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How to Move Up In a Tight Housing Market

How can we help move-up buyers in today’s market? Here are a few solutions.

The question that we’ve been hearing the most lately in our market is, “How do I make a move up in a low-inventory market like this?”

Most people would prefer to buy a home before selling, but most people can’t afford two mortgages at once. That puts the seller in a position where they need to sell first, but they aren’t comfortable selling with what’s out there for them to buy.

Our friend Shane Valente of Kal Financial is here today to talk about two major things that he can help you accomplish if you have a similar dilemma. These scenarios will allow you to get into a home without having to sell first.

One option is using the current equity for your home as a down payment through bridge financing. This way, you won’t have to qualify for two mortgages. You’ll be able to buy your new home first, then sell. 

We have a list of over 300 off-market properties that aren’t on the MLS.

There’s one problem solved. Now, what should homebuyers do about the lack of inventory on the market? There are currently only 700 homes on the market in Santa Clara County. This is the lowest level of inventory we’ve seen in 14 years.

We’ve been diligently working to address this problem and we’ve been building a list of off-market properties, working with builders, flippers, and other agents to fill it up. This list currently has over 300 homes on it that don’t appear on the MLS or other online searches. If you find a property that’s not on the MLS, you can avoid having to participate in a bidding war.

If you’d like to learn more about bridge financing and how it can help you, give Shane a call at (408) 320-0876. If you have any other questions for our team or want to learn more about how we can help you accomplish your real estate goals, don’t hesitate to reach out and give us a call or send us an email. We look forward to hearing from you soon.

How a Pre-Appraisal Can Net You Up To 8% More When Selling

We can sell your home for up to 18% more money. We’ll prove it to you. To watch the FULL VERSION of my presentation, CLICK HERE.

How can you sell your home for up to 18% more money? It sounds like a bold claim, but I’ll prove to you that we can do it for you by walking you through the third part of our five-part process.

Last time, we talked about presenting your home to market and how we showcase your home using photo, video, and other cool technologies like Matterport. Once the home has been prepared and we’ve presented it to market, it’s now all about pricing.

Pricing is as much of an art as it is a science, and its extremely critical when it comes to getting the most money when selling your home. One of the strategies we like to use here at Brett Jennings Real Estate Experts is getting an appraisal done on the property. We find that if we use a professional appraiser, we can give that appraiser quote guidance to get us the most favorable value for your home. We can also use that appraisal to influence buyers to pay top dollar for your home. Here’s how that works.

For example, take the home we sold at Mountain View (pictured at 1:24 in the video). We first asked the local experts in the neighborhood who’d sold more homes in that particular zip code what they thought the value of this property would sell for when we brought it to market.

The agent said that it was worth about $1.35 million. We then got our appraiser to give us a generous appraisal on the property, which came in at about $1.42 million. After that, we priced the property at around $1.299 million less than the agent’s survey. 

Pricing is as much of an art as it is a science.

Then, we included a copy of the appraisal in the disclosure package and on the agent comments on the MLS. We set a deadline of 10 days, because one weekend might not be enough to maximize the exposure for buyers. Also, by setting a deadline, we effectively forced buyers to compete. We ended up with seven offers, ranging from about $1.35 million up to $1.43 million, which was $10,000 over our appraised value.

We negotiated the top two offers against one another, eventually getting them up to $1.465 million. We actually got $115,000, or 8% more, in the sale of this home by using an appraisal strategically.

The reason that this works is that when buyers are faced with competition in a low-inventory market like ours, they’ll ask their agents what they need to offer in order to get the house. The agent, in most instances, has a printout from the MLS showing home values in that neighborhood; it could be a $150,000 swing in our favor. It really becomes a conversation about what the buyers are comfortable offering.

We found by having a pre-appraisal in our disclosure package, the agent is also going to reference the appraisal when consulting the buyers, advising them to offer at least the appraised value. Doing just that, we’ve gotten as much as 8% more than the average market value.

If you have any questions about pricing, using an appraisal strategically, or selling your home, feel free to reach out to me. I’d love to tell you more about our winning strategy.

Selling Your Home For Up To 18% More - Part 2 - Presentation

We can sell your home for up to 18% more money. We’ll prove it to you. To watch the FULL VERSION of my presentation, CLICK HERE.

Welcome back to part two of my series about how to sell your home for up to 18% more money. I know that sounds like a bold claim, but we’ll prove it’s possible by walking you through our process.

Last time, we talked about preparing the home for sale. Once it’s prepared, it’s now about presenting your home to the market. How do we do that?

By using these techniques to present your home to market, we can get 200% to 300% more buyers to see your home, which ultimately drives up the price.

The first thing to do is stage the home. If you have nice furniture, we might leave most or all of it in the home to show. Otherwise, we’ll bring in furniture that will showcase the home to look amazing online. We know that how your home shows online is the new curb appeal, that staged homes will sell for 2% to 3% more money, and that 95% of staged homes will sell within 14 days.

Secondly, once we’ve staged the home, we want to capture it in photo and video. Specifically, we want to use twilight photography to showcase your home. Why? Well, our marketing statistics show that photographing in twilight will not only make the home show well in nice lighting, but also that most other homes online aren’t doing twilight photography. We found that we get 200% to 300% more clicks using twilight photos than daylight photos. Ultimately, the price you get for your home is going to be a function of how many people see it online and click through the photos. That will determine how many offers you get down the road.

You also want to capture your home on video, which provides a perspective that still photos can’t provide. Video is the most frequently used medium with consumers on mobile devices. 70% of people are watching videos on their phones.

In addition, video enables us to nearly double your exposure by getting into one of the best marketing mediums—Facebook. We get thousands, if not tens of thousands, of views of our Facebook videos.

Finally, the last thing we do is capture the home using a technology called Matterport. This is effectively like a Google Streetview for you home, and you can view anywhere in and around the home, looking both up and down. Viewers can get a sense of what it’s like to be inside that home. It’s the next best thing to being there.

With Matterport’s newest technology, they even incorporate virtual reality. If someone has Oculus Rift or Google Cardboard, they can take their iPhone and see the home in 3-D as if they were walking through it.

By using these techniques to present your home to market, we can get 200% to 300% more buyers to see your home, which ultimately drives up the price.

If you have any questions about this or other real estate topics, feel free to give me a call. We’ll be right here, ready to help you create a better life through real estate.