10 Things that make Buyers Bite

Here's a great article that I found that has some timeless info for Sellers.

10 Things That Make Buyers Bite
By FrontDoor.com
Published: 11/01/2007

1.  A Nice Entryway
Impress buyers right off the bat with a beautiful entrance. "I always tell sellers to put a fresh coat of paint on the front door," says real estate agent Theresa Evans of Charleston, S.C.  And if you don't have an entrance at all, make one. "A lot of my buyers have mentioned that they don't like to just go through the front door into the living room," says Los Angeles-based realtor Rhonda Kohn.  This problem, more common in condos and apartments, is solved by cleverly placing furniture to create more of an entryway. "A console table or demilune chest of drawers with something over it creates a welcoming vignette," says designer Sue Adams of Andover, Mass.

2. Hardwood Floors

Realtors agree that most buyers are hunting for hardwood. You can bet that of all types of flooring, hardwood floors will "have the most longevity and will never go out of style," according to designer Linda Applewhite of Sausalito, Calif.  A synthetic wood floor, like Pergo, "is always a good option for those who can't afford hardwood," furthers real estate agent Rhonda Kohn. But know that a laminate floor "won't fool everyone - it has a hollow thud when you walk on it and it doesn't look the same," adds designer Sue Adams.

3. Fab Fixtures
Fixtures," says designer Linda Applewhite, "are the jewelry of the house." Only the extremely detail-oriented among us will stop to inspect doorknobs, faucets and cabinet knobs, but designers and real estate agents argue that we'll prefer the look of a place that has coordinated fixtures that are a cut above standard developer grade.  "Newer construction is so chintzy with fixtures and fittings," observes Miami-based interior designer Simon Temprell. Replacing knobs and drawer pulls "is the quickest way to make over a bathroom or kitchen," he says. And when it comes to faucets, he adds, "for $60 or $70 dollars you can buy something infinitely better" than what you likely already have.

4. Beautiful Baths
According to real estate agents, marble counters, whirlpool baths and steam showers up the attractiveness of any bathroom. But if you don't have these luxury items, it may be more practical to address the unattractive aspects of your existing bath.  "Rip out that big sheet mirror and those globe lights that look like you're in a theater dressing room," suggests designer Simon Temprell.  Replace them with an elegant framed mirror (don't be afraid to look outside the bathroom section, he says) and sconce lighting on either side.  This lighting scheme is also more flattering to the face, observes designer Sue Adams, and making buyers feel pretty will pay off!

5. Countertop Considerations
You've probably heard that granite is the secret to a contemporary kitchen, but that's not necessarily what buyers are after. "It's really about the slab," says designer Linda Applewhite. Buyers don't want to see grout lines on their counters, she explains.So when it comes to slab countertops, granite is the top pick because it's hard, nonporous and easy to care for. But then again, so is Corian, so are composite stone surfaces such as Silestone and, she notes, with the help of today's sophisticated sealants, so are concrete, limestone, soapstone and marble.  Even butcher-block, which is much less expensive than stone, can be a more appealing alternative to tile or laminate countertops. "When it gets funky, you can sand it and oil it and it looks good again," she says.  Already have granite? Make it cutting edge. "A lot of people are honing their granite now," adds Applewhite. "What that does is knock it down and make it more matte, so it looks warmer and more inviting. Shiny surfaces can look very cold."

6. Steel This Idea
Why do buyers go bananas for stainless-steel appliances? It's the power of suggestion. "A kitchen with stainless appliances looks like a commercial kitchen. It makes people think that they're great cooks," observes designer Sue Adams, "but because the finish shows fingerprints, it's not for everyone."  As far as other alternatives go, the designers agree that in general, black fixtures can look dated, while white is okay for a country kitchen. And some people are making appliances blend in beautifully by ordering front panels to match their cabinetry.

7. Pre-Organized Closets
Just as stainless appliances convince buyers that they are better cooks, closet organizers make buyers believe that they are better homemakers. If your closets are unadorned, don't underestimate the importance of this easy addition.  "They make you feel secure and calm and people need that," notes designer Sue Adams. And while you don't need to use high-end organizers, make sure that the materials are up-to-date. "Twenty years ago, closet organizers meant wire shelves. You can't slide anything over a wire shelf. You can't even put a hanger in some of them," she says. Today's ideal would be "melamine shelves, in bone or white, with some drawers and metal rods to maximize storage," she says.  This organization shouldn't stop in the closet - make sure your kitchen cabinets are orderly, too. "If they open up a door and see a big pantry, but it's not organized properly, it won't be as exciting as something already organized with a place for everything," says real estate agent Theresa Evans.

8. Light Up
"Floor lamps just don't cut it these days," says real estate agent Rhonda Kohn. If your home doesn't get a lot of natural light, consider installing recessed lighting or new sconces, or both, so the buyer won't struggle to figure out how to brighten up the space.  "Lighting is probably the most overlooked, yet the most important aspect of interior decoration," designer Simon Temprell says, adding, "In newer construction, you don't have sufficient lighting. The reality is that everyone needs three types - task, ambient and decorative lighting - which allow you to change the mood of the room."  When it comes to recessed lighting, know that the smaller the fixture, the more updated it is. "We used to have six-inch apertures, now we have four-inch openings. And using halogen bulbs gives a cleaner, more modern look," says designer Sue Adams. 

9. Built-In Bonus
Interior Designer Linda Applewhite observes that many buyers view built-ins as "free furniture." Well-crafted bookshelves, china cabinets and entertainment units can "make a home stand out as quality," adds designer Sue Adams.  On the other hand, says designer Simon Temprell, "It can be a catch-22 because some people would rather organize their own furniture. Sometimes it's better to have freestanding pieces that look like built-ins, that you can give the buyer the option to purchase."

10. Grass Is Greener
Are the homebuyers in your area families with young children? If so, they'll be drawn to spaces with a flat, open lawn.  Were you thinking of putting in a concrete patio or rock garden? Don't bother if you're putting your home on the market. "A flat yard is a real plus. Spend some money and put in the grass. It's a good seller," says real estate agent Rhonda Kohn.

Bonus Tip: Furnish That house!
Think you're ready for the open house? Consider this: "Architecturally interesting homes in immaculate shape can be shown empty," notes designer Applewhite.  But in general, "people look for a homey kind of a feel," adds real estate agent Kohn. And that's homey, not homely. If the bulk of your furniture isn't attractive, don't hesitate to have it staged (propped with attractive rental furniture). "We're even seeing that done in the inexpensive condo market," she says.



"Posh", a gorgeous Chris Craft Boat
that we saw @ Lord Fletchers.

 Weekly Market Activity Report

As autumn presses upon us, the Twin Cities residential real estate market's paralysis continues. For the week ending September 4, New Listings were down 12.8 percent compared to last year at this time, but there were still more properties coming on to the market than the week before at a time when the school year normally slows seller activity. Pending Sales had a less severe year-over-year decline than the previous four weeks but remain 35.9 percent behind where we were at this time in 2009. This has been the case all summer long.

Active Listings for Sale have been progressively expanding since the tax credit ended and are now 8.9 percent ahead of last year. Percent of Original List Price Received at Sale leaned toward buyers last month. Good news for home hunters; even more challenges for those looking to sell.

Real (Estate) Opinions: Men vs. Women

Weekly Market Activity Report

Seed Savers Tomato Tasting
Decorah, Iowa

Even with temperatures cooling, the Twin Cities housing market remained in its summer swelter of a holding pattern for the week ending August 28. Signed purchase agreements topped off at 636, continuing a sub-700 trend that has gone on for 15 weeks in a row. Prior to that, we had 15 weeks in a row of 700 or more pending sales per week.

Think about that for a minute. There were more pending sales in the metro during the first full week of February than in the last full week of August. And last year at this time, we were consistently hitting 1,000 or more pendings throughout the summer.


All of this adjustment firmly points to the federal tax credit for first-time home buyers that was in full swing both at this time last year and during the winter and spring months of this year. We have returned to a world void of juicy government incentives.


The number of homes for sale has grown to 27,271, up 8.6 percent from the prior year. Increased supply plus declining demand has caused the Supply-Demand Ratio to grow 56 percent in one year's time. This boils down to greater opportunity for buyers and increased challenges for sellers. You're probably used to hearing that by now. We're certainly used to saying it.

Monthly Skinny: August 2010

Weekly Market Activity Report

For 12 consecutive weeks now, the number of homes for sale in the Twin Cities housing market has been higher than it was a year ago, and the gap between this year's inventory and last year's inventory at the same time has been steadily growing. There are currently 27,784 homes for sale, up 8.1 percent from this time in 2009. Inventory is not growing due to an influx of new sellers putting their homes on the market. Rather, its growing due to a drop in buyers who once were absorbing supply.

For the week ending August 21, there were 601 signed purchase agreements, down 40.6 percent from a year ago. That's the 15th consecutive week of significant declines compared to a year ago.

With supply growing and fewer buyers to purchase it, home sellers can expect a challenging fall and downward pressure on home values. Motivated sellers who want to move quickly may have to pursue aggressive pricing to attract buyers.

Foreclosures Surge 9% in July as Banks Crack Down

Foreclosures Surge 9% in July as Banks Crack Down

WashingtonPost.com
Friday, August 13, 2010
By Alex Veiga
LOS ANGELES -- The number of U.S. homes lost to foreclosure rose sharply in July, as lenders took back more properties from homeowners who had been in default for months on end.

Lenders repossessed 92,858 properties last month, up 9 percent from June and an increase of 6 percent from July 2009, the foreclosure-listing firm RealtyTrac said Thursday.

Banks have stepped up repossessions this year to clear out the backlog of bad loans. July marks the eighth consecutive month that the pace of homes lost to foreclosure has increased on an annual basis.

Still, the number of homeowners who have fallen behind on their payments remains high, and these borrowers are being allowed to stay in their homes longer. That's partly because lenders are reluctant to add to the glut of foreclosed homes on the market. They also are swamped with an unprecedented number of defaulting properties and have been overwhelmed by the volume.

The number of properties receiving an initial default notice -- the first step in the foreclosure process -- rose 1 percent last month from June but was down 28 percent compared with July of last year, RealtyTrac said. Initial defaults have fallen on an annual basis for the past six months.

The latest data reflect a foreclosure crisis that continues to drag on as many homeowners struggle to make their monthly payments amid high unemployment, slow job growth and an uneven rebound in home prices.

Among states, Nevada posted the highest foreclosure rate in July, with one out of 82 households receiving a foreclosure notice. Rounding out the top 10 states with the highest foreclosure rates last month were Arizona, Florida, California, Idaho, Michigan, Utah, Illinois, Georgia and Maryland.

Las Vegas continued to be the city with the highest foreclosure rate in the U.S., with one out of 71 homes receiving a foreclosure notice in July -- more than five times the national average.

Lenders are offering a variety of programs to modify their loans, but their success rates vary.

The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. More than 40 percent of participants, or about 530,000 homeowners, have fallen out of the administration's main effort to assist those facing foreclosure.

That program, known as Making Home Affordable, has provided permanent help to about 390,000 homeowners, or 30 percent of the 1.3 million who have enrolled since March 2009. RealtyTrac estimates more than 1 million American households are likely to lose their homes to foreclosure this year.

In all, 325,229 properties received a foreclosure-related warning in July, up 4 percent from June, but down 10 percent from the same month last year. That translates to one in 397 U.S. homes.

-- Associated Press