Free Appliances

Most home sales will include the cook top, oven, and dishwasher, but the refrigerator, washer, and dryer are typically not included.  Offering these appliances to potential buyers is a nice incentive especially for first-time home buyers that are looking for a move-in ready home.  You can sweeten the pot even more by offering all new appliances if the existing ones are old.

Improvement Allowances

An allowance is a credit given to the buyer to compensate for defects or worn out finishes.  Some common ones include carpet, landscaping, kitchen, and roof.  Allowances are a great incentive to get buyers to look past defects especially when you don’t have the cash to improve them.

Pay for Closing Costs

Along with the down payment, closing costs are the additional funds that a buyer needs to bring to closing to cover the cost of getting their loan.  Offering to pay for a portion of the closing costs can be attractive to buyers that are trying to limit their out of pocket expenses for their home purchase.  It is a good idea to put a cap or state an actual dollar amount on this incentive.

Pay Interest Discount Points

An interest discount point is equal to 1% of the buyer’s loan amount.  The lower interest rate will reduce the buyer’s monthly payment and total payments over the life of the loan.  This can be attractive to buyers that are trying to stay within a monthly payment budget.  On larger loan amounts, the lower rate can have a decent impact.

Pay for Inspections

Almost all home buyers will have a complete home inspection done during their option period.  The cost can vary from $500 to $1,000.  The buyer typically pays for this but sellers can offer a credit and a repair allowance to address any items found in the inspection.

Offer Upgrades

Offering upgrades is similar to offering allowances.  The money is tagged for improvements.  The big difference is that this incentive is offered as work to be completed by the seller before closing.  This can be a nice bonus for buyers who don’t have the money or time to do improvements after closing and prior to move-in.  The most common upgrades are flooring, kitchen counter tops, and appliances.

Pre-paid Services

After closing on a home there are a lot of things that new home owners have to coordinate.  Pre-paid services like house cleaning and landscaping can be a nice incentive to reduce some the action items that home buyers need to setup.

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Sales Activity

Another pretty good month for Timbergrove/Lazybrook based on the number homes sold in April.  12 homes closed sale in April and 14 homes went Option Pending.  The average days on market for homes sold in March was 57 days.

Active Listings

Inventory remains low in Timbergrove/Lazybrook, which is great news for potential home sellers.  When inventory is low (i.e. supply), and demand is elevated, home sellers usually see higher sales prices (i.e. a seller’s market).  At the close of the month, there were only 29 total listings on the market and 23 new listings came active on the market in the month of April.

Home Prices

The average price for properties sold over the past 12 months (ending in April 2012) was $303,168.  That’s up 5% from the previous 12 month period (ending March 2011).  Timbergrove/Lazybrook, like most other inner loop area neighborhoods, has been increasing at a moderate pace since 2008.

Located just west of Houston Heights, Timbergrove and Lazybrook are two of the hottest neighborhoods for young families in Houston’s Inner Loop.  Downtown Houston and the Uptown/Galleria area are a short drive away.  Furthermore, Timbergrove and Lazybrook are conveniently located close to restaurants and bars in Houston Heights, the Uptown/Galleria area, and theWashington/Rice Military Corridor.  For prospective buyers that are seeking close proximity to Houston’s great parks, Timbergrove and Lazybrook is home to 11th street Park, Jaycee Park, and the White Oak bayou bike trail.  Memorial Park and its great jogging trail is also nearby.  Timbergrove and Lazybrook is also home to a couple of our agents.

Lean more about Houston Real Estate:

• New Timbergrove area restaurant makes Top 10 list
• Rice Military Market Update – July 2011
• Rice Military / Washington Corridor Market Update – April 2011
• Montrose-Neartown Market Update – January 2011
• Timbergrove/Lazybrook Market Update – January 2011

You want a listing agent that knows your market and knows the potential buyers for your home.  An aggressive listing agent won’t just sit back and wait for the buyer to show up, they will use modern marketing techniques along with some old school stuff to get the best price possible.  Ask your Agent to provide a specific marketing plan for your home.

Offer Buyer Incentives

Buyers are looking for deals and home runs.  If you are offering to include the appliances, pay for a portion of their closing costs, or offer an upgrade allowance, your home will quickly move to the top of their list.

Get Professional Staging and Curb Appeal Advice

The first impression in real estate is the most important.  Your agent can offer some great tips and advice, but you might want to take it to the next level and hire a professional stager.  This will ensure that your listing photos and online presentation will have buyers lining up to view your home, and when they walk in, they won’t be disappointed.

Get a Pre-inspection

Knowing all of the defects before you put it on the market can help you determine your list price and can strengthen your negotiating position if your home is in great shape.  But beware, a home with a lot of problems that you aren’t willing to fix can be a turn off to buyers.

Request Feedback

Your Agent should be very aggressive with requesting showing feedback from your buyer prospects.  This will help you address any negatives so that it won’t be a problem for future showings.

Offer a Bonus To Selling Agents

The Agent that represents the buyer is commonly called the Selling Agent.  In neighborhoods with a lot of competition and inventory, a small bonus may encourage Agents to show your home over others and this may encourage them to sell it to their client more aggressively.

Price Your Home Aggressively

Pricing your home right the first time is a big deal.  An overpriced home will be a turn off to buyers and may limit the number of showings.  You don’t want to leave any money on the table and you don’t want your home to sit on the market.  Your Agent should be able to provide a professional opinion and may offer to show you some of the comparable active listings prior to setting a list price.

Use Price Points

Buyers don’t tell their Agents that they want to pay an exact dollar amount for their home purchase.  They use price ranges like $400k-$450k.  Your Agent should be familiar with the common price ranges used in the top online search engines and may advice your to list your home for $399k instead of $405k.

Lean more about Houston Real Estate:

• Houston Real Estate Blog

Compared with other major US cities, the cost of living is relatively low.  You can still find affordable housing within a short commute to the major business and cultural centers.  The Third Quarter 2010 ACCRA Cost of Living Index shows that Houston’s overall after-taxes living costs are 9% below the nationwide average, largely due to housing costs that are 21% below the average.  When your housing costs are lower, you have extra money to spend on other goods, services, and entertainment which can provide a more enriching life.

Jobs

Houston has one of the strongest job markets in the country which is a compliment to the diversity of our local economy.  Our city is lead by the oil and gas industry, but we also have the largest medical center in the world, the Port of Houston is the 4^th largest in the US, and we have strong markets in financial services, technology, and retail.  If Houston were an independent nation, it would have the world’s 30^th largest economy.  There are 23 Fortune 500 companies with headquarters in Houston.

Green Space

A lot of people who have never been to Houston think of it as a flat, hot, concrete jungle.  But that’s not the case.  Houston is a very green city which is evidenced by all of the awesome mature oak trees and great parks.  Anchored by Memorial Park which is one of the largest urban parks in the US, we also have Discovery Green which opened in 2008 and turned a downtown parking lot into an 11 acre park, Hermann Park which is 445 acres in the cultural center of Houston, and many more.

International Airport

Although Houston is never short on fun and exciting things to do, having the ability to fly non-stop to international destinations is a huge plus.  Bush Intercontinental Airport is a major hub for United Airlines which flies to almost every major US city along with many international sites.  If you want to spend the weekend in Paris, it’s just an overnight flight away.

Diversity

There are more than 90 languages spoken in Houston and 92 countries have consular offices.  Our low cost of living and strong job market have encouraged people from all over the world to immigrate to Houston.  This diversity provides Houstonians a culturally rich lifestyle with a wide variety of dining, shopping, and cultural activities.

Cheese Enchiladas

Great Tex-mex and gulf coast seafood are just a few highlights.  Houstonians can select from over 11,000 dining options that range from award winning fine dining to neighborhood diners.  Our diversity has provided authentic dining options that include Chinese, Vietnamese, Greek, Turkish, Italian, and South American, just to name a few.

Culture

Houston’s Theater District is second only to NYC and is home to 8 performing arts organizations with over 12,000 seats.  Our unique Museum District offers great Museums, Galleries and cultural institutions.

Neighborhoods

Although Houston is a big city, it’s really just a collection of some truly great neighborhoods which can give parts of it a small town feel.  The options are numerous and range from urban, walkable neighborhoods, to historic residential areas.  Houstonians can also select from a wide variety of housing options like high-rise condos, townhomes, single-family homes, and luxury apartments.

Big Time Sports

Houston offers sports entertainment year round and has quickly become one of the country’s top sports cities.  From the Texans, Astros, Rockets, and Dynamo, Houston has it all.  Don’t forget about the Houston Cougars which provide top notch college sports entertainment.

Festivals

Some of our favorites include the Houston Rodeo and Cookoff, the Greek Festival, the International Festival, and the Italian Festival.  But these are just a few of the great outdoor and family friendly events hosted by Houston each year.

Lean more about Houston Real Estate:

• New Timbergrove area restaurant makes Top 10 list
• Houston First-time Home Buyer Step # 3: Where to live
• Rice Military Market Update – July 2011
• Rice Military / Washington Corridor Market Update – April 2011
• Montrose-Neartown Market Update – January 2011

Pros

The main benefit of the pre-listing inspection is that you will learn about all of your home’s defects.  If you are a conscience home owner, you should already know about most of them, but most home owners don’t have the trained eye of an inspector.  Knowing all of the defects up front will ensure that you aren’t caught off guard when the buyer hires their inspector.  Getting this done up front will also give you the opportunity to get quotes or actually complete some of the repairs which can make the option period negotiations a little smoother.  This inspection can help you and your Realtor determine a good listing price and it can also strengthen your negotiating position if your home only has a few minor defects.

Another pro to this type of inspection is that the inspector will be working for you, not the buyer.  The inspector should be able to give you a professional opinion on all of the defects and he/she may be able to help you determine some basic cost estimates for repairs.

Cons

The biggest drawback to this is that you will be required to deliver the inspection report to potential buyers which could hurt your negotiating position if there are numerous defects that you are not willing to repair.  Major defects like aging AC systems, roof, or electrical panels could be a big turn off to potential buyers.  Most home owners would prefer to sell their home as-is, but a defect-riddled inspection report could force you to make some repairs before you have offers in hand.

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Sales Activity

Based on the number of homes sold and the number of homes to go pending, March was a very promising month.  17 homes closed sale in the month of March and there were 15 homes that went Option Pending (see our Home-buyers guide for information regarding of the real estate transaction).  The average days on market for homes sold in March was 71 days.

Active Listings

Inventory remains low in Timbergrove/Lazybrook, which is great news for potential home sellers.  When inventory is low (i.e. supply), and demand is elevated, home sellers usually see higher sales prices (i.e. a seller’s market).  At the close of the month, there were 39 total listings on the market and 25 new listings came active on the market in the month of March.

Home Prices

The average price for properties sold over the past 12 months (ending in March 2012) was $296,902.  That’s up 2% from the previous 12 month period (ending March 2011).  Timbergrove/Lazybrook, like most other inner loop area neighborhoods, has been increasing at a moderate pace since 2008.

Located just west of Houston Heights, Timbergrove and Lazybrook are two of the hottest neighborhoods for young families in Houston’s Inner Loop.  Downtown Houston and the Uptown/Galleria area are a short drive away.  Furthermore, Timbergrove and Lazybrook are conveniently located close to restaurants and bars in Houston Heights, the Uptown/Galleria area, and the Washington/Rice Military Corridor.  For prospective buyers that are seeking close proximity to Houston’s great parks, Timbergrove and Lazybrook is home to 11th street Park, Jaycee Park, and the White Oak bayou bike trail.  Memorial Park and its great jogging trail is also nearby.  Timbergrove and Lazybrook is also home to a couple of our agents.

Lean more about Houston Real Estate:

• Rice Military / Washington Corridor Market Update – April 2011

Step 1: Determine the Value of Your Home

Knowing what the value of your home is integral in the decision process of selling your home. You aren’t going to sell something unless you know how much it is worth and this is paramount with what is often your largest asset. Your Norhill Realty Agent will access the latest market data for your neighborhood to develop a Comparative Market Analysis and we will give you a professional opinion supported by facts.

Step 2: Hire a Junk Removal Contractor

Now that you know how much your home is worth and you have made the decision to keep going, getting rid of some of the clutter is the next step.  A good rule of thumb when it comes to moving and packing is if you haven’t used a possession in the past year then it doesn’t have any value (sentimental or otherwise), it’s probably time to get rid of it. Your Norhill Realty agent can assist in locating the appropriate charity or junk removal contractor to help you get rid of your unneeded possessions.

Step 3: Hire a Moving Company

Once you have removed the junk, what’s left will need to be packed up and moved to your new home. There are a lot of moving companies in Houston, but you want to make sure that you hire one that you can trust to do a professional job. Norhill Realty has experience with several moving vendors and we can assist you in obtaining quotes and help coordinate the actual packing and moving.

Step 4: Professional Cleaning and Lawn Care

Preparing your home for the listing is next. This includes hiring a professional cleaning crew and landscaper to ensure your home shows well once it hits the market. Norhill Realty can help coordinate these vendors to ensure that the work is completed in a timely and professional manner.

Step 5: Professional Photography and Home Listing

Now that your home is ready to be listed, you want to make sure that it makes a great first impression. The majority of home buyers start their search online and a listing with great photography will stand out from the crowd. Norhill Realty hires a professional photographer for all of our listings and we utilize the latest technology, social media and old fashion marketing techniques to sell our listings quickly.

If you have any questions on how this Turnkey Listing Package can help you, give us a call. We’re ready to help.

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1.   Disassociate Yourself With Your Home.

From the day you received the keys to your home till now, your home has been your home.  Your place in the world for yourself, your family, and your friends.  The day you decide to sell your home it must cease being your home and it must now become a house, a commodity, a product to be sold to the highest bidder.  Your home is now someone else’s home.  By disassociating yourself from your home and “letting go”, you will allow yourself to make better choices as you prepare your home for sale and better decisions as you negotiate on the sale.

2.   De-Personalize and De-Clutter.

Unless you are a little obsessive compulsive or completely unsentimental when it comes to photography, your home probably looks lived in.  You probably have personalized your home with photographs of family and friends.  You also probably have some business papers piled on your desk, books piled up on a side table, and various kitchen gadgets piled along your kitchen counter.  If you have any of those things, get them out of there.  Remove all of the wedding pictures, vacation pictures, and baby pictures.  You want people to look at your home and imagine themselves in your home. Second, you need to remove all of the unnecessary stuff that you have accumulated over the years that is now cluttering your kitchen counter-tops, desks, tables, floors, and bathrooms.  You need to go minimalist in a big way.  The less stuff you have in your home, the larger the spaces in your home will appear.  You need to convert your home into a showroom.

3.   Make the front door inviting.

According to Remodeling Magazine, replacing an old front door is one of the few remodeling projects that on average delivers a positive return on investment.  Now this is not to suggest that you should immediately run out and spend $2000 to replace your front door.  However, it does show that the quality of the entry way to your home has a big impact on the perceived value of your home. Besides the landscaping, the entry way is one of the first things that your prospective buyers will see.   Like with most relationships in life, it is important to make a good first impression, so make sure your front door and entry way are inviting and well maintained.  

4.   Minimalize. 

Less is almost always more when it comes to staging and furniture.  The furniture that we use in our day to day lives might be comfortable and functional, but it doesn’t always show the best. Make sure to remove furniture that block walkways or that accumulates clutter (like standing CD cases and bookcases).  Also, reduce the number of pieces of furniture in a room to the bare necessity to showcase the use of the room.  By reducing the amount of furniture, you will increase the level of open space and there by make the rooms look larger, more open and more inviting.

5.   Get rid of the Good stuff.

Please keep in mind that everything that is attached, such as light fixtures and chandeliers, will be assumed to be apart of the sale.  If you bought an expensive Chandler in Europe that you can’t live without, it is a good idea to remove those items and replace them with a fixture becoming of the home.  If your prospective buyer never sees the items that you care about, they won’t ask for them and it won’t be a barrier in your negotiations.

6.   Make the house sparkle. 

From windows to counter-tops to underneath chairs to the tops of cabinets, your home needs to sparkle and shine.  This thorough wash down needs to extend from the inside/out.  Have the outside of the home power washed to remove cob webs and dirt.  Clean out exterior gutters. Re-caulk tubs, showers and sinks. Clean out the cobwebs and the clutter in the garage. Wax the floors. Polish chrome faucets in kitchen and bathrooms.  And most importantly, air out any musty odors in the house.  Your house needs to look and smell great!

7.   Make minor repairs and Scrutinize. 

You need to really take a long hard look at your home and really scrutinize all of the little imperfections.  You can certainly bet that your buyer prospects will do the same.  Obviously, there are some imperfections that are costly to repair.  However, at a minimum, you need to take are of those items that are easy, most unsightly, and relatively inexpensive to correct.

8.   Check Curb Appeal.

At Norhill, we really have some great professional photographers that we work with to assist us with our listings photos.  They really can work some magic when it comes to hiding imperfections and some unsightly elements in a home.  One thing that is difficult to hide (but frankly not impossible) is the exterior curb appeal of a home (especially dead Houston lawns).  Great landscaping and a well maintained lawn can really come through online.  Furthermore, when prospective buyers first drive up to your home, you want them to be impressed and eager to see more.  Just like with the entry way, first impressions are important so make sure your prospects have a good one.

9.   Remove items from Closets and Kitchen Cabinets. 

Most people have a lot of stuff in their closets and cabinets.  In other words, they use them.  However, when you are showing your home, prospects are looking for storage.  A common positive comment we get as we tour people through homes is, “this home has a lot of storage”. People like having enough room for all their stuff.  By removing clutter and excessive items from your closets and cabinets, you are showing off how much room you have.  You are making those spaces look larger by exposing the extra room.  So as you deliver the excess furniture to the storage unit, take some of the old clothes and pots and pans as well.

10. Neutralize your home through Paint.

New paint always provides a great fresh and clean look to your home, and we do recommend it with some of our clients.  According to HomeGain’s Prepare to Sell 2011 national survey, the average price to paint interior walls is $1012, but that investment increases the home price by an average of $2112.  That being said, it is not necessary for everyone.  If your paint is in good shape and already shows well, sometimes painting over just the boldest colors in your home with more neutral tones is sufficient.  Obviously, we want to make sure your home is attractive to the largest number of prospects.  More demand typically leads to higher prices.

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1.  Are you a full time agent and how long have you been in real estate?

Admittedly, getting a real estate license is not the most difficult process in the world and keeping your license is even less difficult.  Any Johnny Pencil Pusher can take the battery of tests  required by the Texas Real Estate Commission to get their license and then stay current with the continuing education and annual fees required to keep it.  However, in our estimation, being a Realtor is a profession. A profession that requires experience and passion.  While shopping for someone to sell your Houston home, make sure the agent has the experience and full-time commitment to complete this important job.

2.  What is your average market time vs. the market? 

There are dedicated agents and there are other agents.  Agents that are dedicated to serving their clients to the best of their ability will tend to have a lower average time on market than the market.  Not all homes are alike.  A home that is poorly placed on a street or located next to the railroad tracks might take a little extra time to sell.  However, on average, a good Realtor should sell their listings faster than the market.  This is generally achieved by competently advising their clients on how to position their home, proactively listening to prospects that tour their listings, and by quickly making adjustments to changing conditions if needed.

3.  What is your list price to sales price ratio vs. the market? 

To be a successful in residential real estate sales, two of the more important things that an agent needs to be good at is pricing homes and negotiating a favorable price for their clients.  If an agent is accomplished in those two areas, then they will have a high list price to sales price ratio.  The agent will have ensured that the home was priced at a competitive price from the beginning of the transaction and they will have negotiated terms that are favorable to their clients.

4.  Do you have any examples of the listings for properties you have sold? 

In order to sell real estate in today’s market, Realtors have to ensure that their online listings stand out from the crowd.  80% of home buyers will first see their future home for the first time online.  Listings need property descriptions that really entice the prospective buyer to learn more about the home.  Furthermore, listings need great photography to really grab the prospect and drive the prospect to see the home in person.  Always request from a prospective Realtor a few examples of their listings to get a sense of the effort and quality they put into attracting buyers.

5.  How frequently do you provide written updates on my homes sales process? 

Like any project, open and frequent communication is vital to the real estate sales process.  Ask your prospective Houston Realtor how they keep in touch and update you as the sales cycle progresses.  Do they send weekly updates? Do they send regular reports on the feedback from prospects? Do they provide updates on web traffic for your listing?  Make sure you set clear expectations for your agent, so they understand how you like to receive information and how often you expect to receive it.  If they are alert to your needs, they may have already asked.

6.  What is your online and offline marketing strategy for my Home? 

How is your agent going to get it done at the end of the day?  Does he or she even have a plan?  Developing an online and offline strategy to get your home sold is vital to the process. In that plan, the Realtor needs to have set goals and target dates for achieving those goals. Furthermore, does your agent have a plan that is unique for your home?  Very few homes are the same.  They all have different strengths and weaknesses.  Some homes are attractive to first time home buyers. Some homes are attractive for Empty Nesters.  How is your Realtor going to attractive the unique person or couple that is ready willing and able to buy your home?

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So, you’ve finally got the ball rolling on that renovation you have been dreaming about for years. Plans. Check. Contractor. Check. Colors and selections. Check. What now?

plan. plan. plan. This is the first key to surviving a renovation project. As much as you can do on the front end of your project, the better off you will be. Now, you can’t plan for everything, but you do the best that you can. What types of plans should you make, you ask?

• storage. You will need to figure out where to store furniture, kitchen items or other objects that need to be removed for the duration of construction. Perhaps they can be stored in your garage or in another part of the house. Or, for major renovations you may need to move everything to off-site storage. Figure any costs related to storage into your budget numbers.

• living arrangements. If you are staying in your home during the construction, how will that affect your day to day activities and what adjustments will you need to make? For example, if renovating your kitchen, where will you put your refrigerator? How will you cook? Where will you wash dishes? What type of utility interruptions will you experience? If you are not staying in your home, will you rent a place or do you have someone else you can stay with temporarily? Certainly any decision you make regarding living arrangements will be dependent on the length of the project. Knowing the construction schedule will be vital.

• dust. dust. more dust. It’s no surprise that construction is messy. No matter how much we warn clients, they will still tell us they could not have imagined the amount of dust. We do everything we can to minimize it, including sealing off the work area and establishing only one entrance to it. Also, not running the a/c during the most dust-producing times of the project can help. Construction dust has a way of reaching the corners furthest from the action. We can only minimize it, not eliminate it. You may consider covering book cases, beds (when you are not in them, of course!) and other items to help minimize the time you will have to clean.

flexibility. The second key to survival is to be flexible when your first plan doesn’t play out exactly as you thought. Think about delays due to weather or the time spent to repair an unexpected problem. To the first, we like to think we can control a lot of things, but weather is not one of them. And, to the second, some problems will only become apparent once the demolition process has occurred. Together with your contractor, you will figure out the best course of action. And, however inconvenient delays may be to both yourself and your contractor, none of the delays are the end of the world. It’s all part of the process and communication will be the key to getting through it.

enjoy. In the end, all of the inconvenience, time, dust and cost will be worth it because you will have a beautiful, newly updated space to enjoy with your personal stamp on it.

Lean more about Houston Real Estate:

• Houston Real Estate Blog