Why Bother Preparing My House For Sale in a Busy Market?

Happy Mother’s day! We hope you find comfort in knowing that “a mother is she who can take the place of all others, but whose place no one else can take.” Cardinal Mermillod.

One of our good friends asked about the importance of how a property shows during a frenzied real estate market. His point was that it is surely not as vital how a home is presented to buyers when in many cases the house sells as soon as, and sometimes before the sign goes in the yard. The idea that “staging” a home, or getting it “market-ready” is somehow less important to buyers because they are just going to snap it up without caring about what it looks like, so this should make no difference to the seller. In fact, the seller could save time and money just putting it out there as it is, letting the buyer be concerned about to overall condition once they own it.

That would be a great idea, I said, if the seller doesn’t mind compromising on the sales price. In fact they are likely to leave money on the table if they don’t take the time to prepare their home for the sales process. We make all kinds of suggestions as Realtors® to our clients as to what they might consider doing to improve the presentation of their property to prospective buyers. It doesn’t matter if it is a good market or a stale one, the fact remains that if you prepare to sell your home by making improvements and staging, you are more likely to get a better price and sell it in a shorter period of time than if you don’t do it. It makes a significant difference in any type of market.

Not to mention that once a buyer has won the bid to purchase their home, the reality of walking through and inspecting a property that hasn’t been maintained elicits a sense of buyer’s remorse. They may feel they overpaid for the house, and then the wheels start turning as to how they might recoup their money, or even get out of the contract. There are multiple scenarios to these questions that a qualified real estate professional is prepared to discuss with you. It’s always best to choose your most trusted real estate advisor to be on your team when buying or selling your next home.

Long & Foster Ranked #1 for Ethics

Richmond Times-Dispatch Ranks Long & Foster High Among 65 Companies Surveyed

Here is the link for the article on the L&F Newsroom.

http://newsroom.longandfoster.com/news/long-foster-wins-ethics-top-workplace-awards-richmond-region/

Long & Foster Real Estate, the nation’s No. 1 independent residential real estate brand, has once again been honored by the Richmond Times-Dispatch as one of the 2018 Top Workplaces in the Richmond region. The company earned the No. 1 ranking overall for Ethics, as well as the No. 3 ranking among large companies on the newspaper’s Top Workplaces list.

The Top Workplaces lists are based solely on the results of employee feedback gathered through a third-party survey, which is administered by research partner Energage, a leading provider of technology-based employee engagement tools. Several aspects of workplace culture are measured in the anonymous survey, including alignment, execution and connection. The survey was conducted from December 4 to December 18, 2017.

The Times-Dispatch recognized 65 companies in four categories, ranging by the organization’s size. The Richmond region of Long & Foster earned honors in the Top Workplaces large companies category, which recognizes businesses with 400 to 999 employees, and it won top place for Ethics among all of the participating companies.

The awards ceremony was held at the Altria Theatre in Richmond. Honored guests at the Long & Foster table included the company’s Richmond area employees who were nominated earlier this year for the organization’s own Foster Family Awards, which recognize employees for excellence in real estate. Those employees in attendance included Danielle Venturo, branch services coordinator in the Grove office, Lisha Doss, branch services coordinator in the Tuckahoe office, and Debbie Shobe, executive assistant in the Richmond regional office.

“It’s a high honor for our region to be the top winner overall for ethics, as well as the recipient of the Top Workplace award,” said Brian Haug, senior vice president and regional manager of Long & Foster in Richmond. “This award is a true testament to our agents and employees who work hard every day to provide our clients with the best possible experience – just as Long & Foster has done for the last 50 years.”

“The Ethics award says it all. Our company is based on trust, family and excellence and we all pride ourselves in having strong values and ethics. To be recognized for this prestigious award is just awesome,” said Dawn Bradley.

This is not the first time Long & Foster has been named one of Richmond’s top firms—the real estate brokerage was honored as a Top Workplace in 2015 and 2016. The company also has been recognized as one of the Top Workplaces in other areas in which it operates, including Delaware.

“The Top Workplaces award is not a popularity contest. And oftentimes, people assume it’s all about fancy perks and benefits.” says Doug Claffey, CEO of WorkplaceDynamics. “But to be a Top Workplace, organizations must meet our strict standards for organizational health. And who better to ask about work life than the people who live the culture every day—the employees.”

“We are honored to have once again been recognized not only as a Top Workplace, but also for the receiving the highest honor for ethics overall in Richmond,” said Gary Scott, president of Long & Foster Real Estate. “Receiving awards such as these are quite an honor and helps validate our efforts and dedication to all our agents, employees and clients throughout the region. It’s these efforts that enable us to remain the top real estate company in Richmond and in the Mid-Atlantic.”

For more information, visit www.LongandFoster.com

Multiple bid conditions, and the winner is . . .

RVA probably didn’t make the top 10 list because we have been in the midst of this market condition longer than the cities listed. These conditions can drive qualified buyers nuts!

Who’s Got the Winning Bid? Buyers Compete for Listings
By Liz Dominguez
RISMEDIA, Friday, May 04, 2018— Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

Rising interest rates, a demand for housing in challenged markets and a whole lot of buyers—that’s the recipe for a busy market being overtaken by bidding wars. But where are the largest battles being fought? According to a recent realtor.com® report, Akron, Ohio, and Worcester, Mass., are at the top of the list. The report determined which locations are experiencing the biggest increase in bidding wars by analyzing the percentage of homes that sold over listing price in the 150 largest cities in the U.S. from March 2015 to February 2018.

“Multiple-offer scenarios are no longer reserved to the usual big, fast-moving markets,” Director of Economic Research for realtor.com Javier Vivas said in a statement. “Demand for homes has spilled outward into secondary, smaller markets, and more buyers are gearing up to face fierce competition in more places around the country.”

Here are the top 10 cities that saw the biggest percentage increases of homes sold over asking:

1. Akron, Ohio
Median home list price: $150,000
Share of homes selling above list price: 20.6 percent
Increase in share of homes selling over list price: 91.7 percent

2. Worcester, Mass.
Median home list price: $286,400
Share of homes selling above list price: 41.5 percent
Increase in share of homes selling over list price: 88.1 percent

3. Lexington, Ky.
Median home list price: $287,200
Share of homes selling above list price: 22.7 percent
Increase in share of homes selling over list price: 86.4 percent

4. Irvine, Calif.
Median home list price: $950,000
Share of homes selling above list price: 30.3 percent
Increase in share of homes selling over list price: 85.5 percent

5. Greensboro, N.C.
Median home list price: $201,700
Share of homes selling above list price: 29 percent
Increase in share of homes selling over list price: 81 percent

6. Sioux Falls, S.D.
Median home list price: $240,000
Share of homes selling above list price: 32.8 percent
Increase in the share of home selling over list price: 74.2 percent

7. Madison, Wis.
Median home list price: $317,000
Share of homes selling above list price: 40.9 percent
Increase in the share of homes selling over list price: 73.4 percent

8. Louisville, Ky.
Median home list price: $242,000
Share of homes selling above list price: 26.1 percent
Increase in the share of homes selling over list price: 69.9 percent

9. Tacoma, Wash.
Median home list price: $290,000
Share of homes selling above list price: 56.5 percent
Increase in the share of homes selling over list price: 68.4 percent

10. Little Rock, Ark.
Median home list price: $176,100
Share of homes selling above list price: 13.5 percent
Increase in share of homes selling over list price: 67.5 percent

Read the whole report here.