Want to increase your chances of buying a home below current real estate value? Just look for a seller who didn’t listen to his agent.
The best real estate agents encourage their sellers to do whatever it takes to get the home in its absolute best condition before going to market. The better the home shows, the more likely the seller will get top dollar.
Sometimes, this could be as simple as removing personal items or decluttering. Other times, an agent will suggest bigger fixes, such as painting, replacing carpet or upgrading countertops or cabinets. Savvy sellers listen to their agents, make the changes suggested and go to market in top form. That’s not always how it plays out, however.
For any number of reasons, many sellers protest suggested fixes. Either they don’t want to be inconvenienced, don’t believe the fixes will matter or don’t have the financial resources to make it happen. Inevitably, this means the buyer will get a discount on that property.
How to spot a home that might sell below its value
Is there a home for sale in a good neighborhood and in the desired school district that seems to be well-priced but for some reason isn’t selling? This is the home you want to investigate, because chances are the seller didn’t listen to his agent. Specifically, here are some tell-tale signs to look for.
Big furniture or a lot of furniture
Most people don’t buy furniture to use when staging their home. Often a seller may have a lot of furniture in one room, which makes the room look small to potential buyers. Real estate agents and professional home stagers know this all too well. For example, stagers always suggest a small loveseat over a full-blown couch or sectional sofa. Also, in the bedrooms, king beds often take up too much space. So a stager will often push the seller to swap it out for a queen or full-sized bed.
When you enter a house that seems crowded with furniture, imagine the rooms with fewer or smaller pieces. Be aware that plenty of potential buyers won’t get past the sense that the rooms are too small, and they’re likely to move on to a home that feels bigger. In turn, this could give you room to negotiate a good deal with the seller.
Dark rooms
There was a home in West Hartford, CT on a great block, but the interior was dark. Three large French doors in the living room led to a deck, but the doors were stained black, and the carpet was brown. On top of that, the window coverings were big, heavy and overtook the room.
The house sat on the market for months, even though the price wasn’t far off the real estate market value. Here’s why: Every buyer walked in and out because the house was so dark. After the home had been on the market for three months, a smart buyer made an offer $40,000 below asking and ended up getting it.
Before the buyer moved in, he removed the window coverings, stripped the stain on the doors and painted them white, pulled up the old carpet and had the floors stained to a lighter oak. Right away, the dark room became light, bright and welcoming. The buyer’s total cost: $9,000, which instantly added $31,000 to his equity.
Grandma or Bambi staring down from the walls
Buyers are looking to see themselves — and not the current owners — in a home. Too often, however, the seller hasn’t “depersonalized” his home enough, or at all. Even though the listing agent may have told the seller to clear the house of his possessions, the seller may be proud of his accomplishments and resist.
And so potential buyers are treated to walls decorated with diplomas, family photos, awards and trophies. Moose and deer heads hanging on walls are surefire deal killers, especially when the hunting rifle used to kill Bambi is proudly displayed, too. At best, buyers tend to see such highly personal stuff as clutter that takes the focus away from the home. They’re turned off by it all, and they walk away.
They might also be walking away from a great deal. Are the bones of the home good? Does it have the floor plan you like? Are the kitchens and baths in acceptable condition? Is it in the area where you want to live? If you say “yes” to all of these, hang around a little longer. Imagine the home without the seller’s junk. Picture yourself living there, without Bambi.
A good home that doesn’t show well = a great opportunity
Ultimately, sellers who don’t listen to their agents or stagers inadvertently give savvy buyers a discount. For you to see that potential, try to understand as much as you can about why the seller is selling. Look for sellers who have ignored their agent’s advice. While conventional wisdom says that a buyer would be turned off by a home that shows poorly, go against this. Imagine the potential. And then, once the home is yours, make those small changes the seller should have made. Right away, you’ll have a little bit (maybe even a lot) of equity, thanks to the seller.
Daily Archives: October 23, 2012
Marshawn Lynch Buys Bay Area Mansion | Armonk Realtor
Actor Scott Grimes Lists Woodland Hills Home for Sale | Mount Kisco NY Real Estate
US Home Values Post Big Gains, But Recovery Is Uneven Among Markets | North Salem NY Real Estate
Home values in the United States rose 1.3 percent in the third quarter — the biggest quarterly gain since 2006, according to the third quarter Zillow Real Estate Market Reports. The Zillow Home Value Forecast shows more growth, albeit slower growth, on the horizon with values increasing 1.7 percent over the next year.
However, the pace of the housing recovery is uneven from market to market. Home values are increasing rapidly in some areas. In the Phoenix metro, for example, values are up 20.4 percent year-over-year. But in other areas — such as the Atlanta metro, where home values declined 4.8 percent year-over-year — values continue to fall. But that doesn’t mean the recovery is in jeopardy.
“We’re likely seeing home values fall back into the negative range in some markets due to the close of the traditional home-buying season,” said Zillow Chief Economist Dr. Stan Humphries. “While that doesn’t mean the recovery has come off the rails — in fact, most markets have hit bottom — it does present a confusing environment for consumers. Looking forward, we expect to see home values bump along the bottom for some time, before increasing at a slow and steady pace.”
Black Bear Sighted On Cantitoe Street In Bedford | Bedford NY Realtor
5 Tips for Using Google+ to Boost Your Marketing | Mount Kisco NY Real Estate
Waccabuc NY Real Estate | Mortgage delinquencies spike in September, report says
While the nation’s foreclosure inventory continues to shrink, new delinquencies spiked sharply during September 2012, new data released Monday afternoon showed.
According to Lender Processing Services ($28.51 0%), the total U.S. mortgage delinquency rate — loans 30-plus days past due, but not in foreclosure — surged upward by 7.72%, reaching 7.4% in September versus the 6.87% reported one month earlier.
Despite the spike, September 2012 delinquency totals still remain below levels seen last year, LPS said.
While new delinquencies spiked in September, the volume of properties in foreclosure continues to shrink as banks and other financial instutions continue to work through a backlog of distressed real estate that remains well above historical levels of half of a percent or so, according to most industry experts.
LPS said that the nation’s foreclosure pre-sale inventory rate fell to 3.87% during September, down 4.05% from one month earlier and down 7.37% less than one year ago.
Florida, Mississippi, New Jersey, Nevada, and Louisiana represented the states with the highest percentage of noncurrent loans, according to the data report; Lousiana replaced New York, which had been in the top five for most of this year.
Despite the drop in foreclosure inventory, the surge in new delinquencies has led to something not seen this year until now: an increase in the amount of distressed properties, defined as properties 30 or more days delinquent or in foreclosure.
According to LPS, there were 5.45 million properties in distress during August 2012; for September, thanks to increasing delinquencies, that number now equals 5.64 million.
via housingwire.com
RealtyTrac: 65% of housing markets worse off than in 2008 | Katonah NY Real Estate
Bounce Rates High? Why? | Bedford NY Real Estate
Most bloggers I know want to reduce their bounce rates. Sometimes it can seem as if it doesn’t matter what the bounce rate for a page actually is, we want it to be lower!
While it’s a stretch to expect we’ll hit a zero bounce rate, for most bloggers, it is worth looking at your bounce rates regularly, and trying to find ways to reduce them where appropriate.
While blogging’s about people—not just numbers—bounce rates can give you hints about the ways individuals are using your blog, and where you can help them out. In this post, I’d like to explain that in a bit more detail.
What is a bounce?
You undoubtedly know what a bounce is—a user who lands on our page from an external source, then leaves our blog without looking at any other pages. It’s a “single pageview” usage of our site.
But what does a bounce mean?
- Did the reader get what they came for, and leave?
- Were they disappointed by what they saw on your blog page?
- Did they arrive at the page expecting to see something else?
- Is the content current and compelling—and clearly so?
- Is it clear from a single glance at the page what your blog is, does, and delivers?
- Are there clear paths from that page to other actions or information that are likely to meet the needs of target users?
- Are the bouncers regular readers who check out all your posts, so each time they just come to the latest one, read it, and go again>
Understanding the possible reasons for the bounce is an important step in doing something to reduce the bounce rate itself. Let’s look at a case study from ProBlogger to see exactly how the diagnosis of reasons for a high bounce rate can go.
The bounces, and the page
On a usual trawl through the site’s stats one month, I spotted this:
These stats were for a single month. As you can see, this page attracted some good views, and almost 95% of them were from new visitors! But the bounce rate was really high, the time on site low, and the average visit duration? Terrible!
My first thought was to visit the page itself. It didn’t take me long to find a few issues—let’s step through some of the main ones I found (note that I’ve updated the post since, so these items have been addressed on the live page):
- The opening dated the article. This piece has a publication date of 2008, but even if the new visitors didn’t see that, the opening, which would have been fine at that time, was written when I was a Twitter newbie—not ideal these days!
- This problem was amplified by the outdated Twitter follower number I’d quoted. I mentioned in the post that I had 5500 followers; now that number’s over 160,000.
- I’d included a link to Twitip in the opening. This immediately pulled readers through to one of my other sites, which doesn’t generate any income. While the content had been valuable, that site’s a bit dated now, due to a lack of regular updates. It certainly seemed smarter to try to keep these new visitors on problogger.com a bit longer, rather than syphon them off to Twitip.
- Much of the content in the article itself was dated.
- The post didn’t provide many links to other great articles we have on topics like Twitter, Facebook, Pinterest, and other social networks, and social network engagement strategies, here at ProBlogger—simply because that information wasn’t available back in 2008 when I’d written the post.
Yep, this page was pretty outdated! But I bet most sites that have been around for a while will probably have a page or two that are in a similar state.
Sources of bouncing traffic
Okay, so I knew I had a problem with the content of the page—and there were plenty of opportunities to improve it. But in order to make the right improvements—improvements that would give me the best chance of reducing that bounce rate by actually meeting individuals’ expectations—I wanted to know what the users were expecting to see when they came to the page. What needs did they have?
So I took a look at the traffic sources for the page:
This was interesting. For any blog that gets a lot of its new traffic from search engines, you might expect the main traffic source to be Google. And when I first looked at the page in question, I’d imagined that most of the traffic to this page was coming from search and being pulled to Twitip. In fact, the traffic was coming from Twitip.
Understanding how the page is being used
Now I was getting a pretty clear idea of how this page was being used, and why the bounce rate was so high.
Twitip users were following a link from that site to this article. The second paragraph of the post was directing them right back to Twitip. In that case, would they feel that ProBlogger was more of an authority on Twitter than Twitip? Not likely. No wonder the bounce rate was so high!
But, as expected, Google was also among the top three referrers, and that traffic had a bounce rate of more than 90%.
Beyond content
Knowing that this page was being visited mainly by new users, it was worth looking beyond the content itself, to the page’s layout, branding, and design.
This page is laid out in the same way as the others on my blog, many of which—even if they mainly attract new users—don’t have such high bounce rates. This suggests that the layout probably isn’t the problem.
Now, the major call to action—the main point of engagement and interaction—on my blog’s content pages is to comment. Comments had long since closed on this post, so users may have struggled to find their way to other relevant content on the site at the post’s end. I’d included a Further Reading list there, but the articles were no longer current.
Yet, given how outdated the post was, and the tiny average visit duration, I guessed the visitors I was getting probably weren’t making it that far through the post anyway.
Understanding your bounces
As you can see, a little sleuthing can go a long way in helping you to understand the reasons for high bounce rates.
I try not to be thrown into a panic by the numbers alone. When I look a little deeper, I usually hit on more information that can help you take action on the bounces—if indeed that’s what you want.
In the case of this page, we made some tweaks to bring the content up to date an try to draw search traffic more deeply into the site.
But the reality for the high bounce rate from Twitip users is this: Twitip targets a different audience from ProBlogger. While it’s not unlikely that bloggers will read Twitip, that site is at once far more focused (Twitter tips only!) than this one, and more broad (it targets anyone who wants to use Twitter better—which could include casual, social users of the network, right through to online marketers in corporate environments).
So while ProBlogger contains Twitter tips, to try to convert traffic from Twitip into readers of this blog is probably a bit of a challenge. The two audiences want different things. While it was definitely worthwhile updating the ProBlogger post, the Twitip audience, on the whole, probably isn’t going to be interested in what we’re doing over here.
And that’s an important thing to realise: not all bounces are bad, and not all need addressing. Many do and will, and they’re the ones you’re better to spend your time trying to fix. But you won’t be able to work out which ones they are unless you take a few minutes to dig into the facts behind the bounces in the first place—to think about the individual users behind the numbers.
What do you do about your blog’s bounce rates? Have you been able to lower bounce rates through any specific tactics? I’d love to hear your tips in the comments.









