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Your Eagle Idaho Home Has Seven Values

February 13, 2019

Here’s Why Your Eagle Idaho Home Has Seven Values

Eagle Idaho Home

You might be surprised to learn that your Eagle Idaho home has seven different values, including:

1) What You Think Your Home Is Worth

Just about every homeowner believes they have the nicest home in their respective neighborhood.

Your home is special and valuable to you because you’ve made it what it is.

Most sellers have a good idea of their home’s value.

2) What Buyers Think Your Home Is Worth

Buyers view your home differently than you do.

Buyers usually evaluate your home using (often questionable) information they’ve seen on the internet.

They may, or may not, know the market value of your home.

3) What The Appraiser Thinks Your Home Is Worth

An appraiser will value your home using factual data from comparable closed sales of other Eagle Idaho homes.

It’s important to realize that an appraisal is a subjective “opinion of value” based upon the appraiser’s interpretation of comparable sales data.

Appraisers are hired by the buyer’s lender to determine if your home’s value is adequate for the intended financing.

That appraised value is not necessarily market value.

4) What The Tax Assessor Thinks Your Home Is Worth

The tax assessor determines the assessed value of your home using entirely different methods than those used for lending appraisals.

Idaho assessed values are determined once a year using the assessor’s unique formula.

Idaho assessed values are often below market value in rising markets and above market value in declining markets.

5) What The Internet Thinks Your Home Is Worth

Various internet real estate portals calculate your home’s value using a computer algorithm and assessor’s tax data.

That process is an AVM (automated valuation method) that often generates inaccurate estimates of market value; especially in Idaho where assessor’s tax data can be up to a year old.

Those computers have no idea if your home is in model home condition, or if it’s a dump.

They also don’t know if your neighborhood is pristine, or full of neglected rentals with abandoned furniture sitting in driveways.

Those real estate portals are in the “lead” business; not the real estate business.

When visitors to those sites request more information about listings, they become “leads” and their contact information is sold to real estate agents willing to pay for those leads.

6) What Your Neighbor Wants Your Home To Be Worth

Your neighbor, Fred, thinks he knows everything about real estate and what your home is worth.

Fred has a vested interest in seeing your home sell for more than it’s worth because he thinks that will increase the value of his home.

Don’t be surprised if Fred thinks his home is worth even more than yours.

Finally, Fred probably isn’t a skilled, experienced Realtor® who knows the true market value of your home.

Plainly stated, Fred doesn’t have a clue what he’s talking about in most instances.

Don’t listen to Fred when you’re preparing to sell your home.

(sorry Fred!)

7) What A Listing Agent Thinks Your Home Is Worth

Many listing agents will tell you what you want to hear to get your listing.

The problem with that concept is that your listing agent isn’t going to buy your home.

Your home is worth what a willing, qualified buyer will pay for it – period!

Don’t list your home with a listing agent who promises you an unrealistic asking price!

_______________________________________________________

Thinking of selling?

Ready for some no-BS straight talk vs. sales talk?

Give me a call at (208)938-5533 or e-mail me and let’s talk!

View All Eagle Idaho Homes For Sale

Eagle Idaho Community Information

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Hidden Risks of Overpricing Your Eagle Idaho Home

February 11, 2019

Should you list with the agent who promises the highest price for your Eagle Idaho home?

Eagle Idaho Home

In real estate, we call that practice “buying the listing”.

The problem with that tactic is that your listing agent isn’t the person who will be buying your home!

Some listing agents will use that tactic to “get the listing” at any price, then urge you to reduce your asking price when your home doesn’t sell.

If you fall for that trick, don’t be surprised when your listing agent asks you to reduce your price soon after listing your home with them.

Some listing agents even go so far as to include one, or more, pre-scheduled price reductions in their listing agreement after overpricing your home!

That’s especially brazen if the high asking price was their idea!

Before you list your home with the agent who promises an unrealistically high price, ask yourself:

  • Who will be willing to pay that price for my home? (certainly not your listing agent!)
  • What if my home doesn’t sell?
  • How will my home be viewed by buyers and agents when I have to reduce my price?
  • Is it a good idea to list my most valuable asset with an agent who’s willing to mislead me to get my listing?
  • How many additional showings will I have to endure until my home sells?

When you encounter a listing agent who’s recommending a higher price than other agents, ask for proof of the price they’re recommending.

Your listing agent should be willing to discuss the actual closed comparable sales used to determine the correct asking price.

The thrill of a high asking price will quickly disappear when no one looks at your home.

Listings are like fruit ~ they don’t get better with time!

Homes that linger on the market, or undergo multiple price reductions, rarely sell for top dollar.

Your best option is to list with an agent who’s truthful about the value of your home.

The last thing you should do is list your home with an agent who tells you what you want to hear!

Like to know what your home is really worth?

Give me a call at (208)938-5533 or e-mail me.

I will evaluate your home and tell you the truth so you can make informed decisions about selling your home.

View All Eagle, Idaho Homes For Sale

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Boise Idaho Home Inspections

February 1, 2019

Boise Idaho home inspections often cause the “second sale”!

Boise Idaho Home Inspections

(Example of black mold above)

Why?

Because nearly every Boise Idaho home is sold subject to satisfactory results of a home inspection.

You may think your home is in perfect condition, but it’s rare for a home to pass a home inspection without needing some repairs.

When those repairs are identified in the home inspection report, you can expect the buyer to submit an RE-10 Inspection Contingency Notice to you, requesting repairs to be made.

Resolving Home Inspection Issues

Significant repair issues are often handled with the buyer asking the seller to have the repairs completed and provide paid invoices, and/or lien releases, when the work has been completed.

After repairs have been completed, the buyers may elect to have the property re-inspected to confirm that needed repairs have been completed correctly.

Minor repairs are often resolved by having the seller give the buyer a credit toward their closing costs.

In that situation, the buyers often make the needed repairs themselves after closing to ensure that the repairs are completed to their satisfaction.

Major repair issues (like a flooded crawlspace, mold, roof replacement, etc.) can result in a failed transaction.

How Sales Fail

There’s an option in the RE-10 Inspection Contingency Notice that allows the buyer to cancel the transaction if they don’t like the inspection results.

Unfortunately, that provision is sometimes abused by buyers suffering from buyer’s remorse, who then cancel for no inspection issues whatsoever.

If you’re a seller, think twice about refusing to make requested repairs.

If your buyer opts to cancel the transaction, another buyer will likely discover the same issues and request the same repairs.

It’s somewhat rare for a transaction to fail over inspection issues, but it does happen.

That’s why resolving home inspection issues is “the second sale” in most real estate transactions.

Boise Idaho Community Information

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Six Reasons Why Pre-Inspections Are A Good Idea

December 17, 2018

If you’re planning to sell your home, here’s why pre-inspections are a good idea!

Pre-Inspections Are A Good Idea

Especially, if your home resembles this home!

Here are six good reasons why you should consider having your home pre-inspected before you place it on the market.

  1. Pre-inspecting your home will identify potential problems upfront and avoid getting surprised by the results of an inspection that’s completed after accepting an offer.
  2. Negative inspection results found during escrow can raise doubts and cause a buyer to reconsider their purchase.
  3. The Idaho RE-10 Inspection Contingency Notice includes an option for the buyer to withdraw from the Purchase & Sale Agreement and get a full refund of their earnest money if they don’t like the results of an inspection.
  4. Pre-inspecting provides a seller with the opportunity to correct issues found in an inspection before listing this property for sale.
  5. Disclosing pre-inspection findings and providing proof of completed repairs provides a powerful marketing tool that demonstrates a seller’s integrity to a buyer.
  6. Pre-inspecting allows the seller to make needed repairs upfront and eliminate unnecessary anxiety over repair negotiations.

The cost of a home inspection in the Boise real estate market is usually between $350 to $450.

Over the past year or so, I’ve represented buyers in a couple of transactions with unexpected, serious issues found during inspections that were completed after going into escrow.

One of those buyers canceled their transaction due to doubts raised by the inspection results.

The simple solution is to have your home pre-inspected and make needed repairs before you list it.

View All Boise Idaho Homes For Sale

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Boise River Greenbelt Video

Snake River Valley Wine Region Video

Boise Idaho Fall Color Video

12 Common Meridian Idaho Home Seller Mistakes

October 4, 2018

Avoid these 12 common mistakes if you’re a Meridian Idaho Home seller!

Meridian Idaho Home

1) No Sign

You want to sell your home, right?

But you don’t want a sign?

Perhaps you don’t want your nosy neighbors to know you’re selling.

Or, you just don’t want to be bothered by everyone asking why you’re selling?

Whatever your reasoning, you should reconsider.

Your home needs to be to be exposed to the market if you want to sell it.

That includes having a sign in your front yard.

It’s very difficult to sell a home that’s a well-kept secret.

Ensure that your listing agent installs a high-quality aluminum cross-post sign instead of a cheap steel frame sign.

2) No Flyer Box

Now that we’ve covered the sign issue, let’s talk about flyers.

Experienced listing agents understand the importance of attaching a flyer box to their attractive cross-post signs.

Make sure your listing agent understands the need to have flyers in the flyer box.

There’s no point in having an empty flyer box.

Your listing agent should provide full-color flyers, print them on high-quality paper, and include professional quality high-res photos that illustrate your home’s best features.

Above all, your flyers should include the asking price!

3) No Lockbox

Buyers and their agents want to see your home when it’s convenient for them.

That means installing a lockbox near the front door for easy access to your home.

You needn’t be concerned about strangers entering your home unaccompanied by an agent because only agents will be able to open the lockbox.

And, when an agent opens your lockbox, their name and contact information are immediately e-mailed to your listing agent for showing feedback.

Many buyer’s agents view homes without lockboxes as an indicator that the seller isn’t motivated to sell.

No lockbox can result in no sale.

4) Showings Arranged By Listing Agent

I’ve never understood why listing agents insert themselves into arranging showings.

Doing so creates the need for additional phone calls, texts, or e-mails and clogs up the simple process of arranging a showing.

The easy way to arrange showings is to include seller contact info in the MLS listing (displayed only to other agents) and let the buyer’s agent contact the seller directly.

Further, many agents fail to answer their phone or return calls, which makes it very difficult to set showing appointments through them.

No showings = no sale.

5) Requiring Your Listing Agent To Be Present

Requiring your listing agent to be present during showings is a sure way to discourage showings.

Buyers and their agents are actually capable of deciding if your home is what they want without enduring a listing agent’s sales pitch (again pointing out the obvious) to them during a showing.

Some buyers will refuse to view your home if you require your listing agent to be present during showings.

Requiring your listing agent to be present during showings is enough to keep your home from selling.

6) Remaining Home During Showings

I’ll make this as simple as possible.

If you’re a seller, turn on the lights, open the blinds, and LEAVE when your home is shown!

Buyers and their agents will not appreciate you leading them through the house and pointing out the obvious, like “this is the kitchen”, “this is the bathroom”, and other special features of your home.

Plan on being gone during showings so the buyer’s agent can show your home without your “help”.

7) Not Removing Your Dog

I’m a dog lover.

But, I’ve learned from experience that it isn’t a good idea to have a dog present during showings.

I understand that your dog can be contained to avoid contact with potential buyers and their agents.

But, when a dog is contained, it can still be a distraction and make buyers and their agents uneasy.

Some buyers and their agents will feel threatened, or intimidated by your dog.

Intimidated buyers usually don’t make positive decisions about the home they’re considering.

There’s also the issue of pet odors.

You may believe that your home has no pet odors, but some buyers will notice them, even if you don’t.

I understand that Brutus is your pal and part of your family.

Nonetheless, I’ve personally been bitten by more than one innocent Brutus over the years.

One of those incidents even happened in the presence of sellers while I was previewing their home.

Not removing your dog during showings can result in fewer showings and no sale.

8) Overpricing

Yep, your Meridian Idaho Home is special.

That’s why you may think it’s worth more than every other home like it.

Fact is, savvy buyers are often more aware of property values than their agents.

Price your home correctly if you want it to sell, appraise, and close.

Overpricing can result in a longer time on market, price reduction(s), a weakened negotiating position, and a lower sales price.

9) Reduced Commission

I will avoid stating specific commission rates here.

Simply stated, you’ll probably be at a disadvantage if similar homes are offered with X% commission and you offer to pay buyer’s agents less than X%.

10) Not Preparing Your Home For Sale

I sometimes hear sellers say “the buyers can do whatever they want after they own my home” when we discuss things like carpet cleaning, window cleaning, blinds cleaning, paint and touchup, decluttering, and other presale preparation items.

The old saying “you don’t get a second chance to make a good first impression” is especially applicable when you’re preparing to sell your home.

Step back and look at your home as potential buyers will view it.

Every objection you fail to cure will come back to bite you when you get offers.

11) Uncomfortable Thermostat Settings

I’m often amazed when I show homes that are freezing cold in winter and stifling hot in summer.

I’ve shown homes with thermostats set to 85 degrees in summer and 55 degrees in winter.

Worse yet are homes with the heating/cooling completely turned off in a feeble attempt to save money on utilities.

If you want your home to sell, make your home comfortable for buyers and their agents.

Inadequate heating/cooling will cause buyers and their agents to turn around and walk out without seriously considering your home.

12) Not Responding To Offers Promptly

There’s a trend, these days, to see language in listings stating “Seller Will Review Offers On (insert date)”, or “Please Allow 48 Hours For A Response”.

Translation: “We’re stalling while hoping to create multiple offers”.

The excuse that sellers are too busy, or not reachable, is laughably weak when everyone has a cell phone in their hand.

I’m one of many agents who advise their buyers to avoid sellers who play this game.

If you want to sell your Meridian Idaho Home, respond to offers quickly!

______________________________________________________

So, there you have it.

12 simple tips on how to sell your Meridian Idaho Home.

Looking for an experienced listing agent?

I practice “No BS” real estate with no self-serving sales talk!

I will advise you on how to prepare your home for a smooth, top-dollar sale.

Give me a call at (208)938-5533 or e-mail me and let’s talk.

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Phil Hoover
Real Estate Broker
Phil Hoover, Inc

BoiseBlog.com


(208) 938-5533

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