Home Buyer Dealbreakers and Smart Pricing. 60 Seconds in Real Estate Cary NC

Buyers look for items that are dealbreakers for them. When deficiencies cannot be cured, smart Sellers and their listing agents price homes accordingly.





Buyers and Dealbreakers

Buyers will often cite a "dealbreaker" when considering a home.  In Cary, NC, some of those items are steep driveways, proximity to large powerlines, proximity to busy thorofares, railroad tracks, or excessive airplane traffic.

Some buyers are willing to work with a home that has only a single negative feature, but when they add up, those buyers often lose interest.
A few years ago, I listed and sold a home with a steep driveway, powerlines and a railroad behind it.  How can that be overcome?
We have a saying in real estate, that "Price fixes all deficiencies."  In other words, when a home's price recognizes the diminished value created by excessive incurable deficiencies, and there is an affordable home with otherwise great features, there will be a buyer.

Smart home sellers and their listing agents in Cary will take negative items they cannot change into account when pricing the home for sale.

 


Cary NC Market Report, Closed Sales in the last 30 days. 60 Seconds in Real Estate Cary NC

Cary NC Market Report, last 30 days closings.



Cary NC Market Report

30 days of Real Estate Closing in Cary, as of August 17, 2011

Numbers are pretty stable in Cary real estate.  As of today, we closed 123 residential sales in the last 30 days.

Days on Market were 93 for those 123 listings.

Cumulative Days on Market, meaning that the property was listed more than once, were 115.

On July 17, those numbers were 87 and 114.

I pulled out three of the highest DOM properties, and the remaining 120 homes showed 86 Days on Market,
and 102 Cumulative Days on Market.
Fun with numbers…

Average selling price was 0.962 of final listing price.

 


2 Car Garage? 3 Car Garage? Who Knows? 60 Seconds in Real Estate Cary NC

Check out garage dimensions to make sure you can park 2 cars in a 2 car garage in Cary.



Garages in Cary NC

How many cars can you fit into a 2 car garage?

What makes a garage a 2 car garage?  Or a 3 car garage?
How can you tell?

The big door in front won't tell you.  You can get a pretty big door on a pretty small garage.

We see Cary listing agents marketing 2 car garages, or 3 car garages, for their seller.  But, some garages are so tight, it is difficult to imagine parking two cars and being able to open their doors.

Or, as often done in Cary, the water heater is placed in the garage, in the parking space.  Or the builder adds a flight of stairs from the garage to the living area, and that flight of stairs encroaches into a parking space.

Et cetera…

So, when working as a buyers agent, I take a very close look at the garage layout, the dimensions, and other factors that can impact the utility of the space.  And sometimes I will tell my home buyers, "Well, heck.  That's a 4 car garage.  If you own 4 Smart cars."  In other words, you will work hard to park 2 cars in that garage.


Termites? Termite Protection Plans? We have them both. 60 Seconds in Real Estate Cary NC

Discussion of termite plans, termite inspections, and how that varies from pest services in Cary.





Termites?  In Cary NC?  Well…. Yes.

One home inspection that home buyers always have performed on a Cary home is to have a licensed pest firm check for termites.  Termites are very common in the Cary area and a smart buyers agent will press the home buyer hard to have the property checked out during the due diligence period of the contract.

It is also common for a home owner to carry a termite protection contract, which usually includes a repair policy for any termite damage.  If the home seller has carried such a plan, the seller should let the listing agent know, and that becomes a selling point in the listing.  If the plan is transferable, it is even more affordable and valuable to the home buyer.

Some folks confuse a termite plan with quarterly pest service.  Those are two very different services, even though they are offered by nearly all pest and termite control firms in the Triangle area.

 


De-Clutter your Attic when Staging your Home for Sale! 60 Seconds in Real Estate Cary NC

Listing Agents should encourage de-cluttering of storage areas to impress buyers and buyers agents.



Cary NC Real Estate Talk

Selling Your Home?  De-Clutter Your Attic!

Many home sellers in Cary have embraced some degree of staging their home for sale.  Listing agents are seeing more interest in home staging, de-cluttering, and generally making the home show better.
And then we get to the attic, basement, or garage.  Those areas are all too often overlooked in the staging process.  Large spaces show well when they are open, and the home buyer and their buyers agent are impressed with spaciousness in storage.

My advice?  De-Clutter the auxiliary spaces and storage areas for better showings!


Listing Your Home For Sale? Updates Trump Allowances! 60 Seconds in Real Estate Cary NC

Updates bring Sellers more value than offering Allowances.





Cary Listing Agent says, "Updates Trump Allowances!"

When listing a home for sale, whether Home Sellers should do updates and minor repairs prior to listing or to just offer allowances for home buyers to handle updates themselves is a common question.

I fall into the freshen, repair, and update camp.  Of course, that is dependent on the ability of the Home Seller to afford the costs of work out of pocket prior to receiving sales proceeds.

I like to say that it is about "conversations."  Fewer defects and issues are fewer items of conversation, fewer things to talk about, whether it is the agent coaching buyers that they can handle updates, or the negotiations between the buyers themselves.  Less conversation may well mean more money in a faster sale.
Smart Cary Home Sellers want Buyers and Buyers agents talking among themselves about how fresh and up-to-date the property seems, how little updating the Buyer will need to do after closing, how that may create a more affordable home.

 


Real Estate Sales Settlement and Closing in Cary NC, 60 Seconds in Real Estate, Cary NC

Buyers need to know when they will receive keys to the house. Typically, that is after Closing.





Settlement vs. Closing in Cary NC Real Estate

Folks buying or selling a home in Cary need to plan well for activities around Settlement and Closing. And they should be able to expect some guidance from their Listing Agent and Buyers Agent.

And, many home buyers in Cary do not know the difference between Settlement and Closing in a North Carolina Real Estate transaction.  When using the NC Association of REALTORS® Standard Offer to Purchase and Contract, the two terms have significantly different meanings.  "Settlement" is the signing of documents related to conveyance of the property.  "Closing" is when the Closing Attorney actually records the Deed at the Wake County Courthouse.  Buyers are still Buyers until the Deed is recorded.  After Recording, i.e., "Closing," Buyers become "Owners."

 


For Sale By Owner? Go For it and Good Luck! 60 Seconds in Real Estate, Cary NC

For Sale By Owner Video Blog



FSBO?

For Sale By Owner?  FSBO in Cary NC?

We are seeing more and more Cary homeowners test the market with For Sale By Owner, AKA FSBO, offerings.

I think right now that approach takes some guts, as even the Cary NC real estate market is a little soft at some price points.  Hopefully, the FSBO Owner is trying to present more affordable home pricing to potential buyers and their Buyers agent.

But, I stop short of harassing For Sale By Owner sellers to convince them they are mistaken if they do not use me as their listing agent.  Whether they are listed on the Triangle MLS or not, I assume that most people are sharp enough that IF they want a listing agent, they will hire a listing agent.

 

 

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Zoysia sod makes a great lawn in Cary NC

Zoysia sod installation July 12 and 13 Cary NC





Zoysia Sod Installation

We are seeing more and more real estate listings touting “drought-tolerant Zoysia grass” in the Cary area. I think there is merit to that promotion by listing agents and home sellers. I had Empire Zoysia sod installed last week at home.  In near 100 degree heat.  It is supposed to be a "warm season" turf, and I surely hope so.

Green Level Environmental Landscaping did a great installation, and I was impressed how the crew pressed through the heat to finish.

Why Zoysia?  It will turn brown in winter, and some folks don't care for that.  But, it also will deal with the stresses of hot weather, will spread to repair itself, and will tolerate more abuse than fescue will.  Zoysia grows thick like carpet and offers a luxurious lawn grass.

 

 

 

I also shot some Before, During, and After photos of the project:

 

 

 

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Cary NC Closed Sales 7/17/11, 60 Seconds in Real Estate, Cary NC

Closed Existing Home Sales in Cary NC through 7/17/11

I just ran the numbers on Closed Sales in Cary for the 30 days ending Sunday, July 17.

Disregarding New Construction
127 Resale Homes Closed

Average Listing Agent Days on Market were 87
Average Cumulative Days on Market were 104
Shortest DOM was 2 days
Longest Cumulative DOM was 713 Days.
30 homes went Under Contract in 30 or fewer days.

Average Sale Price was $299,604
High Sale Price was $950,000
Low Sale Price was $65,000

Average Sale Price was 96.1% of the last Listing Price.

So, Sellers are getting homes Closed when they prepare them for market, price them right and hire a good listing agent.
Yes, the Cary NC real estate market is soft, but it works when aggressive Sellers put their best foot forward.