July 2018 Newsletter
Updated June 30th 2018:
The median home value in Pittsburgh is $143,500. Pittsburgh home values have gone up 16.1% over the past year and Zillow predicts they will rise 9.3% within the next year. The median list price per square foot in Pittsburgh is $144, which is higher than thePittsburgh Metro average of $121.
The median price of homes currently listed in Pittsburgh is $225,000. The median rent price in Pittsburgh is $1,350, which is higher than the Pittsburgh Metro median of $1,200.
Foreclosures will be a factor impacting home values in the next several years. In Pittsburgh 0.6 homes are foreclosed (per 10,000). This is lower than the Pittsburgh Metro value of 1.1 and also lower than the national value of 1.6.
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Pittsburgh is 1.6%, which is higher than the national value of 1.6%.
With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth.
The percent of Pittsburgh homeowners underwater on their mortgage is 8.9%, which is higher than Pittsburgh Metro at 7.9%.
Selling a home fast is all about the PREP: to make something ready for something.
That something you’re getting ready for is getting a home sold. So how do you get ready?
Wanting to know how fast you can sell your home is definitely a question that I’m frequently asked from those wanting to sell a home. Here, in today’s Real Estate article, I’ll tell you just how to make it happen: How can I sell my home fast?!
Perhaps the most misunderstood key element of any home sale is the importance of setting the right price when your home is initially listed for sale.
Select a price that is reflective of your home’s current condition and how it compares to nearby sold homes that are like your home and are considered a good match to your home. Note that I indicated “sold” homes and not “active” homes currently for sale. Know that a home actively for sale is not necessarily priced accurately, therefore one should not assume that its list price should be used as being reflective of its current fair market value. You do not know whether or not a home is priced accurately until it sells: until a Buyer determines what they will pay for said home. Homes currently active for sale, simply assist in knowing how your home, priced right, should be placed amongst the list of homes for sale in your area. Nothing is better than an overpriced home as your competition. So if you see your neighbor’s home price on the high side, you can celebrate as that just makes your home that much easier to sell if you follow all of the other recommended preparation steps.
The right REALTORⓇ representing you in your home sale can make or break your success at selling your home.
The “right” REALTOR, just how do you determine that?! Start by looking at those Agents that sell homes at top dollar and in the shortest amount of time: this is what skilled REALTORⓇ’s do routinely. They should be in the top percentages of REALTORⓇ’s in their local Real Estate office. Simply ask them what percentage that they produce at in their office.
So if you need a “skilled” REALTORⓇ, how do you find out whether or not the Agent is skilled? Simple. Again, ask them. Ask them what they do that sets them apart from other Real Estate Agents? Be leery of any dog and pony shows that have no meat on the bones. Research about them by searching over the internet to discover what they write about and what their prior customers have written about them. You could even call their prior customers to confirm what it is they’re telling you. It’s pretty easy to get a good feel about a REALTORⓇ simply by visiting their web site and the various social platforms that they frequent. Never before has it been easier for a home Seller to discover the skill set of a Real Estate Agent than in today’s digital age where you have access to information for free and quickly. If they’re the secret Agent that you can’t seem to discover anything about them, you’ll proceed cautiously in the direction of even thinking about hiring them to sell your home: the last thing you want is your home sale to be a secret!
When it’s time to sell your home, making sure it’s seen by well-qualified, interested home Buyers is crucial.
Posting a sign in the front yard and praying that it sells will get you nowhere, absolutely nowhere. In today’s fast paced digital market, your home must be exposed across a multitude of social media channels and online sites. Why should this be, you ask? Indisputably, it’s due to the fact that this is where home Buyers are shopping for homes. Well over 92% of home Buyers sit in front of a desktop computer, plop a tablet on their lap or hold a mobile phone in their hands and search to their hearts content searching for the place to start making memories and dreams come true: in a new home.
Don’t you think it makes sense to be where the Buyers? Or how about answering this question – where would you go when you begin a home search? You’re either sitting behind that computer, tablet, or mobile phone on hand. Case closed.
Now that we’ve determined that exposure is a must, you now know that you’ll want assurance that the REALTORⓇ you hire better be proficient at exposing your home to the world of home Buyers. It’s relatively easy for you to confirm this task of exposure is perfected by checking out them out online and whether or not they’re exposed. If they’re exposed it will be easy to determine your home will get the exposure it needs.
Here is where the list price you select for your home is critical also, as the right price ensures your home is exposed to Buyers who are looking for homes for sale within your price range. You don’t want to miss the “right” Buyers who are those well qualified to buy your home.
Pretty as a picture, a picture is worth a thousand words, or it has been said; one Monet is worth a 1000 Shakespeare’s.
These are expressions of what has been said when that first glance reveals intrigue in wanting to find out more of what’s before you. Favorable first impressions can be formed even if you don’t necessarily have an updated or remodeled home as it’s all in the presentation. Work with what you have and make it shine. Exposure cited above will be the avenue in which the home’s presentation is revealed to prospective home Buyers.
Presenting a home through top-notch photos and videos, will always make your home stand out from the homes you’re competing with. Make sure that your home grabs the attention of prospective Buyers so they want to see more; lure them in with a winning presentation.
Yes, it’s true; selling a home is all about the PREP. Price, Representation, Exposure and Presentation will get you to the closing table of a selling a home. Whether you’re selling a home here in Southeast Florida or across this great nation or world, for that matter, it is not something that you attack willy-nilly. No, you need to make your home ready to be sold.
FAQ: Why should I list my home with an agent?
I’m certain that, by now, you’ve heard about this year’s mystifying real estate market. More than likely, you’ve heard the painstaking groans and desperate cries of frustration from a friend or family member looking to purchase a home.
If you’re a buyer this year, I’m so sorry. The frustration associated with a tremendous lack of inventory and the unavoidable bidding war has, unfortunately, become an inevitability. But hang tight! Some of us agents have a few tricks up our sleeves…
As for sellers, if you’ve ever thought about listing your home, now is absolutely the time to do so. You’re probably well aware of the lack of inventory and the possibility of selling your home for top dollar in an incredibly short amount of time. So, you might be thinking why even bother with an agent? Beyond the obvious, I can think of an endless list of reasons as to why you should employ the expertise of a real estate agent. For now, I’ll share a few of the ones that I would consider to be most important and relevant in today’s market…
You’ve probably heard a lot about bidding wars. (Hopefully, not solely in the context of losing out in one…) I would venture to guess that the average seller does not realize the work that goes into managing multiple offers on a property. There is an art to this type of negotiation – one that, if done correctly, will yield the highest profit! This is probably the biggest drawback to not using a licensed real estate agent. A skillful realtor knows how to ethically secure top dollar for their clients in the negotiation process. He or she knows how to play one offer off of another, maneuver through prospective buyers’ emotions, and utilize timing to their advantage. This, ultimately, puts the most amount of money in the pockets of the seller!
A real estate agent can also connect you with attorneys and mortgage representatives with whom they’ve established relationships with. These can come in handy when you need to coordinate closing dates or secure mortgage commitment from your prospective buyer. Trust me, there is nothing worse after all of your hard work than a surprise right before closing…
A common mistake made by sellers who choose to forgo an agent is not knowing what types of updates yield a profit. The benefit of a real estate agent (well, a good one!) is that they’re able to tell you exactly how much more you can get for your home if you update your kitchen or paint the interior. They can also help you to avoid costly mistakes such as replacing a roof that was perfectly functional or painting all of your interior walls white – neither of which will put more money in your pocket.
This one may seem pretty straight forward. In short, an agent can front the costs of print and digital advertising for your property. They can post pictures on their Facebook and generate a buzz via social media. They can schedule open houses and broker’s opens. That being said, good agents are plugged in and connected with the community, which maximizes your property’s exposure to prospective buyers. The larger their network, the more likely they are able to personally market your home and expose it to a refined subset of buyers. This network of prospective buyers means the potential for more interest in your property and, ultimately, more money in your pocket!
We do all the work
Most importantly, employing the services of a real estate agent means that you get to kick your feet up and let someone else handle showings, inspection contingency removals, mortgage commitments, etc. Even if your home sells within the first 24 hours, there is still a tremendous amount of paperwork and follow up needed to transact a purchase offer. Let us do this work for you!
If you are in the need of an experienced, full time agent, then give me a call to discuss your real estate needs.
Howard Hanna Real Estate
Direct Phone: (412) 889-6661