if you can mention exactly how much your efficient features allowed you to cut utility bills, even better! Buyers will eat this stuff up. To attract the Green Scene, make sure you mention built in green features like a compost or recycling bin, organic garden in your backyard or items like a rain water barrel. If you have cleaned and maintained your home using natural substances only, mention this as well.

As a seller, what kind of return can you expect on your investment right now? As a buyer, which features beyond location, number of bedrooms, square footage and such are the best investment for your real estate dollar? I’m happy to help you understand what’s happening in the Denver market, and help you maximize your home buying dollar or make the most of your real estate sale.

Jack Meyers
jackestate@aol.com
303.263.3050
Twitter: @jackestate

Denver On Speed

According to the Denver Business Journal, last month Denver was the fastest selling housing market in the nation, with nearly half of homes on the market going under contract in just 6 days, down from an average of 11 days from Listing to Under Contract at the same time last year.

If you are listing your home for sale and staying in the Denver Metro Area, you may want to consider putting the cart before the horse, and pursuing your next home before you sell your current home.

Things to consider as a Seller in a fast-paced market:

  • Talk to your Realtor about including a contingency clause in your Contract to Buy & Sell; the Closing Date on the sale of your home will be determined by the forthcoming Closing Date on your next home.
  • Even if you aren’t comfortable making an offer before your home is Under Contract, begin searching for your next home (if you’re staying in the area) as soon as you begin preparing to list.
  • Have a Plan B — and maybe a Plan C for good measure.
    • If your home sells before you secure your next residence, can you stay in a residential hotel, or crash with a friend for a bit?
    • If you need to rent while you continue your search, what will this cost?
    • Where will you store your stuff if it takes time to land your next home?
    • Will temporary housing affect your commute?
    • Will you be able to rent within your current school district, if it takes time to find your next house?

As a Seller, the Denver housing market is highly in your favor, and it’s an exciting (and potentially profitable) time to sell your home. If you’re staying in the area and looking to upsize, downsize or transfer to another area of the city, you’ll want to work with your Realtor to plan the details of your “next” so every aspect of your sale, and the transition that follows, is as close to ideal as possible.

Thinking about making a move? In this marketplace, you’ll need an expert guide! Let me know how I can help.

Jack Meyers

The Meyers Group
jackestate@aol.com 
303.263.3050
Twitter: @jackestate

A Denver Real Estate Health Check

According to a recent Denver Business Journal article, a report by New York-based financial services firm SmartAsset ranks Denver 9th in the nation among the healthiest urban housing markets. Factors analyzed for the study include stability, risk, fluidity (ease of sale), and affordability.

This is awesome news for local homeowners and those considering investing in the Denver Metro housing market. A couple of nifty highlights accompanying the report:

  • Homes in Denver are selling faster than anywhere else in the country at an average of 8 days from Listing to Contract.
  • The report found only 3.1 percent of Denver homes were decreasing in value, against a national average of 12.5 percent.

The market is hot, but that doesn’t mean you can afford to rest on your laurels. Maximizing your home’s potential as a Listing still matters, and experienced representation is vital for Buyers, who are up against a lot of competition in a market favoring the Seller.

If you are seeking a guide in our fast-paced marketplace or know someone who could use a hand, I’m happy to help. Give me a buzz or drop a line to find out what your house is worth in today’s market, or to plan the next move in your home search.

Jack Meyers

The Meyers Group
jackestate@aol.com 
303.263.3050
Twitter: @jackestate

How Color Can Help (or Hurt) Your Sale

You don’t have to paint yourself into a bland corner or build a beige box to appeal to potential buyers, but there are good, better and best choices to make in paint colors, decor and accessories when preparing your home for sale. Read on for tips on revising the colors in your home to appeal to the most buyers, and choices to avoid if you’re planning a sale in the next 18-24 months.

paint-splash

In a Better Homes and Gardens survey, 58% of those polled listed orange, black and violet as the colors they’d be least likely to decorate with, in that order. One of the biggest fears shared by future homeowners is they’ll grow sick of the colors in their home. Cracking open a can of paint to try a new wall color may be easy for you (or not), but for some people, picking out a new shade, taping off and painting walls, trim and ceilings can be overwhelming. For some buyers, the move-in ready home they seek is a home that won’t require painting projects.

The BHG poll listed the living room, kitchen and bathroom as the most desirable spaces to feature color, with a preference for neutral, less saturated color in the foyer, dining room and master bedroom. If you’re going to leave a slightly “riskier” color in place when you list your home, pops of color in public spaces are safer bets; consider neutralizing high impact colors in the master bedroom or your home’s entryway. Even if your mantra is “nope to taupe,” you may want to choose a friendly shade of neutral beige, with pleasant accent colors or patterns, for your on-the-market bedroom.

Accent colors, rather than maximum color use on walls and in furniture, will please the most buyers. A heather gray sofa with pale gray walls can handle funky orange pillows, if that’s your speed. Buyers will be able to envision their own furniture in a neutral space like this, because even the least imaginative shoppers know your pillows will go when you do. Pumpkin orange walls though…that’s a tough sell for the majority of shoppers, and if they’re not willing to pick up a paint brush, they may cross your home off the list.

blue-paint

The survey revealed favorite colors (in order) are blue, green and neutral. Consider packing up your more colorful decor and weaving blue or green accents throughout your home for a cohesive design that will appeal to the most buyers. This can be done through pillows, picture frames, towels, dishware, area rugs and bedding. If your walls are already a neutral shade, adding accessories in the same color family will help your home feel like a show home rather than a disarray of mis-matchy-ness – a winning strategy for any listing.

red-door

One place to consider a bolder color choice is the front door. Check with your HOA for a list of approved paint color options and consider a classic red, hunter green or ochre (a deep yellow) as an accent shade on your door. A tasteful statement color on your front door (and a brand new door mat) can add to your home’s curb appeal for minimal investment, and enchant buyers from the moment they park the car.

The key to successful on-the-market interior design is to tone down any bold personal choices to make room for your buyer’s style. If your dream sofa is hot pink velvet with black and white striped pillows against a funky accent wall, go for it! In your next house. Take yourself out of the picture so buyers can picture life in “their” home, and you’ll help your sale happen in a timely fashion and for top dollar. At the end of the day, the color you’ll love most when your home sells is green; help your home’s top dollar potential by toning down bold colors and setting the stage for a successful sale.

Jack Meyers

The Meyers Group
jackestate@aol.com
303.263.3050
Twitter: @jackestate

Top Home Selling Mistakes

Top Home Selling Mistakes

and How to Avoid Them

Even in a seller’s market, there are things you can and should do to accommodate potential buyers. It can be challenging to set your personal beliefs about your home aside in order to see things from a buyer’s point of view, but that’s exactly the kind of thinking it takes to successfully sell your home. Read on for common seller mistakes that can cost you $$$ – and how to avoid these issues during the sale of your property.

The most common mistakes sellers make, according to Real Estate experts:

  1. Overpricing the Home
  2. Lack of Showing Availability
  3. Clutter
  4. Unpleasant Odors
  5. Deferred Maintenance

PRICE IT RIGHT

price

Ultimately, the price your home will be listed at is up to you. When you choose to work with an experienced Realtor, choose someone you can trust – and trust their ability to research an accurate Current Market Analysis (CMA) on your behalf. Even in a strong market, it is possible to overprice a home – making your property less attractive to buyers, causing the sale of your home to take longer, and probably costing you money in the end.

SHOW IT TO SELL IT

No matter what the market is like, every single showing could be the one that got away. Your Realtor’s job is to help you sell your time in a timely fashion, for the highest price possible. The more showings your property has, the faster it will sell. If your home lingers on the market because your big scary dog couldn’t be moved for showing appointments, or you didn’t feel like taking showings on a Saturday, the final price of your sale could take a hit; buyers will wonder why your home lingered in a hot marketplace, and adjust their offer accordingly.

SCALE BACK YOUR STUFF

Clutter

If all buyers see upon entering your home is a parade of collectibles, family portraits going back 25 years or piles-upon-piles of any kind of stuff, they won’t be able to picture themselves in your home. You don’t have to stage your home to sell it (although staging can positively impact the sales price of your home), but you should box up obvious clutter, tone down any taste-specific decor, and remove all but a bare minimum of family portraits. Buyers aren’t looking for your home – they’re looking for their home – and you need to get out of the way so they can picture themselves living there.

UNPLEASANT ODORS 

The sense of smell is one of our most powerful connections to memory, and there is nothing pleasant about stinky litter boxes, wet dog, indoor smoking or even certain strong cooking odors. Yuck! You don’t have to banish Fido or stop using your kitchen, but you should do everything in your power to minimize or eliminate odors. Consider having your carpets and furniture cleaned, hire professional cleaners to freshen the place up, use natural deodorizers like lemon, vinegar and baking soda, and give your house a good airing out on a nice day. Don’t spray gallons of noxious scented air freshener or burn flowery candles in every room; these are dead giveaways of an odor problem. Do buy a few bottles of unscented Febreze and lightly spray in affected areas of your home before work or a few minutes before a scheduled showing, if you are home. Ultimately, flooring and other surfaces affected by pets, etc., are likely to come up in sales negotiation. If you have furry family members and they make messes, you may pay a bit of a premium at the negotiating table. Don’t let your pets (or smoking or cooking) stink out potential buyers, and do be prepared for it to cost you a few bucks when you sell.

PROJECTS LEFT UNDONE

honey-do

Some homeowners keep meticulous files on every major appliance and system in their home, conducting maintenance at regular intervals and noting exactly what happened when, from furnace filter replacement to blowing out the dryer vent. The rest of us… well – not everybody is so on top of it. You may not change your furnace filter quite as often as you should, or fix a leaking faucet the day you spot the drip-drip-drip, but you should take care of minor maintenance issues before listing your home for sale. When buyers come across non-working appliances, broken sprinkler heads, cracked windows, etc. – they wonder what else you haven’t kept up with. Don’t give buyers a reason to cross your home off their list or lower their offer over home maintenance fears. Either tackle the honey-do list yourself, or hire a handyman to do it. Don’t assume the buyer will be happy to overlook minor issues with your home because you have. Would you buy a car with a flat tire or cracked rear view mirror? Probably not – and buyers won’t want the bother of completing chores you’ve been avoiding for months or more, either.

The cool thing about selling your home is – it isn’t rocket science! But it does help you net more for your home to work with an experienced professional who knows the market where you live, knows how to help you prepare for a sale, and can negotiate a deal that benefits both your timeline and your bottom line. It also makes a difference to check items like this off your list before you invite buyers through the door.

Call me or drop a line – I’m happy to give you the information you need to successfully buy, sell or invest in the greater Denver home marketplace.

Jack Meyers

The Meyers Group
jackestate@aol.com
303.263.3050
Twitter: @jackestate