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Case-Shiller: Boston v. 20-City 250.00 200.00 150.00 100.00 50.00 0.00
Case-Shiller – By the NumbersBoston Area Down 2.8% year-over-year Peak was September 2005 Down 18.9% from peak Currently at February 2003 prices20-City Composite Down 3.8% year-over-year Peak was July 2006 Down 34.4% from peak Currently at January 2003 prices
Where is the Market Headed?• Supply of homes is at a five-year low, but signs are pointing to a slight increase in inventory this spring• Foreclosure inventory has been driving price declines, but number of them are decreasing
Tips to Making Your CurbAppealing• Clean up and fix your yard• Fix your mail box and add house numbers if missing• Wash off your siding• Flowers in pots, weed, mow & edge lawn• If your house needs a quick refresher, paint the front door instead of the whole house!• Park your cars in the garage, not the driveway
Tips to Staging Your House• Declutter• Get rid of ALL smells• Get the dust and film off of everything• Make sure all electronics are turned off• Make all beds & add throw pillows to couches• Put fresh flowers in rooms• New fixtures and drapes in the bathroom or kitchen• Neutral colors
Pricing: An Art & Science• Consider the current markets • Housing markets • Mortgage rates • Economic and other factors• Consider the price • Competitive environment • Number of active comps • Comparable homes in your area • Sold (within 90-120 days) • Appraisal concerns
Pricing StrategiesWhat if we over price? What if we under price?• Loss of Interested Buyers • Stand out from • Eliminates Offers = Lower competition Price • More buyers = more• Long days on market offers…• Need price-reduction • Lower carrying costs plan • Risk: one buyer• Hope: one buyer• Appraisal concerns
Negotiations and Tactics• Understanding current market conditions• Personal vs. business• Evaluate entire offer • Price • Settlement date • Inspections • Financing• To counter or not to counter
After Offer is Accepted…• Agent • Loan Application• Alternate Agent • Title Contingency • HOA Contingency• Team Coordinator (condos)• Mutual Acceptance • Inspection Contingency• Earnest money due • Financing Contingency • Closing
Why Redfin Stands Out• 1.5% Listing Side Commission (minimum $5,500)• Real-Time Market Data (Client listing stats page)• Professional Photos & Interactive Floor Plan• More Exposure• We split up to $250 in cosmetic preparation(Cleaning/Staging/Painting)