Charleston, SC Posts

3 different listings-and it finally sells. What was the difference?

In just 79 days, this listing in Goose Creek, SC went UNDER CONTRACT after being on the market for 10 months between 2 other listings.

We listed the house about $2500 higher than where the last listing ended the price. How can this be?? Why would you increase the price of a house that isn't selling?

PRESENTATION!  After reviewing the previous listings, we realized that the house was not marketable in its current condition given the new construction competition.  While not all sellers can afford to make improvements to the property, this seller was happy to do so. He just needed to know what to do!!

The seller listened to our recommendations, repainted a very red dining room, staged the property, had a deep clean and did some landscaping.  The cost equaled about 1% of the listing price for the improvements.

And viola! In 79 days, we had two 2^nd showings and 3 offers and 1 ratified contract. 

So what was the difference?! The presentation. See for yourself in 2 example photos showing the difference between the occupied house, vacant house and staged house.

Next time you have a listing, please consider staging to make a difference in the sale of your home!

Follow us on Facebook at www.facebook.com/CRETeam

We are approved by Boeing 3^rd party relocation company as Charleston Boeing Relocation Specialists with Carolina One Real Estate in Charleston, SC.  Contact Top Listing Real Estate Agents, North Charleston, SC Relocation Experts,  Licensed Realtors® in South Carolina at 843-849-5217 or info@CharlestonRelocationExperts.com to list your home for sale or to purchase a home in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County. The Charleston Relocation Experts Team specializes in relocations, first time homebuyers and creating marketing exposure to sell your home in the Charleston SC Real Estate market. View all homes for sale at www.myCharlestonMLS.com

I received an email from our company CEO that they the company is purchasing a Basic Disaster Response Unit with Solar Panels and Pump through Water Missions International (WMI) to be immediately sent to Haiti. I'm a big fan of WMI and the work it does in providing clean water in disaster relief.

A WMI system cleans 23,000 liters of water every 10 hours and will provide clean and safe drinking water to save thousands of earthquake victims' lives. After the immediate disaster needs have been met, the system will be relocated to a hospital, school, or somewhere else needed within the Haiti community where it will continue to provide water for over 5,000 people a day as the country begins to recover.

I think there are a lot of worthy organizations to donate to in this time of need, but my main concern in donating has always been what amount of my donation goes to administrative overhead.  In this time of need, I want my donation to be received by an organization already on the ground and able to implement aid to the people most in need.

The words of our CEO were perfect. "Though there are many within our own country who are in need, tonight everyone in our country who seeks it has clean water to drink, basic food to eat, or shelter (even if it's a homeless shelter). Many of the victims of the Haiti earthquake have none of these. As fellow human beings, I believe we have an obligation to help. There are many wonderful organizations involved in this relief effort. It was a difficult decision how to help. We wanted to know that wherever we sent a contribution that it would provide the most basic needs, that the organization is able to navigate the difficult delivery issues we've all read about so the benefit would be immediate, and that the dollars would flow directly to the victims rather than be diluted by high administrative overhead. We chose Water Missions International (WMI). In addition to emergency medical care, clean water is probably the greatest need. WMI was already operating in Haiti before the earthquake and they have people on the ground there to receive these systems and make them quickly operational. They have already shipped 10 systems with a goal to ship 5 more every day, up to a total of 100 complete units. The solar panels and pump eliminate the need for fuel for the systems to become operational. Not only do the water systems provide immediate life saving relief, but they continue to provide clean, safe water ongoing - so our contribution continues into the future as the people and their country begin to recover."

I would encourage you to also make a personal contribution, regardless of how large or small as every dollar helps. You can learn more about them or donate through: www.watermissions.org or to donate $10 and have it charged to your next cell phone bill, text WMI to 85944 (confirm "yes").

SmartMoney.com released this article on Yahoo this week. The article didn't have sunny news for the majority of the nation, but it did tout 5 markets that are expected to fair well in 2010.  The predictions are based on data provided by Moody's economy and list the following cities: Tacoma, Washington, Memphis, Tennessee, Pittsburgh, Charleston, SC and Seattle.

Charleston, SC was chosen as one of the 5 real estate markets to fair best in 2010!

The author did state several factors that would play into the nation's real estate recovery, primarily, the labor market, a backlog of foreclosures, and a 2nd wave of adjustable rate mortgages (ARMs) which will reset this year. The author pointed out that the one thing in common that the 5 markets expected to fare best in 2010 had in common was that each started with a limited supply of housing inventory and prices stayed in sync with family incomes.

Each market is local and for the Charleston, SC market, other local factors cited were our diverse economic base that allowed the local economy to be more stable and Boeing's local impact of investing in a 2nd plant in Charleston which will create job growth. While Moody's only predicts a 0.18% increase in home prices which doesn't seem like a lot, it's better than double digit numbers in the red.

Follow us on Facebook at www.facebook.com/CRETeam

We are approved by Boeing 3^rdparty relocation company as Charleston Boeing Relocation Specialists with Carolina One Real Estate in Charleston, SC.  Contact Top Real Estate Buyers Agents, North Charleston, SC Relocation Experts,  Licensed Realtors® in South Carolina at 843-849-5217 or info@CharlestonRelocationExperts.com to list your home for sale or to purchase a home in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County. The Charleston Relocation Experts Team specializes in relocations, first time homebuyers and creating marketing exposure to sell your home in the Charleston SC Real Estate market. View all homes for sale at www.CharlestonRelocationExperts.com.

Why isn't my real estate listing not getting showings? With over 9,000 active listings in the Charleston  MLS, but only about 700 sales a month, it's no wonder that sellers are not getting showings. It's sensory overload for a buyer. In fact, of the showings tracked by the Centralized Showing Service (CSS) for our area, the average listing is only getting 4-5 showings a month. So what the deal? According to CSS showing stats, the fastest selling bracket of homes measured by average days on market are those priced below $250,000. Yet, keep in mind there are still over 4500 homes priced below $250,000.

Statically according to the National Association of Realtors (NAR), homes should average about 10 showings per month and within 10 showings, an offer should be made. In a market flooded with housing inventory and based on an average showing 4.5 a month, it'll take at least 2 months to get an offer. Keep in mind that offer may not be acceptable to the seller or the counteroffer to the buyer so there's no guarantee, the offer will turn into a sale. So why aren't people coming...the price is too high! If your home is over priced for the neighborhood, condition, or amenities, buyers won't even come look. They have already done a drive by on the Internet and they think for what they see or don't see in the photos, they don't want to come in and look because they see 4 or 5 bigger, better deals down the street.

But why won't they just make an offer you ask? Let's look at a hypothetical example. If a buyer is looking for a 4 bedroom, 2 bath, 2 car garage home in Summerville, SC area and they have 183 options for their price point of $250,000 or under. If you home is listed above that, even just a few thousand dollars, they are not going to even see your listing because the buyer is only searching up to what they want or can afford. If they do happen to come visit and are not impressed with the house's upgrades or condition of the property, they have no reason to press forward b/c they have 183 other options which are already price within their range.

So what are buyers looking for? They are looking for a good value and a home that doesn't require a lot of work to move in that matches their specifications. Pricing your home right is paramount! As real estate advisers, we present the facts, market statistics and trends and we'll offer advice of what your home is worth and what we think it will sell for. In the Charleston real estate market, these two numbers have proven to be very different. It's up to the seller to make the choice to decide on the final price, however, if it doesn't get showings, that is the buyer's response saying the price is too high.  It's time to reduce the price. At a minimum, price should be revisited every 30 days.

Follow us on Facebook at www.facebook.com/CRETeam

We are approved by Boeing 3^rdparty relocation company as Charleston Boeing Relocation Specialists with Carolina One Real Estate in Charleston, SC.  Contact Top Real Estate Listing Agents, North Charleston, SC Relocation Experts,  Licensed Realtors® in South Carolina at 843-849-5217 or info@CharlestonRelocationExperts.com to list your home for sale or to purchase a home in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County. The Charleston Relocation Experts Team specializes in relocations, first time homebuyers and creating marketing exposure to sell your home in the Charleston SC Real Estate market. View all homes for sale at www.CharlestonRelocationExperts.com.

My house was professionally decorated-It's already staged! I hate to break the news, but just because your home was professionally decorated does NOT mean your home has been staged for selling.  The point of interior decorating is to appeal to your personal tastes.  The point of home staging for selling is dress it up for someone we do not know. We do know not their style or tastes so proper home staging sets up a home so that it appeals to anyone or at least the broadest number of buyers.  That means curtains, wallpaper, paint, furniture and accessories are scaled back and neutralized so that any buyer that walks into a well staged home can visualize themselves there because the surroundings showcase the house, its space, and allows the buyer to look beyond the seller's "stuff" to visualize the buyer's family in the home. My husband and I recently noticed a house for sale that has been on the market for over a year that fit into our specifications.  My first impression was that it was priced too high. It's a lovely home with beautiful architectural features, great size and seems to have all the bells and whistles.  My husband noticed the same house for sale on the employee bulletin board and happened to meet the homeowner.  They were taking about houses for sale and how long his has been for sale.  The homeowner quickly mentioned how the real estate market was a drag on selling.  My husband has been unintentionally trained about real estate overpricing and home staging as being the two biggest culprits of non selling houses. He casually mentioned if he had thought about having his home staged. This seller promptly informed my husband his home was professionally decorated and there was no need for home staging.  My husband resolved that this seller really likes owning his home.  After looking at houses for 4 months, we have resolved to build because we can do it for the same price as this house and get the same square footage.  We won't have to worry about removing wallpaper or repainting and we'll even get to live in the same neighborhood. 

Lesson: Even as a realtor who works to help buyers overlook objections, when it comes to purchasing, I don't want to spend the time doing the improvements, try to convince my spouse of how one space will work as an office and how if we repaint this room, it will feel bigger.

Sellers of resale homes that do not prepare their home to SELL are pushing buyers to choose new construction.  There are pockets of Charleston where new construction accounts for up to 50% of closed sales.  As a resale home, your home must be able to compete with new construction.  That means it must be spotlessly clean, walls should be neutral, and sellers should consider upgrades to contend with new construction builder minimums.  Remember that builders have model homes and your home should look the same for showings.  For a free consultation, contact the Charleston Relocation Experts Team. 

Follow us on Facebook at www.facebook.com/CRETeam

Contact Michele Reneau, Top Real Estate Listing Agent, North Charleston, SC Relocation Expert, CRS, GRI, ABR. 843-814-6680. We are approved by Boeing 3^rd party relocation company as Charleston Boeing Relocation Specialists with Carolina One Real Estate in Charleston, SC. Michele Reneau is a Certified Staging Professional Elite Instructor and teaches agents how to use staging to maximize their real estate business and Help Sellers Protect their Equity using Home Staging while earning the CSP Elite designation.  Michele is a Certified Residential Specialist with a top real estate team in Charleston, SC.  RESA  2010 Staging Realtor of the Year. The Charleston Relocation Experts Team specializes in military relocation, first time homebuyers and creating marketing exposure to sell your home in the Charleston SC Real Estate market.   View all homes for sale at www.CharlestonRelocationExperts.com.