Make Your Best Offer

Thursday, September 4, 2014

MARKETING YOUR HOME DURING A SUPER BOWL-BOUND SAINTS’ WINNING SEASON © 2014

by Wayne D. Lewis, Realtor

Guide to Holding Open Houses in New Orleans

during a super season of Saints Football –Who Dat!

In New Orleans, there is sports, and then, there are the Saints! As quiet as it can be kept, because it can’t really be kept too quietly, Saint’s[1] 2014-2015 is about to kick into high gear. And, being realistic, if your home is on the market, you will have to consider creative strategies to compete with the allure, the excitement and spectacle of a football team that is destined to reach its second Super Bowl Championship for the 2014-15 season. Bias? A little more than slightly. But I also know that there are homes on the market that are, without a doubt, just as spectacular and offer a world of variety, historical value, comfort and location, if not savings and equity in the New Orleans area. The question is, how does one market competitively, their home against the hometown team of the New Orleans Saints? Especially, as this appears to be a season to top the 2008-09 season that produced the New Orleans Saints as the 2009 Super Bowl Champions.

To suggest that there is an absolute way to market during this exciting season, would be an error in judgment, even for the most experienced set of real estate professionals, or homeowners. In order to market one’s home during what promises to be a very exciting Saints season, one must have a set of plays ready to deploy at strategic moments during the next 17 weeks. Of course, any of these plays that we use to market our homes may have to evolve more as we become more aware of the fact that the football season is not wholly made up of just the Saints playing, but that the Saints are on a mission. And, in marketing our homes, we too must be on a mission that either equals or excels the excitement of the New Orleans Saints and all that that means to New Orleans.

As the Saints season fires up due to the high probability of a great winning season, it is going to be very challenging to get even the most pressing buyer out to our homes that are on the market. We have to step up our game when it comes to marketing our homes this season in preparation for the Saints to win this season’s Super Bowl. Hold on, it’s about to get wild up in New Orleans, and we need to be in it to win it to sell even the most prepared home, regardless of “location, location, location”. But, we have to start somewhere. So, let’s get started.

As the season kicks off, know that as homeowners, it is important to be aware that we have buyers who are very knowledgeable about the timing of buying and selling a home, particularly as the home buying season takes a turn for a slower period just after Labor Day.

There is also the possibility, that there is an outlier that, although not sports related, may also play a nation-wide role in why homes are more competitive to sell during football season: school is in. Whether as parents of students, or students ourselves, home buyers who may potentially buy homes are also focused on some form of school, even if it is high school football. To that end, the football season maybe a source of release from studying, or from helping the kids’ with their homework. In New Orleans, it is very likely that if not our New Orleans Saints’ magnetic draw alone, there are other worthy distractions that homeowners have to design a play that causes even the most resourceful buyer to be drawn off-side, to take a look at their home on the market. In New Orleans, it’s nothing personal, but Saints Football as a factor in selling a home is not being taught in Real Estate classes. The only other greater distraction in the marketing of our homes in New Orleans is Mardi Gras!

Check Out the Saint’s Schedule (See link below):

http://www.printyourbrackets.com/printable-new-orleans-saints-schedule.html [2]

A. 17 Week Challenge-If you check the schedule above, or pull out your own, there are approximately 8 home games between September 7, and December 28, 2014. While that means that there are 8, possibly 9 other weeks (Bye-week) for homeowners to bring their A-game during the weeks that there are away games, don’t count your chickens just yet.

B. The Bye-week-October 12, 2014 will be perhaps one of the best opportunities to make sure that a home on the market is ready to kick an onside kick. That means don’t allow that week to get away so that buyers, who may possibly be somewhat down, depressed, or hungry for something to satisfy their hunger for awesome entertainment should have, at the very least, something compelling to grab their attention, even if for 10-15 minutes to view a house that is on the market.

C. High Noon-11 of the 16 games for this season will be played between 12 and 1p.m. While it is easy to conclude that these games usually last about 3 hours, one has to be aware that even if buyers aren’t going to go to a game, they are still going to be in game-mode in New Orleans. One local radio station broadcasts anywhere from 3-4 hours before the game (whether in the Dome or not), and 3-4 hours after the game, plus broadcasts the game itself. For those who want to hear how the players will be analyzed, dissected and praised, for the true die-hards of us that love the Saints, the challenge to hold an Open House has to include a radio or TV near-by that is tuned into some form of Saint’s oriented play-by-play during an Open House. Why? Because if anyone walks through that door, you need to be prepared to tell them the score from the time they walked from the car, around the corner, or if they flew in on a magic carpet. It’s a challenge for a die-hard Saints fan to go to an Open House, so, at the very least, if you don’t know the score, have the game on. Be ready for some extra company too. Make it a festive atmosphere while you have visitors.

D. Off-Sunday Games-An opportunity to hold an Open House also comes when, if we are lucky, the Saints play during the week. For example, they play 2 Monday Night games (November 24 & December 15), the Ravens and the Bears, respectively. This leaves Sunday, November 23^rd and December 14 wide open to do a Quarterback sneak. The Saints also play a Thursday night game on October 30, 2014, where they play the Steelers. So, that November 2, 2014 is an opening in the offensive line to rush the passer, so to speak, and get an Open House in that sacks a buyer with a ready to view, and contract-ready display.

E. Risky Games to Hold an Open House Against (my opinion)- If it isn’t too late, please be ready for the Saints vs Atlanta (September 7) or, Atlanta vs the Saints (December 21). Whether they play here in New Orleans, or in Atlanta, holding an Open House will make you the equivalent of the old “Maytag Repairman”. Let’s be real. Atlanta and New Orleans have one of the biggest, deepest, longest love-hate relationships of any team in the NFL. Let’s keep it real. If you don’t know this, you don’t know nothing about New Orleans Football, particularly, the New Orleans Saints and Atlanta. We don’t discuss this in mixed company, but New Orleans fans refer to the Atlanta Falcons as the “Dirty Birds”. (But you didn’t hear that from me). During these two matchups, very little gets done in and around the city. If anything, tail-gating takes on a greater level. It’s not only hotdogs, burgers, wings, but also ribs, gumbo, dirty rice, jambalaya, and an assortment of beverages, which we won’t name here. All of your work to try to get anyone to come and look at your home will be for naught. You may as well bring your TV or radio, because you will be watching the game by yourself, and hardly anyone will venture to your property on the market. But, nothing beats a failure but a try, as long as it includes something to eat, drink and, at the very least, something to listen to the game. It is a risk to hold an Open House during these 2 games, but have something in your arsenal equivalent to a Hail Mary play that will get the most definitive Saints-Falcon fan to bring their happy little feet to anyone’s Open House. Just saying.

Now, let’s get out our playbooks, and design a set of plays that could possibly bring potential buyers to our homes during another fantastic Saints’ season.[i]

Showings

i. Sunday Open Houses still draw some interested buyers, some of whom may still be on the fence. However, during football seasons, that Sunday Open House has to be strategic. It has to be either on a By-week; a week where the Saints are playing a Monday-night game, a Thursday-night game, or a late Sunday-night game. These are small windows of opportunities for your home to really “pop”. Many other homes are on the market during these times, and your home has a very limited opportunity when the majority of those potentially serious home buyers will actually go out to see what’s on the market;

ii. Saturday and Dusk Open Houses-These are the opportunities to step out of the box. A Saturday Open House, during the football season, in New Orleans, is not without its’ drawbacks as well. The number one football team in LA, LSU occupies 8-12 weeks of free time as well. Knowing their schedule helps to produce a better turnout of potential buyers.

iii. When They Come-When potential buyers come, what do you do? It is not enough that they showed up, as the seller, you need to show up to, figuratively (you don’t need to be present during Open Houses). As your Realtor will share with you, they can show your home, but it is important that you as the seller present a home that is ready to be sold. Here are some additional tips:

1. Smells-use odor neutralizing sprays or unscented candles;

2. Make sure doorknobs and handles are tightly in place;

3. Make up beds, clean out closets

4. Even if in the process of moving, stack any boxes in the garage, or arrange to place in storage

5. Make sure lighting is perfect-have all light bulbs replaced

6. Correct any running toilets

The Competitive Edge-

During the football season, a home on the market is in good company. Per the local MLS reading[3], there are over 1000 residential properties for sale right now, in the New Orleans area, going into the regular football season. Some may have contracts pending that aren’t recorded, or other factors maybe in play. But the number of homes that are actually on the market can’t be that far off from my review. Your home, now more than ever, has to step up her game. It’s time to huddle, throw away the Summer season of marketing your home where you may have had a high visitor-rate because school was closed, or families were vacationing in the New Orleans area. Get ready to pull out the winning plays that are going to help you market your home effectively. Let’s see what we can suggest.

A. Nighttime- Believe it or not, buyers look at homes at night, as well. They drive through the neighborhoods that have potential homes for sale. A home with a For Sale sign in front of a well-lighted home gives potential buyers an extra sense of comfort. In addition to the aesthetic view of the home, security is also important, as a well-lighted home conveys a sense of security.

B. Day time-During the day, if your home has landscaping that has not been upgraded, this would be that time! It’s not enough to have the grass cut, make it look manicured. Make sure the roses are pruned, the hedges may need to have a little shape to them. Additionally, if an old car hasn’t been re-moved from in front of the house in some time, have it towed off. Also during the day time, although you may be at work, it would be a plus to make sure your home appears occupied-lived in and enjoyed. Leave blinds open, hang some plants from the porch and water them. The water on the porch will suggest that you take care of the home.

C. Throw A Party! Well, not really, but one of the things that I find particularly noteworthy is that sometimes neighbors have a family member that they would love to move near them. Get to know your neighbors (preferably before having to sell your home). Invite them over for a private showing or little get together. It’s possible that neighbor maybe reminded of a family member who may just love your home. You may want to find out who your neighbor’s favorite team is (other than the Saints). Select a day when and where football won’t be a distraction (at least try). Perhaps you can have a catered event and invite immediate neighbors, church members, or invite colleagues from work over to your home while it is on the market. During this time, have information out on the home, including any financial assistance, your agent information, and perhaps a disclosure on your home. If they have any questions, refer them to your agent.

D. Bulletin Boards-While your agent is marketing in newspapers, on-line and the like, you as a homeowner have access to locations that your agent doesn’t have access to (your job, for example). Unless disallowed, put flyers of your home on the bulletin board of the lunch rooms. You can put tear off sheets on the flyer for potential buyers to call your agent. Church is also a great place to put up a flyer with your agent’s contact information.

Conclusion

We have just shared a few suggestions as to how to take it to another level on marketing your home against an awesome team season of the New Orleans Saints. Buyers are still on the prowl, but they will have to be distracted by a hard-count, that draws them off-side, if but for a commercial break, to see your home. Noting most importantly, that it doesn’t really matter if you get a buyer into the home if it is a disappointment. Make sure your home shines, like the Lombardi Trophy[4]. In addition to curb appeal, which is nothing to take for granted, the first 2-3 steps inside your home’s front entrance must be captivating, inspiring and motivating to a potential buyer, who has to feel like they are walking into an atmosphere worthy of taking time out from the half-time break of 15 minutes, so that even if they go back and watch the game, they are marking their scorecard with your home in mind. Make this Saint season the right season to sell your home, so that you cannot only celebrate the sale of your home, but the Saints historic second winning of the Super Bowl. Make Your Best Offer!

Speaker: If you are looking for a speaker to speak to your community group or school, please contact Wayne Lewis at waynelewissoldit@gmail.com

Disclaimer: Not to be considered as legal advice. Not intended to solicit the business or clients of another broker. Information here is believed to be from reliable sources but not guaranteed. Information contained herein should not be considered as an endorsement of any products or services.

[1] New Orleans Saints- http://www.neworleanssaints.com/

[2] Saints Schedule 2014- http://www.printyourbrackets.com/printable-new-orleans-saints-schedule.html

(not an endorsement)

[3] MLS- http://nom.mlxchange.com/ (membership required)

[4] Lombardi Trophy- http://en.wikipedia.org/wiki/Vince_Lombardi_Trophy

[i] Consult with your respective New Orleans Realtor(s) before enacting or following these suggestions, as your situation(s) may vary. Or, call your Realtor of choice for their suggestions on how best to market your home during the Saints 2014-15 super-winning season.

Labels: Bye-Week, Gumbo, Jambalaya, New Orleans Mardi Gras, New Orleans Real Estate, New Orleans Saints, NFL Football, Open House, Saints Schedule, Saints Winning Season, Super Bowl 2014

Friday, January 31, 2014

NEW ORLEANS HOME BUYING SEASON 2014-© 2014 Wayne D. Lewis, Sr.

Four Things to Watch Out For in the Coming Year ©

Wayne D. Lewis, Sr.

What will this season of home buying offer to New Orleans’ buyers and sellers as we will soon be past the 2014 Super Bowl and then, marching into Mardi Gras? Well if nothing else, this season will offer a lot of the usual attractions that make New Orleans the great city that it is. For us, it’s the festivals, 10K races, parades, and lots of great food, and of course, our ever-changing weather. But that’s not to say that there might not be a few great surprises in store for all of us. I am going to out on a limb and project that there are at least 4 important things that buyers, and sellers, should be on the lookout for in this 2014 Home Buying season. Here they are:

Money
Flood Insurance Premiums
Is New Orleans Home Inventory Shrinking?
How to Maneuver in a Growing Seller’s Market

Let us discuss:

Money

Even as we speak, Wells Fargo is sponsoring a program in the Dutch Morial New Orleans Convention Center. This program is offering potential home buyers an opportunity to get up to $15,000 in down payment assistance for qualified buyers. One among many pluses of the $5.2 million to distribute here in New Orleans, buyers don’t have to necessarily qualify through Wells Fargo Mortgage. You may use your own lender, such as Movement Mortgage, a Gardner Realtor affiliate. Below is a link for you to check out Wells Fargo. If you don’t get down to the Convention Center this weekend, check with your Real Estate agent, your lender or ,Wells Fargo for further details. https://www.wfhmconsumerevents.com/aspx/Events/Brochure.aspx?t=1&EventID=7924

Flood Insurance Premiums

(Homeowner Flood Insurance Affordability Act (H.R. 3370).

As of today, Jan. 31, 2014, the U.S. Senate has voted to delay the Flood Insurance Premium increase for FEMA approved in 2012. All that remains now is for Congress to approve the bill as well. Congressman Cedric Richmond is looking for citizen co-sponsors for the bill to be approved by Congress. Here is that link if you wish to become a citizen co-sponsor to delay the flood insurance premiums: http://richmond.house.gov/flood-insurance-newsletter .

If, and that’s a BIG IF, this bill passes, we know that the next stop is President Obama’s desk. President Obama has expressed some misgivings about the bill because it puts FEMA’s budget at risk because of all the disasters that occurred across America, but that should not deter us from making our interests known and working to keep Flood Insurance Premiums affordable, as buyers and homeowners.

Is New Orleans Home Inventory Shrinking?

Although unconfirmed, New Orleans inventory of homes maybe shrinking. What are the clues? Here are at least three clues and how you may want to respond:

Properties that are recently listed are sold quickly in a given area;
Properties that had been sitting on the market for quite some time, are now selling, at or just under sales price;
In an area where there are always homes on the market, there are none.

If these indicators are occurring in the New Orleans area, then it would be in the best interest of the buyer to make their best offer, quickly. Have your Realtor check to see how quickly homes are selling not only in the area of choice, but in surrounding areas as well. These indicators are sending a message, that if homes are fewer and fewer, then prices are going to either hold steady, or increase.

How to maneuver in a Growing Seller’s Market

It is not out of the question, but it could happen again, that New Orleans rises to become a celestial Seller’s Market. What does that mean? For sellers: heaven! For buyers, homes are going for a premium, and you, as a buyer, need to come game-ready (you’re a-Game) when you find the home of your dreams. It is not a time to procrastinate, or as a home buyer, you will find yourself outside looking in. Here are 3 things (not a conclusive list) to help you to prepare for a growing seller’s market:

If you are going to buy a home during the peak of home buying season, and financing is your primary option, please, please, please, get to your lender as quickly as possible. Know up front your ability to not only buy a home, but how much you can afford. It is key to ensure that when you find the perfect home in a Seller’s Market, you have reduced the odds of losing out to potential home-buying competitors;
Once you are loan approved, please, please, please, do not waste time looking at homes that are out of your approved financial range. The drawback will be that as a home buyer, you will fall in love with a home that is priced right, and priced right out of your range, and then, as commonly happens, become discouraged. Stay within your financial lane. Meaning, focus on homes that you are approved for and that are affordable. If the amount that you are approved for does not allow you to buy the type of home that you want, consult with your lender and Realtor on other options.
Last, but certainly not least, please, please, please, MAKE YOUR BEST OFFER! During a Seller’s Market, the ball is in their court, as sellers. The negotiations that may have occurred during a Buyer’s Market is not an option. The Seller’s may counter a below listed sales price, but it will depend on how low, and the additional terms. However, an under listed sales price offer, in a seller’s market, is begging for an outright rejection. I’m just saying. I’m just laying it out there. In other words, I told you so.

Hopefully these four areas give each of you an insight, particularly as a buyer, as to some of the things that you should be on guard for moving into the 2014 Home Buying Season. There will be more information coming about, and I hope that you will feel free to respond with any questions that you may have, or comments, as I will be glad to research the information that is available.

If you are looking for a speaker for any of your groups, please don’t hesitate to call me or email me to discuss New Orleans and the Home Buying process and how I can be of help to you as you, Make Your Best Offer.

Cell Phone: 512-786-7959
Email: waynelewissoldit @gmail.com

Disclaimer: Not an intent to solicit the business or clients of any agent or broker. Information provided is deemed to be from reliable sources, but is not guaranteed.

Labels: Mardi Gras, New Orleans Real Estate, Saints, Super Bowl 2014

Sunday, July 28, 2013

IS HOME BUYING SEASON 2013 IN THE BAG FOR NEW ORLEANS? by Wayne D. Lewis, Sr.

Theme: Trying to re-capture missed opportunities from the 2013 Home Buying Season

If you did not have an opportunity to discuss when the home buying season began in the New Orleans area, please refer to my blog post, entitled: New Orleans and the Home Buying Season © 2013 by Wayne D. Lewis, Sr.[1]

For the sellers and buyers who missed out on the ideal home during the height of the home buying season here in the New Orleans area for 2013, there are still many great buying opportunities. The question is, how to re-capture those opportunities where both sellers and buyers walk away from the closing table, both feeling as though they acquired the king’s ransom. We will explore how to re-capture those opportunities, but first, let’s see what were some of the challenges that existed for both sellers and buyers here in the New Orleans area.

Challenges for Sellers & Buyers-

The reason that the home buying season can be unofficially declared is because (1) the football is season pretty much over. While the New Orleans Saints[2] are the team for New Orleans, there are still the playoffs, and the Super Bowl[3] that appear to keep many a home buyer from venturing out into a sea of available homes. And because this is New Orleans, Mardi Gras[4] is right in there as well, sometimes going into late March, keeping potential home buyers pre-occupied and keeping sellers on edge as to whether their home is going to sell soon. There are still other challenges that sellers and buyers had to overcome this particular home buying season. Here are four more challenges to buying and selling a home:

1. Festivals-The New Orleans area has to be one of the festival driven cultures going. There festivals to celebrate just about anything including crawfish[5], strawberries,[6] the French Quarters[7] and music [8] to name a few. While there is no intent to blame any of these festivals for buyers decision not to buy, the competition is undeniable, at best, high in the running.

2. Mortgage Rates- Going into this season of home buying for 2013, mortgage rates were teetering on going up. And while they have not risen drastically, it has been enough to cause hesitant buyers to hedge their decisions to make that move to buy their first home. A July 19, 2013 report from Yahoo News, Market Wired inquires as to whether home sales can continue to rise while mortgage rates increase.[9] Their conclusion is that despite the talk of increase rates, the rates are still historically lower than pre-depression 2008. But that still may not be a point to be taken off of the table in terms of whether buyers are hesitant.

3. Flood Insurance[10]-Most recently, Congress has been weighing whether to raise flood insurance rates. In many cases, if the rates go up, premiums could be as much as $10,000, $20,000, or $25,000 annually. This could certainly be a deal-breaker for first time home buyers, and no doubt, a deal-breaker for sellers who maybe in flood proned areas. Add to this, the possibility that existing flood policies may not be able to be grandfathered in going forward, was another important factor that may have affected home buyers’ decisions this home buying season. Refer to the National Flood Insurance Program for further details.[11]

4. Back to School!-Whether buyer or seller, whether parents or adult students, school is also an important challenge in buying and selling a home. From homework, to picking up and dropping off to not only school, but after school activities, buying and selling a home is not necessarily a top priority. The time period between school generally ending and beginning places an even greater challenge in buying and selling a home.

There maybe other factors beyond the four challenges mentioned above, but these stand out right now. The question is, going forward, how can buyers and sellers try to re-capture any missed opportunities from the 2013 home buying season, even as 2013 winds down? Let’s focus on 5 things.

A. Price-I covered this issue in my last blog (Before You Relist Your Home)[12], actually, I covered Pricing probably in every post in this blog, but particularly, if your home has sat on the market during the home buying season and no one has made an offer, it is very possible, that your home is over priced. No question about it. Re-capture a lost opportunity by reducing the price of your home according to the market. With the unofficial end of New Orleans Home Buying Season, it becomes a more of a buyer’s market, with the industry’s greatest competition isn’t just another home on the market, it’s the distractions or attractions of sports.

B. Offers-Any offer that is made must be taken with a grain of salt. If it is a full price offer at this time, still be on guard. I think a full price offer is great, but we have discussed before how to be on guard when it comes to full price offers. (See: Full Price Offer?-Beware! © 2013 by Wayne D. Lewis, Sr) [13]. Full price offers may hold several surprises, such as total closing costs as allowed by lender (6%), or painting the whole house, or close in 30 days, or void the contract. Other offers could still be low offers, but under the circumstances where we are in a possible buyer’s market, it would be to the seller’s best interest to counter the offer, reasonably. Consult your Real Estate professional regarding what would be reasonable.

C. Showings-Buyers may want to see your home at 7p.m., or 7a.m. They may want to come by in an hour, or come by in a week from today. If your home has been on the market and had not received any showings, accommodating showings is crucial. Many buyers aren’t going to be made to order. It is amazing how many buyers are truly “from out of town” and are looking to buy a home here in New Orleans. Showings are a necessary part of selling a home, and with the competition of homes that have yet to be sold, or even newer homes coming on the market, it is important to re-capture any missed opportunity to sell your home now that the home buying season will be slowing down.

D. Incentives-They should be a last resort, but incentives should be considered in selling your home. Why would you add incentives if your home is priced right? You should considered incentives such as a home warranty, or paying a percentage of the homeowners insurance, a termite contract, or even offer to pay a percentage of moving expenses. Why? The competition has been greatly increased as the home buying season comes to not only an end, but the issues that we discussed earlier are no less of a concern. Issues such as mortgage rates, even if they are historically lower, flood insurance premium are on Congress’ table, and of course, football!. Incentives may not need to be offered, but they maybe asked for. Be prepared to comply if it financially feasible. If not, reduce the price of the home, and move forward.

E. Owner Financing-Mortgage rates and financing are integrally important, but they do have their respective positions in the home buying process. Just remember that everyone cannot walk their little happy selves up to a lender and apply successfully for a loan. But, that doesn’t mean they don’t have money. It is possible that interest rates is not their concern. Some buyers have money, but they have to get past the hurdles of lender requirements. What if the seller can offer a short term option to do owner financing? If your listing does not state it specifically, update it and be prepared to entertain the possibility of a 15% -20% down payment, with a 2 year owner financing option and a balloon note to close out the deal. If all conditions work out well, the seller has taken their home off of the market, and the buyer is in their new home.

Conclusion

The above five options aren’t guaranteed approaches to re-capture missed opportunities. You may find other ways. As a matter of fact, you are encouraged to sit down and discuss with your Realtor ® as many opportunities as possible to make sure that your home does not sit on the market for the rest of 2013. There are still great buying opportunities on the market, but what will make them one of the best opportunities, irrespective of the buying season, is the ability of the buyer and seller to negotiate reasonably, both, making their best offer.

Disclaimer: Information provided here while deemed be from reliable sources, is not guaranteed. Information here is not intended to solicit the business of any broker or agent.