No matter how beautiful or well-maintained a property may be, how many upgrades it has or how well it shows, if a home is not properly priced, it’s going to be a tough sell. The battle for agents most often lies with aligning what sellers’ think their home is worth with its true market value. Here are 7 myths sellers shouldn't fall for:

1.) It is better to price the home on the high side because the seller can always come down. If buyers are interested, they can make an offer.

Well, not quite. If a home is overpriced, a seller risks losing potential buyers who aren’t stretching their search into an uncomfortable price range.

The asking price sets the stage and may invite or dissuade buyers based on the dollar amount. Just as you would painstakingly prepare your home for sale, you never get a second chance to make a first impression price-wise.

2.) If a home is priced just right, a seller risks leaving money on the table. 

Actually, the opposite is true. A well-priced home tends to generate a lot of interest and can result in multiple offers. A shorter marketing span brings strong offers that could result in a home selling for over asking price. Buyers are less likely to play “let’s make a deal” and nit-pick every little thing; they feel the urgency of competing with other interested parties for the same house.

3.) The price gets better with time. If it doesn’t sell this time, the seller will get a better price by re-listing next spring, next summer, etc.

It has been said before, but it needs to be said again: A home that sits is not like fine wine — it does not get better with time. The longer a home stays on the market, the more likely buyers are to question its value.Subsequently, any offers that come in tend to be perceived as too low by an already-frustrated seller who thinks there weren’t any buyers for their home while it was on the market the first time.Granted, some seasons can be better than others — and that really depends on where a home is geographically located. The additional carrying costs of a mortgage, maintenance and upkeep as well as the possibility of needing to make repairs to an aging roof or AC system eat into the profitability of commanding a better price next year.

4.) X price is as low as the seller will go.

When faced with an offer that is less than what they want, sellers love to draw a line in the sand and dig their heels in over an arbitrary number that they deem to be “their bottom line.” Sellers can decline an offer based on a number, but they may never get there with another buyer, and a subsequent offer may be lower or layered with conditions and complications.

5.) An offer should come in close to asking price.

Sellers are often disappointed at the initial price when an offer is received and ask “why so low?”

Does a seller really think a buyer is going to be generous with their initial offer?Unless it is a really hot property, priced aggressively or in a low-inventory market, no buyer is going to willingly offer more than they have to, especially on a first pass. They want to get a sense of the seller’s flexibility or lack thereof before deciding their next move.

6.) Outdated features shouldn’t impact the selling price.

So the home has “upgrades” circa 1990 with white melamine cabinets, beveled edge laminate counters and builder grade 12-by-12-inch tile with brass fixtures, and the seller expects the buyer to pay full asking price or close to it? Reality check!  The buyers are looking at how much they are going to have to spend to bring the home up to today’s standards and are going to deduct accordingly when formulating an offer.

7.) The buyer’s offer is simply too far off the asking price to counter.  

A bird in the hand is worth two in the bush. A buyer has stepped up and put pen to the paper with a proposal. An offer is an invitation to negotiate and begin discussions about the property.

It can be easy to get offended, but it’s best to keep emotion out of negotiation as much as possible and work in good faith with what’s presented. Pricing a property is a delicate dance. Setting the stage with the right pricing will often set the tone for how smoothly the listing experience will unfold.

Weighing sellers' expectations against market realities can be a delicate dance. Contact our office Today:

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: Experts@RealtyExecutives.com

Excerpt from an article by Cara Ameer, a broker associate and Realtor with Coldwell Banker Vanguard Realty in Ponte Vedra Beach, Florida. Link to the full article .

For a healthy home, monitoring and eliminating mold is crucial. Mold is sneaky, though, and it can creep up on you when you least expect it. Spores are known to stay dormant until they have the moisture and nutrients they need to bloom. While some forms of mold are obvious, others hide and thrive until musty smells become prominent or members of your family begin developing health problems.

To be a mold sleuth you need to know the top 6 spots where mold makes its home. Check this list to see spots you may have missed:

1. The Bathroom. Yes, it’s the most common, but are you checking all the spots in the bathroom? Toilet seals, wet walls, shower curtains, and beneath sinks are well-known spots, but it’s the shower where things can get grimy. To keep mold from penetrating the tiles, you need to be sure your caulking and grout is in good shape. Otherwise, water can seep in and make a new home for mold.

2. The Kitchen. Monthly, take a look under the sink, behind the fridge, and around the dishwasher. A quiet leak in any of these areas will up the odds of a mold problem.

3. The Basement (or Crawlspace). Darkness? Check. Proximity to the earth? Check. Hidden from view? You betcha. If basements flood or older homes have poor drainage and ventilation of the crawlspace, mold can take hold.

4. The Windows. Condensation can build up here as temperatures fluctuate, and spores hanging around can gradually take hold and bloom into a black, spotty mess. This is especially true if the windows are shaded or are routinely covered by curtains.

5. The Drywall. Here’s a hidden killer in the mold battle. When water gets into the materials which make up drywall, they can promote mold growth. To cure this problem you often have to remove considerable sections of drywall to identify and remove the mold. Your nose is your best guide here.

6. The Carpet. Much like drywall, carpet can hold mold and need to be replaced. The underside of carpet hides much of the visible mold, and culprits contributing to the cause include flooding, moisture from concrete foundations, or even spills.

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com

Have you been living with a single-bathroom home? Is the time here to consider adding an extra full-bathroom or “water closet” to your existing layout? First, know that of all the renovations you can make to a single-bathroom home, adding an extra bathroom is one of the soundest investments you can make. With rare exception, the money you put into a second bathroom should pay handsomely when you list your house in the future. The bathroom is one of the most-used rooms in your home and it can have a profound impact on how prospective buyers see your home in the future once you’re ready to move on. If you’ve been curious about the process or want to make the leap two a two-bathroom home without relocating, you’ll want to keep some tips in mind about this special renovation project. 

1. Think about where you can add a bathroom versus where you think it’s ideal. You’ll want to identify where your existing water and waste lines are in the home. Adding a bathroom across the house ups the complexity and expense.

2. Single-story homes with crawl spaces have a bit more flexibility for adding a bathroom since crawl spaces provide easy access for running plumbing lines. If you have a two-story house, aligning your new bathroom (either upstairs or down) with your existing one can ease plumbing challenges.

3. Adding a tub can add value, especially if you suspect future buyers might have children.

4. Natural light and ventilation are a big plus. While fans are common and should be installed, being able to draw in sunlight or air out a bathroom via an exterior wall can really upgrade the luxury feel.

5. Always get the proper permits for work and only collaborate with licensed and bonded contractors. You want to make sure you’re covered in the event of any problems and you’ll definitely want to be able to show future buyers that your work is legit and up to code.

6. Choose high-end design fixtures where possible, especially if the bathroom is small. Innovative luxury options can make the room feel larger and really add that “wow” factor. Some nice-to-have options include a towel warmer and separating the toilet from the rest of the room via a “water closet” partitioning. Go with neutral palettes and classic tiles for a timeless effect. You can always jazz up the space with rugs, towels, or other bath accessories.

If adding a bathroom sounds like more hassle than it’s worth, you might want to consider your next move! We'd be happy to help you find a home with your dream bathroom already included!

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com

In our age of nearly instantaneous communication, we find ourselves paradoxically with exponentially more opportunities to make fools of ourselves. With every Tweet, Facebook update, Instagram comment, bulk email, accidental “reply to: all,” blog post (and blog comment), we have countless opportunities to stick our feet squarely in our mouths.

What’s even more daunting is how the lack of face-to-face communication makes it easier to be outright negative. How many times have you come across blog and Facebook comments that no one in their right mind would say to someone in person?

Character and integrity matter as much as they always have, especially in the professional world of real estate. We try to keep this in mind as we interact online, and perhaps some tips we use as guidelines for civil, friendly discourse online can help you, too.

For example:

1. Ignore spam; delete and move on. Most of the time, it’s not even a human that has spammed your mailbox or blog… it’s a program, or “robot” and your effort in responding is a waste. (Like shouting into a dial tone!)

2. Do not feel compelled to respond to all negative comments. Let them hang in the air or delete them if you can’t stomach it. But don’t feel every negative comment is an occasion to speak. Remember: Engaging trolls also legitimizes them. Do you want that?

3. Do not engage in point-by-point arguments. They sap your energy and produce nothing. People aren’t interested in seeing you “dismantle” someone’s opinion online. These debates quickly turn into personal attacks that can get ugly.

4. Acknowledge differences without creating enemies. Ask yourself: How would I respond in an office meeting? An open house? Find a way to acknowledge your difference in opinion without making a fight about it. Do you have to be “offended” by a difference of opinion? Of course not.

Staying above the storm is a mark of integrity.  It shows you know how to keep a cool head and it also gives you more authority when you do weigh in on an issue. 

We read somewhere that the Eagle is the only bird that, in order to avoid the rain, starts flying above the cloud. It’s too easy to get caught in the storm online. Choose instead to fly high!

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com