It’s often hard for buyers to imagine how an empty home will look when it’s fully furnished and decorated. That’s exactly why home staging has become so popular and helpful in selling homes. It’s also why furniture stores create “mini-rooms” to display furniture and accessories. Another option is virtual staging—using high resolution photos to design and furnish empty rooms. Car companies have been using this technology for years. Take a look at how this can work for selling homes!

Our homes are very special to us and it’s true, no one knows more about a home and it’s features than the people who who live in it. Still, no amount of coaching or discussion about the characteristics of a home will sell a home. Some of the features you love most about your home may not be as appealing to the buyer as they are to you so talking about them may be counter productive.  Just as consumers make different buying decisions about the cars they drive or the clothes they wear, home buyers have different needs and preferences about the homes they are looking to buy.  Buyers typically need personal space and privacy to discuss their thoughts with their spouse or with their agent.  They are working hard to invision their family living in your home!  Make it easy for them. Don’t worry, if they have questions their agent will be in touch.  The best welcome you can offer potential buyers  is to leave your home. If that is not posssible take a walk outside or excuse yourself to a distant room in the home.

As a real estate agent I’m always looking that the housing market data, especially the data for Andover, North Andover and the surrounding communities.  With the average sales price in Andover up 1.9% in 2010 over 2009, up 4.8% in North Andover and up 1.5% in Methuen buyers waiting for significant price decreases in home prices may be disappointed.  This data is not unlike that reported by the National Association of Realtors.  The National Association of Realtors released their 4th quarter housing  research report. In it they reported that home sales rose 15.4% in the 4th quarter over the 3rd quarter. Home prices remained stable during the year as the  national median existing single-family price was $170,600 in the fourth quarter, up 0.2 percent from $170,300 in the fourth quarter of 2009.

A buyer who delayed a purchase might find solace in the fact that prices have not increased. However, the other news regarding interest rates paints a different picture.

The Primary Mortgage Market Survey was released by Freddie Mac which showed that the 30 year fixed rate mortgage was at 5.05%. Frank Nothaft, vice president and chief economist of Freddie Mac said:

“Long-term bond yields jumped on positive economic data reports, which placed upward pressure on mortgage rates this week…As a result, interest rates on a 30-year fixed-rate mortgage rose to the highest level since the last week in April 2010.”

So prices have remained stable but interest rates have risen dramatically in the last 90 days. What does that mean to a buyer looking to purchase a home this year?

The price is the same. It just costs more.

Let’s show you what the news means:

By sitting on the sidelines for the last 90 days a purchaser of a median priced home lost:

• $89.44 a month
• $1,073.28 a year
• $32,198.40 over the thirty year life of the mortgage

If you buy a $340,000 home-a number more applicable to the Andover area market- double all these numbers.

Bottom Line

Even if prices fall another 10% this year, the cost of a home will increase if interest rates go up more than 1%. Buyers should not worry where prices are going. They should be concerned where costs will be later in the year.

Hotpads.com has a cool, new home search feature.  It is a mapping feature which allows users to compare homes using  a price per bedroom criteria.  Called “HotSpots,” the feature allows users to compare listings on a cost-per-bedroom basis. Users plug in a location to search, see results on a map, and click on the HotSpots icon. Colored dots ranging from blue to red indicate how expensive a property is compared to the other listings on the map.  While you can always search for homes in Andover and North Andover by using my MLS Property Finder hotspots will give you an added dimension to your search for a new home!

Paulette,

Again… Thank you so much for seeing us through this process.  We’ve heard horror stories about home buying and our experience with you has been nothing but a pleasure.  Your patience, experience and joy for what you do is evident and put us at ease every step of the way! 

 Thank you!

 Sincerely,

 David and Mandi B

High quality photos command higher home sale prices

With all the great cameras and professional photography services available today, there is no excuse, in my opinion, for poor real estate photographs.  While the data has long shown that homes with multiple photos command more attention from prospective  buyers than do homes with just one or two photos, a recent analysis  by a Seattle real estate firm showed that better photos command a higher sales price than homes with poor quality photographs.  If you’re thinking about selling your home in Andover or North Andover, make sure your agent invests in high quality home photos to help market your home.

Change often seems to be the only “constant” in our busy lives.  As our families and lifestyles evolve we often consider making changes to our homes. Like most important decisions, there are many factors to consider when deciding whether to remodel your home or to move.  I’ve helped many families here in Andover and North Andover make this very personal decision by helping them evaluate the following factors….

Contact me at RE/MAX Partners in Andover for help making this important decision!

The holidays may be over but winter is not. With the spring real estate market is just around the corner here in Andover and North Andover, buyers who are planning to purchase a home this spring will certainly be looking at homes during the winter cold. 

Tip #1 CLEAR THE SNOW was the topic of my most recent blog post.  A welcoming doormat in the entryway will help your floors clean by giving buyers a place to wipe their feet. Think about providing slippers or shoe booties for buyers, and, if there is room, a bench or chair for buyers to sit on while they remove their boots or shoes.

Tip #2  Turn up the lights…both indoors and out.  Darkness comes early this time of year, make sure your curtains are open and your lights are bright and working.  Buyers need to see in basements, utility rooms, closets, and attics.  Remember, too, that outdoor lighting allows buyers to see patios, decks and backyard play areas.

Tip #3   Keep the temperature comfortable, make buyers feel at home.

Tip #4  Control indoor odors from cooking and pets.  With windows and doors shut tightly during the winter a lightly scented room freshener or air purifyer can make a real difference in how well your home shows.

For more quick showing tips or more information about Andover and North Andover  Real Estate contact me at RE/MAX Partners, Andover, MA.