Arkansas Real Estate | Deaton Group Realty

Little Rock, North Little Rock, Maumelle, Bryant, Benton, Sherwood and surrounding areas

Little Rock AR Real Estate

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My Personal House For Sale – Serious Inquiries Only

Deaton House for sale
I apparently put my house for sale the other night. As a REALTOR, I know it is difficult to find a good REALTOR, so I am having these 4 fight it out for the sale. I even negotiated zero commissions, no exclusive listing agreement, they have only 30 days to sell it, each required to buy a useless full page spread in the local paper, they each bought me a home warranty, paying all my closing costs, no showings from 8-5 each day especially weekends since that is family time, the Great Dane will also be roaming around, and each are taking me out for steak dinner when it sells. Oh yeah, they let me list it for $999,999 regardless of what it’s actually worth. Serious inquiries only.

5 Ways to Vividly & Painlessly Prove the Dangers of Overpricing

Sellers’ inclination to overprice their homes can seem as formidable and ever-present as gravity or any other law of nature. In some ways, it is the most natural thing ever – everyone wants to maximize the value of their possessions, especially when it comes to their largest assets.
But because overpricing can be so deadly to sellers’ ultimate goals, it’s our responsibility to leverage every strategy at our disposal to vividly paint the picture of how dangerous and counterproductive overpricing truly is, before they experience the pain and expense of a listing that won’t sell. Here’s how:
1. Show the list price of the lagging pending vs. the list price of the quick/solds.
When we pull comps, we often focus on the Sold properties, and their list vs. sale prices. If we can get some information from insiders about the pending comparable homes, that’s also useful – sometimes even more useful than the Solds. While many agents take a glance at the Active homes just to get a sense for the competition, when your Seller client is in danger of overpricing, it is worth scrutinizing the Actives more intensely.
You might be inclined to weed out Active comps that are clearly overpriced to stop your client from construing them as indicating the right price range for your home. I argue that we should be doing the exact opposite: look and see whether there are Active comps for your client’s home which have lagged on the market for a much longer time than the average DOM for the pending and solds in the area and seem to be significantly overpriced – maybe even falling into the same range as your client would like to list theirs. If you can find even one or two such overpriced, lagging outliers, consider showing them to your Seller as powerful examples of why they should not to list that price range.
2. Deep dive into the “slow” Sold comparables.
As you’re exploring the comps, spend some time talking your seller through another frequently overlooked subset of properties: those that sold, but sold very slowly when compared with the average number of days a home in your area stays on the market.
Often, these “slow” Solds will have been overpriced and will have sold way below asking – even below their reduced price. Pinpointing the:

  • original list price,
  • list price at the time the      home went off the market,
  • sold price and
  • number of Days on Market      (DOM)

on even a few slow Solds can paint a vivid picture of the path of an overpriced home in a seller’s mind, very efficiently.
And the opposite is true: if you can find a few examples of Sold comparables which were listed low and sold high, those two types of examples, together, make the picture even more powerful.
3. Help your seller see what buyers will see, online.
Visit your local Board or MLS’s website and get a read on how many homes in your area sell in the price range/bracket your seller wants to list at, versus how many sell in the price range you’re recommending. Say, for example, your client wants to list at $415,000 and you think the home would do better at $385,000. If there were 200 homes sold last quarter at $350,000-$400,000 and only 75 sold between $400,000-$450,000, chances are great that buyers in your area are much more likely to be conducting their online home searches in the sub-$400,000 range, statistically speaking.
You know the rest: the more buyer search results the listing falls into, the more buyers will want to view the place – and the more viewings you get, the better the chances of getting an offer.
Additionally, take the opportunity before the list price is set in stone to sit down with your seller and slip on the virtual shoes of the average buyer you’ll want to court for their home. Run online searches at several different price points – including the one the seller believes in and the one you are recommending – to see what the competition looks like online, and how the seller’s home will measure up against the other in terms of the specs buyers use to pick the homes they want to see in person (e.g., beds, baths, square feet, location).
The two-part goal, as you discuss it with your seller, should be to list the property at a price point which:
(a) falls into the broadest possible bucket of online searchers and
(b) makes every buyer who sees it in the context of the other homes in the same price bracket put your seller’s home at the top of the list of places they want to view.
4. Take the seller on a tour of competitive properties.
In some situations, the specs of the comps simply don’t make it crystal clear that a seller’s home would be overpriced. This happens most often when a property’s condition or location pale in comparison to the competition. In these instances, when you feel strongly about your pricing recommendation, consider taking your seller on a short tour of the competition – physically taking them to view competitive properties, in real life.
Show your Seller what their home will be up against, by touring them through one or two of each of the following:

  • homes in the price range they      want, in their neighborhood
  • homes in the price range they      want, in other parts of town which buyers will likely also be considering
  • homes in your recommended      price range, to show how their home is poised to compete well against      these properties.

Showing your Seller the competition in real life can also be a powerful segue to a conversation around property preparation. If you think your Seller’s home would be fairly priced at the range they want to target with $25,000 in improvements, show them the homes which have the improvements you suggest and are listed/selling at their desired price point . That puts the Seller in the driver’s seat on how to proceed: invest some dough, or price it more appropriately.
5. Be strategic with your past client references.
If you know a particular seller-to-be is fixated on a too-high price, be strategic with the past client references you give them. Ideally, you want to connect them with past seller clients who were similarly situated to where they are now; people who are highly likely to do two things:

  • Share relatable experiences      about their own thoughts and actions from property preparation through      close of escrow, painting a positive picture of the ultimate outcome they      had working with you; and
  • Discuss their experience      setting – and later, lowering – their home’s list price, as follows: “We      were wrong. Your name here was right. And we could have saved ourselves a      lot of stress if we’d listened to your name here from the beginning.”

Other sellers who have been in precisely the same spot as your current client have a level of credibility in vouching for your pricing skills that you can simply not ever have or get in talking about yourself. Having come out the other end of escrow with a favorable result, they can also talk to the overall legitimacy and soundness of your professional advice, and can do the heavy lifting when it comes to countering every Seller’s fear: that their agent is suggesting a lower price just to make their own job of getting the place sold easier.
As you can see, there are themes here to the categories of overpricing pitfalls you’ll want to illustrate for your seller – it poses the dangers of: making a home lag on the market; eventual, painful price cuts and excruciating lowball offers. The worst danger? Many overpriced homes simply don’t sell at all. But before they fail to sell, they suck up just as much time, energy and cash in preparation and marketing as right-priced homes, causing an above-average amount of woe, hand-wringing and sleepless nights for both agent and seller.
It might seem time-consuming, but pulling out all the stops to prove the hazards of overpricing in advance saves everyone, in the long run.

Top 10 Worst Home-Showing Offenses

When it comes to presenting a home to buyers, some sellers are clueless.  Don’t leave potential buyers with a bad impression of your home?
Oh No They Didn’t!

Here are the 10 most common responses from buyer’s agents when asked about the worst mistakes they see when presenting for-sale homes to clients:
1. Leftover home owners
By far, one of the top offenses cited by buyer’s agents was home owners still lingering around when agents arrived with clients to preview the home. Awkward encounters ranged from buyers finding sellers taking a shower, asleep in the bed, to even the “stalker sellers” who liked to follow buyers and the agent all over the home to see what they thought.
2. Pets and their messes
Numerous agents also cited the not-so-friendly dog and kitty encounters as a top offense. Even pets left in a crate can pose a distraction since they might make noise the entire time others are in the house. Plus, if they seem mean, the buyer might not even step in the room.
3. Bad smells
A displeasing smell can really turn buyers off. Common offenses include cooking smells lingering around the home, such as garlic, fried bacon, or fish. Also, watch for cigarette smoke and animal smells, agents say.  Sellers get immune to the smell that their pets have embedded on their property, but anyone opening the door will smell it immediately, even if there are air fresheners trying to cover up the smell. If you have a pet, there will be an odor. Don’t send your buyers away: Paint, and clean the carpeting. Take the odor seriously and do what is needed, even if it means replacing the carpet.
4. Critters running wild
Wild animals and pests roaming around is a surefire way to send buyers running. Agents described worms crawling on the floor and bats and raccoons lounging in the attic.
5. Odd home makeovers
Do-it-yourself disasters were also prevalent, like doors opening the wrong way or unprofessional paint jobs. Also, rooms not being used for their intended purposes can confuse buyers, such as an office being used as a bedroom even though it has no closet.
6. Dirt and clutter
There were a number of offenses cited when it came to cleanliness: Dirty laundry piles, un-flushed toilets, dishes on the counter or in the sink, un-made beds, clothes scattered about, soiled carpets, dirty air conditioner filters, and overflowing trash cans.
7. Personal information left in plain sight
Sellers should be careful not to leave in plain sight important documents that may pique buyers’ curiosity. Some agents say they’ve seen personal information like bank and credit card statements, even mortgage payoff notices, left on the kitchen counter.
8. Too dark
Dark or dimly lit houses aren’t showing the home in the best light.  Be careful with CFL bulbs as by the time the bulbs light up, the buyer is gone.  Energy efficient bulbs need time to warm up before they are at their brightest, so staging professionals usually recommend agents arrive early to a showing to turn on any light fixtures with CFL bulbs at least 10 minutes prior.
9. Keys missing from lockboxes
All too often, agents arrive at a listing appointment with their client only to find there’s no key to get in.
10. Distracting photos
Watch the photos displayed on the walls too, agents warn. An agent from Kentucky, recalls showing a family a home that had life-sized, nude photos hanging, which left her clients racing for the door covering their eyes.  Another agent recalled showing a home to a client, who was staring at a painting in the master bedroom of a woman in lingerie. It was the owner of the home…and the listing agent!
October 2012 | By Melissa Dittmann Tracey