The Rochester Report

Month: May 2016

Why You Lost in Multiple Offers & How To Win Next Time

 

WHY YOU LOST IN MULTIPLE OFFERS

Most buyers would like to think that their offer being lower in price was to blame for losing out in a multiple offer situation.  In reality there are a few key factors that may have actually put the nail in the real estate deal coffin.

Your financing terms.  Sellers love nothing more than an all cash offer but most real estate transactions do involve financing of some sort.  The more you’re able to put down towards your down payment the better you’re seen in the eyes of the seller.

Your closing date. An extended closing date is usually seen as a negative to sellers but if you’re flexible consider asking the seller what their preferred closing date is and matching it in your offer.  Include the earliest possible date that you are able to move into your offer – AFTER confirming the date gives your mortgage lender enough time to close the transaction.

Contingencies.  Contingencies are like little gray clouds hovering over your real estate transaction, looming and threatening the deal.  And until they are removed to float away into the sunset, does your transaction have any hope of closing.  Keeping your offer “clean” often means less contingencies and a better chance of acceptance.  Consulting your Realtor about which contingencies are smart to uphold and which ones to toss, (if it’s possible) is a necessity.

Earnest money.  A typical earnest money amount would be at least 1% of the offer price.  If you’re in a multiple offer situation, double that amount if you are comfortable doing so.  This will show the seller you’re serious, financially stable, and committed.  If your offer is accepted the earnest money will go toward your down payment and closing costs anyway.

If you’ve had an experience with a multiple offer situation as a buyer or seller I’d love to hear from you about how you handled the situation.

I am a licensed Realtor with Edina Realty in Minnesota. 

Staging Tips That Aren’t Boring

 

STAGING TIPS THAT ARENT BORING

I could sit here and tell you to clean, declutter, spruce up your lawn, and stop leaving personal photos out but you’ve heard those “tips” roughly 2,496 times, no?  So can we just get to the good stuff already?  The stuff that makes your home beautiful and show ready but doesn’t feel like a furniture showroom?

Find ways to mix form & function.  Use woven baskets to store everyday items like blankets, children’s items, and books.  Trays and decorative dishes are a great way to blend everyday items like spare change, keys, and sunglasses into the space.

Learn how to stage a coffee table.  (This) will serve as some inspiration and direction but the formula is relatively simple.  Tray + books + flowers + candle or trinket = coffee table nirvana.

Choose 2 accent colors.  Keep 80% of your decor neutral in terms of style, texture, and color.  Then choose 2 accent colors that compliment the current color scheme of your home and sprinkle them in using throw pillows, small decor elements, or flowers.  Don’t forget to consider lighting and space when choosing colors.  If you’ve got a lot of honey oak in your home stay away from oranges but if you’ve got darker woods, oranges or blues would be a fantastic complimentary pop of color.

When in doubt, layer.  Layer a blanket over an ottoman, a tray over the blanket, and a book, remote, and glasses in the tray.  This creates a purpose for a piece of furniture that’s currently taking up space.  Layering is helpful when staging book shelves and (this) is a great resource for more ideas on the topic.  Again, it’s a simple formula… Start with books lined and stacked vertically and horizontally.  Layer in accessories like small plants, framed photos, and decorative boxes.  Round it out by filling in any spaces that look too bare or unbalanced with smaller items like small candles or trinkets.  Stick to one simple rule here: group things in odd numbers.

I’ll continue to bring more staging advice to the blog in the future.  Let me know what questions you have about staging.

I am a licensed Realtor with Edina Realty in Minnesota. 

 

The Scoop: April’s Real Estate Market Statistics

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There’s no doubt that this has been the busiest Spring market we’ve experienced in a few years.  Demand continues to overcome supply, causing prices to rise.

If you’re a buyer searching for a home in Rochester or surrounding areas, you may be experiencing multiple offer situations or you might have missed out on seeing a home because it sold on it’s first day on the market.

The Northwest quadrant of Rochester saw the most home sales in April, almost doubling that of the SW quadrant and tripling home sales in NE & SE areas.

“Average Days on Market”: how many days it takes a home to sell from the day it’s listed for sale.  That number has held steady for the past few months at approximately 8 weeks.

Multiple Offer Situation Tip: increase the amount of earnest money you accompany with the offer as this will show the seller that you’re a serious buyer with a healthy financial situation.

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I am a licensed Realtor with Edina Realty in the state of Minnesota.

Jenna@JennaMartindale.com | 507-993-7036 | http://www.JennaMartindale.com