Five Reasons Why Homes Don’t Sell

With the market now returning to a normal rhythm, some homes sell right away, but often some sit on the market for several months.  It can be a very frustrating time for homeowners when they need to sell but just can’t find a buyer.

The best thing to do in this situation is to step back and examine why there is no interest in your property and what you might need to do to attract potential buyers.

Here are five reasons why your home may not be selling.

1. Want to sell your home but it won’t sell? 

Perhaps it is over-priced!  Everyone wants the best price when they sell their home but it is important to be realistic when you list your property.  Over-pricing is the most common reason that homes don’t sell.  The truth is, ultimately the buyer, not the seller will determine the price of a home.  You must take a look at comparable properties in your area and determine whether you have priced your home at the high end of the curve.

2. Maybe it doesn’t show well? 

Even the best kept older homes show their age.  The good thing is that you can make some relatively minor changes that will enhance the buyer appeal.  The absolutely number one best bang for your buck is paint.  Think $10 in the can and $1000 on the wall!  Touching up the rooms will give the house a fresh appeal and a clean smell.

3. Bad real estate agent

Yes, they do exist.  While most agents are hard-working and earn their commissions, there is always the chance that your agent just isn’t up to the job.  If your agent is difficult to work with and doesn’t communicate clearly and frequently, chances are you may have to start looking around for another representative.

4. Poor or ineffective marketing to try and sell your home

It used to be a “for sale” sign and an advertisement in the paper would be all the marketing you would have to do to sell your home.  Nowadays, most agents use a multi-level system which may include professional photography and extensive internet advertising.  Talk to your agent to see how much exposure your home is getting in digital media.

5. Location.

If your neighborhood is in a less than desirable area, next to a noisy highway, or has a large number of messy neighbors, your location may just be the problem.  The bad news is there is nothing much that you can do about it.  The other side of the coin is to lower your price.  It may not be your number one choice to sell your home, but if your location is bad, it just might be the only way.

Take a few moments to consider these suggestions and how each one may apply to you.  Sometimes it’s a question of getting good advice from the right real estate agent. Nancy Puder is the owner and broker of Signature Properties, a prestigious property management and real estate sales company in Arroyo Grande, CA.  You may contact her at (805)710-2415 or email Nancy@SignatureProperties1.com

Landlords Should Make Repairs Now

As we all know, a repair made sooner is usually handled more simply than one that is done much later. This is because most problems only get worse when left unaddressed. The cost that we are trying to save by putting the repair off until “later”, often ends up costing us 2-3 times more than if we had just fixed it (and fixed it right) in the first place!

I think that some landlords honestly believe that the tenant should just be grateful for a place over their heads and actually get irritated when the tenants ask to have repairs done, or worse, improvements to the property! Of course, I’m teasing “those few of you out there” a little, but for some of you, it hurts to hear this.

My company  has worked with landlords for many years now and has helped many of them to bring their properties up to a standard that a good tenant expects. (Now…if you are satisfied with below average tenants who only pay their rent sometimes and who aren’t interested in a nice, clean residence and enjoys living like a slob, this article won’t be for you).  But, if you want a nice, clean tenant who treats the property in a respectful, appreciative way and who runs down to pay you on the first of the month, every month, then you may want to hear the rest of what I have to say.

It makes sense that a tenant will  want to get the most they can for their rental dollar and feel safe in their surroundings.  That said, It is almost always less expensive to make repairs immediately, than to delay action and allow the problem to worsen.  Ongoing preventive maintenance to reduce the need for large maintenance expenditures should be the goal of all landlords. This approach makes good sense and, ultimately, provides more profit for the owner.

When there is a tenant move-out, the landlord should not be only concerned with what they are going to charge the out-going tenant before their security deposit is returned.  Normal wear and tear should be expected. The realistic landlord should usually factor in some expense out of their own pocket to keep the property in optimal condition in between tenancies.  Some landlords feel that the outgoing tenant should bear all of that cost, however, the law actually forbids landlords from charging the outgoing tenant cost of normal wear and tear.

There is a law in effect,  since January 2004, that gives the tenant a right to a pre-inspection prior to their move-out. This is a good time to take a good look and start making plans for perhaps paint, if needed, minor or larger repairs, replacement of toilet seats, etc.

It has been my experience that a happy tenant is usually a good tenant. I am, of course, not referring to the constant complainers who are never happy with whatever you do. My advice is to establish good communication when you show  the home to a prospective tenant and do a thorough walkthrough.  This will all but eliminate complaints shortly after their move in and throughout their tenancy. Let the tenant know that you are trusting them to take good care of the property and that you can be reached easily if there is a concern.

If you have any questions concerning your rental property, please call me  anytime at (805)710-2415 or email Nancy@SignatureProperties1.com. I always enjoy hearing from you! Nancy Puder is the owner of Signature Properties, a prestigious real estate sales and property management firm in Arroyo Grande, CA.

Reasons that sellers should list their homes in January. The holidays are behind us again and here we are about to experience a new year in 2012.  If you have been contemplating on whether to sell this year, this is a good time to put your home on the market.  Let me explain why.

One reason is that many buyers have put their home search on hold over the holidays.  As the decorations are being put away,  most people reflect on the past year and think about how they would like to improve their lives over the next 12 months. Often, these thoughts include a move whether up or down or for the first time.

Another reason to sell now is that buyers have pent up energy after trying to gauge what the market is going to do over the past couple of years.   They are beginning to realize that prices have stabilized in many areas, homes are affordable and interest rates are historically low.   Those who have been waiting for the bottom are making the decision to go forward now.

The mortgage interest deduction is a big factor as people are beginning to think about what they will pay in taxes soon.  The mortgage interest deduction is still a wonderful opportunity to pay less to Uncle Sam while enjoying the benefits of owning your own home.  Most buyers realize this and resolve to get into a home so that they will have a big tax deduction to write off next year.

Retirement is also a factor in buyer decisions to move forward at the first of the year.   As we all know, the Central Coast of California is one of the most beautiful areas that someone can choose to retire in.  Many of these buyers are purchasing their retirement home now and leasing it until they are ready to actually move.

After a long slump in the market, this buyer energy is exciting and should be taken advantage of.  As in any recovery, it usually surges, slows down, sometimes stops and then gets going again.  Timing can be everything so this is a good time to take action.

If you need to short sale your home, this is also a good time to make a move in that direction.  There are new laws to protect homeowners from the banks going after them for the difference owed.  This is a good time to make a decision on whether to go ahead and sell  or not and make a plan for you and your family.  If this is your situation, refer to my last post on Short Sale or Foreclosure.

If you need help to sort it all out, contact me for a free consultation and I will do all I can to help guide you to the best decision and show you how to accomplish your goals.  Nancy Puder at (805)710-2415 Nancy@SignatureProperties1.com 

Short sale or loan modification? What if I have to choose? What is the next step if my loan modification is turned down? These are questions that are on the minds of many as we go into 2012 and I can help answer your questions individually and confidentially. 

It is going to be a great year.  Yes, I said it! One way to make this happen is to stop listening to the bad news on the television or in the newspaper!  The truth is that sales have been up in California for seven months in a row.  Consumer confidence is on the rise and the American people are figuring out how to make  necessary adjustments, if necessary, and are moving forward in their lives regardless of the obstacles they are facing!

The truth is that we are resilient people and we will not be beaten down by the economy or the negativity that threatens to consume us daily.  There are solutions to many more of our problems than we think and it is important to speak to someone who can help put things into perspective for you if you are struggling with a decision.

If you know someone who has been unsuccessful with a loan modification or is behind in their mortgage payments,  ask them to give me a call or contact me by email,  and I will help them sort through their options before it is too late to do anything at all.  There are options available other than foreclosure and there are no fees for my consultations.  Beware and warn your friends and family against anyone who is charging money up front with the promise of results.  This includes attorneys!  These are often scams and they can’t do anything for you that I can and will do at no cost to you.

Let me help you get past the pain of indecision and make 2012 a great year no matter what is going on around you! 

Nancy Puder is the owner and broker of Signature Properties, a distinguished real estate firm on the Central Coast of California.  You may contact her at (805)710-2415 or email Nancy@NancyPuder.com