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Category Archives: sellers

Your Atlanta Pandemic Real Estate Plan

15 Saturday Aug 2020

Posted by Mary Anne Walser, REALTOR in homebuyers, real estate, sellers

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#AtlantaRealEstate, #buysellatl, #pandemicrealestate

Pandemic Real Estate in Atlanta

Despite the pandemic, real estate is selling. And fast. In Atlanta we’re seeing record number of sales and prices are still rising. I attribute this to a number of factors, among them:

  • PENT UP DEMAND. When the pandemic hit full force back in March, and things started shutting down, real estate shut down also to a large extent. Fewer buyers wanted to go out and look at homes, fewer sellers wanted to put their homes on the market, and fewer agents were out there working. A lot of folks put everything on hold.
  • TIME TO DREAM. And while everything was on hold for months, people spent a lot of time at home. They had time to look around at their home and think about what they liked and didn’t like. They had to time to think about where they might want to live next. And since they were spending more time at home, and might be working from home for some time, SPACE became more of a premium. Zillow got a lot of hits during those months.
  • HISTORICALLY LOW INTEREST RATES. Add to the mix that interest rates remain low. Lower interest rates mean that buyers can afford more home. And buyers want to take advantage of that before interest rates begin to rise one day, as they inevitably will.

So when things started to open up again, there was a surge in demand that continues. Residential real estate is still moving quickly. But the way we show and sell real estate has changed – I think for the better, and I think the changes will remain even when the pandemic is past. Here are some of the changes we are seeing.

  • SERIOUS BUYERS ONLY. With the pandemic comes concern about virus spread, particularly in properties that are occupied. So many agents instituted a “serious buyers only” policy. Only buyers who are in the market to purchase a home in the very near future should actually cross the threshold of homes on the market.
  • MORE AND BETTER PICTURES ONLINE. Most of us already hire professional photographers and do our best to make our listings look fantastic online. But since it’s harder for buyers to get into properties, this is more important than ever. The First Multiple Listing Service (“FMLS”), which is the primary listing service utilized by agents in metro Atlanta, now allows agents to upload up to 199 (199!) pictures. We also use more drone photos, videos, and floor plans so that buyers can tell a lot about a property before ever setting foot in the house.
  • LIMITED NUMBERS OF PEOPLE AT ONCE. Rather than a huge open house, many agents are instead opting for virtual open houses or videos. When the house IS shown, numbers who may enter at once are limited, and depending upon the house masks may be (and often are) required, as well as booties and in some instances gloves. Sellers leave all the lights on before they leave the house (so no one needs to touch a light switch). Buyers are asked not to touch anything and if an agent needs to open a door or touch a switch, they are to sanitize the surface afterwards.

Navigating real estate sales during the time of Covid-19 and be confusing. I am here to help with any of your real estate needs – and can help you figure out the best option for you during these unprecedented times!

Among the changes the pandemic has brought to Atlanta real estate: masks! Worn by agents, clients, and photographers alike. And photography becomes even more important – pictured here is photographer Michael Pigford doing drone photography for a high rise listing, and homebuyers Travis Nichols and Dana Haberling, who opted more more space near the Beltline in Virginia Highland.

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The Psychology of Home Selling

31 Thursday Jan 2019

Posted by Mary Anne Walser, REALTOR in Atlanta Real Estate, homebuyers, real estate, Real Estate Psychology, sellers

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Selling a home is an art as well as a science. We often focus on spreadsheets and appraisals and professional stagers when we go to sell a home, but if you want to sell fast and for top dollar (and who doesn’t?) it pays to also focus on the buyer’s state of mind.

Using psychological principles pays off. I recently had a listing appointment with Tony and Susan. They had moved to Atlanta four years ago and I helped them buy a home in Atlanta at that time. Now Tony has accepted a job in Massachusetts and so they need to sell their home and move out of state.

Their home has appreciated a lot in value (by about $75,000 in those four years) so we talked about the great decision they had made when they purchased the home. Tony told me, “and you were such a great help in selling our previous home when we purchased this one.” But The problem is, I hadn’t sold their home – they moved here from Charlotte and an agent there had been their listing agent. I don’t sell houses in Charlotte. Then Tony explained, “we did what you told us to do and your advice sold our home in Charlotte, even though we had a different agent there. That’s how we know you are the best person to sell this home, too.” Indeed, in Atlanta, in Charlotte, in any city – there are a few universal principles that will work to sell a home anywhere. So let’s talk about a few of these.

First, homebuyers buy emotionally and justify logically. That bears repeating; please let it sink in. Homebuyers buy emotionally and justify logically. It’s like picking a mate. You don’t pick the person who is the most practical – you pick the person you fall in love with. Then, of course, you also want to know that the person is a good practical choice as well. You might fall in love with your partner’s deep thoughtful eyes but then want to know that they are ethical, responsible, and gainfully employed. Well, it’s the same thing with houses. A buyer chooses the home that appeals to them emotionally, then wants to be sure the home makes sense logically. A home purchase is more emotional than almost any other purchase because of what “home” means to us, but because it is also a large purchase, buyers will investigate to be sure it makes sense logically once they have fallen in love with the home. So let’s take a look at how to appeal to buyers both emotionally and logically.

A buyer will look at a home and think that they will become the type of person who lives in that home. And what I mean by that is if the home is neat, clean and organized, the buyer will believe that if they move in, they will become neat, clean and organized. Meaning that a neat, clean, organized home will most appeal to a buyer. So we get homes ready to sell by making them into a home reflecting an “ideal” lifestyle.

Then, with the buyer, it all starts online, where the buyer first sees your home. We stage your home perfectly and then take professional photographs so that the right buyer will fall in love with your house before they ever walk in the door. It needs to be “ideal” online so that when the buyer comes to the door they come with positive expectations. Psychologists talk about something called the “confirmation bias”, meaning that when we believe something to be true, we look for evidence to confirm that belief and are more likely to overlook evidence contrary to the opinion that we have formed. Therefore, when a buyer comes to your home with positive expectation, you are way ahead of the game, for if they expect to love it, they are more likely to love it.

First impressions are very important. Malcolm Gladwell wrote about it in his popular book “Blink” – important decisions are often made in the blink of an eye. And with a home, after the very first impression online, the first “in person” impression has to be top notch as well. That’s why curb appeal is so important. So make sure you’ve paid a lot of attention to landscaping and the exterior condition of your home.

If you have used the confirmation bias to your advantage, be sure that you also utilize the fact that buyers “justify logically” to your best advantage. I ask my sellers to write a “buyer letter” putting forth both emotional and logical reasons they, the sellers, chose the particular home. Let the buyer know about the great schools and positive things going on and coming up in the neighborhood that will increase their property values over time. Make a list of the upgrades you have made to the home while living there. Many of the practical upgrades – a new roof, for instance – won’t mean as much to the appraiser as a home seller thinks that it will, but it definitely makes a difference to the buyer. Especially if that buyer is also looking at a home down the street that will need a NEW roof in short order. As your agent, I will emphasize the comparables that make your home a particularly great deal and will also point out the logical reasons your home is the best for a particular buyer, but information coming from a seller has a special impact that is difficult for an agent to provide.

Another psychological truism that applies to home selling is the doctrine of primacy and recency. When presented with a number of choices, it is natural for us to remember the most recent thing and/or the first thing presented to us. That means after a long day of house hunting, buyers will remember the last home that they saw and the first home if all other things are equal. We cannot dictate the order of homes shown when dealing with other buyer agents, so we use brochures of heavy stock glossy paper that are particularly eye catching and which are foldable 8.5 by 22 inches. Buyers put other flyers in this one, and voila – you are the first thing they see when they go to look over the flyers for the day.

Also, when a buyer is looking for a primary residence, they are looking for “home” and for all the emotional appeal that connotes. So consider what makes a home feel like a home. The term “hygge” (pronounced “hoo-gah”) is one “home” concept to consider and is worth examining. The term is Danish and refers to a feeling of coziness and contentment. Even the largest most spacious home can give a prospective buyer the feeling that they will be comfortable and content there (and even cozy, in certain areas of the home) if you will do a few things as a seller. One of these is to bake cookies and to leave them out with bottles of water and a note inviting buyers to help themselves. While it seems cliche and heavy handed, I can tell you from personal experience that it will improve a buyer’s attitude towards your home whether or not they eat they cookies (and if they do, there is the added benefit of elevating the buyer’s blood sugar levels, which improves mood and therefore a buyer’s view of the home). Also, make sure that there are nooks and crannies that are staged to appear comfortable and cozy – the type of place where one would curl up with a book (in fact, leave a book or two in those nooks for that purpose). Other things that can make a buyer feel a sense of home are candles and a fire in the fireplace (if it is winter, and of course if your agent is going to be present to supervise the fire or candles).

Do not discount the importance of considering the state of mind of the buyer when selling your house. Choose an agent who has studied the psychological principles applicable to homebuying. Together, you can convince the buyer that your home is the right home emotionally AND logically.

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Listings in Our Pocket

05 Tuesday Jun 2018

Posted by Mary Anne Walser, REALTOR in real estate, sellers

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Tags

#AtlantaRealEstate, #homesellling, #pocketlistings

2015-08-04 13.50.33In Atlanta, there are many agents who tout “pocket listings” which, simply put, are listings that are never put on the open market.  They are sold without ever being put into the Multiple Listing Service.  It is said that the listing is “in the agent’s pocket” because only the agent and those she or he tells about the listing ever knows that it exists.

There are some instances when this makes sense.  If both buyer and seller agree to a pocket listing for their individual purposes, or prefer the listing not be made public, then it may never go into the Multiple Listing Service.  But it is important or all parties to consider carefully before taking this route.

Here are the PROS for this particular method:

  • From the seller’s point of view, there are limited showings, which can be very disruptive.  There are more limited numbers of people traipsing in and out of the home.  There is more privacy; for when the home is listed, the pictures and price are out on the internet for all the world to see.
  • From the buyer’s point of view, they are gaining access to a home that might otherwise be unavailable for them to purchase (if not listed, they might not know about it otherwise).  They do not have to face competition or get into a bidding war.

The primary potential CON that both sides must consider is PRICE.  The law of supply and demand tells us that when supply decreases, demand (and therefore price) goes up.  If the home is not available to the open marketplace, how does the seller know that they are getting the absolute most that they could get for their home?  From the buyer’s side, how do they know that they are getting a good deal, or are paying more than they should?

If the agent sells a pocket listing themselves, they will get double (or at least more than standard one half) commission.

All parties need to be AWARE of the various considerations and consider them carefully before proceeding as a “pocket listing” so as not to be caught with their pants down (forgive the pun).  The Georgia Real Estate Commission prohibits keeping a “coming soon” sign up in front of a house for too long prior to listing the home in the multiple listing service, but there is no prohibition against keeping a home out of the multiple listing service, and plenty of homes get sold that way.  If you are planning to participate in such a sale, however, carefully consider the pros and cons before you do!

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Mary Anne Walser, Realtor & Licensed Attorney

Keller Williams Realty
3650 Habersham Rd.
Atlanta, GA 30305
404-277-3527

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