Category: Loft Sellers
Loft sellers – what song does your home sing?
Posted by michaelhulett in Loft Sellers Wednesday, 20 July 2011 09:32 No Comments
If you’re thinking of selling your Chicago loft then there are a few things you need to be aware of prior to listing your home for sale. Your lofty abode is unique. You didn’t buy cookie cutter and neither is the next buyer of your home. Therefore, you shouldn’t market your home like every other one. Listing lofts for sale is about 90% similar to listing any other residential property type. It’s the 10% difference that gets your place noticed. All listings must A.) be priced competitively and B.) show very well, no exceptions. Lofts buyers however are a little different than your typical condo/apartment purchaser. They respond a little more to the emotional pull of the space. Loft buyers want beautiful, dramatic spaces to call home. It’s an extension of their personality. In order to capture that feeling up front, you have to reel them in with the two most critical elements that you can control: pictures and description. The pictures are the most important element. It’s always the first thing people go to on-line so if they don’t look good then you won’t even be lucky enough for them to get to your description. Loft photos should feature the key elements loft buyers look for: wide open space, large windows, exposed elements such as brick or timber, even a shot of the gleaming hardwoods. Sex sells, it’s no different than selling jeans. Sexy photos that lure a buyer in will produce interest. In many cases we’ve opted to skip bathroom or guest bed shots in order to fit in a few more “key element” shots. FYI – this should always been done by an experienced photographer who specializes in real estate. Your 8megapixel Android, however sweet, is not the answer;) The description is next in line of importance. Since you can’t be there to speak for the home prior to a showing, your description becomes your voice. The same applies here – key element features should be packed in here. Words and phrases like exposed brick, timber columns, exposed ductwork, 12ft ceilings, huge windows, and so on immediately identify the space as unique and creative which the buyer is looking for. These words are also big time emotional sparks for the property. I’ve been helping people buy and sell for over 11yrs now and I can tell you this – it’s impossible to sell someone a home. The home has and always will speak for itself. If it sings to them, they will listen. What song is your home playing? As always, if you have questions or need some help just give us a call.
Year to date sales up over 37% in Cook County
Posted by michaelhulett in Loft Buyers, Loft Sellers Thursday, 29 July 2010 10:07 No Comments
The Multple Offer is Back
Posted by michaelhulett in Loft Buyers, Loft Sellers Wednesday, 31 March 2010 20:49 No Comments
This is not a typo, or a re-tweet circa 2005. We’ve noticed an odd phenomenon this spring… multiple offers. There’s a trend developing here and it actually makes perfect sense. The formula is as simple as the perfect storm: the buyer pool is slowing increasing + buyers are tiring quickly of distressed properties and their associated problems + the number of desirable properties that are priced aggressively is limited. Hence multple offers on quality homes. Here’s what they all have in common:
A.) Neighborhoods that have steady traffic. Let’s face it, some neighorhoods have faired much better than other during the fall. Frankly we were a little surprised to be involed in 2 multiple offers in Rogers Park alone over the past 3 weeks.
B.) Pricing that is very competitive given the immediate comparable properties. This offers immediate value and if there is ONE thing today’s buyers respond to, it’s value.
C.) Properties that show very well. It’s always been one of two critial elements for every seller (the other being price). In today’s market, how a home shows is more important than ever.
Of course, I wouldn’t exactly call it a HOT market right now but these are certainly signs that the industry, and perhaps economy, are moving in the right direction. My advice still hasn’t changed… If you’re selling – price and show on the mark. If you’re buying - look for the place you love and negotiate hard to get the best deal you can. Happy house hunting!!
Overpricing your Chicago Loft… The Chain Reaction
Posted by michaelhulett in Loft Sellers Friday, 22 January 2010 22:38 No Comments
Many sellers make the mistake of trying to start high on pricing, hoping to sell their Chicago loft at the highest possible price, then assuming that they can lower the price down the road if the property does not sell. THIS IS A VERY INEFFECTIVE APPROACH. In fact, it’s highly counter-productive. Here’s why:
YOUR BEST SHOT AT A SALE IS IN THE FIRST 60 DAYS
We’ve all heard the saying, “you only get one chance to make a first impression”. The same goes for selling a loft- you only get one chance for a property to hit the market. This is where the property is first intoduced to agents and consumers alike. If you spend that time backpeddling from the wrong price you’ve virtually eliminated the chance to move forward into a contract. Months later when you realize that consumers rarely overpay, it will be too late.
YOU HAVE A REDUCED NUMBER OF SHOWINGS
A basic rule in selling is to generate consistent showings for the property. With little activity, your chances of selling the property reduce dramatically.
MANY BUYERS WON’T EVEN KNOW ITS THERE
Since most buyers typically look within a specific price range, you are excluding potential candidates by pricing above their interest level. Sometimes the smallest price adjustment can open your loft up to a significantly larger pool of buyers.
SELLERS ALWAYS ASK “WON’T BUYERS ATLEAST MAKE AN OFFER?”
At first glance this seems like sound logic. In reality, overpriced listings deter buyers from further interest in the property because they mentally “move past it” thinking their offer and efforts would be in vain since they’d offer a much lower price anyway. That lower price as it turns out is typically a more accurate measure of its true market value. In the end it has the exact opposite effect as intended.
OVERPRICED LOFTS SELL THE COMPETITION
If you’re a seller, the best thing that can happen to you is overpriced competition. It makes your property seem like a great deal! So why would anyone want to help sell their competition?
THE CHAIN REACTION… YOU MISSED THE BEST CHANCE TO SELL IN THE FIRST 60 DAYS, EVENTUALLY THE LONGER MARKET TIME CREATES BUYER HESITATION, LOWER OFFERS, AND A WEAKENED POSITION DURING NEGOTIATIONS.
Once buyers realize a property has been on the market for a long time TWO things immediately come to mind. 1.) What’s wrong with this place? 2.) They must be getting desperate! In addition, as trivial as it may sound during the pre-listing process, please don’t underestimate the frustration associated with long market times. It’s a significant amount of work to properly prepare and continuously maintain a home for sale.
It is imperative that the price is thoroughly researched with comparable properties in the area. Additional factors such as competition and the state of the current market also play a large role in pricing. If your property is priced correctly, you’re taking the foremost step in avoiding long market times and a weakened position at the negotiating table.
Loft sellers reality check
Posted by michaelhulett in Loft Sellers Monday, 11 January 2010 21:49 No Comments
Loft Sellers Reality Check
Selling your Chicago loft or condo in any market takes a lot of work. Today’s market presents challenges not seen in decades. Yes, you will likely take less for your place than what you expected just a year or two ago. No, if you wait until next year the price will not be more. Given the current elixir of job confidence- or lack thereof, existing inventory, number of sellers who have wanted to sell in the past 2 years but are waiting for a “better” market, and sheer number of distressed properties, it’s likely going to be some time before we see consistent appreciation. It’s been said in real estate that you make money buying, not selling. It’s true. When you’re ready to sell and/or need to sell, the market is what it is. One property or seller can not change the momentum of the market. So… what can you do to influence your sales price to the best of your ability?
1.) You MUST be priced competitively. Keep an eye out for a blog I’m putting out next on overpricing – it says it all. Price is always the first criteria every buyer starts with. If you miss the boat here, you’re swimming.
2.) Your loft MUST show like model. You get one shot once buyers cross the threshold into your home. It’s imperative you do everything in your power to make it count.
Other items that should be discussed with your Realtor…
- Expect to spend money before you go to market. $300 in handyman work + $700 in paint can significantly reduce market time and often yield that much and more in sales price.
- Look for the 3-4 most directly competing properties on the market. Then go over every aspect of each. Next, identify strategies on how to position your property against the others. This IS your buyer’s experience.
- Go through comparable listings that have CLOSED in detail. What’s on the market is your competition but when it comes time to negotiate an offer or to meet an appraiser, this is what they will zero in on.
- Home Staging: do you need a home makeover?
- De-clutter everywhere. Think open, light, and airy. Getting the “extra’s” out is half the battle in showing preparedness.
- Curb appeal rocks. I’m talking to you condo owners. Get on it! If your common area looks less than desirable- then so does your entire home.
Best of luck and of course contact me anytime I can help!
