If you have a little fever or a small cold, you can stop by the drug store and pick up a bottle of Tylenol and get to feeling better.  However; the sicker you are, the more of a specialist you need.

This reminds me of what is going on in the Real Estate market today.  In 2005 the market was so strong that you really did not need a very good Realtor to sell your house.  In fact, in some cases, you did not need a Realtor at all – you could just run an ad in the paper or stick a sign in the yard and the next day there would be three people in your driveway with their checkbooks open wanting to purchase your home.  This was due to the fact that the market was not “sick” at that point in time. 

In a slow market, it is important to realize you need an agent who is a specialist – an agent who has worked in your area, has sold homes in your area, and has prospects looking for homes in your price range and your area. 

A woman recently called me to sell her house.  She said she felt bad because her sister is a Real Estate Agent, but she knew that she did not sell anything in her price range and did not specialize in her area.  She knew that the market was tough and wanted a “specialist” to sell her property.

Several of my clients who have primary homes in other states have begun asking for advice on how to get their home sold.  Several of them had their homes listed with a friend of theirs from the Country Club or tennis group and realized that they were not getting the professional, high level of service they received when they had worked with us.  I have encouraged them to try and find the best agent in their area because that is who is going to sell your house in a slow market.

Sincerely yours,

James Wedgeworth

Broker/Sales Agent 

During my Real Estate career, I have always heard that the three most important things in selling Real Estate are location, location, and location.  I do feel that at this point, the Real Estate market has changed and this is not entirely true. 

The three most important things are probably price, condition, and location. 

Most calls we receive are buyers looking for the best value available.  In a market where prices have dropped over the last several years, people tend to be most concerned with price.

We have also seen that people do not want to spend money to remodel homes; even though they might be in a great location, but in bad condition.  This causes condition to be the second most important factor when purchasing a home.

Location is still one of the top three, but it has moved to third on the list of important things for buyers. 

This will change over time; but if there is one thing we can be sure of in Real Estate, it is that change is inevitable. 

Sincerely yours,

James Wedgeworth

Broker/Sales Agent

This is a difficult question because nobody ever thinks that their house is ugly.  The real question is, in a slow market, how do you sell a house that is over 10 years old?  The main issue is that you have to compete with brand new homes and 2-3 year old homes. 

When Realtors go through a house, they can often tell the age of the home by how the house is built and its’ features. 

The first and most important thing in pricing a home that is over 10 years old is to adjust the price for the age and depreciation of the house.  An owner might say that the house next door is the same size, with the same view and that one sold at $800,000, therefore my house is worth $800,000.  In this same situation, the house that sold at $800,000 is a brand new house and the particular house we are trying to price is 10 years old.  It is not that the house is ugly, newer homes tend to sell better and more quickly.

The second most important thing is updating the house and making it look as new as possible.  This can include paint, carpet and wallpaper. 

It also could include updating bathrooms and kitchens.  These two areas are the most important in selling a house in today’s market. 

The house also needs to be de-cluttered.  The longer we live in our homes, the more things we accumulate which can make our home appear smaller.  As a rule of thumb, we tell the seller to remove 20% of the “stuff”. 

If these three things do not work, you might need to reevaluate your home and adjust the price accordingly.  It is also important to try and look at other homes similar in age.  Most Realtors can look at comps sorting by year built and try to see what homes were built within several years of yours. 

In a slow market, it is important to realize that people have choices.  The more choices they have, the harder it is to sell an older home; this is why price is so important.

Sincerely yours,

James Wedgeworth

Broker/Sales Agent